Santander’s Executive Chairman and CEO are both taking 50% cuts in pay this year to help fund a million-dollar fund to help fight the coronavirus.
The bank expects its initial value to be at least €25million.
Contributions will be deployed in areas that require immediate attention, including the production and purchase of medical equipment, protective clothing and other necessary supplies to treat people affected by the virus, as well as donations made to relevant entities and authorities.
Santander’s Executive Chairman, Ana Botín, and CEO, José Antonio Álvarez, have chosen to forgo 50% of their total compensation (salary and bonus) for 2020 and Non-Executive Directors will have their compensation reduced by 20%. The group remuneration committee and country heads will propose how to apply this commitment to the management teams in the various countries in due course.
“For many of us, the coronavirus pandemic is the single most significant challenge we have ever faced. The scale of the task before us demands a huge collective effort, with governments, central banks and other authorities, the private sector, charities and individuals, working together to limit the spread and provide care for those affected – whether directly or indirectly. We are committed to ensuring that Santander plays its part.”
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