# Santander creates million-dollar fund to support coronavirus fight

- Link: https://fundraising.co.uk/2020/04/01/santander-creates-million-dollar-fund-to-support-coronavirus-fight/
- Published: 2020-04-01T09:30:56+01:00
- Author: Melanie May

**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.**

 

 

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[Santander](https://www.santander.co.uk/) is financing the fund through a reduction
in senior management, board compensation and employee contributions to provide medical
equipment and supplies to help fight the Covid-19 pandemic.

 

 

 

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.

 

 

 

Botín said:

 

 

 

> “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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