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BankiaResponsible governance

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Corporate Governance

In 2015 the Bankia Board of Directors approved the Corporate Governance System as general framework of internal regulation that affects the bank and the rest of the companies in the Bankia Group. All of this was aligned with the requirements of Spanish and European banking regulations, and the good governance recommendations and principles set out in the good practices guidelines issued by supervisory authorities and regulators. The Corporate Governance System guarantees that internal governance functions well and ensures sound and prudent management of the group and of the bank. Its purpose is to satisfy the corporate interest, understood to be the one shared by all shareholders, and long-term value creation. The priority objectives are:

  • Distribute functions in the organisation adequately.
  • Prevent and resolve possible conflicts of interest.
  • Put in place a transparent framework for relations between Bankia and its shareholders.

The System draws its inspiration from the group's corporate values as regards business ethics and corporate social responsibility. It is based on the good governance principles endorsed and implemented by the company and set out in the Code of Good Corporate Governance.

Responsible Management Committee

Since February 2016, as part of the Board of Directors, the Appointments and Responsible Management Committee has taken up the non-delegable powers for Responsible Management functions:

  • Review the Company's corporate social responsibility policy, seeing to it that it is aimed at creation of value.
  • Monitor the corporate social responsibility strategy and practices and evaluate the degree of compliance therewith.
  • Monitor and evaluate the processes of engagement with the various stakeholder groups.
  • Evaluate all matters related to non-financial risks of the company, including the operational, technological, legal, social, environmental, political and reputational risks.
  • Coordinate the process of reporting non-financial and diversity information, in accordance with applicable regulations and international standards of reference.

The Responsible Management Committee was set up in December 2014. It meets on a quarterly basis, reports to the Appointments and Responsible Management Committee and gives voice to what stakeholders are demanding day to day from Bankia.

 

Responsible Management Policy

Defining the responsible management policy (Opens in new window) was one of the first tasks of the Responsible Management Committee.

That policy applies across the entire organisation and affects all Bankia's activities. Accordingly, Bankia's responsible management policy constitutes a comprehensive enterprise-wide framework. It establishes the pillars on which the bank must cement its relations with stakeholders and informs the policies, action plans and procedures that will translate the bank’s commitments into daily practice.

The responsible management policy is:

  • Realistic: Frame of reference for developing and implementing the rest of the bank's policies.
  • Enterprise-wide: comprehensive scope, relating to all Bankia's activities and applies to all employees.
  • Establishes commitments towards all stakeholders.
  • Simple and clear.
  • Specific: it is deployed in the bank's projects, goals and indicators.

The Board of Directors will be responsible for reviewing the committee’s work at regular intervals, to ensure that it remains aligned with the bank’s values and corporate strategy and the requests of the stakeholders with which the bank interacts, so as to accomplish Bankia’s mission and achieve its vision.

Responsible Management Plan

 

The Responsible Management Plan 2016-2018, approved by the Board of Directors on 26 February 2016, is rooted on the bank's values and rests on two fundamental pillars:

  • listening to and dialogue with stakeholders
  • supervision and ongoing evaluation of the implementation of the planned actions

The Bankia Board of Directors itself is responsible for ensuring management, followup and oversight of the plan.

Future challenges

 STRATEGIC LINE  AIM
CORPORATE GOBERNANCE Integrate and encourage responsible management to contribute to building a culture of transparency and integrity that safeguards the interests of all stakeholders.
CUSTOMERS Build comprehensive relationships tailored to customers’ requirements, ensuring Bankia is recognised for its treatment and the trust generated.
EMPLOYEES Consolidate the corporate identity through a project that ensures Bankia’s success is everyone’s success and that the responsible management culture is present in every area of the business.
SOCIETY Gain recognition as a driver of social and economic development in the communities we serve, working to tackle the main concerns facing society and striving to maximise our positive impact.
SHAREHOLDERS AND INVESTORS Strengthen transparent reporting of the bank’s non-financial performance to analysts and investors, providing transparent and clear extra-financial information.
SUPPLIERS Encourage responsible management across the supply chain, evaluating counterparty risks and developing improvement plans that help to spread our responsibility commitment and fuel economic development in other productive sectors.
ENVIROMENT Minimise environmental impact and cut associated costs through more efficient consumption of resources and appropriate environmental management across all processes.

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