CWC Proxy Alert: BBVA & Santander
The Confederación sindical de comisiones obreras (CCOO) has issued proxy vote recommendations for the 2018 season: Banco Bilbao Vizcaya Argentaria (BBVA) and Banco Santander. The recommendations for abstentions and votes against management, which reflect issues of concern to the trade union movement, were prepared by CCOO and are summarized below.
Trustees are invited to share these recommendations with their fund managers. Blackrock Inc is the major shareholder for BBVA (5,708%) and for Banco Santander (5,94%).
Banco Bilbao Vizcaya Argentaria (BBVA)
CCOO recommends abstentions/votes against the following proposals:
1.3. Social management: abstain
2.5. Nomination of independent director: against
2.7. Nomination of independent director: abstain
4. Approval of a maximum level of variable remuneration for a certain group of employees whose activities have a risk profile: against
6. Advisory vote on board remuneration policy: against
For your convenience, we have provided basic translations of the CCOO explanations here.
Banco Santander
CCOO recommends abstentions/votes against the following proposals:
1.B. Social management: abstain
3.B. Nomination of independent director: abstain
3.C. Ratification of appointment: abstain
3.G. Re-election of independent director: against
4. Approval of a maximum level of variable remuneration for a certain group of employees whose activities have a risk profile: against
6. Advisory vote on board remuneration policy: against
7. Delegation of the power to increase the share capital. Delegation for the exclusion of pre-emptive subscription rights: against
9. Remuneration policy: against
10. Remuneration of directors: against
11. Maximum ratio between fixed and variable components: against
12.A. Application of compensation plans delivery of shares: against
12.B. Deferred variable remuneration linked to multi-annual objectives: against
12.C. Buyout policy: against
14. Advisory vote on the board remuneration policy: against
For your convenience, we have provided basic translations of the CCOO explanations here.
Thank you in advance for considering this request.
For your convenience, we have provided basic translations of the CCOO explanations here.
Full CCOO proxy alert in Spanish:
