Santander recently modified its management structure so that Álvarez no longer answers to Botín but to the board of directors, in line with the recommendations of the European Central Bank to achieve a better balance between the presidents and CEOs of financial entities.
Spain has long been an outlier in corporate governance in the region, with duties between chairman and chief executives often blurred. In general, the Frankfurt-based supervisor has pushed for governance reforms at the region’s lenders to improve risk management and decision-making.
Banco Bilbao Vizcaya Argentaria SA, the country’s second largest bank, changed its structure in December 2018, appointing former CEO Carlos Torres as president, and the new CEO, Onur Genc, began reporting only to the board.
At Santander, Álvarez has helped guide the bank through the difficult coronavirus period, when the bank reported its first loss in its history.
Source: Ambito
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