Ana Botín earned 12.2 million euros in 2023 as president of Santander, 4% more

Grisi earned 6.

Ana Botín earned 12.2 million euros in 2023 as president of Santander, 4% more

Grisi earned 6.79 million euros as CEO of Banco Santander in 2023, 29% less than Álvarez


The president of Banco Santander, Ana Botín, earned 12.23 million euros in 2023, which represents an increase of 4% compared to the previous year's remuneration, according to the remuneration report that the entity sent today to the National Commission of the Stock Market (CNMV).

This amount includes deferred variable remuneration subject to long-term objectives. If this deferred part was eliminated, Ana Botín would have earned 11.54 million euros in 2023, which implies 4.9% more than in 2022.

Botín's salary for 2023 is made up of a fixed part, of 3.27 million euros, which increases by 3% compared to the previous year, and a variable part that is divided into: 411.00 euros for statutory services (attendance at commissions and allowances); 1.1 million for contributions to pension plans, 5.8% more than in 2022.

In addition, Botín also received - as part of the variable remuneration - 1.02 million for other remuneration such as life insurance, health and remuneration in kind, as well as a complement to the fixed remuneration after eliminating complementary benefits for death or disability. . This part increases by 6.3% compared to 2022.

For his part, the CEO of Santander, Héctor Grisi, earned 6.79 million euros, 29% less compared to the remuneration of the previous CEO, who left his position on December 31, 2022, José Antonio Álvarez.

The decrease is a consequence of not including the deferred variable remuneration subject to long-term objectives from previous years, since 2023 has been Grisi's first year as CEO. On the other hand, if remuneration for the rights acquired during his time as CEO in Mexico is added, Grisi's total remuneration amounts to 8.25 million euros, 9.1% less than Álvarez.

Grisi's salary in 2023 as CEO of the group is distributed in three million euros as a fixed salary, 18.1% more than that earned by Álvarez in 2022.

In addition, he has the following items as variable remuneration: 340,000 euros, 3% more than Álvarez, as statutory benefits; and 966,000, with an increase of 19.1%, in contributions to pension plans.

In other remuneration, Grisi has received 47,000 euros in 2023, compared to the 1.7 million euros that Álvarez received for the same concept in 2022.

In total, the board of directors of Banco Santander obtained a remuneration of 30.68 million euros in 2023, which represents an increase of 15% compared to the remuneration of the previous year.

This increase is due to Álvarez remaining on the board, also being part of the executive committee and receiving remuneration as a strategic advisor to the group. In addition, compared to 2022, one more meeting of the board of directors and five more of the commissions were held.

Furthermore, remuneration is positively impacted by the evolution of Santander's stock market price. In this sense, in 2023, the revaluation of the share price used to determine the variable remuneration (3.8 euros) has been 23%, so the gross profit of the consolidated shares or financial instruments increases partly due to said revaluation.

If it had remained stable at 3,088 (price of variable remuneration in shares in 2022), the increase in the total remuneration of the executive president would have been 1% compared to what was published in 2022.

The total remuneration of executive directors represents 0.19% of ordinary profit, lower than the 0.23% of the previous year.

It is worth remembering that Banco Santander broke its profit record for the second consecutive year with attributable net profits in 2023 of 11,076 million euros, which is equivalent to an increase of 15.3% compared to last year.