Spanish global banking giant Santander is likely to have received overwhelming support from its shareholders in all management resolutions voted on during last Friday’s virtual AGM. Pending the final results, votes well below 90% are expected.
Yet it is worth having a closer look at concerns raised by some investors, proxy firms and campaigners over governance and climate issues.
The question seems relevant on the back of the European Central Bank’s call for banks to suspend dividends (and similarly by the Bank of England) to ensure an additional ‘cushion’ while the coronavirus crisis lasts.
Santander’s shareholders were going to vote on the payments of outstanding dividends for 2019, but the day before the AGM management withdrew the resolution and postponed any decision until next year, when the consequences of the crisis would be clearer.
What Santander did not update on the ballot, however, was its announced commitment on remuneration…