Bankinter receives the Proxinvest Corporate Governance Award for the best Annual General Meeting of 2020
An independent jury picked this year's winner after analysing close on 500 AGMs by European companies, highlighting the Bank's remuneration policy and transparent metrics.
The jury also highlighted the diversity of Bankinter's Board of Directors and its female chief executive officer, as well as the quality of its non-financial information, which it described as 'one of the best on the Ibex'.
Bankinter has seen its corporate governance efforts recompensed by winning the Proxinvest award for 'the best annual general meeting of 2020' at the Proxinvest Awards Europe 2020. Proxinvest is the leading French proxy advisor and managing partner of the European Corporate Governance Service, ECGS. Proxy advisors analyse a set of parameters for listed companies and then make voting recommendations to institutional shareholders at the annual general meetings of those companies.
The award was decided by an independent jury after analysing nearly 500 AGMs by European companies, proposed by each of the local partners. There were two categories: Corporate Governance and Remuneration. The Spanish partner, Corporance Asesores de Voto, nominated several Spanish companies for the two categories after examining approximately 50 AGMs held in 2020. Bankinter won the main award, 'Annual General Meeting'.
As Proxinvest pointed out, the jury examined aspects such as the following:
-100% of the AGM proposals are in line with the voting policy of the ECGS alliance.
-The remuneration policy is well structured and comprises reasonable salaries, variable incentives focused on the long term and compensation appropriate to the size of the company, as well as demonstrating great transparency and detail with regard to incentives and metrics.
-The jury also highlighted the quality of Bankinter's non-financial information as one of the best on the Ibex, after noting that Spain is a pioneer in regulating and voting on this report at AGMs.
-Likewise, the Bank was praised for the diversity of its board of directors, 36% of whom are women, and the fact that the CEO is a woman. In addition, the chairman is non-executive, which is in line with good corporate governance recommendations, and he number of independent directors has increased this year.