Proxy adviser ISS raises threat of potential revolt at Spanish lender’s AGM
Santander is facing a potential shareholder rebellion at its annual general meeting this month after influential proxy adviser ISS recommended that investors vote against executive chair Ana Botín’s pay package. Botín is one of Europe’s highest-paid bank executives, having been awarded €12.2mn last year on the back of the Spanish lender achieving record profits thanks to rising interest rates.
3 per cent last year, with her €12.2mn package made up of €7.4mn in cash and €4.8mn in gross profit on shares and other special payments. ISS’s complaint is targeted just at her fixed salary, which would rise from €3.27mn to €3.43mn. Grisi, who earned a total of €6.8mn last year, would see his fixed salary increase from €3mn to €3.15mn under the new plan.
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