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Report BFA - Bankia 2014 / Responsible managementShareholders

  • 198.427 visits to the shareholder and investor section of the corporate website
  • 1.289 phone calls and 230 e-mails handled by the shareholder’s office
  • 750 contacts with analysts and institutional investors from 460 different firms
  • 112% increase in foreign institutional investors in the share capital

Continuous communication with shareholders became increasingly important in 2014. Bankia is an interesting company for potential shareholders, institutional investors and financial and non-financial analysts, who increasingly demand faster and more direct communication channels to obtain clear, comprehensive and reliable information.

Bankia has therefore incorporated specific social, environmental and governance information into its standard reporting for institutional shareholders in response to the demand for information about these issues.

Shareholder profile

Main shareholders as at 31/12/2014

On 28 February 2014, BFA sold 7.5% of Bankia’s share capital (863,799,641 shares). The sale was an accelerated private placement among qualified investors and raised €1,304 million at a price of €1.51 per share. Around 99% was acquired by foreign institutional investors.

In 2014, foreign institutional investors expressed their confidence in Bankia, significantly increasing their positions (+112%).

Main bankia shareholders by investor type % Share capital as at 31/12/2013 % Share capital as at 31/12/2014 Annual variation (p.p.)
BFA 68,39 62,21 -6,18
Spanish institutional investors 4,09 3,86 -0,23
Foreign institutional investors 9,26 19,60 10,34
Retail investors 18,26 14,33 -3,93

Attendance of the general meeting of shareholders

The General Meeting of Shareholders is Bankia’s principal governing body and an essential instrument for direct and participative communication between Bankia and its owners – the shareholders. The General Meeting discusses and adopts different resolutions about the issues on the agenda that are submitted to be approved – in other words resolutions proposed by the Board of Directors or other parties.

It is common practice for listed Spanish companies to make attendance of the meeting conditional upon ownership of a minimum number of shares. To improve corporate governance, Law 31/2014 on capital companies states that the eligibility criteria defined in the bylaws of listed companies for shareholders attendance at the General Meeting may not exceed 1,000 shares. In 2014, the General Meeting agreed to set minimum share ownership requirement to attend the General Meeting at 500 shares.

Communication channels

Bankia’s articulates its commitment to open dialogue with its shareholders and the investor community through different actions and channels, establishing open, continuous and transparent communication.

The senior management and investor relations team had direct contact with more than 750 institutional investors, analysts and managers from around 460 different firms last year, by means of roadshows, international conferences, field trips and visits. All of these were opportunities to present the bank, its strategy and evolution, as well as to clarify any doubts and share opinions.

Bankia provided its shareholders with material information about the company throughout 2014, by sending SMS messages with quarterly results information and via its real estate newsletter as well as other important financial information accessible via the corporate website and the results webcasts.

The bank’s website is another important communication tool with shareholders, especially the “Shareholder Corner” section that includes the investor calendar, information about benefits for shareholders, FAQs and contact details. The structure of the website was improved during the year and its content was continuously updated.

New content was also added, such as:

  • The “Equity Analysts” section, with the list of the main analysts that monitor and publish target prices and recommendations regarding the Bankia share
  • Key information about the company in the “Who we are” section
  • The ratings of the bank’s mortgage covered bonds

The Investor Calendar in the Shareholders and Investors section of the company’s website provides up-to-date information about Bankia’s initiatives with investors and analysts. It openly publishes the documents and presentations provided to participants in these specialist forums and provides access to the webcasts of recordings of the company’s main financial events (quarterly and annual results presentations), as well as the chairman’s speech at the General Meeting of Shareholders in 2014.

The Shareholder’s Office communicates directly and openly with all shareholders. It can be used to obtain information about the group and the Bankia share, the advantages of being a Bankia shareholder, and for making enquiries and obtaining answers to questions and suggestions.

Benefits for shareholders*

In 2014, Bankia continued to offer its shareholders a series of exclusive benefits.

Some of the benefits that are accessible via the corporate website are:

  • “No Fees” program on the account associated with your securities account.
  • Special conditions and discounts on cards: “The Tarjeta Oro at the standard credit card price and the Tarjeta Platinum at the Oro price”.
  • 15% discount on rewards in the Bankia Dream Points program.
  • Exclusive benefits when purchasing real estate owned by the Bankia Habitat group: discounts, access to preferential financing, information about real estate offers, personal advice from real estate managers, etc.

* Consult terms and conditions at bankia.com or at Bankia branches.

Shareholder remuneration

The group is proposing a shareholder dividend paid in cash of 1.75 cents per share charged against profits for 2014. This represents a total dividend distribution of €202 million and a payout ratio of 27.0%. This dividend payment will be possible if the profitability targets of the Strategic Plan are achieved.

The dividend is expected to be paid once the proposal has been approved by the bank’s General Meeting of Shareholders.

Bankia is proposing a cash dividend of 1.75 cents per share thanks to the results obtained in 2014.

The chairman of Bankia, José Ignacio Goirigolzarri, announced that the Board and the Bankia team are dedicated and committed to rewarding the loyalty of its shareholders, as well as being an additional way of reimbursing Spanish taxpayers.

The possibility of paying a dividend is an important milestone in returning the bank to normality. It means that Bankia is a profitable company, with recurrent and sustainable profits, capable of paying a cash dividend once it has been approved by the authorities.

The shareholder remuneration policy for the coming years is yet to be defined and approved by the corresponding bodies.