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Annual Report Bankia 2016 /

Mission, vision and values

BANKIA DEFINES ITS VISION, MISSION AND VALUES IN ORDER TO EXPLAIN NOT ONLY HOW IT DOES THINGS BUT ALSO WHY. VISION, MISSION AND VALUES PROJECT A UNIQUE AND RECOGNISABLE WAY OF DOING THINGS THAT HELPS ALL THE BANK’S PROFESSIONALS WORK TOGETHER AND BUILD STRONG, STABLE RELATIONSHIPS OF TRUST.


Bankia’s vision, mission and values are the bedrock of its culture. Their principles influence the bank’s business strategy and management model. They also determine the bank’s working philosophy and the relationships it establishes, both internally within the organization and externally with stakeholders (including customers, shareholders, employees, suppliers and society at large).

  • VISION

    Take a principle-based approach in order to provide you with the best banking service.
  • MISSION

    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 assesment and perception of the financial system 
  • VALUES

    Professionalism
    Integrity
    Commitment
    Proximity 
    Achievement Orientation

OUR COMMITMENT AND CHALLENGES FOR THE FUTURE

G4-24  G4-25

In February 2016 the Board of Directors approved the 2016-2018 Responsible Management Plan, which was prepared taking both the bank’s strategy and the opinions of its stakeholders into consideration. The plan gives concrete expression, through initiatives and projects, to the main themes of the bank’s responsible management policy.

The Responsible Management Plan rests on two fundamental practices: listening to and dialogue with stakeholders; and continuous supervision and assessment of actions taken under the plan. The plan has a series of projects and annual objectives that are monitored through a dashboard, which is updated each quarter and is presented to the Board of Directors. The main lines of work in 2016 and the degree of achievement of project objectives are follows::

Objetico cumplidoAccomplished

Objetivo no logradoIn progress 

Objetivo en desarrolloNot accomplished 

All of BANKIA’s responsible management initiatives and projects are driven by the Responsible Management Committee, created in December 2014.

Corporate Governance

Foster a culture of transparency and integrity that protects the interests of all stakeholders.

2016 MILESTONES

Create a Board Responsible Management Committee. Objetico cumplido
Define and implement the extra-financial (reputational) risk map. Objetico cumplido
Responsible management training and awareness building for BoD.

CUSTOMERS

Honest relationships that match customers’ real needs. In Bankia the customer is the greatest asset, so offering the customer high levels of professionalism and high quality service is a core objective.

2016 MILESTONES

Promote financial education. Objetico cumplido
Define a set of rules for responsible marketing. Objetico cumplido

EMPLOYEES

Work and make progress in a common project in which the culture of responsible management impregnates every aspect of the business and where success for Bankia is success for everybody.

2016 MILESTONES

Define and approve the Equal Opportunities Charter. Objetico cumplido
Assess employees’ loyalty to the values. Objetico cumplido

SOCIETY

Listen to, identify and support the real needs of the community. The Bank will work to ensure that growth is positive and sustainable for all parties involved.

2016 MILESTONES

Create a Dual Vocational Training research and development centre. Objetico cumplido
Design products and services with an environmental and social focus. Objetivo no logrado

SUPPLIERS

Extend the commitment to responsible management to the supply chain. Bankia works with suppliers to apply best ethical, social and environmental practices and build lasting relationships.

2016 MILESTONES

Renew UNE 15896 certification in Purchasing. Objetico cumplido
Draw up the supply chain risk map. Objetico cumplido
Organise ethical, social and environmental awareness days for suppliers. Objetico cumplido

ENVIRONMENT

Respect the environment and take responsibility for impacts arising from the bank’s activity. Work to reduce the bank’s environmental footprint and promote responsible attitudes among employees, suppliers and customers.

2016 MILESTONES

Develop environmental awareness programmes for professionals. Objetico cumplido
Source 100% of electricity from renewable sources. Objetico cumplido

RESPONSIBILITY, SUPERVISION AND ASSESSMENT

Ultimate responsibility for corporate social responsibility in Bankia belongs to the Board of Directors. In December 2015 the remit of the Appointments Committee was extended to include overseeing responsible management policy and the committee’s name was changed to that of the Appointments and Responsible Management Committee. Made up of four independent directors, this committee reviews and assesses the bank’s corporate social responsibility policy and practice and oversees relations with the different stakeholder groups.

All the initiatives and projects relating to Bankia’s responsible management are overseen by the Responsible Management Committee, which was created in December 2014. The Committee is made up of the managers from the various units in the bank that have direct relations with stakeholders. The Committee is chaired by the Deputy General Directorate of Communication and External Relations, which has a standing invitation to attend meetings of the Board of Directors. The post of secretary of the committee is held by the Corporate Social Responsibility Directorate, which is in charge of researching, proposing, coordinating and fostering internal debate on responsible management in Bankia.

IN OCTOBER 2016-2018 THE BOARD OF DIRECTORS APPROVED BANKIA’S HUMAN RIGHTS POLICY

Active listening as a means to improve

G4-24 G4-25 G4-26

In 2016 Bankia carried out another materiality analysis (the previous one was carried out in 2014) to get a first-hand account of the expectations and perceptions of the most important stakeholders. To do that it conducted surveys both internally (managers and commercial network) and externally (shareholders, personal and business customers, industry experts, regulators, standardmaking bodies, suppliers, analysts), using face-toface and telephone interviews, focus sessions and questionnaires.

The study revealed the gap between perceived performance and actual performance and so helped identify a number of key issues that will be the focus of Bankia’s next initiatives and projects, in line with the behaviours expected by stakeholders.

Main phases of the materiality analysis

Bankia’s teams worked together to incorporate the results of this active listening exercise into the bank’s decision-making processes. Communication with each stakeholder group is built on transparency (knowledge of Bankia’s present and future), participation and dialogue (ongoing, twoway communication) and mutual benefit (balanced development and progress, not only economic development).

 

Channels of dialogue

G4-26

Customers

  • Letters and e-mails to the chairman
  • Commercial network
  • Customer service
  • Social networks
  • "Bankia actualidad" (Bankia news)
  • Corporate web sites
  • Surveys and interviews
  • Specific seminars and event days
  • Confidential whistle-blowing

Shareholders and investors

  • General Shareholders' meeting
  • Commercial network
  • Road shows
  • International conferences
  • Shareholder's office
  • Corporate web sites
  • Shareholder and investor information service

Employees

  • People managers
  • Intranet
  • Online forums
  • Focus group
  • "Bankia online" magazine
  • "Bankia en 30 segundos" (Bankia in 30 seconds) weekly newsletter
  • HR People line
  • Seminars and event days
  • Corporate web sites
  • Confidential whistle-blowing channel

SUPPLIERS

  • Supplier portal
  • Supplier service centre
  • Specialised strategic supplier manager
  • Satisfaction surveys
  • Corporate web sites
  • Confidential whistle-blowing channel

Society

  • Commercial network
  • "Bankia Actualidad" (Bankia news)
  • CSR Mailbox
  • Volunteers' portal
  • Social networks
  • Website enaccion.bankia.com 
  • Corporate web sites
  • Annual report
  • Bankia Blog
  • Website www.bankiaestudios.com

GOBERNING BODIES

  • Internal and external work days
  • Meetings with employees
  • E-mails from the chairman
  • Director's blog

Setting priorities

G4-19 G4-20  G4-21  G4-27

The scope of the materiality analysis, which was prepared with the assistance of an independent body, was broadened compared to 2014. The surveys were carried out with a dual objective:

  • To define the content of the bank’s Annual Report and thus give priority to the information needs of the different stakeholder groups.
  • To identify any particularly important issues that should guide the bank’s responsible management strategy. (see Materiality matrix).

The scope of the materiality analysis, which was prepared with the assistance of an independent body, was broadened compared to 2014.

The materiality analysis also provided information about stakeholders’ opinion regarding potential risks to the bank’s image, which will help to improve reputational risk management.


IMPORTANCE FOR STAKEHOLDERS (IN ORDER OF MATERIALITY)

  • Transparency in product information.
  • Customer service.
  • Bankia’s financial position (solvency / economic strength).
  • Ethics in financial management.
  • Commercial policy (fees and commissions, product and service offering, aid, etc.).
  • Corporate culture: mission, vision, values and Code of Ethics and Conduct.
  • Social return: statement of state aid repayment.
  • Mechanisms for dialogue with stakeholders (customers, employees, shareholders.).
  • Social commitment and contribution
  • Bankia’s business strategy.
  • Corporate governance (composition, functions, management quality, assessment and control).
  • People development.
  • Responsible commercial processes.
  • Supplier management.
  • Responsible management of employees (equality, work-life balance, diversity, etc.)
  • Responsible culture and performance (policies, mechanisms, etc.).
  • Digitisation strategy.

Materiality Matrix

G4-19  G4-20 G4-21 G4-27

MOST MATERIAL ISSUES*

8Transparency in product information

1Implementation of actions to rebuild trust among stakeholders (customers, employees, shareholders, suppliers, society)

14Customer service

3Implementation of good corporate governance practices

10Responsible customer relationship management model

5Ensure compliance with CSR policy and 5 implementation of Bankia’s CSR Plan

9Initiatives to involve stakeholders (customers, employees, shareholders, society, etc.)

2Implementation of actions envisaged in Bankia’s strategy aimed at being useful to customers

16Responsible management of employees (equality, work-life balance, diversity, etc.)

4Fight against corruption and bribery

6Regulatory compliance

18Social commitment and contribution

 

(*) High importance for stakeholders and Bankia.

Membership of the global compact

Bankia is committed to the United Nations (UN) Global Compact. In compliance with that commitment and by virtue of the relationship between the principles of the Global Compact and the indicators of the Global Reporting Initiative (GRI), this report complies with the “in accordance – comprehensive” requirements of the GRI G4 guidelines and also serves as a progress report.

Principles of the Global Compact

Principle 1

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

Actions
  • 2016 - 2018 Responsible Management Plan
  • Code of Ethics and Conduct
  • Business Model
  • General Risk Management
  • Environmental Risk
  • Social Risk
  • Financing of controversial sectors
  • Society

Principle 2

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

Actions
  • 2016-2018 Responsible Management Plan
  • Code of Ethics and Conduct
  • Business Model
  • Relationship with the environment
  • Financing of controversial sectors

Principle 3

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

Actions
  • 2016-2018 Responsible Management Plan
  • Code of Ethics and Conduct

Principle 4

Businesses should support the effective abolition of child labour.

Actions

Code of Ethics and Conduct


Principle 5

Businesses should support the effective abolition of child labour.

Actions

Code of Ethics and Conduct


Principle 6

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

Actions
  • 2016 - 2018 Responsible Management Plan
  • Code of Ethics and Conduct

Principle 7

Businesses should support a precautionary approachto environmental challenges.

Actions
  • 2016 - 2018 Responsible Management Plan
  • Code of Ethics and Conduct
  • General Risk Management
  • Environmental risk

Principle 8

Businesses should undertake initiatives to promote greater environmental responsibility.

Actions
  • 2016 - 2018 Responsible Management Plan
  • Code of Ethics and Conduct
  • Relationship with the environment
  • Environmental risk

Principle 9

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

Actions
  • 2016-2018 Responsible Management
  • Plan Code of Ethics and Conduct
  • Relationship with the environment
  • Environmental risk

Principle 10

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

Actions
  • 2016-2018 Responsible Management
  • Plan Code of Ethics and Conduct
  • Corporate governance

Sustainable development goals

Bankia considers the sustainable development goals adopted by the UN Assembly in September 2015 to be a key part of its corporate social responsibility policy and so used them as a reference in preparing its 2016-2018 Responsible Management Plan.

This plan identifies the goals Bankia supports in its activity, in the context of a responsible and sustainable approach to business.

 

The immediate challenge for the bank is to determine which of the sustainable development goals are most closely linked to its activity and then transfer them to its business model through the relationship it maintains with its stakeholders and the environment in which it proposes to create value. Bankia therefore listens to the sectors of society that are closest to it, identifies their real needs and supports them.

On the other hand, identifying the material issues through materiality analysis allows Bankia to concentrate its efforts in each area on the issues that have the most impact on the accomplishment of the Sustainable Development Goals. Thus, from the G4 Guidelines, Bankia selects the GRI indicators that show most clearly the relationship between Bankia’s performance and the outcome in terms of sustainable development, in order to monitor them (see Annexe p. 209).

Benchmark indices and initiatives

Once a year, Bankia submits to an analysis by various sustainability rating agencies, which assess its responsible management strategy. These analyses include an assessment of environmental, social and corporate governance management systems and the bank’s financial and extra-financial risks and of the extent to which responsible management is integrated in the bank’s organisational structure and business.

Sustainability Indices

The DJSI is a selective index which includes only companies that have demonstrated sustainable management performance based on evidence and results, with profitability as the first filter for eligibility.

In December 2016, Bankia also joined the FTSE4Good IBEX Index and the FTSE4Good Index, which was created in 2001 and includes companies from around the world that meet certain environmental, social and corporate governance criteria.

FTSE4Good

This index is intended to showcase organisations that have integrated ESG (environmental, social and good governance) criteria in their risk policies and risk management.

CDP

Each year, Bankia also responds to the Global Climate Change Report questionnaire, which asks about climate change strategy and management. In 2016 it was included in the Climate A List, in recognition of its transparency on climate change management and the steps it has taken to reduce carbon emissions and mitigate the business risks arising from climate change.

Also in 2016, the Merco corporate reputation monitor included Bankia for the first time in the last five years. Bankia’s chairman, José Ignacio Goirigolzarri, was placed among the top ten business leaders in Spain.


INITIATIVES AND FORUMS OF WHICH BANKIA IS A MEMBER

Finanzas para todosPlan de educación financiera de la CNMV y el Banco de España

ForéticaForética

Fundación Lealtad Fundación Lealtad


Plataforma Spainsif Plataforma Spainsif

Fundación Empresa y Clima Fundación Empresa y Clima 

Fundación ÉtnorFundación Étnor 


Fundación SeresFundación Seres

DIRSEAsociación Española de Directivos de Responsabilidad Social

Bankia is also a leading member of the Transparency, Good Governance and Integrity Cluster, which is a platform of companies, coordinated by Forética, that serves as business forum for leadership, knowledge, exchange and dialogue in matters of governance. Within this framework, Bankia supported the presentation of the report on the regulatory framework on transparency in Europe, which addresses the implications of the European directive on non-financial reporting and diversity.

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