DOCSLIB.ORG

Pillar 3 Disclosures

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Pillar 3 Disclosures Pillar 3 Disclosures CaixaBank Group Corresponding to 31 December 2020 The Pillar 3 Report is originally published and prepared in Spanish. This English version is a translation of the Spanish report for infor- mational purposes only. In case of discrepancy, the original version 1 in Spanish will prevail. Pillar 3 2020 Disclosures On 17 September 2020, the Boards of Directors of CaixaBank, S.A. (Caixa- representing its share capital, and the FROB will have (through BFA Tene- The content and data Bank) and Bankia, S.A. (Bankia) agreed to approve and conclude the draft dora de Acciones, S.A.) a significant stake in CaixaBank of around 16%. merger by absorption of Bankia, S.A. by CaixaBank, with an exchange ratio of this report refer to of 0.6845 CaixaBank shares for each Bankia share. The exchange will be On 18 February 2021, the Board of Directors of CaixaBank proposed a new covered by newly issued CaixaBank shares1. Management Committee. This proposal will be submitted to the Board 31 December 2020 resulting from the merger with Bankia4. and do not reflect any The draft merger was approved at the Extraordinary General Shareholders’ Meetings of CaixaBank and Bankia, which were held at the beginning of On 26 March 2021, CaixaBank registered in the Mercantile Register of Va- organisational changes December 2020. The appointment of new directors post-merger was also lencia the notarial deed of the merger between CaixaBank and Bankia, resulting from the approved by the General Shareholders’ Meeting of CaixaBank2. which led to the takeover of Bankia by CaixaBank and the subsequent dissolution of the former. The operational integration between the two en- merger As a result of this operation: tities is expected to be executed before the end of 20215. • It is estimated to generate annual cost synergies of around EUR 770 The content and data of this report refer to 31 December 2020 and do not million and new annual revenues of around EUR 290 million before reflect any organisational changes resulting from the merger. tax. • The solvency targets of the bank establish a buffer of between 250 and 300 basis points above the SREP regulatory requirement and a CET1 ratio (not considering IFRS9 transitional adjustments) of be- tween 11.0% and 11.5%. This CET1 ratio (excluding transitory impacts of IFRS9) at 31 December 2020 pro-forma, including expected impacts of integration and regulatory aspects for the coming quarters would be above the upper limit of the target range (i.e. above 11.5%), with a buffer of over 305 basis points above the SREP3 requirement. With the execution of the merger, the stake in CaixaBank of Criteria Caixa, S.A.U. (and, indirectly, of the Fundación Bancaria Caja de Ahorros y Pen- siones de Barcelona “la Caixa”) would remain around 30% of the shares 1 See inside information published on 18 September 2020 “CaixaBank informs that its Board of Directors agreed to approve and conclude the draft merger by absorption of Bankia, S.A.” at https://www.caixabank.com/aplnr/informacioncaixabank/index_en.html?fecha=2020&t=5 2 See Other Relevant Information published on 3 December 2020 “CaixaBank communicates the approval of all items on the Agenda of the Call for the Extraordinary General Shareholders’ Meeting” at https://www.caixabank.com/aplnr/informacioncaixabank/index_en.html?fecha=2020&t=6 3 8.45% SREP requirement, assuming P2R equivalent to the P2R weighted average of CABK and Bankia (considering the benefit of Article 104a of CRR II) and a systemic buffer 0.50%. 4 See Other Relevant Information published on 18 February 2021 at https://www.caixabank.com/aplnr/informacioncaixabank/index_en.html?t=6 5 See Other Relevant Information published on 26 March 2021 at https://www.caixabank.com/aplnr/informacioncaixabank/index_en.html?t=6 1 Pillar 3 2020 Disclosures p. 4 0. p. 9 1. p. 11 2. p. 21 3. p. 49 4. p. 65 5. p. 177 6. p. 181 7. Declaration of CaixaBank CaixaBank Group Risk governance, Capital Credit risk and Actuarial risk Market Group Pillar 3 the Board of 2.1. Regulatory environment organisation and 4.1. Capital management impairment risk Directors management 5.1. Credit risk 6.1. Structure and organisation 7.1. Market risk 2.2. Scope 4.2. SREP and capital of the risk management management Governance and buffers 3.1. 5.1.1. Credit investment and fixed 2.3. Other general function organisation 7.2. Minimum capital information 4.3. Regulatory capital income 6.2. Risk management. requirements for 3.2. Strategic risk 4.4. Stress test 5.1.2. Counterparty risk Measurement and market risk 2.4. Description of the management processes consolidated group for 5.1.3. information systems 4.5. Economic capital Securitisations 7.3. Quantitative aspects regulatory purposes 3.3. Risk culture 6.3. Reporting 4.6. Recovery and 5.2. Risk of impairment of other 2.5. Accounting reconciliation 3.4. Internal control framework Resolution Plans assets 6.4. Hedging policies and between the financial mitigation techniques statements and regulatory 5.2.1. Equity portfolio statements 5.2.2. Risk of impairment of other assets p. 195 8. p. 209 9. p. 211 10. p. 223 11. p. 231 12. p. 233 13. p. 251 A. Operational Business return Liquidity Structural risk Reputational risk Remuneration Appendix risk risk risk 13.1. Remuneration Policy: A.I. Information on own funds composition and mandate 8.1. Operational risk 10.1. Liquidity risk 11.1. Management of interest of the remuneration A.II. IFRS 9-FL template: Comparison of instutition’s own management management rate risk in the banking committee funds and capital and leverage ratios with and without book the application of the transitional provisions of IFRS 9 8.2. Minimum capital 10.2. Quantitative aspects 13.2.Description of the Identified or similar ECL requirements 11.2. Management of exchange Staff rate risk in the banking A.III. Main features of Capital Instruments 8.3. Operational risk book 13.3.Qualitative information management mechanisms concerning remuneration A.IV. Information on leverage ratio 8.4. Connection with the Risk of the Identified Staff A.V. Holdings subject to regulatory limits for deduction Taxonomy 13.4.Quantitative information purposes 8.4.1. Conduct risk concerning remuneration A.VI. EU LI3 - Companies with differing prudential and of the Identified Staff accounting consolidation treatment 8.4.2. Legal and regulatory risk A.VII. Acronyms 8.4.3. IT risk A.VIII. EBA Guide tables 8.4.4. Financial information reliability risk A.IX. Map Part Eight Regulation (EU) No 575/2013 8.4.5. Model risk 8.4.6. Other operational risks 2 Pillar 3 2020 Disclosures Declaration of the Board of Directors 3 Pillar 3 2020 Disclosures Declaration of the Board of Directors On 28 May 2020, the Board of Directors of • This Pillar 3 Disclosures document has been With regard to the Pillar 3 Disclosures of 2020, CaixaBank approved the update of the Corpo- prepared in accordance with the Corpo- the Board of Directors declares that: rate policy on financial information reliabil- rate policy on financial information re- ity risk, which sets out the governance of infor- liability risk, approved by the Board on 28 mation that CaixaBank Group (hereinafter “the May 2020. Group”) discloses to the market. The Group maintains • The disclosures published are truthful a medium-low risk This policy stipulates that this document on Pillar and accurately reflect the Group’s risk pro- 3 Disclosures will be subject to the same degree file. profile, withsolvency, of verification as the management report. This leverage and liquidity is in accordance with the EBA guidelines of 4 • The risk management systems implement- August 2017 on disclosure requirements, pursu- ed by the Group are deemed appropriate levels consistent with ant to part eight of the CRR1, articles 431(1) and in relation to the approved risk appetite. 434(1). the business model and The departments comprising the second line risk appetite outlined by At its meeting on 30 March 2021, the Board of of defence3 have participated in the review and Directors approved this Pillar 3 Disclosures doc- verification of the information presented in this the Board of Directors of ument for the 2020 financial year (hereinafter, report, as well as in ensuring that this informa- CaixaBank 2020 P3D), having been previously verified by tion complies with the control and/or verification the Audit and Control Committee, in response procedures established in the Corporate policy to the provisions of article 435(1)(e)(f) of the CRR. on financial information reliability risk. The risk management systems implemented are The Board of Directors, in its supervisory duty2 appropriate for the approved risk profile and risk with regard to the Group’s disclosure process Prior to the approval of this Declaration by the appetite and comprise the following elements: and its risk profile,states that: Governing Bodies of CaixaBank, Internal Audit, as a third line of defence, has reviewed the con- tent of the 2020 P3D and its compliance with the regulatory requirements, as well as the control structures that have been implemented. 1 Section 3. Governance, organisation and risk management and the successive risk sections provide more details on risk management policies and objectives. 2 For further details of the functions and responsibilities of the Board of Directors, see the Regulations of the Board of Directors of CaixaBank: https://www.caixabank.com/en/shareholders-investors/corporate-governance/regulation-board-directors.html, especially articles 4 and 36. 3 Generally speaking, the second line of defence includes the Risk Management function and the Compliance function, as established in the EBA’s Guidelines on Internal Governance of 26 September 2017.
Load more

Recommended publications
  • Outlooks on Five Spanish Financial Groups and Three European Bank Branches Revised Following Outlook Revision on Spain
    Outlooks On Five Spanish Financial Groups And Three European Bank Branches Revised Following Outlook Revision On Spain Primary Credit Analyst: Elena Iparraguirre, Madrid (34) 91-389-6963; [email protected] Secondary Contacts: Luigi Motti, Madrid (34) 91-788-7234; [email protected] Carlos Cobo, Madrid +34 91 788 72 32; [email protected] Fabio Mostacci, Madrid +34 91 788 72 09; [email protected] Alexander Ekbom, Stockholm (46) 8-440-5911; [email protected] Nigel Greenwood, London (44) 20-7176-7211; [email protected] Thierry Grunspan, Paris (33) 1-4420-6739; [email protected] E.Robert Hansen, CFA, New York (1) 212-438-7402; [email protected] • On Nov. 29, 2013, Standard & Poor's revised the outlook on the long-term sovereign credit rating on Spain to stable from negative. • Spanish banks continue to rebalance their funding profiles. They are reducing their reliance on funding from the ECB and foreign sources, increasing the weight of more stable domestic retail funding in the mix, and sharply reducing the cost of domestic deposits. We expect this trend to continue, particularly in the context of stabilizing sovereign creditworthiness. • We now see a stable trend for industry risk in Spain. We continue to view the trend for economic risk as stable. • We are revising to stable from negative the outlooks on four Spanish banking groups and three branches of European banks, and to positive from stable the outlook on one institution. We are maintaining negative outlooks on six other Spanish banking groups. • In three cases, the stable outlooks reflect the diminishing likelihood of a rating downgrade as risks in the operating environment in Spain are abating.
    [Show full text]
  • Corporate Presentation
    CaixaBank + Bankia Creating value for all stakeholders 18 September 2020 Disclaimer The information contained in this presentation may not be used as the basis to enter into any contract or as such, should not be relied upon. Certain financial and statistical information contained in the presentation is agreement and nothing herein constitutes an offer, invitation or recommendation to engage in investment in the subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts shares, or any other financial instrument, of CaixaBank, S.A. (“CaixaBank”), especially in the United States, the listed are due to rounding. United Kingdom, Canada, Japan, Australia or any other country where the purchase and sale of these shares is Neither this presentation nor the historical performance of CaixaBank’s management team constitute a guarantee prohibited under applicable legislation. The distribution of this presentation in certain jurisdictions may be of the future performance of CaixaBank and there can be no assurance that CaixaBank’s management team will be restricted by law. Consequently, persons to which this presentation is distributed must inform themselves about successful in implementing the investment strategy of CaixaBank. In addition to the financial information prepared and observe such restrictions. By receiving this presentation the recipient agrees to observe any such restrictions. under IFRS, this presentation may include certain alternative performance measures (“APMs”) as defined in the This presentation may include forward-looking statements, projections, objectives, estimates and forecasts which Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 have not been verified by an independent entity, and the accuracy, completeness or correctness thereof should October 2015.
    [Show full text]
  • POR SER TÚ TIENES MÁS VENTAJAS. Conoce Los Productos Básicos Y Gratuitos Dependiendo De Tu Edad
    POR SER TÚ TIENES MÁS VENTAJAS. Conoce los productos básicos y gratuitos dependiendo de tu edad. Pack muy joven. (De 14 a 17 años) • POR SER TÚ(1) no pagas comisiones: • En todas tus cuentas a la vista. • No pagas cuotas de todas las tarjetas de débito Bankia habituales. • De transferencias por cualquier canal y para cualquier importe. • Por el ingreso de cheques nacionales en todas tus cuentas. • Oficina Internet gratis. • Acceso al Club Descuentos. Pack realmente joven. (De 18 a 25 años) • POR SER TÚ(1) y tener la correspondencia exclusiva por internet no pagas comisiones: • En todas tus cuentas a la vista. • No pagas cuotas de todas las tarjetas de débito Bankia habituales. • De transferencias por cualquier canal y para cualquier importe. • Por el ingreso de cheques nacionales en todas tus cuentas. • Oficina Internet gratis. • Acceso al Club Descuentos. Pack siempre joven. • POR SER TÚ(1) y tener tus ingresos domiciliados(2) te hemos eliminado las comisiones: • En todas tus cuentas a la vista. • No pagas cuotas de todas las tarjetas de débito Bankia habituales. • Ni de tus tarjetas de crédito Bankia(3). • Por retirar efectivo a débito en más de 17.800 cajeros. Totalmente gratis en cajeros Bankia y hasta 4 veces al mes por cliente en Euro 6000(4) y Banco Sabadell. • De transferencias por cualquier canal y para cualquier importe. • Por el ingreso de cheques nacionales en todas tus cuentas. • Oficina Internet gratis. • Acceso al Club Descuentos. Entra ahora en joven.bankia.es y descubre todas las ventajas que te ofrecemos. 1. Según condiciones generales, disponibles además en oficinas Bankia y bankia.es 2.
    [Show full text]
  • European Npls - FY18 an Overview of the Non-Performing Loan Market
    An Acuris Company Year-End 2018 European NPLs - FY18 An overview of the non-performing loan market Alessia Pirolo Head of NPL Coverage, Debtwire +44 (0) 20 3741 1399 [email protected] Amy Finch Data Journalist, Debtwire +44 (0) 20 3741 1187 [email protected] European NPLs – FY18 An Acuris Company Overview: A Record Year for NPL sales 3-7 Trends by Country Italy 8-13 Spain 14-17 New Entries: Portugal, Greece and Cyprus 18-24 UK and Ireland 25-28 Germany 29-30 Index List of closed deals 31-40 Criteria 41 Authors and contact details 42 2 European NPLs – FY18 An Acuris Company A Record Year for NPL sales The European non-performing loan (NPL) market reached its peak in 2018 with disposal totalling EUR 205.1bn in gross book value (GBV). Debtwire NPL Database tracked 142 transactions. The year just closed has been by far a record, compared with EUR 144bn in 2017 and EUR 107bn in 2016, according to data from Deloitte. The last quarter of 2018 saw a particularly intense pace of activity, given that at the end of the third quarter closed deals totalled EUR 125bn. The most active country was Italy, which totalled half of the total volume of NPL sales. In 2018, 64 NPL sales with a gross book value (GBV) of EUR 103.6bn were tracked in the country, almost half of which were via securitisations within the government’s Garanzia sulla Cartolarizzazione delle Sofferenze (GACS) scheme, which now has only until 6 March 2019 to run. Spain has started to see a slowdown of sales, but still completed a massive EUR 43.2bn in 27 deals.
    [Show full text]
  • Banco Sabadell * Caja Mar * Banco Santander * Deutsche Bank * Bankia * Globalcaja * Bankinter * Ibercaja * Caixa Bank * Liberbank * Eurocaja Rural * Unicaja
    E D I C T O El Alcalde-Presidente del Ayuntamiento de TARANCÓN . H A C E S A B E R: 1º.- Que desde el 1 de Septiembre al 02 de Noviembre próximo, tendrá lugar el segundo período de la cobranza voluntaria del ejercicio 2020 de las siguientes exacciones, cuya gestión está encomendada al Organismo Autónomo de Gestión Tributaria y Recaudación de la Excma. Diputación Provincial de Cuenca: - IMPUESTO SOBRE ACTIVIDADES ECONÓMICAS. - BASURAS, PERIODOS 2020/1 Y 2020/2 - TRATAMIENTO DE RESIDUOS , PERIODOS 2020/1 Y 2020/2 - ENTRADA DE VEHÍCULOS Y VADOS (PORTADAS) PERIODO 2020 - DEPURADORA, PERIODOS 2020/1 Y 2020/2 2º.- El sistema a utilizar para el pago de los citados recibos será el siguiente: Los contribuyentes que hubiesen domiciliado, dentro de plazo, el pago de sus tributos locales, recibirán en su domicilio el recibo de adeudo por domiciliación expedido por la entidad bancaria respectiva. El cargo en cuenta tendrá lugar el día 5 de Octubre de 2020. Aquellos que no hubiesen domiciliado el pago, recibirán por correo los documentos necesarios para hacerlo efectivo. El ingreso podrá realizarse, hasta la fecha límite de pago, en cualquier oficina de las entidades de depósito que se citan a continuación: * BANCO SABADELL * CAJA MAR * BANCO SANTANDER * DEUTSCHE BANK * BANKIA * GLOBALCAJA * BANKINTER * IBERCAJA * CAIXA BANK * LIBERBANK * EUROCAJA RURAL * UNICAJA Los contribuyentes que deseen satisfacer sus recibos a través de internet pueden realizar el pago accediendo a la página www.oarcuenca.es, apartado contribuyentes pago de tributos. Los pagos se efectuarán, dentro del período establecido, en los días y horario marcado por cada una de las entidades citadas.
    [Show full text]
  • Enagás Financiaciones, S.A.U
    Base Prospectus Dated 11 May 2020 Enagás Financiaciones, S.A.U. (incorporated with limited liability in the Kingdom of Spain) €4,000,000,000 Guaranteed Euro Medium Term Note Programme guaranteed by Enagás, S.A. (incorporated with limited liability in the Kingdom of Spain) Under the Guaranteed Euro Medium Term Note Programme described in this Prospectus (the “Programme”), Enagás Financiaciones, S.A.U. (the “Issuer”), subject to compliance with all relevant laws, regulations and directives, may from time to time issue Guaranteed Euro Medium Term Notes (the “Notes”). The aggregate nominal amount of Notes outstanding will not at any time exceed €4,000,000,000 (or the equivalent in other currencies). The payment of all amounts due in respect of the Notes will be unconditionally and irrevocably guaranteed by Enagás, S.A. (“Enagás” or the “Guarantor”). The obligations of the Guarantor in that respect (the “Guarantee”) are contained in the deed of guarantee dated 11 May 2016. The Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the “CSSF”), as competent authority under Regulation (EU) 2017/1129 (the “Prospectus Regulation”). The CSSF only approves this Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of either the Issuer, the Guarantor or the quality of the Notes that are the subject of this Prospectus and investors should make their own assessment as to the suitability of investing in the Notes. The CSSF assumes no responsibility as to the economic and financial soundness of the issue of any Notes or the quality or solvency of the Issuer in line with the provisions of article 6(4) of the Luxembourg Act dated 16 July 2019 relating to prospectuses for securities.
    [Show full text]
  • Corporate Presentation 4Q 2020 Disclaimer
    Corporate Presentation 4Q 2020 Disclaimer The purpose of this presentation is purely informative and should not be considered as a service or offer of any CaixaBank and by the rest of the Group companies it may contain certain adjustments and reclassifications in financial product, service oradvice, nor should it be interpreted as, an offer to sell orexchange oracquire, oran order to harmonize the accounting principles and criteria followed by such companies with those followed by invitation for offers to buy securities issued by CaixaBank, S.A. (“CaixaBank”) orany of the companies mentioned CaixaBank. Accordingly, and particularly in the case of Banco Português de Investimento (“BPI”), the relevant herein. The information contained herein is subject to, and must be read in conjunction with, all other publicly data included in this presentation may differ from those included in the relevant financial information as available information. Any person atany time acquiring securities must do so onlyon the basis of such person’s published byBPI. own judgment as to the merits or the suitability of the securities for its purpose and only on such information as In particular, regarding the data provided by third parties, neither CaixaBank, nor any of its administrators, is contained in such public information set out in the relevant documentation filed by the issuer in the context of directors or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, such specific offer or issue and after taking any professional or any other advice as it deems necessary or comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any appropriate under the relevant circumstances and not in reliance on the information contained in this presentation.
    [Show full text]
  • Entidades Financieras
    ENTIDADES BANCO COOPERATIVO ESPAÑOL CAJAS RURALES UNIDAS, SDAD.COOP.CDTO. 28 IBERAVAL 3001 CAJA RURAL DE ALMENDRALEJO 49 SANTANDER CENTRAL HISPANO 3005 CAJA RURAL CENTRAL 3045 CAJA RURAL ALTEA 65 BARCLAYS BANK (BCO.ZARAGOZANO) 3007 CAJA RURAL GIJON 3057 CAJA RURAL ALICANTE 69 BANCO DE MURCIA - CAIXABANK 3008 CAJA RURAL NAVARRA 3058 CAJAMAR CAJA RURAL 93 BANCO DE VALENCIA - CAIXABANK 3009 CAJA RURAL EXTREMADURA 3061 CAJA RURAL CREDICOOP 128 BANKINTER 3016 CAJA RURAL SALAMANCA 3072 CAJA RURAL DE MALAGA 182 BANCO BILBAO VIZCAYA ARGENTARIA 3017 CAJA RURAL SORIA 3082 RURALCAJA - CAJAMAR (3057 + 3061) 486 BANCO GRUPO CAJA3 3018 C.R.SAN AGUSTIN FUENTE ALAMO 3083 CAJA RURAL DEL DUERO 487 BANCO MARE NOSTRUM 3020 CAJA RURAL UTRERA 3094 CAJA CAMPO 490 BANCA CIVICA - CAIXABANK 3021 CAJA RURAL DEL JALON 3095 CAJA RURAL SAN ROQUE 2010 M.P Y C. GRAL DE A. DE BADAJOZ - CAJA3 3022 CAJA RURAL FUENTEPELAYO 3102 CAJA RURAL SAN VICENTE FERRER 2013 CAIXA CATALUNYA - CATALUNYA BANK 3023 CAJA RURAL GRANADA 3105 CAJA RURAL CALLOSA D`EN SARRIA 2017 CAJA CIRCULO - CAJA3 3056 CAJA RURAL ALBACETE (3190) 3110 CAJA RURAL CATOLICO AGRARIA 2018 CAJA BURGOS -CAIXABANK 3059 CAJA RURAL ASTURIAS 3112 CAJA RURAL SAN JOSE DE BURRIANA 2030 CAIXA GIRONA - CAIXABANK 3060 CAJA RURAL BURGOS 3118 CAJA RURAL DE TORRENT 2031 CAJA GENERAL DE GRANADA - MARE NOSTRUM 3062 CAJA RURAL CIUDAD REAL (3190) 3119 CAJA RURAL SAN JAIME 2032 CAJA DE AHORROS PROV.DE GUADALAJARA - CAIXABANK 3063 CAJA RURAL CORDOBA 3121 CAJA RURAL CHESTE 2037 CAJA RIOJA - BANKIA 3064 CAJA RURAL CUENCA (3190) 3123
    [Show full text]
  • Sustainability Report
    SUSTAINABILITY REPORT ENDESA, UNA DE LAS MAYORES EMPRESAS ELÉCTRICAS DEL MUNDO 1 ENDESA O7 INFORME DE SOSTENIBILIDADCONTENTS PRESENTATION 4 ENDESA, ONE OF THE LARGEST ELECTRICITY COMPANIES IN THE WORLD 7 ENDESA’S COMPLIANCE WITH SUSTAINABILITY COMMITMENTS 39 Commitment to service quality 40 Commitment to the creation of value and profitability 60 Commitment to the health, safety and personal and professional development of those working at ENDESA 72 Commitment to good governance and ethical behaviour 98 Commitment to environmental protection 112 Commitment to efficiency 142 Commitment to Society 156 APPENDICES Appendix I: ENDESA, committed to reporting on Sustainability 174 Appendix II: Independent Assurance Report 176 Appendix III: GRI content and indicators 178 endesa07 4 SUSTAINABILITY REPORT For the seventh consecutive year, ENDESA’s Annual Sustainability Report provides its stakeholders with a detailed analysis of our sus- tainable development initiatives of the last year. In my view, we should highlight three very important aspects: Firstly, there has been a notable increase in the company’s sus- tainability initiatives. When ENDESA approved its Seven Commit- ments for Sustainable Development in 2007, it was a clear public declaration of certain business principles of conduct, which the com- pany had already followed for many years. The public nature of these commitments and their adoption by everyone who works for the com- pany, gave a new boost to our sustainability efforts, and will mean a significant increase in our initiatives in this field in the coming years. In this context, certain milestones reached in 2007, which are discussed in full detail in this report, are particularly illustrative.
    [Show full text]
  • Aligning Activities UBS Asset Management | 2019 Stewardship Report Contents
    For Marketing Purposes For global professional/qualified/ a b institutional clients and US retail investors and clients Aligning activities UBS Asset Management | 2019 Stewardship Report Contents 2 Our approach to stewardship 4 Investment decision making 6 Engagement: a multi-faceted approach 8 Stewardship: its relevance beyond listed equity 10 Our top down research 12 Engagement with corporate management 14 Exercise of shareholders' rights 18 Stewardship in practice: engagement case studies 31 Climate change engagement program 34 Advocacy with policy makers and standard setters 36 Information provided to clients and public 37 The research and stewardship team 38 Appendix About UBS Asset Management COVER Aerial view of bridge over river Markarfjot in Iceland, east of the volcano Hekla Foreword UBS Asset Management began investing sustainably over twenty years ago. During that time we have seen ESG rise to the very top of our clients' investment agenda. As our global survey of institutional investors published in 2019 revealed, 78% already integrate ESG, environmental, social and governance factors within their investment processes. Sustainable investment (SI) matters to our clients and it matters to us. We believe that acting as good stewards of our clients' assets is a critical element of our SI activities, which is why we regard engagement and proxy voting as intrinsic parts of the investment process. As well as adding financial value, an effective stewardship strategy can also be instrumental in helping investors meet societal targets. For over two decades we have reported regularly on our stewardship activities, ensuring that our proxy voting and engagement activities are transparent and a matter of public record.
    [Show full text]
  • European Banks: IFRS 9 Impact on Bankfocus Research 17 June 2019 Bank Financials Is Manageable Irakli Pipia Xian (Peter) Li
    European banks: IFRS 9 impact on BankFocus Research 17 June 2019 bank financials is manageable Irakli Pipia Xian (Peter) Li Leading European banks1 absorbed anticipated negative impact from the adoption of IFRS 9 without significant impact on their financials. In fact, asset quality and total provisioning coverage ratios improved across the board, despite contrary expectations. The negative impact from the adoption of IFRS 9 on regulatory CET 1 capital was most prominent for Spanish and Italian banks, but manageable for other European entities. • European banks adopted IFRS 9 accounting standards on 1 Impaired loans / Gross customer January 2018 which requires earlier recognition of credit loans & advances, YE 2018 vs losses compared to the existing IAS 39 accounting standards. YE 2017 (%) • Impaired loan (Stage 3) ratios improved under IFRS 9 compared to the same category as per IAS 39 standards for Company Name 2018 2017 Change almost all surveyed European banks (see exhibit). UniCredit 8.1 11.1 -3.0 Bankia 6.3 8.8 -2.5 • Consequently, the total provisioning coverage of impaired Caixa 4.8 6.2 -1.4 loans improved, while specific provisioning (Stage 3 Expected Sabadell 4.4 5.4 -1.0 Credit Losses vs Stage 3 loans) at 45% remains adequate as KBC 4.4 6.3 -1.9 at end-2018. BNP 4.3 5.0 -0.7 • Contrary to the original expectations, Loan loss reserves as BBVA 4.2 5.0 -0.8 percentage of Gross loans declined under IFRS 9, with the Intesa Sanpaolo 4.2 12.9 -8.7 accounting impact absorbed by banks’ regulatory capital.
    [Show full text]
  • Annual Corporate Governance Report 2019
    ANNUAL CORPORATE GOVERNANCE REPORT ISSUER IDENTIFICATION DATA YEAR END DATE OF REFERENCE 31/12/2019 Tax identification code (C.I.F.) A-28212264 Company Name: ENCE ENERGÍA Y CELULOSA, S.A. Registered Address: Beatriz de Bobadilla Street nº 14, 4ª floor, 28040, Madrid, Spain Page 1 of 71 ANNUAL CORPORATE GOVERNANCE REPORT OF LISTED COMPANIES A OWNERSHIP STRUCTURE A.1 Complete the following table about the company’s share capital: Last modification date Share capital (€) Number of shares Number of voting rights 28/04/2017 221,645,250 246,272,500 246,272,500 Indicate whether there are different types of shares with different associated rights: Yes □ No x A.2 List your company’s direct and indirect majority shareholdings at year end, excluding the Directors: % of voting rights attributed to the % of voting rights through % of shares financial instruments total Shareholder name or company voting name Direct Indirect Direct Indirect rights JOSÉ IGNACIO COMENGE 0.00 6.38 0.00 0.00 6.38 SÁNCHEZ-REAL BESTINVER GESTION, S.A., 0.00 3.12 0.00 0.00 3.12 S.G.I.I.C INVESCO LIMITED 0.00 1.10 0.00 0.00 1.10 Details of the indirect shareholding: % of voting % of voting rights Name or company rights through attributed to name Name or company name of financial % of total the shares of the indirect owner the direct owner instruments voting rights INVESCO LIMITED INVESCO ADVISERS, 0.08 0.00 0.08 INC. INVESCO LIMITED INVESCO ASSET 0.97 0.00 0.97 MANAGEMENT LIMITED INVESCO LIMITED INVESCO CAPITAL 0.05 0.00 0.05 MANAGEMENT LLC JOSÉ IGNACIO LA FUENTE SALADA, 6.38 0.00 6.38 COMENGE S.L.
    [Show full text]