Unicaja Banco is holding an extraordinary general meeting of shareholders this Tuesday at its headquarters in Malaga where the ratification of the entity’s new CEO, Isidro Rubiales, will be put to a vote, as well as the four new independent directors Rocío Fernández, Antonio Carrascosa, Inés Guzmán and Nuria Aliño.

Unicaja will also bring to its shareholders the unfilled vacancy of director left by Oceanwood’s representative, David Vaamonde, after the fund reduced its stake in the entity from 7% to 0.35% in August.

In this sense, the bank indicated in the meeting call that it has begun the selection process for a new independent director but that it has not yet “been able to be finalized.”

However, it asks the shareholders to give the power to the board of directors to fill the vacancy by co-option, although its ratification will subsequently be submitted at the next general meeting of shareholders to be held.

It should be noted that recently the businessman Tomás Olivo has increased his stake in the bank to 9%, which makes him its second shareholder and which would allow him to have a position on the board of directors.

Unicaja will also bring to the board the directors’ remuneration policy that will be applied from the date of its approval and during 2024, 2025 and 2026.

In this sense, the bank proposes setting the maximum amount of annual remuneration for all directors, in their capacity as such, at 1.95 million euros, that is, without considering remuneration for the performance of executive functions. Thus, this amount includes the amount of 300,000 gross euros that is set as annual remuneration for the president, Manuel Azuaga, who since the end of September has had the category of ‘non-executive’.

As stated in the remuneration policy for the period between 2021 and 2023, the maximum amount was set at 950,000 gross euros, although it was raised to 1.1 million gross euros after the merger by absorption with Liberbank in July 2021 with the in order to adapt it to the new number of directors resulting after the operation, since the council went from 12 to 15 members.

The new maximum amount will be applicable from its approval and during the 2024 financial year, although it will be updated in 2025 and 2026 according to the salary review percentage set in the collective agreement applicable to the entity’s employees. It will remain in force until the board agrees to modify it.

The board will also request authorization from shareholders to deliver to executive directors, during the period of validity of the remuneration policy and provided that they meet the established conditions, a portfolio of shares with a maximum value of 1.2 million euros.

This amount is divided into 964,408 euros as short-term variable remuneration (up to 296,240 euros for each full year and up to 75,688 euros for the proportional part of the 2023 financial year in which this policy will be in force) and up to 296,240 euros as remuneration. long-term variable.

“The amount corresponding to the short-term remuneration for each financial year will be updated annually in accordance with the salary review percentage established in the collective agreement applicable to the company’s employees”, which may lead to an update of the amount total maximum, as explained by the entity.

Taking advantage of this extraordinary meeting, the unions CCOO, UGT, CSIF and Cesica have called this Monday for a rally in front of the Unicaja headquarters in Malaga between 6:00 p.m. and 7:00 p.m. In addition, tomorrow, starting at 10:00 a.m., union delegates from all representative unions will gather at the door of the meeting to ask for an improvement in working conditions and demand progress in the ongoing negotiations.

Through a statement, CCOO has highlighted a meeting with the new CEO, Isidro Rubiales, where he conveyed his “will” to establish a labor relations model “based on dialogue, to seek solutions to the innumerable problems with which has found and developed a business project based on shareholders, clientele and staff as the three pillars of Unicaja’s social responsibility”.

However, the union has announced that it will intervene in the meeting to demand that progress be made at the negotiating table where it has been set as a “priority” to converge towards a “single” remuneration model and that “reduce the salary gap” with the average of the sector.

The union will also demand provision of people and means to improve the quality of service to customers, as well as a generational renewal pact that enables the incorporation of young professionals to replace the older workforce.