Unicaja Bank has resolved this Friday the change in governance model that had been pending since the end of last July and that implied the necessary loss of executive functions of the president, Manuel Azuaga. The measure, included in the merger agreement with Liberbank materialized two years ago and that responds to the standards established by Europe For the banking sector, it has been agreed in a meeting of the board of directors where the appointment of Isidro Rubiales as CEO of the entity, to whom all executive powers are delegated, has also been agreed.
Azuaga remains president of the Board of Directors, but becomes a non-executive director. In formal terms, his category as a director is now established within the heading of “other external”without those executive tasks that I had until now.
The appointment of Rubiales as CEO comes after last September 20, the European Central Bank (ECB) gave his approval, a necessary prior step for his appointment. At that time, the effective dismissal of the previous CEO, Manuel Menéndez, took place, which was already agreed on June 1.
Everything indicates that Unicaja’s board of directors will soon call an extraordinary general meeting of shareholders to corroborate this appointment.
Unicaja Banco, already announced on July 31, the appointment of Isidro Rubiales, until now deputy general director to the president of Unicaja Banco, as executive director of the company to replace Manuel Menéndez in the position. It was also said then that the appointment would be effective when the corresponding regulatory authorizations were obtained, moment from which Menéndez’s agreed departure would take effect. Likewise, it was also commented that when the formal appointment of Rubiales took place (something that occurred this Friday) the execution of the entity’s new governance model could be “addressed.”
Reordering of commissions
On the other hand, the Board of Directors has appointed Rocío Fernández Funcia as coordinating director, replacing Carolina Martínez Caro, and has agreed to form the Committees of the Board of Directors with the following composition.
Audit and Regulatory Compliance Committee
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President (independent): Rocío Fernández Funcia
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Member (independent): María Luisa Arjonilla López
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Member (independent): Carolina Martínez Caro
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Member (proprietary): José Ramón Sánchez Serrano
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Secretary (proprietary): Rafael Domínguez de la Maza
Risk Commission
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President (independent): Antonio Carrascosa Morales
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Member (independent): Inés Guzmán Arrúe
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Secretary (proprietary): Juan Antonio Izaguirre Ventosa
Appointments Commission
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President (independent): María Luisa Arjonilla López
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Member (independent): Rocío Fernández Funcia
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Secretary (proprietary): José Ramón Sánchez Serrano
Remuneration Commission
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President (independent): Carolina Martínez Caro
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Member (independent): Antonio Carrascosa Morales
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Secretary (proprietary): Juan Antonio Izaguirre Ventosa
Technology and Innovation Commission
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President (independent): Inés Guzmán Arrue
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Member (independent): Carolina Martínez Caro
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Secretary (proprietary): Felipe Fernández Fernández