BBVA reformulates the functions of Carlos Torres as president of the bank and cuts the CSR section

BBVA introduces changes to the regulations of the board of directors with the focus placed under the control of its president, Carlos Torreson future mergers or acquisitions that the bank decides to undertake. In a context marked by the failed takeover bid for Banco Sabadell, which is one month old, the entity has sent a document to the National Securities Market Commission (CNVM) which includes a modification of the areas that report directly to the president instead of the CEO.

In this sense, the functions that Torres supervises do not change, but rather maintains control over the same departments as until now. However, it has been clarified that it has supervision over the “Strategy and M&A” area. The previous council regulations only referred to “Strategy”, a objective of adapting the nomenclature of the area in the council regulations to the names of the bank’s departments, although they are the same area.

Although the regulation was sent to the supervisor this Tuesday, it was drawn up before before the result of the failed takeover bid was known. According to the document, it was defined on September 29, about two weeks before it was known that BBVA had not even achieved 30% acceptance of the offer for Banco Sabadell. On the other hand, the new regulation also delves into the regulations on what are known as “related-related transactions”which are those that the bank or its subsidiaries make with directors, with shareholders holding more than 10% of the voting rights or who are represented on the board.

In the previous regulation, the regulation of these operations It did not have its own section and no reference was made to related-party transactions to those carried out with significant shareholders (with more than 10%) or shareholders represented on the board. BBVA does not currently have either of them. Among the rest of the changes, the bank has also modified the corporate social responsibility regulations.

In the regulations in force until now, CSR had a specific section in which It was detailed that the council would ensure that the activity The bank will be developed according to “a set of values, principles, criteria and attitudes” aimed at generating value for “shareholders, employees, customers and society as a whole.” The aim was also to promote “the implementation and development of ethical principles based in integrity and transparency”.

The new regulation eliminates the section on corporate social responsibility and reduces its wording. The mention of values, principles, criteria and attitudes disappears and is limited to that “the board of directors will ensure that the bank’s actions are oriented toward achieving its purpose and strategic priorities“. The reference to generating value for shareholders, employees, clients and society is eliminated and a generic mention of generating value is included “in accordance with defined values ​​and behaviors”. This reference to implementing and developing ethical principles based on integrity and transparency has also disappeared.