The bank will submit to shareholders’ approval the payment of the dividend and a capital increase of up to 3,956 million in three years
MADRID, 20 Feb. (EUROPA PRESS) –
Banco Santander will begin today to execute the share repurchase program for an amount of 1,459 million euros announced this Monday by the entity after obtaining the relevant regulatory authorization.
The bank chaired by Ana Botín has also reported that its ordinary general meeting of shareholders has been called for next March 22, on second call, which is when it is expected to be held, and for March 21 on first call, in the Santander Group City in Boadilla del Monte (Madrid).
The agenda that the entity has sent to the National Securities Market Commission (CNMV) includes the approval of a complementary cash dividend for a gross amount of 0.095 euros per share.
Consequently, the total cash dividend per share charged to 2023 results will be 17.6 euro cents, which represents an increase of approximately 50% compared to the cash dividend charged to the previous year.
Said dividend would be payable starting next May 2, so the last day of trading of the share with the right to collect the dividend would be April 26, the share would be listed ex-dividend on April 29 and the record date It would be April 30.
Once the share buyback program that the entity begins this Tuesday is completed, the total shareholder remuneration with respect to the 2023 results will reach 5,538 million euros, 50% of the group’s attributable net profit in 2023, divided into approximately parts equal between cash dividend (2,769 million euros) and buyback programs (2,769 million euros). This amount represents an equivalent profitability of approximately 10%.
The entity will also bring to the meeting on March 22 the approval of its annual accounts, the re-election of its external auditor for the 2024 financial year and the annual report on directors’ remuneration.
Precisely, the bank reported yesterday that its president, Ana Botín, earned 12.23 million euros in 2023, which represents an increase of 4% compared to the previous year’s remuneration. 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.
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.
Banco Santander recorded record profits in 2023, for the second consecutive year, achieving an attributable net profit of 11,076 million euros, which is equivalent to an increase of 15.3% compared to 2022.
The Banco Santander shareholder meeting will also vote on the appointments of Carlos Barrabés and Antonio Weiss as new independent directors.
Barrabés and Weiss will fill the vacancies left by Bruce Carnegie-Brown, who will leave the board after the meeting, and Ramiro Mato, who will not stand for re-election and will leave the board after the meeting, once regulatory approval for the appointment is obtained. by Antonio Weiss.
At the March meeting, the re-election of Javier Botín-Sanz de Sautuola and O’Shea will also be voted on; by Germán de la Fuente, Henrique de Castro, José Antonio Álvarez and Belén Romana.
At the March meeting, the maximum amount of annual remuneration to be paid to all directors will also be voted on; the approval of the maximum ratio between the fixed and variable components of the total remuneration of executive directors and other employees belonging to categories whose professional activities significantly affect the risk profile; a deferred variable remuneration plan linked to multi-year objectives, and the application of the group’s ‘buy-out’ regulations.
Another item on the agenda of the meeting is the authorization to the board of directors to increase the bank’s share capital “once or several times and at any time”, within a period of 3 years, through monetary contributions and in a maximum nominal amount of 3,956.3 million euros, with delegation to exclude the right of pre-emptive subscription.
Likewise, a reduction in share capital for a maximum amount of 783.4 million euros through the amortization of a maximum of 1,566.8 million treasury shares, and another reduction in share capital for a maximum amount of 791 million euros, will be put to a vote of shareholders. .27 million euros through the amortization of up to 1,582.5 million treasury shares.