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HomeLatest NewsÁlvarez (Santander) ceases as CEO with 19 million in pension plans

Álvarez (Santander) ceases as CEO with 19 million in pension plans

Date: May 20, 2024 Time: 03:37:59

The number two of Banco Santander, José Antonio Álvarez, ended his stage as CEO of the entity in 2022. But he will not leave empty-handed. According to the entity’s remuneration report, sent to the National Securities Market Commission (CNMV), he leaves his position with accumulated savings in pension plans of 19 million euros. The manager will continue to be linked to the entity as a non-executive vice president.

In this way, according to the document, during the past year, the bank chaired by Ana Botín made registered endowments for retirement pensions for 1.8 million, of which 811,000 euros were allocated to the Álvarez plan, which accounted for 18 .96 million euros at December 31. The amount of 2022 improves the 783,000 euros received during 2021 item 1.08 million euros 2022. The plan is managed by Santander Seguros.

Regarding total remuneration, the president of Banco Santander, Ana Botín, earned 11 million euros in 2022, which represents a decrease of 4% compared to 2022, when her emoluments stood at 11.4 million euros. This amount is divided into several items, of which 3.18 million euros correspond to the fixed salary, another 3.38 million euros to the variable that is paid immediately, 50% of the total, and another 2 million euros correspond to the deferred bonus (another 50% of the total).

In addition, this amount includes the million euros of the contribution to the pension plan, and its annual cancellation as a member of the board and commissions, an amount that represents 339,000 euros.

According to the same document, José Antonio Álvarez, earned 9 million euros, 2% less, which corresponds to 2.5 million euros as a fixed salary, another 2.28 million euros that is part of the bonus that is paid immediate and 1.39 million deferred. His participation in the council brings him 290,000 euros. Both the president and the CEO also received per diems for 41,000 and 39,000 euros respectively.

Banco Santander’s board of directors reduced its total remuneration by 5.8% compared to 2021, totaling 26,683 million euros in 2022, compared to 28,350 million the previous year. The average remuneration of the bank’s staff stood at 56,262 euros, 1% more than in 2021, when employees earned an average of 55,673 euros.

It must be remembered that Banco Santander will cancel a record profit in 2022, with profits of over 9,000 million euros, returning to levels before the real estate bubble. Specifically, the entity earned 9,605 million euros, the highest profit in its history, and 18% more than in 2o21.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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