Banco Santander

The responsibility for sustainability issues within Banco Santander lies with the highest governing body. The bank also links the remuneration of its executive team to sustainability performance criteria. It identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders. In terms of female representation in leadership positions, Banco Santander has a gender-balanced board of directors where 6 out of 15 members are women. It also discloses actions it takes to address any pay gaps, such as setting up fair pay programmes.

As a member of Glasgow Financial Alliance for Net Zero (GFANZ), Banco Santander has set a target of net-zero financed emissions by 2050. Furthermore, as a member of Climate Action 100+, Banco Santander’s asset management arm discloses that it collectively engages with its investees on the topic of climate change. The bank also discloses that alignment with the Paris Agreement is one of its engagement topics. Banco Santander discloses that it aims to finance EUR 220 billion in climate solutions by 2030 and tracks its progress. Nature- and biodiversity-related impacts are one of the bank’s engagement priorities with companies to which it provides financial services, and it has set targets to contribute to nature- and biodiversity- solutions.

Banco Santander has publicly available policy statements committing it to respect human rights and the health and safety of workers. The bank discloses the proportion of its total direct operations workforce covered by collective bargaining agreements. It also discloses a global tax strategy for which an executive-level body has responsibility. Regarding diversity, the bank discloses the proportion of its total direct operations workforce for each employee category by age group and gender. It also discloses the amount of finance it directs towards usually excluded groups and SMEs.

Banco Santander has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees, across its financing activities. In terms of gender equality, the bank has an opportunity to reach at least 40% female representation in senior leadership positions as well as how it addresses any gender pay gaps.

Banco Santander could disclose interim emissions reduction targets at the group level, such as a 45% reduction in financed emissions by 2030. It also has an opportunity to disclose key sectors or companies identified as priorities to engage with on climate issues, specifically alignment with the Paris Agreement. Furthermore, Banco Santander could disclose that it requires companies to which it provides financial services to have a strategy aligned with the Paris Agreement.

Banco Santander has an opportunity to describe the process for identifying its human rights risks and impacts through its relevant financing activities. Furthermore, the bank has an opportunity to establish a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns.