The entity will return 15% of its 2020 profit to shareholders after proposing it at the meeting to be held on May 14
CaixaBank will propose to its shareholders the payment at the end of May of a cash dividend of 0.0268 euros per share charged to 2020, which means distributing 216.09 million euros, 15% of the pro forma profit of CaixaBank and Bankia, and the maximum that the European Central Bank (ECB) allows to distribute before September.
CaixaBank shareholders, including those from Bankia, will receive this remuneration as of May 24; Fundación la Caixa, the main shareholder, will obtain 65 million, and the State, 35 million, for its 16.1% stake.
The CaixaBank meeting, the first after the merger, will be held on May 14 in Valencia to approve, among other points, the distribution of this dividend, according to the meeting agenda sent this Thursday to the National Market Commission for Values.
The meeting’s agenda details that the total result to be distributed on account for 2020 is 688.24 million, of which 216.09 million are allocated to dividends and the remaining 472.14 million to voluntary reserves.
In addition, the entity proposes to approve an endowment of the legal reserve with an amount of 415.84 million, charged to voluntary reserves, which will allow the legal reserve to reach 20% of the new share capital after the capital increase, for an amount of 2,079.2 million euros, carried out to exchange Bankia’s securities within the framework of the merger.
On the other hand, CaixaBank proposes to reclassify the reserve for goodwill to voluntary reserves, which as of December 31, 2020 amounted to 508.73 million euros.
Shareholders must also validate modifications to the entity’s bylaws and the remuneration policy for directors.
Also on the agenda is the approval of the maximum number of shares to be delivered and the expansion of the number of beneficiaries in the third cycle of the conditional annual incentive plan linked to the 2019-2021 Strategic Plan for executive directors, committee members management and the rest of the management team and key employees.
And the delivery of shares in favor of the executive directors as part of the variable remuneration program, and of the maximum level of variable remuneration for employees whose professional activities significantly affect the risk profile of the company, will be submitted to a vote by the board. society.
In another order of things, the shareholders will approve the CaixaBank accounts and its management report, will vote for the re-election of the directors José Serna and Koro Usoraga, and of PwC as auditor in 2022.
Goirigolzarri will receive a fixed amount of 1.65 million
Another point that the CaixaBank meeting must approve is the remuneration of its chairman, José Ignacio Goirigolzarri.The proposal is a fixed annual remuneration of 1.65 million euros, to which a variable remuneration of up to 200,000 euros can be added in case of meeting objectives. In addition, it will have a long-term incentive, also of a variable nature and materialized in shares of the entity during different years from 2025, which it will only receive if the objectives set by the entity are met.
As president of Bankia, Goirigolzarri received 500,000 euros in 2020 and renounced the variable part of his salary, which would multiply by more than three the remuneration received last year. However, it must be taken into account that Bankia had limited the salaries of its leadership due to the aid received, a circumstance that does not apply at CaixaBank.
Jordi Gual, former Chairman of CaixaBank and who, unlike Goirigolzarri, did not have executive functions, received a remuneration of 1,382 million in 2020, of which 1,090 million corresponded to the fixed salary.
The remuneration policy of the board of directors does not include significant changes in the remuneration of the chief executive officer, who will receive a fixed cash salary of 2.26 million euros, nor in that of the rest of the directors.
