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Corporate integrity

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Bankia has a Code of Ethics and Conduct setting out rules and standards of professional conduct that must be complied with and applied by all the bank’s professionals and directors, across all the group’s activities and businesses. Enforcing standards of ethical conduct and corporate integrity is essential to preserve trust in, and respect for, the bank.

The Code’s objectives are to specify what is acceptable and unacceptable conduct and to set out the ethical principles and general rules that must guide the conduct of the group and its professionals towards one another and towards customers, partners, suppliers and any other persons or institutions with which the bank has dealings, whether directly or indirectly.

The Code, which is available on Bankia’s corporate website and the Intranet, revolves around the bank’s principles and values, namely, commitment, integrity, professionalism, proximity and achievement orientation. The code is organised on three ethical planes:

  • Corporate: The code sets out the values that must inform the group’s relations with its professionals, customers, suppliers and society at large. In particular, it aims to prevent institutional conflicts of interest by erecting barriers to stop non-public information on its investment decisions and other activities from being used abusively or unlawfully.
  • Market Integrity: Various procedures and controls are in place to ensure compliance with international standards in this area. In particular, policies have been adopted to prevent market manipulation and misuse of inside information and to foster free market competition and transparency.
    Policies have also been developed to prevent corruption crimes. Bankia thus has various mechanisms to monitor integrity and has training plans for managers and other professionals. There are also specific recommendations to prevent corruption in supplier selection, incentives and credit risk.
  • Professionals: Accepting gifts, money or commissions of any kind for operations carried out by Bankia and influencing matters in which there are actual or potential conflicts of interest is expressly prohibited.

Group professionals have an obligation to know, comply with and help to enforce the Code of Ethics and Conduct. Bankia is committed to fostering awareness of the code and sends out regular reminders to the workforce to ensure that they know and comply with it. The bank also has channels through which employees can report any suspected or proven infringement of the code.

Bankia’s Ethics and Conduct Committee is responsible for overseeing compliance with the code and promoting ethical conduct within the bank. To that end it carries out cross-organisational actions with different organisational units to raise employees’ awareness of the need to avoid situations that could potentially lead to infringements.

The tasks of Bankia’s Ethics and Conduct Committee include: taking steps to deal with ethically questionable actions, handling reports received through the whistleblowing channel and any conflicts of interest, and reporting any circumstances that could give rise to material risks.

It also responds to any consultations, inquiries or suggestions it may receive with respect to compliance with the Ethics Code, annually assesses compliance with the code, reports to senior management and proposes amendments to the code to adapt it to changes in the business.

The demand for ethical standards of conduct and corporate integrity is essential to preserve trust in, and respect for, the bank

It makes disciplinary decisions in accordance with the powers and authority delegated to it in matters of human resources and organisation, in particular where the proposal or resolution entails disciplinary dismissal.

Without prejudice to any initiatives that are the preserve of the Audit and Compliance Committee, at least once a year, at year-end, the Ethics and Conduct Committee submits a report to the Appointments and Responsible Management Committee on the activities carried out in performance of its duties.

100% of the workforce have an obligation to know and comply with the Code of Ethics and Conduct.

62reports received in the Confidential Whistleblowing Channel since it was created in 2013

11meetings of the Ethics and Conduct Committee

The bank also has channels through which employees can report any suspected or known infringement of the Ethics Code.


To reinforce the Code of Ethics and Conduct, Bankia has a Confidential Whistleblowing Channel, which facilitates the internal flow of information and internal detection of bad practices through a dedicated digital platform or by email. The channel is available via Bankia’s corporate website and the Intranet.

The channel has its own regulations, approved by the Audit and Compliance Committee, which establish mechanisms for the reception, filtering, classification and resolution of reports in accordance with Spanish Data Protection Agency standards.

The channel is managed by a specialised external company (currently PwC), under the oversight of the Ethics and Conduct Committee, which is responsible for ensuring that all reports received are assessed independently and that the information is shared only with people whose collaboration is strictly necessary to research and resolve the matter.

The reporting procedure is completely confidential and preserves the anonymity of the whistleblower, except for the persons directly involved in responding to the report and checking the facts. Since November 2018 the anonymity of whistleblowers in the case of reports of the types of infringement classified in the law on the prevention of money laundering and the financing of terrorism is guaranteed absolutely.

In 2018 a total of 11 reports were received through the Confidential Whistleblowing Channel, four more than in 2017.

Like the Code of Ethics and Conduct, the Confidential Whistleblowing Channel is available on Bankia’s corporate website and via the employee Intranet. 



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