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Shareholders to decide Santander's 400 Million Euro bonus scheme

Source: El Pais - Wed 11th May 2011

Banco Santander announced yesterday that it would put their proposed 400 million euro employee bonus scheme to a shareholder vote at their annual general meeting on June 17.

If approved, the bonuses would be calculated in a sytem made up of four different schemes, including one for employees in the UK. All of the schemes are subject to conditions and entail deferred payments.

The Bank's top 250 executives will receive shares in the bank worth up to a maximum of 165 million euros. And because 50% of the bonuses is paid in cash, the amount set aside for Santander's leading managers is 330 million euros.

The system allows for the payment of 60% of the bonuses for these top executives to be deferred over three years. The amount to be deferred by division managers is 50% and 40% for all other employees eligible for his bonus. The bank has also imposed an embargo of one year on the sale of all shares received as part of bonuses.

The deferred part of the bonus will be paid subject to employees remaining with the company and the financial performance of the bank, among other things.

Last month, government ministers criticized telecoms giant Telefónica for announcing a scheme that will pay senior executives some 450 million eurosin bonuses over the next few years shortly after unveiling plans to lay off some 5,600 workers in Spain.

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