Mon. Feb 17th, 2020

Justice denies the former president of the Popular his multimillion-dollar early retirement and pending bonuses

Justice obliges the former president of the Popular, Ángel Ron, to return to Santander the amounts received from his pre-retirement and the bonuses collected in 2017. This is stipulated in his sentence the Court of First Instance number 47 of Madrid, which he has estimated in his the entire lawsuit filed by the bank, which denies the right to collect compensation close to 13 million euros – as stipulated in the statutes of the entity at the time of collection of 1.1 million annually until his retirement age – adducing the millionaire losses that the bank presided over in 2016 by its management.

The judge, Rocío Montes Rosado, thus fully addresses the arguments of the entity chaired by Ana Botín, who resorted to the application of two clauses to reverse the payment. Thus, Montes sees it appropriate to apply the 'clawback clause' -the one that allows companies to claim the reimbursement of variable remuneration paid to executive directors under an economic justification- and the 'malus clause' -applied to prevent the collection of remuneration variable accrued and not satisfied by the negative results in fiscal years after its departure – whose application in this judgment may establish jurisprudence.

The court also condemns you to return all bonuses corresponding to the years 2013 (215,546 euros) and 2014 (42,600 euros), would have already collected or were pending payment, which in total would add 258,146 euros in cash, in addition to having the obligation to reimburse al Popular -of the Santander group- 10,216 shares.

The sentence can be appealed before the Provincial Court of Madrid.

. (tagsToTranslate) javier de antonio

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