Banco Santander - EGM 26 October 2020
In view of the COVID-19 pandemic and the European Central Bank¶s (ECB) recommendations, Banco Santander postponed decisions regarding dividends, and cancelled the proposal to distribute a final €0.13 (€0.10 in cash and €0.03 in scrip dividend) in the AGM. In item 1 of this General Meeting of 27th October, the Board proposes to allocate €1.66 billion to cover the interim dividend paid on November 2019. In item 3.B, the Board proposes to distribute a final dividend against 2019 results, of €0.10 per share, through the allocation of free shares (1 new one per 5 held) via a capital increase. As this a viable option that does not affect the Company¶s cash position, we recommend approval.
In item 4, it is proposed to delegate to the Board of Directors the power to pay an interim dividend of €0.10 per share charged to 2020 results. It will be paid in cash if a series of conditions apply, including ECB¶s recommendations. Otherwise it will be remunerated in shares. Therefore, we recommend approval.
In item 2.B, shareholders are called to vote on the appointment of Mr. Martín Chavez as independent Director, following the resignation of Ms. Giménez-Salinas i Colomer. Since no concerns arise over the independence levels on the Board (53.3% as per ECGS guidelines) and taking into account Mr. Martín Chavez¶s professional experience and aggregate time commitments, we recommend supporting this resolution.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
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