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Santander Pays CEO EUR10.2 Million In 2009, Chairman EUR4 Million PDF Drukuj Email

Spanish banking giant Banco Santander SA (STD, SAN.MC) said late Friday it had paid Chief Executive Alfredo Saenz EUR10.2 million in 2009 and Chairman Emilio Botin EUR4 million.

In Santander's annual report, the bank added that its two top executives also had accumulated million-euro pensions from the bank that wouldn't be increased further as both men had reached retirement age. Saenz will receive a pension of EUR85.7 million while Botin will get EUR24.6 million.

Santander said it will seek shareholder approval for the executive compensation plans at its annual general meeting, slated for June 11.

Earlier Friday, the bank's board said it would put to vote at the AGM a new plan to pay executive board members and other top executives 50% of their variable compensation in the form of shares of the bank over three years, which will be deferred for three years.

The company said it proposed the measure to "follow the latest recommendations from regulators to prevent the inappropriate assumption of risk."

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Źródło: onet.pl