Santander Considers Breaking Some Bonus Links to Diversity

Banco Santander SA said it may choose to partly eliminate diversity as a factor influencing variable pay for some of its top leaders, citing government policies.

When calculating bonuses for executive directors, Santander won’t consider how much they contributed to putting more women in management positions if “regulation or governmental policy does not support establishing specific inclusivity objectives” in the jurisdictions where they work, according to the Spanish bank’s latest annual report.