The president of Santander Bank, Ana Botín, earned 9.77 million euros in 2018 and had a contribution to her pension plan of 1.23 million euros, which in total received 11.01 million euros, 4% more than in 2017. Of the 9.77 million, Botín received in cash 6,245 million, 10% more, while the money destined for the piggy bank for retirement was reduced by 54.3%, to 1,234 million, according to the annual financial report that the entity has sent this Thursday to the National Securities Market Commission (CNMV). The maximum executive of Santander already accumulates in its pension plan more than 46 million euros at the end of 2018.
Remuneration of the company's main executives, the CEO José Antonio Álvarez, and the vice president of the council, Rodrigo Echenique, they also increased, although the board of directors obtained a total remuneration of 28.91 million euros in 2018, 9.4% less than in the previous year. The top management of the entity, made up of 18 people, received 60.26 million euros in 2018, 8.1% less than a year before, when it had one more member.
The CEO and number two of the entity, José Antonio Alvarez, earned 7.95 million euros in 2018, and received in its pension plan 1.05 million, so in total it obtained nine million in the year, a 1 ,2 more. The executive accumulates in its pension fund 16,63 million. the vice president Rodrigo Echenique, right hand of Botín, he pocketed 5.09 million euros, 19% more, and, about to retire, has a plan with more than 13 million euros. These salary increases occur in a year in which the benefit of the entity increased by 18% and the dividend per share by 4.5%.
As announced a year ago, Santander applied in 2018 a change in remuneration for which endowments have been reduced to the pension plans of the executive directors, while at the same time increases fixed remuneration and other concepts, so that this variation in the components of compensation is neutral in the total. In 2019, the president and CEO will keep the same base annual salary, of 3.17 and 2.54 million, respectively. In 2020 and 2021 may increase this fixed remuneration by a maximum of 5% with Over the previous year.