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Report BFA - Bankia 2014 / Responsible managementOur commitment

Bankia has defined its vision, mission and values with the aim of setting a direction and establishing a pattern of behaviour that will become our trademark, while ensuring that the necessary resources are available to enable us to complete the journey which we, Bankia’s workforce, must make together.

Bankia’s business strategy and management model revolve around the bank’s values, making it possible to build strong and stable relationships of trust and to create value for the business and its stakeholders.

An enterprise cannot be sustained without social recognition, which comes from a particular way of conducting oneself, a particular way of doing things.

José Ignacio Goirigolzarri


  • We follow principles to put the best banking at your service


  • Provide an efficient, high quality service to our customers
  • Reward our shareholders competitively
  • Make a positive contribution to the public finances
  • Provide our employees with opportunities for professional development
  • Help to improve the market’s assessment and perception of the financial system


  • Professionalism
  • Proximity
  • Achievement orientation
  • Integrity
  • Commitment
Values become actions and new challenges for the future
Corporate governance Creation of Lead Director role. Continue to adopt corporate governance best practices by monitoring national and international trends and regulations.
Appointment of Chief Executive Officer (CEO).
Assessment of Board and Chairman by an independent non-executive director Provide ongoing training and information to the Board of Directors.
Measures to make committee structure and composition more efficient
Customers Implementation of new commercial model. Improve customer satisfaction index.
Simplification of contracts and of the product catalogue. Develop socially and environmentally responsible products.
Focus on customer satisfaction: post-sale surveys, focus groups, pseudo-purchases. Use new technologies as a means to promote wider access to financial services.
People Active dialogue: focus groups and intranet forums. Create an internal talent development model.
Training oriented to customers and product and service customisation. Provide flexible training.
Recognition, meetings with the Chairman for the branches with the best service quality score. Create an internal management talent pool and a succession plan for strategic business positions.
Internal talent promotion and development: internal appointment to senior management posts
Shareholders Compliance with Strategic Plan. Implement the dividend policy.
Strengthen relationships with minority shareholders.
New communication strategy. Include ESG information in roadshows to institutional investors.
Suppliers Implementation of procurement management system. Quality surveys.
E-billing and e-contract. Service commitment letters.
Supplier payment periods. Obtain UNE-CWA 15896 certification for procurement management system.
Supplier Service Centre (SAP) . Establish specific rules of conduct for the procurement function.
Supplier portal.
Supplier surveys. Approve the responsible procurement policy.
Society Implementation of projects that are close to the branches. Continue to carry out projects in line with the Bank’s social action strategy, especially projects linked to local development and employment.
Encouragement given to volunteering.
Support for training and employment.
Social housing and social rent fund.
Environment Environmental management of work centres.
Extend the reach of the ISO 14001 certificate.
Develop the strategic eco-efficiency plan (reduce consumption).
Support for the fight against climate change. Reinforce the commitment on climate change.

Bankia’s sustainability rests on a long-term view, good corporate governance, responsible business activity and honest behaviour towards all stakeholders (customers, shareholders, employees and society at large).

The commitment to responsible management, driven primarily by the Board of Directors, applies across the entire organisation, affects all areas and so is part of the Bank’s overall strategy. With a view to putting that commitment into effect, at the end of 2014 the Responsible Management Committee was created. The main functions of this committee are to define, implement and supervise Bankia’s responsible management policy and make the necessary decisions to enable the Bank to accomplish that strategy.

The Responsible Management Committee is linked to the Management Committee through its chairman.

One of the committee’s first tasks was to define the responsible management policy, which is an enterprise-level policy that affects all Bankia’s activities.

Bankia’s responsible management policy constitutes a comprehensive, enterprise-wide frame of reference. 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: a frame of reference for the deployment of the rest of the Bank’s policies.
  • Enterprise-wide: comprehensive scope, refers to all of 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.

Bankia’s Management Committee itself 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 has relationships, so as to accomplish Bankia’s mission and achieve its vision.

Know and listen (G4-24, G4-25)

Bankia’s responsible management must embrace not only its stakeholders’ needs but also their expectations, acting in accordance with our values and in keeping with economic, social and environmental realities.

Bankia’s responsible management model gives special importance to the Bank’s relationship with the stakeholders it interacts with in its daily activities. Active listening to stakeholders’ needs and expectations is therefore an integral part of the Bank’s decision-making processes.

To report on what Bankia does with its stakeholders, six priority groups have been defined: shareholders , suppliers, customers, society, stakeholders and environment.

Communication with each group is founded on transparency (knowledge of Bankia’s present and future), participation and dialogue (ongoing, two-way communication) and mutual benefit (balanced development and progress, not only economic development).

Channels of dialogue (G4-26)

Bankia has various permanent and two-way dialogue channels in place to actively listen to and engage stakeholders.

The outcome of this dialogue enables us to roll out improvements to our internal processes and provide full and useful information on Bankia’s sustainable development and activity.

This is achieved following a proprietary methodology founded on the AA1000 Assurance Standard principles of inclusivity, materiality and responsiveness, in addition to the consultation and response processes described in GRI G4-27.


  • Letters and emails from the Chairman
  • Branch network
  • Customer Care Service
  • Social networks
  • Monthly ‘Bankia Actualidad’ (Bankia News) bulletin
  • Corporate websites
  • Interviews and surveys
  • Specific seminars and event days
  • Confidential whistle-blowing channel


  • Supplier portal
  • Supplier Care Service
  • Specialised strategic supplier manager
  • Satisfaction surveys
  • Corporate websites
  • Confidential whistle-blowing channel

Shareholders and investors

  • General Shareholders’ Meeting
  • Branch network
  • Road shows
  • International conferences
  • Shareholders’ Office
  • Corporate websites


  • Branch network
  • Monthly ‘Bankia Actualidad’ newsletter
  • CSR mailbox
  • Volunteers’ Portal
  • Social networks
  • Corporate websites
  • Annual report


  • People managers
  • Intranet
  • On-line forums
  • Focus groups
  • ‘Bankia On-line’ magazine
  • ‘Bankia En30segundos’ (Bankia in 30 seconds) weekly newsletter
  • ‘Vivirlo y contarlo’ (Live it and share it) publication
  • HR People line
  • Seminars and event days
  • Corporate websites
  • Confidential whistle-blowing channel

Governing bodies

  • Internal and external workshops
  • Meetings with staff
  • Emails from the Chairman

Materiality analysis (G4-20, G4-21)

Bankia has made progress in the way in which it engages stakeholders. In 2014, it carried out a consultation process in the different regions served by the institution and contacted individual customers, business customers, shareholders, employees, suppliers and corporate social responsibility experts through interviews, focus groups and surveys to find out first-hand about their concerns regarding the institution.

It carried out a materiality study based on these consultations, analysing each participant’s opinions in order to prepare a guide based on the content the interviewees considered was important to know. An independent expert, Cegos Deployment, collaborated in the materiality analysis to bring reliability and transparency to the process.

The opinions gleaned and materiality study provide information on what stakeholders consider to be relevant and identify opportunities and areas for improvement to steer the development of new projects.

The materiality analysis provides added value as it allows reporting in accordance with the AA1000APS standard and the recommendations set forth in the G4 Sustainability Reporting Guidelines of the Global Reporting Initiative.


  • Individual customers: 204 telephone surveys and 6 focus groups
  • Business customers: 204 telephone surveys and 3 focus groups
  • Suppliers: 2 focus groups and 201 surveys
  • Employees: 3 focus groups
  • Csr experts: 5 in-depth interviews
  • Society: 2 focus groups

Materiality analysis phases

  1. Preliminary identification
  2. Collection and analysis of expert information
  3. Collection of information from Stakeholders
  4. Processing and analysis of information
  5. Internal validation
  6. Preparation of Materiality matrix
  7. Definition of roadmap

Materiality matrix


Table of material issues (G4-19, G4-27)

No. Material or relevant information
1 Composition of the board of directors
2 Best practices in corporate governance
3 Evaluation of the board of directors
4 Strategic plan and follow-up
5 Bankia’s mission, vision and values
6 Bankia’s financial position (solvency/robustness of financial position)
7 Institution’s social impact. Added value generated by bankia
8 Recognition of past errors and description of procedures and internal controls in place at the institution to avoid them reoccurring
9 Repayment of state aid received by bankia
10 Responsible marketing processes in branch network
11 Use of savings deposited (Socially Responsible Investment, SRI)
12 Where does the bank serve and what relationships does it have with companies in certain sectors (financing of arms, activities involving a high risk of contamination, nuclear energy, etc.)
13 Customer focus and service
14 Transparency of information in the process of marketing products and services
15 Responsible advertising
16 Money laundering prevention (customer transactions in tax havens)
17 Staff’s commitment to bankia’s future project
18 Professionalism of our staff (career plans, development, etc.)
19 Equal opportunities and work-life balance
20 Mechanisms for dialogue with customers, employees, suppliers and society in general
21 Dialogue and relations with shareholders and investors
22 Policies for contracting and paying suppliers
23 Supplier evaluation and contracting criteria
24 Transparent communication of criteria for awarding contracts
25 Code of ethics and conduct
26 Ethics committee and whistle-blowing channel (procedure and data)
27 Ethical practices followed in relations with customers, staff, suppliers, etc.
28 Tax ethics: bankia’s fulfilment of its tax obligations
29 How bankia provides access to its financial services (branch closures, customer services, etc.)
30 Support to specific groups (refinancing, microloans, SMEs, young people, customers, etc.)
31 Budget earmarked for social action (social housing, donations, etc.)
32 Social initiatives carried out (social housing, donations, etc.)
33 Innovation projects
34 Recycling, energy saving, etc.
35 Measures taken to tackle climate change

Global Compact

Bankia is a signatory of the United Nations Global Compact the table below provides details of the documents and areas in which the Global Compact’s principles are applied.

Principle 1

Businesses should support and respect the protection of internationally proclaimed human rights within their sphere of influence.

  • Corporate governance
  • Code of Ethics and Conduct
  • 2012-2015 Strategic Plan
  • Business model
  • Global risk management
  • Financing of controversial sectors
  • Environmental and social risk management
  • Social action strategies

Principle 2

Business should make sure that they are not complicit in human rights abuses .

  • Code of Ethics and Conduct
  • 2012-2015 Strategic Plan
  • Business model
  • Financing of controversial sectors

Principle 3

Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining.

  • Code of Ethics and Conduct
  • 2012-2015 Strategic Plan

Principle 4

Businesses should uphold the elimination of all forms of forced and compulsory labour.

  • Code of Ethics and Conduct

Principle 5

Businesses should support the effective abolition of child labour.

  • Code of Ethics and Conduct

Principle 6

Businesses should uphold the elimination of discrimination in respect of employment and occupation.

  • Corporate governance
  • Code of Ethics and Conduct
  • 2012-2015 Strategic Plan

Principle 7

Businesses should support a precautionary approach to environmental challenges.

  • Code of Ethics and Conduct
  • Global risk management
  • Environmental and social risk management

Principle 8

Businesses should undertake initiatives to promote greater environmental responsibility.

  • Code of Ethics and Conduct
  • Collaboration with stakeholders

Principle 9

Businesses should encourage the development and diffusion of environmentally friendly technologies.

  • Code of Ethics and Conduct
  • Ecoefficiency plans

Principle 10

Businesses should work against corruption in all its forms, including extortion and bribery.

  • Corporate governance
  • Code of Ethics and Conduct
  • 2012-2015 Strategic Plan
  • Regulatory compliance: crime risk prevention and anti-money laundering and terrorist financing policies

Initiatives and forums of which Bankia is a member

Financial Education Plan of the
CNMV and Bank of Spain

Diversity Charter

Spainsif (Socially Responsible Investment) Platform

Seres Foundation

Carbon Disclosure Project

Lealtad Foundation

Forética (Ethics And Csr Initiative)

Recognition and awards

  • Bankia received the award for “Best Magazine Advertising” in the last edition of the awards handed out by the journal ‘Control y estrategias’, for its advertising performance during 2014 in graphic communication.
  • José Ignacio Goirigolzarri named “Banker of the year” in the 2014 edition of the Ecofin Awards.
  • Bankia is ranked tenth among the most “authentic” brands, according to the Authentic Brands 2014 report based on surveys of 12,000 consumers across 12 countries by the international agency Cohn & Wolfe in collaboration with the Corporate Excellence Association.
  • Bankia among the top 100 banks in the world according to the ranking prepared by the british journal ‘The Banker’.
  • Bankia received an award for CSR and corporate transparency from the journal ‘Capital’, during its 2014 edition of the ‘Impulso y recuperación’ awards.