MADRID Feb 20 Spanish lender Santander
shrank its directors' pay by almost 35 percent in 2012 as
profits fell, with Chairman Emilio Botin taking one of the
bigger cuts in remuneration among top executives.
Botin, 79, still earned just over 3 million euros ($4
million) for last year, including bonuses in cash and shares of
1.4 million euros, some of which is deferred.
But his total pay fell from 32 percent from 2011 as
Santander posted a 59 percent fall in net profit. The bank was
hit by writedowns on soured property assets in its home market
and a fall in profits in Latin America.
The bank said fixed pay remained frozen at 2009 levels, with
changes due to fluctuating variable payouts. Remuneration for
top bankers has fallen across Europe in recent years as profits
have dropped and governments have stepped in to prop up ailing
Santander Chief Executive Alfredo Saenz, in the spotlight
after a Spanish court partially annulled an official pardon
granted to him in 2011, was paid 8.24 million euros in 2012,
however, even though his pay packet was reduced by almost a
The court ruling reinstates a sentence barring Saenz, 70,
from working as a banker for three months.
Botin's daughter Ana Patricia was the only director to
receive more in fixed pay. The head of Santander's British arm
took home 5.14 million euros, an increase of 2.6 percent on