Bank bosses to share 251 Million Euro pension

The 6 Chief Executive Officers of Banco Santander will share a retirement pension fund of more than 251 million euros, according to a recent report.

The largest pension will be awarded to Alfredo Sáenz Abad, who will retire with 85.7 million euros. Francisco Luzón López and Matías Rodríguez will take pensions of 53.5 and 52.5 million each, whilst Emilio Botín and Ana Patricia Botín will retire with sums of 24.6 million and 23.7 respectively.

The smallest pension is that of Juan Rodríguez Inciarte, awarded a paltry 10.9 million euros.

The National Commission for Market Values (CNMV) also report how the CEOs of Banco Santander have the option to choose early retirement from age 50 onwards, provided they have spend more than 10 years working for the bank or in other companies within the group.

On reaching 50 their application may still be refused under certain circumstances, but if they are aged over 55 at the time, it will be automatically granted. The fund also provides generously for widows and orphans of the CEOs