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Director independence
Caja Madrid seeks to ensure the good governance of our Organisation by means of incompatibility clauses. The goal at all times is to guarantee the full independence of General Assembly and Board members and avoid possible conflicts of interest.
Hence the position of General Director may not be held by persons in any of the following situations:
- Chairmen, board members, directors, members of governing bodies, directors general, managers, advisors or similar of other credit institutions or corporations or entities that promote, sustain or guarantee financial institutions, except when such posts are held in representation of Caja Madrid.
- Persons holding a senior management post in other financial institutions that are not subsidiaries of Caja Madrid.
- Persons working for government departments or agencies who perform functions directly relating to the activities carried out by savings banks.
Board Members may not exercise as such if they are in any of the aforementioned situations. The following cases shall also be incompatible with the possession of a Caja Madrid directorship:
- Belonging to the board of directors or equivalent body of more than four companies or cooperative entities. Positions held on the board of directors or equivalent body of companies in which the director in question, his or her spouse, ascendants or descendants, together or separately own at least the quantity of shares resulting from dividing their share capital by the number of board places shall not compute towards the above limit. The same rule shall apply in cases of the legal representation of under-age, absent or incapacitated directors. In any event, the total directorships held may be no greater than eight.
- Being a current employee of other financial entities that are not Caja Madrid subsidiaries.
- Being an elected member of the Spanish National Parliament, the European Parliament or a regional parliament or holding the position of mayor, councillor or senior government officer.