VOTE RECOMMENDATION:

Re-election of Sol Daurella…………… AGAINST
Re-election of Carlos Barrabés…………… AGAINST
Re-election of Gina Díez Barroso…………… AGAINST

By diluting its fossil fuel policies and financed emission targets, Santander has undermined the strength of its climate commitments and created a clear path for continued financing of a global fossil fuel economy. These
reversals signal a governance failure at board level, where directors have a responsibility to diligently exercise oversight of climate risks in order to safeguard long-term shareholder value. It is the primary responsibility of Sol
Daurella, as chair of Santander’s Responsible Banking, Sustainability and Culture Committee, to advise the board on the design of the bank’s sustainability strategy and to ensure adequate control processes are in place for
responsible banking, sustainability-related risks, and opportunities. We therefore recommend a vote against her re-election at Santander’s forthcoming AGM. In addition, we recommend votes against the re-election of two of
Ms Daurella’s fellow Responsible Banking, Sustainability and Culture Committee members: Carlos Barrabés and Gina Díez Barroso. We believe these actions by shareholders are both justified and required to restore confidence
in the board’s oversight of climate risk and Santander’s transition strategy.