The future of the Unicaja Foundation is clear. your president, Braulio Medel He delighted PP and PSOE by choosing José Manuel Dominguez as his replacement, the story of a house that until last February was General Manager of the General and Technical Secretariat of Unicaja Banco. Dominguez will take up a position with the Foundation to complete the “organized transition” process that Medel is aiming for in the midst of a governance crisis and political storm. The key to a new presidency is to align this transition with the Medel Fitness Report, which has been in place since March last year.
The agreement is not yet firm, despite the fact that it was to be reached on Thursday evening at an extraordinary meeting, which finally dealt only with continuing consideration of the suitability of its President, whom Protectorate of Banking Funds (Ministry of Economy) He stated that he had “serious doubts” about his honesty. This trial will be extended for a few more weeks, as the current plan of the Protectorate was to hire an independent firm to take over the assignment and complete it. complete this mission no later than May 24.
Selected will be an American law firm Baker and Mackenzie, who accepted the commission, unlike other proposals – Deloitte and Uria Menéndez – who interpreted the work as a hot potato. The possibility that the report ends with a confirmation that Medel is indeed the right fit for the position he is about to leave was a very difficult risk for these professional services firms in the face of the economy.
In general, José Manuel Dominguez is expected to join the Unicaja Foundation after stepping down early as CEO of the bank’s general and technical secretariat last February. at a time when leadership leadership was in complete transformation. The director did not want to continue working at the financial institution, despite requests, because he preferred to devote himself to his activities as a teacher. He is a Doctor of Economics and Professor of Public Finance at the University of Malaga.
Although he is considered a person close to Medel – he was its chief of staff for a long time – he is also a figure of consensus at the moment in which the bank lives. It should not be forgotten that among his last missions was the coordination with all the directors of the financial institution. organize meetings of the governing body. They also highlight his historical connection to the house where he lived for most of his career.
José Manuel Dominguez is the consensus man for the PP and PSOE, who have so far supported the power struggle over the leadership of the Unicaja Banking Foundation.
The most important reading of this sentence is politics. His choice is motivated by the convention between PP and PSOE Malaga, who have not yet been set up, but nevertheless, in recent hours, have publicly spoken out in favor of a future Medel replacement. Previously, two political formations did not unite their members, which caused an internal impulse between its components. This led to tough voting within the bank, especially regarding the succession of its president, who sometimes asserted his own voice to abandon the balance sheet and remain at the head of the organization.
Now Medel assured that he would leave the Foundation after he expected on 14 April to advance the end of his mandate.. This Wednesday, he again referred to his “orderly” succession and indicated that this would take place “no later than the completion of the management report requested by the Banking Fund.” The president also hoped that the proposals for his transition plan “may contribute to the growth and future independence” of the organization.
6th independent director, key at Unicaja
Medel’s exit to the track, Unicaja must complete its plans for effective governance, which caught the eyes of the Bank of Spain. Supervisors have for some time pointed out that the rules of good corporate governance for large organizations include the division of executive positions between the president and CEO, which is provided for in the resulting organization. after the merger with Liberbank mid-2023 at the latest.
The European Central Bank, for its part, has already warned thatGovernance issues in institutions can lead to higher capital requirements. It is important for the Frankfurt-based regulator that a financial institution have six independent directors (currently only five) to counterbalance the two executive members and eight owners that currently sit on the governing body.
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