Ana Botín

Santander's board remuneration policy received only approximately 74% of votes represented at the 2024 general meeting, substantially below the levels exceeding 90% recorded at earlier meetings. Following consultations with its principal shareholders, Santander proposed a new remuneration structure. Ana Botín received approximately 13.7 million euros for 2024.

State of the evidence

Documented

Attribution

Direct responsibility

In May 2024, Santander announced that an unauthorised third party had accessed a database hosted by a service provider. Information concerning customers in Spain, Chile and Uruguay, as well as all current and some former group employees, had been accessed.

State of the evidence

Confirmed

Attribution

Institutional responsibility

Santander announced in 2018 that it would appoint Andrea Orcel as its next chief executive before abandoning the recruitment in early 2019, notably because of the cost of deferred remuneration that UBS would not cover. Orcel sued the bank. On appeal, the Madrid Provincial Court upheld the existence of a contractual commitment and set total compensation at approximately 43.4 million euros.

Attribution

Direct responsibility

In 2022, the Financial Conduct Authority fined Santander UK 107.8 million pounds for serious and persistent weaknesses in anti-money-laundering controls for business customers between late 2012 and October 2017. The period partly overlaps with Ana Botín's group chairmanship, which began in September 2014.

State of the evidence

Documented

Attribution

Institutional responsibility

Person targeted by the proceedings

Santander UK

Role of the person profiled

Protagonist not prosecuted

In 2020, Santander Consumer USA reached an agreement with a coalition of US attorneys general over subprime car lending practices. Authorities alleged in particular that the subsidiary had placed consumers in loans with a high likelihood of default and excessive risk. The settlement provided for approximately 550 million dollars in relief, with a potentially higher amount under certain arrangements.

State of the evidence

Settlement

The CFPB found that Santander Consumer USA had provided inaccurate or incomplete car loan information to credit reporting agencies between January 2016 and August 2019 and had procedural deficiencies under the Fair Credit Reporting Act. The 2020 order imposed corrective measures and a civil penalty of 4.75 million dollars.

State of the evidence

Documented

Santander acquired Banco Popular for one euro after its resolution by European authorities in June 2017. The elimination of the value of Popular's shares and certain debt instruments prompted strong investor opposition and numerous legal disputes. Ana Botín publicly defended Santander, asserting that the bank bore no responsibility for the resolution decision.

State of the evidence

Documented

Attribution

Institutional responsibility

In 2016, Santander announced the closure of approximately 450 branches in Spain and a workforce reduction. Following negotiations, an agreement with trade unions established adjustments affecting 1,380 employees through various arrangements, including collective redundancies, early retirement and voluntary departures.

State of the evidence

Documented

Attribution

Institutional responsibility

The CFPB imposed a 10 million dollar penalty on Santander Bank N.A. in 2016 after finding that its telemarketing provider misleadingly presented an overdraft service and enrolled certain customers without their consent, violating opt-in requirements among other rules.

State of the evidence

Documented

The National Court investigated Emilio Botín, several of his children including Ana Patricia Botín, and other family members after the discovery of family assets linked to HSBC Private Bank Switzerland and missing tax declarations for certain years. The family regularised the position for a reported amount of approximately 200 million euros, and the judge closed the case in 2012.

State of the evidence

Documented

Attribution

Personally implicated