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LONDON, March 15 (Reuters) - Spanish bank Santander paid 2.8 million pounds ($4.2 million) in "golden hellos" to twosenior executives last year, an example of a practice manyinvestors want stamped out as part of corporate pay reforms.
Finance Director Stephen Jones, who joined in March 2012,was paid 2.8 million pounds for last year, including 1.6 millionpounds to buy out deferred share awards he lost when he leftBarclays.
Santander UK's annual report, released on Friday, alsoshowed its highest paid senior executive below board levelreceived 2.5 million pounds last year, including 1.2 million tobuy out awards from a previous employer.
The executive was not named, but is likely to have beenCharlotte Hogg, head of retail distribution, who joined fromExperian in late 2011.
Some investors oppose any golden hellos, as they are paidbefore any work has been done. Swiss bank UBS provokedoutrage on Thursday after it emerged it had welcomed its newinvestment bank chief Andrea Orcel with a $26 million package.
"We don't agree to golden hellos but occasionally we willagree to buy out historical accrued awards or bonuses that havebeen earned," a spokesman for Santander said. He said it wasconsidered on an individual basis for top staff.
Santander UK said Chief Executive Ana Botin was paid 4million pounds in 2012, down 3 percent on 2011. Santanderpreviously disclosed what she was paid across the group.
Santander plans to spin-off and float its UK arm, butprobably not until 2014 at the earliest. "The timing of thiswill remain subject to market conditions and to the emergence ofa more positive outlook towards UK banks from investors," theannual report said.
The bank wants to build an 8 percent market share incorporate banking, from 5 percent now, and aims to have 4million primary retail banking customers by 2015.
