CaixaBank, S.A. (CABK) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, shareholders, I welcome you in my name on behalf of the Board of Directors of this general shareholders meeting, which is being held in Valencia, where we have our headquarters. I would like to express my gratitude for everybody present and those who are seeing us through telematic means and of those who are present physically. According to what is set forth in the statutes, the Council Board of Directors has allowed delegates and to connect and to participate through our remote electronic connection and therefore, exercise all of their rights, thereby participating. So the gentlemen -- ladies and gentlemen shareholders will be able to have be informed to delegate votes remotely long distance and that they have had all possibilities to communicate this to the Board and its counselors. And we have adopted the sanitary measures to carry out this General Shareholders Meeting according to the laws and bylaws and in the interest, of course, of public health. This AGM has been called to approve the 2022 annual accounts and we'll proceed according to the points on the agenda. The Secretary will refer to all material published concerning this call to this meeting. Mr. Oscar Calderon will speak, the Secretary. The agreement was -- the call was done on the web page on the CNMV web page -- and it was also registered on the Mercantile -- Official Mercantile document for such communications. And that was also published on the corporate web page which affects the corporate laws, corporate law publication procedures and that was done according to the returns, it's supposed to be done. And all our reports regarding management have been made available according to European guidelines or in compliance with European guidelines, and that's also plays on the corporate page of CaixaBank. And all people attending were informed and the QR codes were prepared for that. And through our personal devices, communications have been made available through our web page and any other further clarifications can be requested. So we have shareholders here live and also connected telematically. And everything is being conducted according to the terms and conditions that were announced and publicized for this AGM. And those who have not already done so they can send their requests according to the appropriate channels, contact channels until the intervention time for each shareholder finishes. So as we'll have time to make contact through the appropriate channels of communication. And this can be done through the corporate web page. And the message can only be 7,500 characters long maximum. Any message if the communication, yes, at the beginning of their address or their communication, the purpose of that communication has to be spelt out clearly to the Board, and they have to provide appropriate identification or through their representative. Also the access to the room is available by showing the appropriate ID card for access. And also if they want their -- if the shareholder wants their intervention to be recorded, they will have to hand in through the public notary who will proceed with that request and that will have to be done according to the rule, and we'll have a 5-minute -- that will have 5 minutes to do that. And that this will apply for shareholders connected via the platform. They have to follow and comply with all sanitary measures that were published. If any participant needs hope of any kind, they can address themselves to officials here to a system -- all requests for information or clarification, telematic or live will be answered during the AGM or answered in writing. The voting procedure, which after the reading of each proposal, the President will declare a procedure for answering and dealing with that matter in the appropriate manner without prejudice to what is set forth on the corporate web page and that will be totally gathered up on the web page reports. So representatives of shareholders are here, and they will be able to vote in representation of their shareholders. I believe some have already done so, and they can do so also on the telematic assistance platform that's being made available for this. And this time for that will be duly indicated during the AGM votes in favor will be reflected as those who are duly participating, and there will be a provision made for those who are abstaining and those who want to cast an opposing vote will be able to do so on the lateral side table, where such votes will be deposited and names be recorded until all these different steps and opportunities to vote for and against will be indicated accordingly. And the telematic assistance platform will be used for all these voting aspects and also for the setting up of proposals, and they can do so on the -- through the telematic assistance mechanisms, which have made available for shareholders. And they can also directly approach the tables on the side, which have officials. A new register of proposals cannot be formulated before -- if there would be an electronic problem or information data problem, the procedures would resume once the electronic system would be reestablished, so that has been prepared for, and that's been so we are providing for the reestablishment of the IT systems. And once the Board has established the those shareholders attending duly processed and their representatives and also in representation of shareholders who are voting telematically will be -- that will be clearly spelled out, who is are [ 70,000 -- 20,250 ] that 6.36 billion, that the 76% of all the capital equity that we have. Given that the AGM is going to be celebrated on the second call, so we feel -- it is declared that it has been validly constituted and can therefore proceed according to the social company statutes and according to the corporate laws of Spain. And the definitive quorums will be read out much later and up to 5 days, they can be consulted on the web page, and there will be completely -- account will be made of that. So the table is comprised by myself. Mr. Oscar Calderon de Oya, who acts as President and Secretary of the AGM Board table. And all of the members who are part of the Board of Directors are participating today on the table and various appointments and people named John Reed, who is assisting telematically in real time, at the same time, the Vice Secretary -- the first Vice Secretary of the Board is present as set forth in the rules and statutes, and that is set forth in the corporate laws of Spain. And the Board of Directors has also requested the president of a public -- notary public to keep track of proceedings officially that's [indiscernible] and [indiscernible]. In compliance with what is set forth in the current legislation. I wonder -- I asked formally if there are any reservations for those participating and concerning the capital, the equity amount, should there be any shareholder claiming anything that can make use of the platform or directly to express any reservation they may have, and they can also -- they will be asked to do so in writing at the e-mail which is the [ isca.assistentes.jmcaixabank. com ]. And they can also approach the notary public table, which is positioned on the side of the room. Thank you. I will now -- I will now present my report.

Good morning, ladies and gentlemen. Well, first of all, I'd like to reiterate my gratitude for your participation assistance at the AGM. For those who are here physically and those who are participating telematically. An AGM is always an important meeting point. But for this particular meeting and for the whole team involved, it's going to be a very special meeting because we want to be presenting the first accounts after the fusion that we went through. It's inevitable of the merger. Of course, it's -- we will, of course, mention the situation in Ukraine it was unimaginable. This could happen in Europe in the third decade of the 21st century. But unfortunately, it's a reality. Of course, there's going to be large consequent -- big consequences. And we are, of course, before a huge human trauma, thousands of mortal victims, deaths. But from CaixaBank, we are extending our collaboration to help the affected war victims in the ambit sector, we have facilitated transfer to money without cost towards the Ukraine. And users for that purpose can use our CaixaBank automatic tellers for free. And we are collaborating with various NGOs to help the affected people. And we have established in the whole of territory facilities to send medication and other products. And we sent 10 buses to bring 400 people to Spain to safety to find a new horizon in their lives. And the entity has also supported volunteers. We expressed therefore, our social commitment to those in need. And we are therefore proud of what our entity is doing. And I extend my gratitude to all the people collaborating in that task due to the war. And we hope that the war will be over as soon as possible. But in the meantime, we will continue to extend help to this very urgent need. So going back to the agenda of the day. I'll go into 2 different parts. First, I'll do a brief look at the 2021 financial year and then the management and then I will discuss reflections that I've had about 2022. After my presentation, we'll do a deep analysis of how the business has been going and how we'll put it forward for your consideration. Having presented the first accounts, which has positioned up as a high standing financial group in the society in Spain and Portugal. From the financial point of view, the merger has enabled us to attain the 3, our 3 objectives, give ourselves a critical mess, make a unique banking model and also being closer to society families and to business in general. But we have even an even greater ambition and that is to lead the transformation within the banking sector. And this transformation should be with a brand promotion that's going to be unique and tailor-made for families and companies. And that would be to complete the merger. So the time line, as this time line shows, we have proceeded with the various steps. And it's important to do it quickly. We imprinted velocity, and we had to do it quickly. And this have been done. The first AGM after the -- was the 14th of May 2021. And there, we had already a very good plan setup for the succeeding steps. And in less than a year, all the changes have happened, and we are presenting a reality it's here. We have started the process. It's gone fast. It's gone solidly and well, and the integration has been successful over recent months. All the different steps stages have been accomplished, also at the technological level. And we contemplated the exit of over 6,400 employees on a voluntary basis. And most of those exits 86% of them have already left. And then we had a perfect technological integration from 12 to 15th of November 2021, that went really smoothly. And we managed to deal with 2.5 million digitalized documents in that short period. And that's already been accomplished, up to 80% accomplished. So in the first part of this exercise, we have reordered the alliances with our partners, it's gone well. There have been many goals that have been accomplished. And we've done it with humility. And we have completed in a record time, the biggest merger and integration in Spanish banking history. In all mergers, of course, doing with offices, there was a moment at the indices of quality of service deteriorated. And of course, our clients had to get used to a new entity, the new structure, and there were areas and the groups that were particularly affected. And at the same time, unfortunately, we had another presence of the Omicron coronavirus wave. So we nonetheless were able to go ahead with an excellent response in those complex moments. And thanks to that effort, we were able to offer great improvement in the service and back to normality in fact. So we were compatible with what we wanted to go ahead with maintain our commercial muscle. We did that with success also with BPI in Portugal. And thanks to the great work of the whole team, we were able to do EUR 5.2 billion -- have a EUR 5.2 billion profit, excluding the costs derived from the merger itself, and that was a costly process, giving us EUR 2.35 billion net, which is a 71% increase from last time. I'm not going to go into the analysis of those particular specific results, but that will be done, of course, later with the subsequent speakers. And after the ECB's announcement, recommending the payout of dividends, we're happy to report -- that's to our shareholders that was put up to the Board of Directors. And therefore, an agreement for a dividend payout was agreed upon and giving us a 0.146 payout margin -- percent payout margin as a cash dividend payout. And with this payment, the remuneration for the shareholder for 2021, that would be EUR 1.179 million, which is EUR 1 billion -- I'm sorry, which is used -- which is adjusted for the impact of the pandemic. And it is in accordance with the dividend payout policy. And 50% to 60% of the consolidated benefits were made available for dividend payout. This was the intention of CaixaBank, but of course, subject to the rules and regulations and also in forecasting what was going to happen in 2022. So we feel that we met our objectives. So ladies and gentlemen, with all these proposals, we are now going to -- you will be receiving these payouts. From the moment of announcement of the merger, the each share of CaixaBank has gone up by 73%, which is a substantial 73%. And in other real terms, that presupposes a 21% increment. So there has been ladies and gentlemen, a revaluation and upscaling of the value and considering the Ebix figures has gone down by 3%. Now I would like to now move to the whole question of our management model. This model is based on 4 pillars, excellent corporate government, happy clients in the center of our business. This is only possible with a committed team working with us. And all of this is bound together with a commitment towards society. With corporate government, it means that -- it is -- to have good corporate government is a sinequanon condition of excellence if things are going to be working properly. You have an excellent group of excellent Board members, which 60% are independent directors and 40% of them are, in fact, women, who have a great and demonstrated professional trajectory. And the ESEF agency, ISS ESG has given us the #1 quality score in the world, highest ranked by ISS ESG. And we have obtained the AENOR good corporate government certificate. That's AENOR. And we are is to maintain our high level of excellence in the service and content. So I stress the importance of a good corporate government. So in 2021, we undertook a series of modifications, which were, I think, well thought of and successful in accordance with good government practices, but now I would like to point out some things for your consideration at this AGM. For the suppression of the idea of having President's casting vote. This would mean to better standards of good corporate government. And then we would like to update, secondly, the remuneration policy, modernize it, update it and simplify it but still applying the limits which would mean the amplify or extending from 1 to 3 years a period of limitation for the transmission of shares from 1 to 3 years. And also in the context of controlling salary rises, our new remuneration policy means keeping them at bay for the time being. So I inform you, so any increment in retribution will have to be approved previously by the AGM of shareholders. And this is based on the policy itself and the evolution that we want to see for the company and in the interest of all of you, the shareholders. Second pillar of our model is customer. So only the best system justifies our model, our activity without their trust. The sustainability of our project would be absolutely avoid concept, a misconception. That is why our commercial business has the customer at its core. This -- thanks to that, we are present in more than 2,000 municipalities and we have the most extensive network of ATMs in throughout the territory with a firm commitment of not leaving behind those that are suffering most because in some municipalities, we are the only branch. So we are keeping in constant contact with our customers. We provide an excellent -- excellent service to them regardless of their age digital literacy of the channel they choose to communicate with us. In that regard, this year, we kept on adapting and reinforcing our commercial model with the aim of improving the services provided to those that are least digitalized. That is the senior collective. We have 4 million customers, and they are a priority to us. The third pillar of our management is the firm commitment with our society. And I would like to underscore our commitment with the environment and also the support to financial inclusion and social action in the field of the environment and environmental protection. We keep on working for the sustainability through the optimization of the consumption and also we are developing new bank products that contribute to the achievement of SDGs. So as a consequence, we got the highest rate by the main sustainability entities or bodies, and we were European leaders in ESG emissions last year. In fact, in last financial year, 75% of debt emissions were ESP issuances. Second pillar of -- or second part of this commitment is social action and financial inclusion. Social commitment lies at the DNA of our bank, it was at the origin of our creation, and it is expressed through our financial actions and our social network. Within this section, I would like to highlight 5 different topics, continues and support to society through our different. We are -- we have the highest microcredit bank in Europe. It has a credit pool based mainly on vulnerable or disadvantage to families and micro-SMEs. And also we have a foundation. We are absolutely convinced that contributing to the best education of our citizens is the best way to fight inequalities. We do that at CaixaBank and the only mission is to foster geo vocational training. We are becoming a benchmark in that sense. Social action of our branches turned last year, funds by La Caixa Foundation that provided support to nearly 7,000 projects, we're still committed with contributing to social housing solutions for people in risk of social intuition, 3,000 -- 13,000 flats -- rented flat. So our commitment is expressed in many ways, among others, our network of volunteers. So thanks to the action and their commitment, 179 people were supported last financial year. Our team is the foundation for everything we do all the accomplishments I've been defining none of them would have been possible without the firm commitment of all the members of our team with the main ambition of creating a project based on meritocracy, fostering diversity as a base of our progress, a project with very demanding business goals because we want to be highly performing society -- organization, but at the same time, being close to our customers and implemented by solidarity, a project where each and every 1 of us has something to provide us. We feel a real sense of belonging. We feel really out of the model and the values CaixaBank represents. So as to develop this model, you dear shareholders are a key part. You are the owners, the real owners of this venture. So on my behalf, on behalf of the Board and the whole team of CaixaBank, we would like to thank you for your confidence, your commitment and your contributions. A good example of those contribution is the phenomenal work carried out by our consultative team. And I would like to expressly thank them for their effort. An example of commitment is the support of the La Caixa Foundation with all the social activities, which I personally value really a lot. I can assure you, dear shareholders that our main objective is to manage your trust and confidence. So I move on to the third part of my presentation, where I would like to share with you some thoughts about forecasts and prospectives for the current financial year, the economic environment before the invasion where we started the year was clearly positive. The threats of -- different threats were apparent, but we managed to grow activity consumption but the invasion of Ukraine was a turning point. For the worst, unfortunately, we hope the recovery to continue with but there is still a great deal of uncertainty about the European and worldwide economy. A good proof of that is the high -- really high volatility we are experiencing in financial markets and especially commodities markets, mainly energy, raw materials. So the GDP growth has gone down 1.3 points from 5.5% to 4.2%, we forecast for the current financial year. Our expectations of average inflation -- annual inflation amounts to 6.8% for 2022. But I believe the effects of this invasion go beyond the short-term impact on our own economies. Undoubtedly, what we are living and experiences would entail geostatistic and transformations that will deeply affect all of us, especially Europe. The European Union was suddenly aware of the need to be more united than ever. We need to strengthen their strategic autonomy in the field of energy, defense or technology. We need to highlight that the response given to this challenge has been very positive so far. But these changes will affect many companies' strategies because the paradigms they were based on are subjected to a great shift. So within this context of high uncertainty, I would like to express that the Spanish banking sector has a completely different position compared to where we were in the last financial crisis. Within this sector, the starting position of CaixaBank is fully different for many reasons. We've become leaders of the market in turnover in the last 10 years, our bank multiplied by 2.5 its activity reaching really high market shares. We have a lot of liquidity, a lot of reserves, which is an indispensable element in times of volatility. We are really solvent with capital ratios that are higher -- much higher than what the regulations require. So we will be able to face challenges in the future. We need to keep on working hard not only to defend these values to restrengthen those things -- those positive. But we are facing the future in a same way because we are happy and satisfied with our excellent and clean financial situation. With this, I would like to conclude my presentation. This is the second time I attend this Board. I would like to share with all of you, the shareholders, a very important message because uncertainties are many and the economic risks are very present. But despite everything, I'm an optimistic person because -- we have achieved the highest integration after the merger in Spain in the history of Spain, but we are facing the future well based on a strong position -- financial position. We have a unique model and really high commercial capacity that we need to well, value as it merits and especially because we have an excellent team of employees. This is the key to success of any project, highly committed, highly vocational members of that incredible team. Undoubtedly, this is the best contribution we can do from CaixaBank to support the social and economical recovery of our country and nothing of this will be possible without your trust, dear shareholders. I would like to thank again. Thanks for your attendance and your attention. That's all on my part.

Who said, would can't change the world from a branch or can't contribute society. At CaixaBank, we work to do more and more from each and every 1 of our branches of our offices. Last year, the effort made by thousands of employments became a support to more than 6,000 social entities through different alliances and collaborations with La CaixaBank Foundation. Thus, -- we managed to convert to transform of our everyday work in more than 2,000 tons of basic food stuffs. One of our main commitments was to be close to the people we serve. That is why we are supporting disadvantaged families and more especially -- most specially children. This led us to distribute 126,000 kits of school materials in hundreds of schools throughout the country. This way, each Christmas, thousands of boys and girls can make their dreams true. At CaixaBank, we proposed financial solutions that are adapted to the most disadvantage and vulnerable groups, and we accompany social entities with services, specifically created for them, such as free of charge platforms for donations because we are deeply committing with helping others, those that are most in need. Our free time is devoted to solidarity to volunteer programs just to share our values in order to work with a more fair equitable society. We work for people and for the planet by fostering support and aids in the favor of sustainable development and environmental protection, our employees, female, male employees are the first ones to be with those that need them most. And they do that at every brand by creating opportunities, improving their most immediate environments. They enable working side close to the people, to the -- to our society in big things and small things always. Whenever somebody needs us, we are there. That is our commitment. We want our work to become something more, and that is at the core of what we do at CaixaBank. We'll always be close to those that need us most, whatever they are.

I give the floor now to our CEO, Mr. Gonzalo Gortazar, he will speak now.

Dear president, dear directors, dear shareholders, good morning, everybody. It is a pleasure to be -- to attend this Board in such an important day and also in this important venue, the city for arts and sciences. As the Chairman stated, this is really well important and meaningful day. We have presented the first income statement, balance sheet with very good results after the merger. And this also implies that the integration has been nearly finished, and we have a strong and sound position to defend where -- what we will be doing and where we'll be heading within the next years being fully aware of our new capabilities. 15 years ago, the society was listed for the first time we reorganized and the banking business started to list in the stock markets. And throughout these years, our project grew and got stronger and stronger. Our capabilities are really important. Within 8 months, we managed to integrate human teams, the commercial model and the technological system at the different branches. The most important operation in the history of the Spanish banking sector with a lot of success with many accomplishments. And as a consequence, we consolidated our leading position in the banking and financial sector and CaixaBank has become a European benchmark. All this coordination effort in all areas, in all spheres allowed us to continue developing our commercial business activity in a very intense way and more than 20 -- we are providing service to more than 20 million in Spain and Portugal. All in all, we completed a highly satisfactory year. Well, in difference to the many shareholders that speak Spanish, I will continue in Spanish. I would like to make a review to the most important aspects of the activity and the outcomes, the results of last financial year, then I will make reference to the strength of CaixaBank with final comments and remarks about the future, what the future -- what can mean. I would like to highlight the excellent growth of the resources we are managed. At the end of the year, it was EUR 620 million with an increase of 41.2% of annual variation. This includes the balance provided by Bankia. So it's not worthy to consider the organic growth, 10.5%, highly remarkable, considering that we went through an integration within the resources. I would like to stress long-term savings to 12.7% includes investment funds, pension plans, and savings, assurances and it poses a really high added value. The demand of the savings products doubled in last year. This allowed us to keep on reinforcing our positioning. And this we reach an important leading position with a market share of 29.4%. We are deeply honored and deeply happy because this is a clear sign of the trust our customers place on us. On the credit side, we closed the financial year last financial year with the private sector credit and reserve for EUR 332 million with a lot of an important share in mortgages, consumption and business funding 38%. Regarding organic growth evolution in the year went upwards. We closed the fourth term with really important growth rates. I would like to highlight improvements and enhancement in production in the last -- second part of the year, 16% and 11%, respectively, for businesses and private consumption fostered and spurred by specialized solution, we launched such as food and drinks, my drinks and my home, food and drinks, my drinks, focus on specific sectors, solutions for households, et cetera. The mortgage. The mortgages went down because they were amortizations are high, so the creation of new mortgages, although we are on the increase, it still doesn't compensate. In Portugal, the performance was great with a growth of 8% in turnover and results, very positive results. I would like to highlight the yearly evolution and the evolution of BPI in the last 5 years since it started to be under control of CaixaBank room. I would like to highlight 3 different milestones or home runs increase of activity that led to the increase of market share in the main products in more than [ 22 ] percentage points. Secondly, the inbound digitization -- and at the same time, we improved and streamlined processes, channels and last but not least, the improvement of efficiency rate, 12 percentage point increase as a result of the increase in income we contained expenses. So the recurring profitability well is always on the increase. And I would like to add a really important accomplishment, the quality of the credit kept maintained in really excellent ratios. And on the other hand, the focus of BPI on excellence commitment with the whole society in providing the best possible service to customers. So it was recognized as the highest reputation bank in Portugal. So of course, we are really satisfied with this success story of cross-border operation. We started 5 years ago, and we are reaping the -- well, the fruits of that. I would like to present the main results. Before going into details, I would like to remind you that the financial results of 2021 include Bankia's results in the last 9 months of the year since, I mean, when the merger was affected. And in order to facilitate comparability and to be able to analyze evolutions in the more homogeneous way, I will refer to a pro forma version, so as to make profile is comparable. So I include the whole results and aggregating extraordinary impacts at the end on the lower part of the income statement. I will start by what we call core income that is the set of interest margin commissions and insurance income. These are the most important parts. EUR 10.9 billion, 27% more compared to 2020. Focusing on the pro forma evolution, the comparable part, there is a slight decrease of 1% with a behavior among different lines that merits a differential analysis. The interest margin went down 5.8%, mainly because of the fall of interest rates, a very important part of our credit portfolio that is referenced to interest rates. So that is the only way to. But this negative effect in the income was compensation by the evolution of commissions that grew close to 7% and the income from the insurance business, a growth of -- approximately 9%. This is the result of our strength, and it's proof that our business model is highly robust with the best possible service to the customers. I would like to underscore, we didn't increase strictly banking commissions throughout the year they were kept stable. The growth of our commissions can rise from the increase of our activity in absolute terms in the marketing of products and services. This allowed us to increase the level of commissions. The percentage the rest of income that is the result of investees, non-insurance investees, other products, those minor lines go down notably, considerably affected by the high volatility level of the market and the incorporation of extraordinary outcomes and results deriving from 2020. We need to take into account that in the fourth term of 2021, we didn't include a result of our participation in Erste Bank. After the sale of 9.9% of Erste Group Bank that sales that provided EUR 44 million response to a strategy to concentrate our banking strategy in our main market, that is Spain and Portugal at the moment, we chose for that this investment was really well, good and suitable considering the worsening of economic forecast in Eastern Europe as a result of the inflation of Ukraine regarding recurring expenses. This is the more amount nearly EUR 6 billion in pro forma terms amounts to an increase of 1%, in line with our forecast and announcements. The management of expenses continue to be a priority. So in the fourth term, our expenses went down 2% because we started to -- well, reap the benefits of the savings derived from the integration and merger, EUR 940 million annually and for these financial years, we expect to increase 80% of that figure. And an essential aspect associated to these savings is the restructuring plan that was agreed with the trade unions last July, 6,400 volunteer -- voluntary exits, so us to streamline the network and avoid overlappings. We agreed every re-colocation -- and relocation program so that they find new occupation new jobs. 80% of integrations of branches, of offices, well, came to term already. Regarding the integration of branches, they are going down according to the plan, and we recovered and we insist on our commitment on not leaving anyone behind. The integrations are taking place among branches that are really close geographically. So in most cases, the distance between offices is less than 500 meters. I would like to remind you that we are present in more than 2,200 municipality, 420 of them, we are the single brand operating in those areas, and we provide coverage to other 426 municipalities through other services. After the integration of branch, banking branch, I insist, we will have the most comprehensive business network in Spain. It's nearly double as much as the next competitor. So we will continue being really competitive. In summary, the restructuring plan, as I said in previous occasions, was absolutely necessary, reasonable and responsible. And we are carrying it out according to our values, our principles with very good results. And most of the exits are voluntary. Moving to allowances, it was reducing 56% from EUR 1.2 billion to EUR 1.2 billion. So this line contributes most to our results. Another way of considering the reduction of allowances is the risk cost. That is the ratio between allowances and the average balance in the credit portfolio from -- it moved from 0.75% to 0.23% in 2021, a really considerable improvement. For our group, I would like to remind you that in 2020, we were very prudent and cautious considering the pandemic. So we anticipated a nonsignated provision of EUR 1.7 billion, whose main aim was to absorb possible potential deterioration in the credit side as a result of the COVID-19 pandemic. We made an incredible effort to make sure that those aids and were given to those families and companies that needed them most. We provided more than 0.5 million moratoriums and more than 290 equal guaranteed credit and loans. So the good part of this is that the credit worthiness stays the same, not great deterioration. So we helped our customers without harming the balance. On the other hand, regarding ICO-guaranteed loans, the -- so those loans will move -- will pay the full quarter. Well, in fact, 40% of them is paying that rate. So regarding the behavior of repayment of those -- so most -- 40% is similar to the rest of the portfolio. Therefore, we need to be aware that the credit worthiness will keep on very high rates in 2022 despite the, well, complicated situation. At the end of 2021, the amount we have instigated is over EUR 1.4 billion. So we are comfortable with the reserves to absorb or to face possible setbacks in the portfolio. Considering everything, the recurring result is 2.3 billion people, 50% more compared to 2020 focusing on the pro forma evolution. Obviously, 2020 was negatively impacted and affected especially due to the pandemic. The full result attributed to the group is EUR 0.2 million after incorporating extraordinary effects associated to the merger. We are mainly speaking of our 2 different categories: extraordinary expenses associated to these 1.3 million nets with other expenses and donations, EUR 114 million. And on the other front, the so-called bad wheel in the [indiscernible] terminology, the negative difference in the consolidation, EUR 4.3 billion. This is an accountancy adjustment, which was carried out during the merger and does not really reflect a normal result. It's just an adjustment that we do. Now the third key I want to talk about is the strength, the financial strength of the group, and the strength of our balance. We have contributed to the economic recovery and the post-pandemic recovery. We have reduced debt ratios by over 4 points since our merger, our portfolio debt has been reduced and now it's in a positive value. And in 2021, these aspects have reached maturity and a 3.6% value is quite good to the ratio of debt. We have closed the financial year with very good levels according to the CET1 ratio of 13.1%. Net equity 1 to use the anglo section, CET1 has been high and the adjustments and the restructuring costs, which took away 109 points. Nonetheless, we are able to add 106 bps in the generation of organic capital. So more than 100 basis points, the 100-point benchmark was reached. That 13.1% for the ratio of CET1 has been accomplished if we round off that previous figure of 8.1%. So that accounts for EUR 11,000 million and that puts us in a very nice -- very good position with the future. In terms of liquidity, we've had a very good liquidity level of EUR 106.3 million and an LCR ratio of 336%, that gives us a good account of our liquidity situation in the 79% of SEG emissions that we reached a 79% level in those SEG emissions, which is -- they are very good that made us winners of the bond awards for 2021 and the Best Bank Award 2021 from Global Finance. We were well within the international parameters at a high level. So 2021 has been an extraordinary year in the balance. We finished off the merger, the integration. We relaunched commercial activity. And we have -- we made a strong statement about our social commitment, and we have proceeded with that. And we saw the 2022 exercise wishing to consolidate our position, to strengthen the economy to give better service to our clients. And this was done in a complex setting. There are many clouds on the horizon, including, of course, the recent invasion of Ukraine. But our situation is nonetheless the best in the last 10 years. We've reduced our problematic assets to more than by half and income not linked to margin interest has been adjusted in a better way to guarantee us better levels of solvency. This -- we still have to say that the integration process, which has taken up a lot of our time has enabled us to become a growth factor, we have taken advantage of that, and we have surpassed even our expectations in some aspects. We cannot anticipate all movements but it's very wise to proceed stepping on solid ground. So we think that a gradual interest of interest rates will have a positive long-term effect. So for all these reasons I've talked about, I feel that the future of the project -- the project in the future for CaixaBank is very promising. And nonetheless, of course, there will be a multitude of scenarios. We are aiming at setting up attractive propositions for clients, better quality, and they always have to be based on our best efforts from our employees from the very first and to the very last employee. We leave [indiscernible] because of -- through our employees to service our customers. So I would like to thank the shareholders for the trust you have placed in us, the whole management group at CaixaBank and also the responsibility of choosing this project in order to reach the objectives, and I would like to thank all the team of the group which made up of 45,000 people because of their professionality, their implication, their commitment to the firm. And I think with this such levels of commitment that has been shown, we'll be able to go ahead and do more, we will only have success in my opinion, if we only -- if we continue with the values, we have cherished over such a long time and thinking, of course, for the benefit of society. Thank you very much for listening.

Thank you, Mr. Gortazar for your talk, I will now hand the floor. Well, I will now look at government -- corporate government information. According to the third section of the good corporate government approved for the CNMV regulatory body, we will look at the most relevant corporate governance aspects here presented here at the AGM. In this sense, I'm going to put forward some proposals. For example, the election of Independent Director, and other proposals. And these are in line with the best governance practices. This is also in line with the wishes of a new Board of Directors of CaixaBank that 60% should be independent. And I feel that, that represents, I believe, the majority and a diversity of knowledge, backgrounds and training and also the percentage of lady directors is going to be maintained at 40%. And in 2020, this 40% level of women directors was attained, and this was -- this is going to continue. Furthermore, for approval, there will be proposals put forward concerning the AGM rules to make more systematic how people can participate in a telematic way at the AGMs. And all of this is done to enhance the way it operates. And we will proceed with the good governance codes of the corporate sector. And this is one of the roles or 1 of the pillars of the council. And information is all subject to audited information and you have this information available in the documents and the publications that were put forward to you at the call of this meeting. So we will be able also to give more detailed information based on 0.15 of the order of a day, which states the modification of their regulations steady from October 2021 and also February of 2022, which were aimed at getting rid of the casting vote as I mentioned before, of the President and to enhance the role of the President Coordinator in accordance with good management and governance practices. And finally, to adopt the new order of rules within the framework of the law. So on the 15th of December 2021, there was an approval of the review of government -- governance, corporate governance. And this -- this was in line with recent legislative reforms concerning corporate governance. And this is a permanent fixture governance policies and philosophies. And I stress the importance of good governance, and we have had received maximum gradings from various bodies for our governance practices. And for example, that involves the functioning and the positioning, the transparency of the entity, the running of the AGM, to transparency retribution, remuneration of our directors and in terms -- in general governance in terms. In terms with the recommendations of good government in accordance with the good governance code, we will look with detail at the follow-up of how this code has been applied. What has been the application. And this was also informed -- information was given on the 25th February 2022. Information was given to the CNMV, the regulatory body of Spain. And we clarified that we totally combined. We -- in a number of -- governance rules, we comply with all of them. And in another batch, we complied with 5 of the 7 and another in another group, those compliance requirements were not applicable. So -- the -- we, therefore, have decided the remuneration policies called for, and it will comply with all the recommendations that were put forward. And in that independent council, we are partially complying with some guidelines. But now that Mr. Secretary, will now explain the remuneration.

There were 64 recommendations and 90% of them were complied. There was noncompliance number recommendation 62 was not complied with. So the actions that were done subject to conformity based on a deferment period of 5 years. This was dealing with the -- what happens at the end of that 5-year period. And this was dealt with in the Melis closes, Latin Melis closes, which are clawback closes. And this, in my view, is coherent as an incentive in terms of how risks are taken and also in terms of proper sustainability. But as the President said, on -- this is also under discussion in terms of the remuneration policy for the Board members. And these -- this was also reflected in the 2021 exercise. In terms of the recommendations that were partially applied and complied with. And this was set forth at the meaning of the 14th of May, last 14th of May. It was decided that there was a possibility to making certain amount of shares convertible as CaixaBank shares. And this was put at Level 1 regulatory shares. And this was possible -- this possibility was catered for under that regulation. Now in the interest of the company, it was aside the maximum flexibility how to be vested in this new body. And because these kinds of titles are not apt for proper commercialization and another formula was found to justify them. Without prejudice to this, this disagreement was put forward to the 2021 company's tax. And the discussion was made about not applying the limit in terms of the preferential nature of these assets. So a number of discussion was done about proper procedures. So the AGM -- at the AGM, it was decided there could be a different -- slightly different voting procedure for that particular group of affected shareholders. And it was, therefore, decided how to deal with contradictory proposals. But in any case, the transparency and the registration of all things would always be adequate. And on the 27th, May 27, rules were set forth about how Liberty of Liberty for each director was contemplated at that meeting through him or her or the representative. In terms of recommendation #36, they analyze functioning of that body on an internal basis. They decided once the merger with Bankia was finished, that is order to postpone that move -- and in another decision and should somebody be -- should be taken away from that particular position in the bank. A provision was made for how that person would be treated as a shareholder according to a certain share limit. And these would have to be done over a 2-year period. Then there was recommendation number 2 that was based on Article 42 of commercial law. In that case, it was aside the CaixaBank Board suggested a 2-year period be applied, and then later a report would be delivered for that point too. Thank you. The Secretary will now lead.

Mr. President, we feel as definitive the constitution of the Board are as follows: and that they've been carried out accordingly in both physically and telematically, and therefore, have undergone the right pathways. There are 20,473 shareholders valued at EUR 6.7 billion value in shares. And that's 76% of the capital value of the entity, 76%. I will now hand the floor over to the notary public, Mr. Hanbo there.

In compliance with the rules and regulations of the Mercantile laws, I ask publicly if there are any questions or doubts or opposition to the valid constitution that's been put forward here, should there be any opposition or query or any reservation made. This is possible through or there is a questioning of the list of people attending or participating. You can go to the e-mail address, lister.com @caixabank.es and that will appear on the memorandum of the day, and they can also approach, if not telematically, they can there will be a sign saying official from the notary public. You can approach that person. They are at various points around the room. If you want your intervention to be reflected in the minutes of the day, you will have to make your intervention in writing, and that will be compared at the appropriate point in time, in due course. So now we will now hand the floor over to Mr. Oscar Calderon.

We will now be calling each person who have requested their intervention and they will be able to speak from their own lecterns. And therefore, the representatives of shareholders have also had access to intervention through the platforms with the with assisting security. Each time a person addresses the hall at the meeting, the election will be cleaned for health and security reasons. So we will also let you know that once a person starts the intervention or according to the provisions in the capital companies rules, the shareholder or their representative will be duly informed as well as AGM. So therefore, we're going to start with the Mr. Fernando Martin Orotiwill now take the floor.

Hello, everybody. I request that our intervention will be reflected literally in writing in the minutes. We come to this AGM, representing -- we represent small savers, small shareholders, who have delegated their vote in us for us to represent them. So in the initiatives that they have put forward, and we've done a follow-up of that. We have looked at the protection of the consumer. So what arguments do you use to justify that you defend the floor clauses on land closers are still being used? And how are you still maintaining that case in the case, affecting thousands of consumers against the sentence from the court known as [indiscernible] 23rd of November -- last 23rd of November. How do you justify that continues when the court of the European justice in a sentence has accepted as recognized the abusive nature -- and as from ICAE, we propose solutions to be put for as we have done before. So please, solutions, which are just and fair for consumers because what you have done has not been fruitful. I think you are prolonging a resolution that is taking too long in being materializing. So we hope that CaixaBank will correct the bad decisions that were taken that even having before they were merged and you're in a position, I believe, to collaborate to end the same full situation of preferential shares of subordinate shares, floor clauses, and a lot of the cases are still waiting for legal resolution in the courts. Wouldn't you think if you acted another way, you would be able to offer your clients a better image, offer the savers, a better image?

From ID ICA, we are not wishing to get rid of the consumer in the local bank office. It's not just about showing consumer how to operate the automatic teller outside of the bank. It's about showing consumers how to use technological resources. Yes, the AGM said there are 4 million clients, senior clients, they are seniors. The majority, I say need this help. From your own data, you're supposed you've given assistance to 1,600 users, but how many hours have you invested to give a minimal training or education for your other consumers? I remind you that these are the final people affected by the long-term digitalization process. And in this AGM, I think you should remind yourselves that they are the center of everything. And so no excuses are -- should be given I think by making the bank offices hours longer or even the use of automatic tellers longer. That's not really an answer or limiting cash withdrawals to not over EUR 600. That's just not good enough. Are you going to take any measures, real measures that will lead to better service for our elderly people, make the whole service more attainable, reachable. As from IDA CIE, I think this online use of banking services is encouraging more fraud online because I think because this bank and other banks cannot be spectators in front of this problem. We have this thing about sending online warnings or messages. That doesn't -- that's not effective enough. There are whole segments of the population who do not know how to exploit the opportunities online. They in fact can be victims online. So we feel there should be programs that incorporate these clients, these customers to financial services online and therefore, avoid their exclusion because that's what's happening, exclusion. It's about teaching the client to be in the center, not on the edge, not on the periphery.

Mr. Fernando will now take the floor.

[Foreign Language] I would like my intervention to be on the minutes. I represent the Alicante Users Association. Mr. President and Directors, once again, we represent a small shareholders and savers of CaixaBank, I am from ADICAE. We have seen that you have appealed to -- you've talked about the search for an excellent project to get the client in the center of things, what you may wish to congratulate yourselves on that? But I want to see -- I would like to see the more the practical outcome more than a manifestation more than the acclaim I think there's been a lack of advance in CaixaBank of key matters affecting consumers. I would like to see a turn in specific measures for consumers. Because I think, otherwise, that will work against the excellence you're always talking about. I think I would like to make note of the response that the entity has made how people are being transferred from 1 office or even taken out how digitalization has worked in terms of inclusion, how -- and also sustainability. Now these are aspects I feel, which have augmented relevance because you've now become 1 of the biggest entity in Spain. I think the benefits for clients have not been the same than the benefits for your own organization. In terms of conflicts with clients. When we talk about defending the financial customer, I think you need to reconsider as from -- and we say this from ADICAE how you treat your clients? I think this premeditated blockage that you're doing -- this is 1 of the things that you do through the legal mechanism. And this is in the case of floor clauses, there have been excessive delays in sentences, intersessions, things have been held up in the courts. And there has been incorrect retribution made to clients. And I feel we -- you are still using an integrated business model because you are almost dealing seeing a client as an enemy. And I therefore ask you to be more coherent more respectful to the client and to ensure that the client is a center of your business model. And this whole thing of transferring costs to the client compared to other entities, I feel there's a lot of much needs to be said about that. There has been a feel I don't agree with this whole thing that commissions have not increased. I think that would be a major discrepancy with me. I would not accept as an association this thing about the fall in interest margins. I feel that fall in margins cannot be blamed on or even transfer to customers. I'm going to go into more detail, but I feel -- I would like to make a general comment in terms of what the digital transformation means for the bank and shareholders and also how it affects consumers. The bank, of course, has to adapt to new times, economies of scale, savings, trying to save. But it doesn't mean you got to leave -- it doesn't mean that you have to sideline hundreds of thousands of our clients because you forget you have to train enormous segments of society in digitalization. So we propose a firm commitment on your part to make a great digitalization, carry out a great digitalization program to customers so that I can -- just to finish off, I would like you to look at sustainability and other aspects. When we talk about ESG products last year, and how that affected last back the green washing, I'm referring to green washing and how things are to call everything virtually green, I think we have to be very careful because we are dealing with the concept of sustainability. And we are looking at the environment. But we have to also have a better communication with key social agents in that way, we'll be better dealing with these people's interests rights. And in that way, I feel you'll be able to better deal with the claims, the demands put on you by clients. And lastly, I think you should change maybe I've anticipated this, but the relationship of this Board with ADICAE, I feel in past times, we feel as an association, we were badly -- have been badly treated, and that needs to be much improved. Thank you very much.

We'll give the floor to Mr. Rafael Gonzalez Ferrandis.

[Foreign Language] To the notary, I want my intervention to be on the record in a minute and fully showed in the minutes. Good morning dear shareholders, members of the Board of Directors, Mr. Chairman, I'm Rafael Gonzalez. And I intervene here on behalf of the armed banking campaign promoted by 9 entities from Spain together with my colleague, David Monte Sins, we represent critical shareholders with a total of 23,000 shares. So I will speak about 2 companies related to military activities at [ Bordes ], Grupo Ellen and Accenture, both are part of the contracts who received assignments in the Southern border for maintenance and repairing activities on different centers or temporary stay centers for immigrants where they are systematically abused their violations of human rights Grupo Ellen receiving more than EUR 43 million in CaixaBank Credit has contracts to manage these facilities. Apart from then, we found out that CaixaBank in -- had nearly EUR 15 million purchased in Accenture's and shares in January this year. So according to the Trust National Institute report, it's -- it seems that Accenture was hired by Trump's government to help hire border agents that are responsible of putting impression immigrants crossing the Mexico border. In that same report, it's mentioned that Accenture, together with other businesses and companies gone on a framework contract of EUR 157 million to develop the biometric matching system, the BMS basic components in the identity systems used by the European units to militarize its borders. This way, they reproduce the narrative of human that immigrants are a threat for security and safety in -- within our borders. Dear Chairman, members of the Board, do you really believe that it is morally acceptable to do some image washing campaigns, as you mentioned, in Ukraine, where you historically funded this war business in other countries? Just 1 more thing. According to the Alert to mid-end report is published by the Esqualadela Path, there were thousands of ARM conflicts last year which start and perpetuated things to the weapons and those financial entities that fund those words and arm conflicts. So from the bank armed-- banks campaign, Campana Armada on behalf of the members and for the sake well, of sensitivity of honesty, please stop funding those companies because they are causes serious violation of human rights in our territory and throughout the world. That's all on my part. Thank you.

I give the floor to Mr. David Montesinos Garcia.

Dear notary, I want my statement to be included in the minutes for the record. Good morning, good afternoon, dear shareholders, member of the Board of Directors, dear Mr. Chairman, my name is David Montesinos and I speak on behalf of the Bank Armada campaign, armed banking sector promoted by entities throughout Spain, [Foreign Language] and Ethical Finance Foundation, [indiscernible] together with my colleague, Mr. Rafael Gonzalez, we represent 29 critical shareholders that delegated a total of more than 23,000 shares. Mr. Chairman, in previous years, we announced your financial involvement with companies that made weapons that were used in arm conflicts such as the Central African Republic or EMM. So you should feel really ashamed of use in the Ukrainian conflict to clean and to your image with donation campaigns on a late alters President members of the Board, it is obvious that for you and for many others, that are first category, first-class and second-class or and it's also apparent that those suffering the direct consequences of any arm conflict are citizens every the ordinary citizens that are forced to migrate in order to save their lives and in the transit of crossing borders. In most of the cases, they find complications, they face prejudices and many other problems. Okay. staying closer to our borders. Our Saudi borders in the Canary Islands will receive people fleeing from such as [indiscernible], Bolivia, Somalia and they escape from areas where there are arm conflicts or they simply aspire to leave is in better conditions. When these people arrive at our borders, they have received in an in-human way goes by the militarization of securitization systems we have implemented in this fortress Europe idea. So what rolled as CaixaBank play in that regard. I'm going to speak about Indra. In the period comprised between 2019, '20 CaixaBank invested more than EUR 4.5 million in buying bonds of that company of Indra. Indra devotes around 27% of its production to develop military electronic system flight simulators, electronic defense systems, which, among other things, are used to miniaturize borders on fronts. Dear President and members of the Board at the Bank armada campaign, we've been fighting and struggling for years and forward master Oliver is defined as a convenience manage between banks and weapons and arms where banks, fund armament, weapons and weapons defense banking business. Thus, we ask you that 1 for own is top funding those companies that are making profit from war. That all -- that's all.

Mr. Jose Javier Ballesteros has the floor.

Good afternoon. I want my literal statement to be reflected in the minutes. Good day, everybody, all the attendant. I'll starting with my -- the second part of my presentation that wasn't foreseen speaking Valencian in Catalan, we don't have and translation, they ask us to speak in Spanish, but many other people can speak -- we don't speak Catalan. So please stop speaking Catalan in AGMs, please. I am asking Mr. Gortazar and the others because we cannot understand that language. Now we move on to the 2 main topic. I'm layer, Mr. Javier. I'm 48 years old. Mr. [indiscernible]. I live in [indiscernible], It's a municipality in the north of Madrid, and we are coming problem with the seniors or the elderly they are having really many problems, they struggle when they have to do any bank transaction, but they are not considered at all. They are neglected I mean, openly, and the staff working at the branch do not pay any attention on any consideration to them. So I offer myself, I offer my head so that you can well confirm that this is the case. This is working. I spoke with the President, Jose Ignacio, I left him 7 messages. I left 6, 7 messages in your voice mail and you didn't give any replay. I don't know why. When you were in Bankia, we used to go for lunch, but now you are in CaixaBank, and you stopped any contact with us, at least you're not paying attention to any shareholders. Please at least just reply. I spoke to your secretary 7 times. And that's all on my part. Because everything that has been said, it's been said the senior collective, please do not neglect us. Do not leave us behind. I offer my support for anything you need. That's all on my part. I simply insist on use the Spanish language. And secondly, provide support to the elderly. There are many people that are part and are long-term customers of CaixaBank. That's all on my part. Thank you.

Mr. Eduardo Mestres Mataro has the floor now.

Mr. Mataro, I want my intervention to be in the minutes, [indiscernible] minutes. My name is Eduardo Mestres Mataro. The freedom you don't know and you're not so familiar with was created many years ago. I've been living in Valencia for the last 53 years, I consider myself a Valencian. And I was customer from the first day I started living here that was in 1982. All my family, all my relatives, our customers of la Caixa -- or customers of Caixa for more than 100 years. I move on to another topic. I want everybody to know that we are a la Caixa -- some la Caixa speaks in Catalan, and this is the most important value we have. These are customers. Customers are the kings and queens, they are the real owners of this bank because they deserve much more than what you are providing them with. And that's all on my part. . And I remember something that is really nasty because you are cowards representatives of our workers that they were set on the other side of the world really to prevent them for being present and part so that they were in the spotlight. Those workers outside demonstrated in here, you really comfortable here leaving them outside. This is not right. Not at all. I remind you, as every year that the bank in Valencia wanted 4.1 billion passages. And you were lucky that the Spanish state gave you that as a gift as present. And I remind you of this fact every year, every single year, those employees, those shareholders should remind you about this, that amount of money you received from the Spanish government, and you didn't give it back. Let's speak about although your postals, the followers of your more receive remuneration, they do not receive. You cannot earn that faithfully and in a dignified way you should pay for the [indiscernible] of being here. People like you should stay there with all the prestige you have acquired, you should pay for that person presiding and chairing this table. For me, it's not a real President a real Chairman for me. I do not recognize him as such, he wins, EUR 1.6 billion per year. What did you do? You couldn't -- we couldn't see you on any real event, you just call this AGM, you sit down comfortably on the stage. And for that, only for that, you earn EUR 1.6 billion. You don't marry, you don't deserve to be Chairman to be President of la Caixa. Our foundation, la Caixa, is living on the benefits given 30% of the benefits are derived to the foundation. And you don't pay any attention to it. The foundation is 1 of the most important drivers on why this we -- I reclaim a recognition, I encourage you to become customers of la Caixa because we are 1 of the ones because 30% of every profit is transferred to that foundation as it's been done for many, many years. So we want you once and for all to have a director that comes born in Valencia, a Valencian Director. We have people from all over the -- everywhere all around Catalonia and the rest of Spain, but nobody from Valencia. Now we have the Caixa forum that will be inaugurated officially open this year. Is this building was transferred by the Valencian government that was paid by all Valencians and you are taking profit and making use of this incredible building. So I think it will be officially opened shortly. None of the politicians...

Mr. Mestres, please, you've been speaking for 6 minutes.

So all of you -- all of the politicians should be on the last -- sitting on the last row, please, we beg you to stop -- the workers, people that lost everything.

And I need to say goodbye, fair well, you are out of time, you have consumed all your time.

Long Live, la Caixa, long live Valencia, long live Catalonia.

Mr. Jose Antonio del Barrio Colmenarejo has the floor now.

Good afternoon. I'm Jose Antonio Del Barrio Colmenarejo. I want my full statement to be reflected on the minutes of this AGM meeting. Dear President, ladies and gentlemen, the members of the Board -- and good afternoon to all the staff, making up the CaixaBank family. I must congratulate you today for the excellent results obtained in 2021, profit of EUR 5.26 billion. I encourage you all to follow the same track and continue working as such in the coming years. Dear Jose Ignacio Goirigolzarri, as you very well know, Bankia's shareholders lost between 50% and 60% of our savings due to the low price of the stock value in the stock market. We very much wish that CaixaBank on the long run, we will be able to give us back part of the money we lost with an increase of the share value in the market. Mr. Jose Ignacio Goirigolzarri, you received us all -- all the shareholders of Bankia because you didn't -- you fulfill your promise, your pledge with an extraordinary benefit of EUR 52 million before the merger before Bankia was absorbed or purchased acquired by CaixaBank. I ask you, were you paid with these non-executive Chairman position during the mandate, the term for the distribution of the extraordinary -- non-distribution of the surgery dividend, are you aware that the fact of not distributing extraordinary dividend promised by the Board of Bankia, led to harming to great prejudice -- great deal of harm to Bankia's shareholders. We will never ever receive that money, get that money. That might sing you something of the past. In our past history, water under the bridge, but you -- we don't have the benefit you are receiving in fixed and variable retribution. So to me, every euro that gets at home that arrives at my household is more than welcome. We've really needed. Last but not least, I would like to state that since the pandemic -- COVID pandemic started out from the outbreak, we protected all the members of CaixaBank, as it should be according to the regulations in force. So I request CaixaBank in this year, to protect the shareholders to change the focus of your protection so that the share got revalued, because ultimately, they are the real support and foundations of this entity of this company. That's all on my part. Thank you.

[indiscernible] will now take the floor.

Good morning. I would like my -- like you -- I would like my this -- my words to be put in the minutes. I am a worker at CaixaBank. CaixaBank, and not because of you, we've done -- we've had enormous profits. The team, the workers, not you, have had to work for our own jobs due to the entrenchments you have put into place the most savage retrenchments that you have done in history, Mr. [indiscernible], there were 2 historic strikes in the sector and at CaixaBank. You had the whole -- all of the workers demotivated, very sad. And you also will go down in history as having incremented your salaries and benefits. And if you say that if your remuneration is in a cord whether those of a sector, well, I think all of this is just all about excessive, a whole series of excessives. I think that's your maximum aspiration to -- we believe as workers that you should listen to us, you could do your job better. Look at your team. Why are we demonstrating outside? Why are we shouting outside of this building? Because we just cannot go on. We cannot work like this. We want to work under reasonable conditions. What needs to happen before you react? What extreme do we need to reach? Please listen to us. Things are not going well. We are not well. We need resources, planning and organization. We have obtained EUR 2,300 million. It could be more if you if you had trust, your leadership style is antiquated. You are living beyond the reality. Society has advanced and the way you manage people has advanced, you need to trust please more trust more your staff, your work is giving autonomy because the motivation has to be real. You need to lead people, not suffocate them, please listen to what we put forward to you. We need more resources look at the territorial realities. It's all about numbers, what the consequences of the merger about the branches and you need to recognize that all of the staff should have a linear kind of payment system. All these videos you put forward are make, please, do facts, do something, not just talk about things. Please trust your employees because year in, year out, we've been at the level of expected of us in spite of the circumstances. We will vote to -- against points 2, 3, 9, 10, 12 and 14, we will vote against those points. Thank you very much.

Mr. [ Begonya Pedro ] the floor.

Hello, Mr. President. Board of Directors, ladies and gentlemen, members of the Board and ladies and gentlemen, shareholders, I'm [ Begonya Pedro ]. I am of the employee -- as again, Trade Union, employee, Trade Union of CaixaBank. I would like my words to be put down on the minutes of the meeting. So today, I'm going to talk about the forgotten people, those behind the results sheet, the balance of the year, I think those are part of the staff, which have been largely forgotten by you. Have you actually stopped and thought about them? Have you thought about who, what people makes your company function? It's your team here. It's your team that allows you to present those magnificent supposed results. Please understand for once and for all, that without us, you're not going to have a benefit. Isn't that rather obvious? But for some time now, those that have been working for you, we seem to be kind of disturbance. We are a problem. We're just like -- we cause -- we're trouble makers or something. I mean, that's the way we feel -- that we're treated -- we've had 2 retrenchment programs in the last 4 years and always with the same premise that we are supposed to make wage sacrifices, with workplace sacrifices, family sacrifices. So please, members of the Board, if it was up to you, are these retrenchments would have been -- would have ended up as mass dismissals. You try to trick us at the 2019 retrenchment known as ERE E-R-E. And it was that it was not possible for these retrenchments to be voluntary. Well, we -- we tried very hard, and then we had it our way. So with the ensuing negotiations, we managed to get the results. So in spite of a world pandemic, we were really doing our job well and very well in spite of the circumstances. So we offered professionalism, integrity, strength and bravery in those hard years. And now we are nonetheless now suffering the disastrous management imposed on us by you, and therefore, we're losing trust. And we are not feeling as comfortable. We're always feeling we are like a sort of Damocles hanging above us. So with the arrival of the new CaixaBank, some of our hopes and aspirations simply disappeared. So the human part of us please recover the human side of things because otherwise the consequences of trying to save costs by getting rid of staff, by giving others, remaining staff, excessive workloads, it doesn't make sense even on a commercial argument. So we are pleased to take notice of the increasing social pressure. So please stop these threats and mobbing and pressuring. So members of the administration organ is this the kind of setup that you want? Today from our trade union we want to go back to some of the old values that saw our origin or part of origin confidence, companionship, respect -- these were values that helped you earn the respect of clients, your clients. So this was the initial soul of the entity. So please, again, I stress trust in those values because the implication of this stuff is undeniable, but we are going through a lot of unhappiness. So please, ladies and gentlemen of the management, you need to learn not only to take care of but to respect your staff because otherwise, in May, 1 day be too late. Don't forget that without that devoted loyal staff, you won't be able to do anything. Thank you very much.

Mr. David Garcia Mario will now take the floor.

Mr. President, members of the Board, shareholders, I'm David Garcia Mario. I represent the UGT Trade Union employees who have vested their vote in me, and I want my words to be put into the minutes. I would like to express solidarity with the people of Ukraine, the UGT, we are happy to see those extraordinary results, thanks to the enormous effort that we have made by the whole staff put together in 1 year, marked by a while incredible circumstances, the pandemic, which continues the merger and also the establishment of the largest retrenchment of ERE E-R-E, ever taking place. Nonetheless, the bank has made an enormous profit because I think the accelerated merging process, I know the way it was merged and planned has shown the insufficient number of staff that you have available. And also, it means that a reduced number of staff have to deal with a much bigger volume of business. If this should have -- could have been planned beforehand, planned better things would have been better for everybody concerned. So you are expecting that with less staff, you're going to have better results. That is -- that has led to a work overload, enormous pressure on staff and that the staff are not going to go on. We aren't like that. You are only living for profitability. Is it necessary for both clients and members of staff to suffer so that you enhance your profitability. Please reconsider that, people have to be above everything. The sense of belonging that we had at CaixaBank that has gone less, that's gone down. And this happened with the retrenchment last year, the sense of belonging to CaixaBank has been tampered with. There were 2 strikes, as you know, 2 strikes took place because you wanted to forcibly apply certain harsh draconian measures. Please don't -- it is no need to apply traumatic measures. We were able to sideline that retrenchment that you wanted to do originally. And we have always worked well in this house, and we've given good fruits, good profitability. So based on those arguments, that wound we're suffering has to be healed. So the professionals at CaixaBank has to return has to go back thinking, yes, that the management is looking after them because we at stats worked so hard to be a quality financing entity. These financing services have become so important for so many people. And we have the obligation to deal with people who need our services, our advice, our assessments. And we need to avoid make sure that people are not excluded from services. So given our position of leadership in the banking sector, if we cannot give a service at society demands of us, then we're going to see how a public sector is going to have to look for public solutions. But the adoption you need to adopt measures cannot only be borne of the shareholders or the employees exclusively. It has to be done with the whole internal structure of the bank, because I stress, again, we are undergoing enormous pressure, the measures, the resources allocated to us are insufficient for us to do our work effectively. So you urgently need to apply in the short and immediate term, measures to enhance the workplace situation of employees in order for them to give a better service. Now in terms of the proposed salary increase, we reiterate that it should reflect the effort that's been made by members of staff and because of the efforts, you've received those excellent results. So UGT Trade Union as well as CaixaBank and the Obra Social La Caixa that's a social arm. We subscribe 2030 sustainability agenda of the UN. So we feel what we have seen as an augmentation of the enormous wage differences which are patent among. So we are going to vote, therefore, against points 3, 10, 12 and 14. Thank you very much.

[indiscernible] Moreno will now take the floor.

Hello. I want my words to be reflected in the minutes. Mr. President, ladies and gentlemen, members of the Board of Directors and shareholders, good morning. I'm [ Patel Amay ] and I represent ACAM, the Association [indiscernible] and also many employees who have placed their trust in us. In the last AGM, we wanted the forced resignations to be canceled and we wanted a new deal for these people. The new sizing or resizing of the bank that you always talk about this whole thing of meritocracy, you talk so often about meritocracy, but we feel that a lot of the burden was being placed on the new employees coming into CaixaBank. In such difficult years that we've seen at the change their life project, and given the extraordinary efforts in their work that they were making, we feel their situation has not been justly addressed. So now there is a feeling of general deception, disappointment among employees, you that often talked about meritocracy working hard to gain, you're still in time to make that happen. The professionals that have come into CaixaBank feel that their trajectory -- their career trajectories have been put off rails. We were promise certain things when joining these people that have joined have training and abilities, but nonetheless, there are a situation they have to work with day in, day out, which are not acceptable, and those who are in charge of an office or work in an office, sometimes I don't even know what destination they have to go to. Only hours before they get -- this still happens, so I get an e-mail or something, but I don't even know where to go over the next day or within the following hours. I think pardon my expression, but we are talking about -- I will use the word humiliation. It is humiliating. And the leadership model, which you propose, which you put forward is making a situation worse. You will to be the #1 always. It makes your leadership come across not enabling people to get their work done to progress to work fruitfully. People can't work under these circumstances, under the pressures in those places of work in their workplaces. This is -- it is so discouraging for these people. So modern human resource policies don't look people simply as labor as a number of hands. You cannot tailor, as Taylor put it in his study, you cannot deal people -- deal with people in that way. It's not just about units of labor. It's also a question of putting in -- applying resources so that the work to be done is done better. So as from ACAM organization and SCAC S-C-A-C, we demand these changes to take place. We -- the merger and integration that we saw was very complicated, and we think that there should have been a correction coefficient in the salaries and why people -- the money people take home there were dramatic situations at workplaces, new members of staff did have the right training at a certain day and at a certain place. That created a sense of impotence both among workers and clients. When deal -- business that had to be done could not be conducted. And this part of the staff were -- have felt these -- especially these newer members of [indiscernible] have felt out the efforts were not duly rewarded. The price of nappies are the same for all employees. And for example, those people who run offices or maybe the represent -- the fact that their representation costs are not fully met. I think that -- I would not understand either if you only got that 5% we only -- only we could get.

Mr. [ Patel Amay ] . We are running out of time. Could you -- your exposition can be put forward in writing.

I am finishing off. We are convinced that only an exhaustive policy that reduced the pressure that staff are facing can lead to -- yes, we need a better adjustment of remuneration for the work done. I think other people were able to talk longer than me. So what measures are you going to put into force that workplaces? How are you going to act to modify your main leadership model? Are you going to do a proper adequation -- readjustment or adequacy think over. Mr. President, it's your obligation to make sure to ensure that the situation changes, and this is exactly what ACEH ACAC offering to you. We will collaborate with you, if you wish to make these changes. You know the way we work. Thank you very much.

There are still many interventions. Could you please keep to the time allotted and we'll go on. [indiscernible] will now take the floor.

Good morning. I would like my words to be put down in the minutes, Mr. President, members of the Board, ladies and gentlemen, shareholders, [indiscernible] I am from this SATE Trade Union or Syndicate. We cannot dispute the excellent results you have obtained last year. We can only be congratulate you on that. But you have to remember for those people working in the house in this company, those results would not have been [indiscernible]. We have gone through a feeling of abandonment, disappointment, gloom and doom at the offices we work at. We were feeling that we weren't getting anywhere. There was a sense of loss of direction that going to work was a kind of prison sentence. 20% of those in the last retrenchment were young people or young people who felt they just couldn't go on. And they decided to move on to other jobs, it's a wheel and the necessity to feel happy to want to be happy to attain happiness. And they saw those people who were affecting the retrenchment saw that banking was a high-risk business. All these constant changes of offices being shelved from 1 place to another. That led to enormous levels of depression, anxiety, family instability and also problems with other social relationships. And you know exactly full well what we're talking about. They are problems of all the workers of CaixaBank. But with the absorbed people, it seems that it's more of the same business. It's business-as-usual. And they were relegated to whatever position without any explanation and they were asked to sign a document that's very discriminatory. Direct bank managers who accomplished their mission subdirectors, submanagers who knew the business very well. They were -- had to sign all these promises all these -- and also the employees, the way that was sidelined relegated treated as lesser people. So I think you have a big problem with your human resources with your management philosophy. And I think your view is too short- and medium-term. It's based on the short-term all the time. And I think things could have been much better if you had functioned in another way. We would like to hopefully congratulate you next year, but also congratulate you for trading next year. You'll your -- to say that your workers have been treated better. We are proud of our social work commitment as Obra Social La Caixa. And as saying goes, charity begins at home. And that includes looking after your employees looking after the welfare that's what you're afraid of. You think it's an anomaly because often, it's a climate a setting where people are working, which is virtually unbearable. People do things. People get so discouraged in the way resources are allotted or not even allotted makes them think, oh, it's because we're going to be closed soon. We're going to take us somewhere or throw us out somehow. So CaixaBank, please look, please find remedy for the grievances of your starts. Thank you very much. Have a good day and good luck.

Mr. Antonio [indiscernible] will take the floor now.

Hello everybody. I'm [indiscernible]. I present TGT at CaixaBank Bank. I'm trying -- I would like to deal with some of the minor details everyone's been talking about. But nothing that seems to be voted here will be a reflection of the last financial year exercise. The people that -- you talk about voluntary people who left. You talk about supposed voluntary, the historic strikes, 2 of them that we went to, while there were such long queues of all people at the banks, I think going back on -- trying to be more mundane. I think the whole situation was shocking. You need 2 things in this company, employees and clients. Without that, if 1 of those is missing, then any company will disappear. TGT said this, TGT, you expect grandparents to pay the bank with Bison, which is the phone application. I think that is in decent. I think that you all went red face when such things were imposed on older people and such comments were made. Without those clients and also our older people, you would be nothing today. And the same thing is happening with our colleagues, the colleagues that we work with. It's been a very sad year. The requests to be part of the retrenchment program just went overboard, there were so many requests, it meant that previous talent evaporated wasn't made use of talent was sidelined. And then -- and then they want to -- there are still people who thought they were going out and maybe don't know quite the day that will be out and probably it will be sooner than later. So this sector knows how to reconvert only by getting rid of job numbers. So it means that I'm sorry, will mean nobody will want to work here anymore. So are you going to sell the televisions, mobile phones, the benefits? What about all those TV sets and phones that you are selling? He's going to be doing a selling part? Because that does concern TGT. This will elaborate on the company looking back on history, the whole way you've done intermediation. We not -- we shouldn't have to be a bizarre where you would have coffee by telephone or a TV set -- only -- it's like playing on the fears and anxieties of people prone to anxiety and depression. We are having to put up with a lot of pressure in our offices. So sooner or later, what I'm saying is you're going to have to make a decision. But how you're going to sell any product that you decide to sell? Is the biggest banking institution of the country can be converted into some kind of Ali Express? So I feel you need to be reminded that there should be a transforming process. I think the image of CaixaBank as being badly affected you are pulling the image down. Please don't look down upon our clients. Don't look down upon our workers, because you are biting off the hand who is actually feeding you.

Mr. Antonio [indiscernible] has the floor now.

Good morning, dear shareholders, members of the Board of directors. I would like my statement, my intervention to be included in the minutes. I speak as General Secretary of the Independent Union at the Valeri Islands, we are celebrating our 40 years of existence in the Islands. I speaking on behalf of those that delegated the vote on me, I would like to request our colleagues at CaixaBank, the best staff in this banking sector. The best team they make with their every day effort with the commitment and responsibility. They make possible that our entity, our bank lies where it lies and thanks to that, you can present those extraordinary results. Unfortunately, on our everyday work and it's been sold for the -- for many years, we are subjected to pressures lack of respect, lack of education in some sectors, et cetera, a lack of empathy of intermediate managers that leads to, well, unpleasant working environment. So we are -- sadly, the staff was the best first line during the pandemic, and they got at risk health risk. They faced a health risk. And this led to the situation of chaos and uncertainty. And until recently, this was one of the most coveted companies for youngsters. Currently, it doesn't even appear in the published ratings just on the contrary -- much -- with a big difference to other banks. Regarding remuneration of employees, the last collective agreement led to the fact that we are losing more than 20% in terms of purchasing power with salaries went down because we made the mistake of disengaging our salaries from the IPC, the purchasing prices index. So we want to implement an extraordinary increase in remunerations. In fact, the government asked for income covenant or packed if it is ethics and it's fair that this is implemented, especially those that make possible these excellent results that were presented this morning by the members of the Board, we want to congratulate CaixaBank Board for getting the iron ore's credit rating for being good for good governance principles. The seventh one is the fulfillment on the compliance with regulations, but this is not always the case in our organization at CaixaBank got in for bad practices implemented by intermediate managers, and we notified those best practices, they are boxed positively. They are known by everybody. So is this the image and reputation we deserve? I mean the -- all the members, all of us making up -- making part of CaixaBank so that we have less trust because you have a short-term vision. And for us, this is really harming because we are not solving the needs of our customers. The customers are solving our problems, and this shouldn't be sold during the temporary dismissal negotiation that we were notified that customers were better, more digital and those branches, the offices weren't necessary and you decided to close them. So -- but you were wrong. New initiatives have been presented to support our seniors that they deserve. We need to go back to our origins and think more about our customers consider them that we would like to thank our CEO for taking seriously the request we made in the last AGM about mortgages. They became challenged. And unfortunately, our competitors took advantage of that, and we lost business. So we need to be really proactive in the SMD ERA the temporary dismissal scheme we accepted the voluntariness aspect. You understood that there was -- in the end, you understood and you agree that it was absolutely necessary that volunteering, I mean, that the fact that the dismissals had to be voluntary. We never came to the point in 17 years of history, so for that the coming negotiations, a piece of advise. Please do trust the great professionals working at your departments of human resources. Don't need to hire external counselors and advisers. We need a firm commitment with customers, with the staff. And that is why we ask you for -- to change your attitude so that we recover our excitement and that pride of being part of CaixaBank at more or less the finder, the stated the work at our head and the people at our heart, we are a soulless bank and entity. You are the highest authority you have a mission. You have the mission and the obligation of recovering that soul we've lost at CaixaBank, and that is of the utmost importance for all of us. Thank you.

Mr. [indiscernible] has the floor now.

Mr. President, Mr. CEO, members of the Board of Directors, dear shareholders. I'm speaking on my own behalf, and I represent rights of the proxies. I'm representing [indiscernible]. Before anything, I'm going to thank Mr. Gonzalo Gortazar that part of his intervention was pronounced in Catalan, he spoke in Catalan this is part of his responsibility, with regard to the Catalan language. I encourage the Chairman may be hides next year to speaking Catalan in part of his statement, we would be really thankful. In Catalonia, I always thought the most important asset at CaixaBank is the human asset, the human capital. Our staff, they made a great effort but they've suffered a lot as a result of the mergers. Adhering to that growth in recent years, the balance of the treatment given to our employees by the manager is really daunting. We are awareness of the transformations process we are undergoing as a bank where a company, so the main aim is to achieve the highest possible. But this doesn't justify at all that you are putting psychological and commercial pressure on the workers beyond any inspectable degree, especially those that are working in Catalonia. As a result of this pressure, you are putting of us a number of leaves or sick leaves for anxiety has increased significantly in recent years. All of these people that had to leave their jobs will stay so for a long time. And those sick leaves have an impact on higher working load on the rest of the colleagues and affects negatively the service provided to our customers. So the exclusive pressure on selling, on getting commissions the fact that the network of branches has been produced on the cost-cutting schemes lead to an abandonment of people that are really talented but decide to leave and go to find better prospects in other companies and sectors. We are fully convinced that we are approaching a turning point. This will be counterproductive for our interest for the health of our workers and for CaixaBank as a whole. That is why we demand that the pressure goes back to standard levels that worked perfectly well in the field of results without those sick leaves. I would like to conclude with a single question and I would like to thank you for replying. What is the absentees percentage necessary so that you will start to act so that we the employees go back to dignified conditions that do not lead to harm, to sick leaves, to absentees and to leaving our jobs for health problems and issues. Thanks to the workers and those of you that chose and CaixaBank as your bank of trust. That's all. Thank you all.

Don Jorge Miguel [indiscernible] has the floor.

Good afternoon. Before I start, my integration, I would like to thank the Board to CaixaBank to the managers and the employees for the commitment and solidarity with the humanitarian crisis, the Ukrainian conflict. Thanks for all your support. I'll start my statement on intervention, and I want, it literally be reflected in the minutes. Mr. President, Mr. CEO, dear members of the board, dear shareholders, good afternoon. I'm [indiscernible] Jody Teresa, President of Bankia, the Association, that gathers all professionals at Bankia and now professionals at CaixaBank. I speak on their behalf, and I represent them and also as a Vice President of the affect Federation on behalf of those professionals, they deposited the trust on us. I'll give you some data and figures, considerations about the concerns of some of our employees, members of this staff and President of the Board and Secretary General will elaborate on that. We would like to publicly congratulate all the female and main workers at CaixaBank because they are the ones who deserve the merit of the enormous benefits accumulated by the entity. More than EUR 5 billion, 4x as much as previous benefits last year. Those benefits are the result of the merger with Bankia that provided EUR 4.3 billion in goodwill, EUR 2.3 billion in excess capital, EUR 10 billion in fiscal credits from which EUR 7 billion can be monetized. And this way, we helped or paid one of the highest temporary layout schemes in history, which was more profitable more compared to the last one executed in 2019. However, all these overwhelming positive figures were not enough to satisfactorily integrate the Bankia's staff. They couldn't enjoy equal conditions when joining one of the best banks in Spain. Those expectations were founded on great sacrifices made along the years, professional capacity, professional competence proven in the worst example. In the worst moments, we underwent as a -- in the banking sector. You will have to wait until 2026 to achieve an acceptable minimum after the figures we just expressed. We will have to wait for years to be treated as equal it's in your hands to put a remedy to provide illusion and excitement to the Bankia employees. Mr. Gortazar, our CEO, said 2 months ago that this year -- in this year, you will materialize the synergies of costs, and we will present the strategic lines of the bank for the coming years. The start -- the beginning was really bad. We proved display of thousands of customers when some those branches were closed towards offices. They created protest platforms. Our situation is not the same as other banks that were absorbed previously. We cannot keep on doing business as usual. I mean it is absolutely necessary to tack on a realistic plan so that we can embrace the whole staff, all the members of Bankia because they are well trained, they have -- they are experienced employees that cannot reach their full potential if they are underway, unfamiliar with the IT system. This created an unnecessary problem and the customers have changed their perception. They do not trust any longer, we cannot afford to lose those customers. This wasn't in our spirit. This is one of the pillars on which we are based. The last -- lack of acceptability of islands, lack of merger of employees, the effect of proximity services were canceled, among others, led to an exponential growth of professional stress leading to sick leaves, anxiety, depression on our employees. We need to review the leadership model by engaging people's managers so that we can adapt to the new situation and conditions. So several intermediate managers should be part of this modernization processes. Some of them need to be laid off. I mean, we need to do without them because they are forcing people, they are put in history proves and shows that this is not a way to follow. The working environment is really bad. The first victims are the health and welfare of our staff, and then welcome the customers and finally, the benefits. Can you please move on to your questions. we are drifting away from our expectations and objectives. We will have the worst consequences in the near future. We demand, we ask you that all the experience and the skills you accumulate or put as a service of a new model of labor relationships that allow us to dream of an entity that is capable of motivating us. Our hand is in -- our future is in your hands. We need to find a balance among the best assets of our company, the workers and the shareholder, all of them are people. [indiscernible] will be close to you so that we are happy, we feel satisfied again. Please do not disappoint us again.

Mr. John [ Reynes ] has the floor.

Good morning. Good afternoon, rather. I want my statement to be shown later in the minutes. Mr. President, members of the Board, dear shareholders, dear colleagues, I'm John [ Reynes ]. I speak on behalf of the Trade Union at the Balearic Islands belonging to Bankia, according to the last reports published the most repeated comment was congratulations because you really explain what is going on in La Caixa. What is going on? What's happening there? What it seems that there has been a long chain of areas of temporary dismissal schemes that has reached its limit. Our staff is at the limit of their physical and psychological strength. And they have a lot of work to do, more and more work and not in our hands. I would like to insist on a piece of information that was mentioned this morning digitization process, we have achieved 70%. Maybe the members of the Board didn't reflect on these. It's hard to believe that 3 out of every 4 customers of our are getting -- most of them are getting old. So I'm not sure at all that they have, well, accomplished these digital literacy learning process. I'm sure they are not able to do so under the due to the members of the Board is to make decisions that guide the future and the way to follow by us, and this has an impact on many of our customers and our workers. So taking us granted at digitization process that is not real implies amount of work by us, by the employees, working on an assumption that is not -- well, it doesn't respond to reality. So please dig deeper please consider those data and study them in detail because this is not real. Our employees have to work a lot on each of the customers. The customer has to fill in a form and sign it and that means that this person is digital already. And this is ridiculous. Some of our workers have portfolios have thousands of customers, thousands, I mean, do you think that this is enough? In many cases, we -- and they have many, many tasks to carry out many challenges to face. And apart from that, when they need to sell a specific project in a very limited time frame due to consumers and that's a system that's a burned land principle. And if the employee doesn't work as expected, he's called an incompetent, there is a lack of sensitivity on the part of the managers. So they are ridiculizing some of the boxes, so to say. They are following a policy of a hierarchical system and those that are in power are increasing the number of tasks that the lower positions need to cope. So that tightening by the supervisors is nonstoppable. So we need more support, more help. So the working environment is really bad and the occupation of risks are increasing and to conclude. And on top of that, we have a war -- we are facing a war, and we are all part of a network. So this is -- these conditions are unacceptable. So please do as necessary needed so that workers stopped receiving claims and complaints by customers. There are 3 factors that have an impact on us. First of all, lack of human touch. Second, our branches, our offices have no macro vision. Where are we leading heading to? Is there -- is there anybody, any real leader? We need to know about the direction we cannot be kept in the dark any longer. Thirdly, we need social piece without social piece, there's nowhere we can reach, no way to work. Things cannot be imposed by force. But by collaboration, we need to redirect our direction based on social fees, we need to recover that sense of belonging human treatment for us, for workers and for customers. That's on my part. Thank you.

Mr. Alberto Martin Luis Vilchez, will now take the floor. Your intervention seems to be rather long. Could you just shorten it, please.

Good morning, Mr. President, members of the board, ladies and gentlemen and shareholders, I would like my words we put down on a minute. I am Secretary General of [ CSIF ], the financial department affiliated to other such bodies, and I represent the workers at the entity. Mr. President, I'll start talking about 2 of the points, well, I think the workforce. As President of [ AVR ] has pointed out before, we talk about the palpable and the tangible and how that affects the workforce. 1/3 of the workforce came from Bankia, you know that. And in 2020 -- 2026 that particular group will be actually receiving a remuneration will actually be less than that proportion to their other colleagues from the other side. And that is, in my view, discriminatory. And because of this, with this merger [ CSIF ], asked for homologation to make the salary levels, et cetera, equal. And this has not been happening. So Mr. President, can we remind you once again, the once this discrimination is continuing, we have worked the same way with kind of the same conditions and the same objectives because to improve the productivity of the entity, we've really rolled up our sleeves. And we cannot continue to discriminate against one part of the staff, Mr. President. Please allow other suggestions to be offered. For example, teleworking from home, which is now so widespread, which that would enable a real integration of the whole staff -- it will also enable a reduction of general costs and also save on space. And also, I'm referring to sustainable development goals that should be also considered in your leadership as well as the way they are trained, but we feel a little -- has been put into practice, Mr. President. I perceive you, you have to make changes. Please allow a greater proportion of people to do teleworking, Mr. President. So I believe if you look at the bank branch as a trench of the entity, the main front, the battle front, I think should be able to do things better because, in fact, you will be creating a win-win situation. So I think we could -- we are asking for your wheel to come to an agreement that would my word, you would call it. So it also means the evolution of discrimination between different sectors of the other staff, make it a real homologation of different staff, including those that came from Bankia. And also that there should be a transfer model put into place more in line with reality. So in that way, our colleagues, both men and women will be able to do their job under better conditions in a happier way, in a more human way and will be -- and therefore, it means taking care of your staff. We cannot finalize this point without referring to the macroeconomic context and how that's affecting society. So that's why our trade union movement is offering to you opening up a dialogue table in order to deal with these issues, and we do this on behalf of the employees. Now we'll talk about the intangible, the nontangible. It means quantifying our health, welfare of the staff. I think we need to sit down and talk about sustainability, but we'll start with the social factor. And all of these services which you manufacture -- which you offer. You seem to be saying that common objectives need to be obtained. But this can only be done through appropriate remuneration, appropriate treatment of employees. And therefore, you will be able to get better investment in these companies. So Mr. President, I perceive that you consider a win-win situation, things will go better, and we should have a manager model, which is fitting for the most important banking group in Spain, not based on authority, but on constructive leadership. So also, you need to be reminded, listen, talk and do please. Thank you very much.

Mr. [indiscernible] will now take the floor.

I would like my words to be put down in the minutes. I'm Oscar [indiscernible]. I'm President of Stock, the Trade Union of CaixaBank workers. And so I see life as a kind of boomerang things it's thrown, but then it comes back to you. So you seem to ask for common sense to your employees, calm, but the day-to-day pressure is so high. The anxiety is such that do you think under this -- is this the situation that can continue to perform adequately I feel that you needed to ask yourself, is this the best business strategy that you want to pursue? Do you actually -- nobody should be left behind. I think there are many things which you have not put on your agenda to talk with the workers, not just salary, origin and transfers, destinations wage comparisons. All this is gathered up in Article 28, and this is the whole -- the whole point is that a work with the different value -- with the same value you should have -- should be paid equally in terms of value. And -- this affects our pension plans, which can vary -- make things vary by up to 300%. Do you publish a salary distribution so that we can see if there are significant differences? For example, it's like a person eating 2 chickens and one person, one person has no chicken at all, but the average is actually one chicken per person. And so I think some of the statistics that are put forward to us are not -- does not reflect reality. Well, aren't you a little bit of ashamed of yourselves? I think you need to have a good long hard look at that. Now there is a enormous wage level, salary level differences, which need to be addressed. Motivation is something that's being affected. So please explain that to the people who are on the ALI document, they were forced to sign that. I think you need to have a more personalized attention and you don't need to look over your shoulder. I think it's -- you talk in Anglo-Saxon terms, my word, stock this and that. But -- they are still loyal clients. You must not forget about them. They are loyal clients. If they want to make use of digitalization that's fine. But when we are -- I think we need to -- you need to, for example, in the afternoon, employ more staff. The future is digital, you say -- and you talk about meritocracy is the future of digital when is the work really going to be digital. I think in life, as in CHESS both the King -- a piece of the King and also the small soldier end up in the same box. So let's please reduce the commercial pressure. The anxiety that's being instilled in works is excessive. We want the best CaixaBank, too.

Mr. Carlos Alberto Geurrero [indiscernible] will take the floor.

Hello, everybody. I want my words to put into the minutes. Hello there. I'm Carlos Guerrero, I'm a shareholder, an employer -- employee and representatives. A month ago, I went to a session of my son's school. And I had to talk about what my job involved, then I had to answer the question to the school children. I had to talk about the company and its social function. So the questions that were asked to me about how the bank -- well, the first question was, we capture the savings of clients and we can -- people can borrow money and businesses can grow. And also, the bank commercializes other services such as insurance, but in reciprocity, other -- we do other services. And then -- that was what I was able to tell those children that class at a school would have had their malls left open instead of just talking about the theory. I would have talked about what happens. What I -- if I had explained it through day of CaixaBank employee, where there is no social function things about aspirations, ambitions, pushing pressure or the use of white boards. And also even secondhand goods purchases and sales and stuff that we have to do. And those who don't give a profit give employees who don't give a profit to the bank, I get relegated to us to a much lesser positions and always and the fact that what happens to the bank does not serve the clients' interest. So the attention to the client of today, to say all this in front of school children for them who might even be considered to be shareholders of tomorrow, they'll find that worrying. And I think that -- if an employee says a comment or makes a comment or complaint during the week, that person is going to be facing problems during the week. So -- and there are memes about all of this, how employees are treated or those who speak out. So next time, I think the theory of our profession -- the theory of our profession should be coherent with the practice. So therefore, I will be able to explain to children the adults of the future that. So therefore, we can work, help build an economic stronger society but also more civilized and more human. Are we going to be pursuing a policy of selling at all costs? Or are we going to be going back to the location of serving society? Thank you very much.

Mr. [ Antony Cano bernet ] will take the floor.

Mr. President, members of the board, ladies and gentlemen, shareholders. I am Mr. [ Bernet ], I'm a secretary General of Trade Union of the Catalan Association of the banking. And one more time, we are looking at the -- from the Catalan perspective, we are looking at how the management has done. But I am seeing a way of working, a way of operating the way the staff is being treated. We are seeing a kind of economic leadership, kind of commitment which has been exported to the rest of Spanish territory. But speaking of the workers there at CaixaBank, based on your decisions, you've seem to have used people, the employees as a cost to be reduced, that's the way you see them and the average salary at the entity has been maintained. What are the costs in that period I mentioned over those years have gone up by 50%. So your -- I believe your main assets should be your workers. And I think that in -- so do you really think that you're doing -- don't you think it's time for income remuneration increase to be applied for the whole of your staff? I think with your management you should have you should be playing -- paying more attention to social protection and the advancement of society. I think that is a savage kind of capitalism, which is taking its toll on society. And speaking of the human factor. When are you going to start changing things, you talk about the creation of value. But what about creating value for your staff. People are finding that they are working at a place is supposed to be deeply rooted with the society. But inherently, it is not that at all. We have seen how clients have been abandoned, that you've gone from certain territories and regions, parts of the country. Is this really explainable. Can you simply explain in a way? So I'm afraid if I had to grade you, you would fail, you will get a fail grade, you are supposed to be the best place to work. It's not the best place to work. I think you have lost a sense of direction. And I think you need to be reminded that changes need to happen and the staff does not remain, things should not be that way. That's not our raise in debt. We are -- want to do things based on more integrity. Yes. In this Anglo-Saxon terminology, we are subject to brainwashing as our clients. Once more and just to round off, I think I think it's a shame that the Barcelona is a city that this entity should never have left. And I think you are very comfortable now sitting there at your offices in Pintor Sorolla Street Valencia. So maybe your next step will be to move yourselves to your office in Madrid. I wonder how far I will go. Thank you.

We have no more -- no, we have some telematic reports. And so the first one we'll be read. Hello, everybody. Mr. President, Delegates. As I usually do in my interventions since 2016, I've been participating at AGMs. I will have to do it telematically, we see for various reasons. I was at Bankia. And then in its core short but intense journey and going -- having lived through the COVID-19, the staff cutbacks so many other negative things. I think it's been a big challenge for everybody. Nonetheless, thanks to the efforts of all the workers you cannot have -- the result this year is really good. It could not be better. EUR 36 million better market share quarters and net profit has increased and 2021 had EUR 4,200 million. And this was -- it was in each that was going to be paid out as dividends. Well, in the previous intervention, there was a comment made about the difficult moments we were going through, and we are going -- we are -- have the shadow of many things happening in the world. And I believe often the worst things happen to the most innocent people who have really say, I want to thank our bank again for their concern about what is happening to the citizens of the Ukraine. And as always, I'd like to thank our main shareholder, which is the foundation of la Caixa because they are -- we're creating a safeguard safety net against poverty. And -- but also, in fact, they're looking after people with advanced forms of disease. Also, I want to thank Mr. President, Jose Ignacio. Thanks for being a part of this great bank, all of my great support as a minority shareholder. And I applaud your efforts and I will continue to applaud that I signed this Antonio Valereco. Thank you.

Thank you very much. We will now do answer the grievances and comments. In the first 2 that intervened Mr. [indiscernible] and Mr. Agilus, they were representing ADICAE, I think even the other had many ideas in common, they've structured their comment on 4 pillars: collective demands, judicial demands, judicial questions. CaixaBank claims are we dealing with claims and how that was going to go through the courts. I think that's a new attitude that's being put forward, and I'm sure that we will find a pathway to channel those claims and that we'll be able to reach agreements mutually beneficial. The second thing he talked about Mr. Fernando Aerero, he made reference to our Board Director, what he had said that he had not he -- that he was not convinced by the figures, but the volume of commissions, when we talk about commissions, there are various kinds, one involved products. We are clear about commission our commissions. The claim that we are applying the commissions as was commented well, I digress from that. The third point was about sustainability. And now -- in terms of sustainability, when we are looking at climate change and that challenge, I think all shareholders of this bank should be proud that we are taking an active interest because we are emitting debt in terms of ISE. We are in all of the agencies and all of the rankings in terms of sustainability, we are actually quite well considered. So I would say that participating in this -- the first point was about the agility -- well, dealing with older people. And I think this was commented on by Mr. [indiscernible]. And also the people representing the trade unions or syndicates I'm going to ask Mr. [indiscernible] to reflect on that and answer that a bit later than in his campaign proposal. So Mr. Fernandez Vernal and Fernando and the things they were talking about and the way the treatment of older people is going to be dealt with -- that will be dealt with by Mr. -- I will answer. I will leave that to a later stage of my answer. So that was an answer to Mr. Arero and Fernando -- Mr. Fernando. Yes, thank you. These were 2 interventions. I want to answer those first 2. I want to do a joint answer to those 2 interventions by 2 different people. Of course, I want to make clear our position on human rights. We are signatories of world agreements, world treaties concerning the role of investment banks, responsible banking, I want to make that absolutely clear. So our activity is not just purely banking on our public wage and those commitments I was referring to Republic. Those principles are there. And they include -- I don't want to make it too long. But one of the aspects is that they shouldn't have relationship with arms companies or with countries or public sectors or countries undergoing arms embargoes. We don't do deals with intermediaries. And we don't finance operations -- well, in country, the human rights abuses -- we apply that in our international banking operations. And we are aware of this as far as Ukraine, the Ukraine is concerned, our policy is public, and we will continue to operate that way thank you. to the fifth intervention, Jose Javier [indiscernible] and he was asking about attention to the senior citizens and I wanted to talk about how that relates to digitization. When we talk about those new digital technologies and new distribution channels in banking, it's possibly one of the most complex issues facing us today. There's no doubt about that. And it's one of the most difficult things to manage because different clients have different needs. That's absolutely clear. Somebody wants -- some people want to do it digitally others physically and the majority want to do it in a mix or different other channels. And we all have to give them an excellent service to each and every one of them. This is also of particular relevance when it comes to senior citizens. Because when we talk of CaixaBank response to them, we're not just talking about digitalization. We're talking about a concept, which is far more complex in the plans and measures that are being carried out in CaixaBank. We are not plans done just a few months ago. No, no, they were actually spelled out back in 2019. So it was based on the vector of transactionality. And so we decided that the network of branch offices and offices or bank network is bigger, put together than our 2 next competitors, and we have 13,000 automatic tellers. In terms of older people, what they're concerned about is withdrawing cash and also paying bills and also updating their cash movements and records. So at CaixaBank, we decided that this updating of -- this updating could be done. So bank passbooks could be updated at all teller banks, and 900 new automatic tellers will be put into place. And furthermore, has happened with Bankia, obviously, the banking customers were going to have more problems adapting that we have reinforced our offices with 1,400 extra staff to reinforce automatic processes at offices, automation. And we wanted to increase the personalization of services. And I would like to insist here, as was said before that at 2019, this was already thought about back in 2019, not that we just did recently was well thought about before. So in our training, we were already starting to look at that a few years ago in order to make a transition as good as well as possible. In 2021, we had 700 updated. And at the end of the year, we'll have a look up to 2000. Then also, we introduced a personalized telephone contact system. As Mr. [indiscernible] said, that it was important that we keep up the training -- training our clients to interact with us. So we had 1,600 sessions to form them. And we've developed a unique service system which we're already displaying and showing to people, and it's been growing and will grow in the coming in our opinion. I think we've had a good approximation to this segment of the population. And I'm sure there is still room to improve, and that will be our commitment. I think we've had a good approximation to the segment of the population. And I'm sure there is still room to improve, and that will be our commitment. Mr. Ballesteros also looked at a call -- well, he talked about a call that was never returned he claims. And I'm sorry, I was not aware. I was thinking about how votes in somebody's name can be assigned.

Well, I want to thank you, I would like to say 3 things to in my gratitude. Yes, you can delegate votes in me, yes; two, that he came here; and three, his presence, yes, of course. And number three, that it was an intelligent intervention. And I can assure you, in a very short period of time, I hope there was no misunderstanding. So for Mr. Eduardo [indiscernible] he had an intervention which was very lively as in recent years. I would like to say 3 things. First of all, I want to thank his gratitude for his fidelity to his institution. You have great passion and fidelity for this entity. Secondly, I couldn't agree with you anymore. We have to put -- our clients have to be a central issue. They legitimize our position, what we do, what we're all about. And therefore, we wouldn't have a job if it wasn't for them. And thirdly, really I've said that you have that opinion of us -- of me because what I will do is with humility, I assure you I will reflect. Yes, you're saying things have to be changed. I am open to change. Mr. [indiscernible] started by congratulating the board, the team here and that I really appreciate. And then he made a few -- he drew -- made some points. First of all, he said that at Bankia, there was a commitment to shareholders that [EUR 2,000 million] to EUR 2,500 million would be set aside. And we generated that money, but it was impossible to accomplish that commitment because the reality was -- it could not be finalized, but it was -- but what was possible was a merger and that happened. And when I say that, I'm thinking of the shareholders foremost. It's their money, the shareholders' money that their shares, the ones that they had in Bankia have had an overall net increase of 107%, so that's not so bad. So we are focused with the creation, and we are all about the creation of added value for our shareholders. And I proudly say that our profitability -- level of profitability is 4.65%. And this has led to a 73% increase in value, 30% more than the average of the time. So with this, we'll now move over to the representatives of the trade unions.

So I understand there were 2 types of questions that were asked. First group refer to the remuneration scheme of the board and second package are referring to occupational or labor aspects. I'm sure that our CEO will complement and delve deeper on some of the questions -- on the issues I will make reference to.

I'll start by speaking about remuneration scheme of the members of the Board. Everything is fully regulated. These are proposals by the Remuneration Committee that is assisted by external counselors, and apart from that they permanently relate those remunerations with the market level. Apart from that, I remind you that these retribution, that remuneration has to be previously approved by the Annual General Meeting. Having said that, when you spoke about comparisons of remuneration between 2020 and 2021, you made some mistakes in my humble opinion when making those comparisons may be because in 2020, our CEO, he was generous enough to renounce his valuable remuneration. And in 2021, he decided to earn it -- to collect it. Apart from that, the fact that in 2020, we had a nonexecutive presidency, whereas in 2021 we had an executive presidency. So this entails a change in the way of calculating remuneration. But in 2021, this Board received -- implemented no change in the remuneration. There was no increment at all in retribution compared to 2020 -- in 2021. So I want this to be clear. Speaking about 2022, basically, in terms of executive directors, 2 aspects were presented to your consideration, which will be voted later on. Firstly, as in all the members of the staff with truly annual retribution. We combined the yearly multiannual retribution, both for the CEO and myself, considering that the global amount will never be modified. And apart from that in the value of retribution before we had the obligation to keep it for 1 year, now we are proposing to the Board to keep them for 3 years. Apart from that, and even though what the Directors of CaixaBank PC much less compared to other banks of similar size, we are proposing this Board to keep stable. So no changes in the retribution of nonexecutive directors and the 2 executive directors, both in their fixed and in their variable remunerations. So that is what I wanted to say regarding this topic. Moving on to what you mentioned about labor issues, labor aspects. And as I announced before our CEO will elaborate on that, I would like to make some remarks on what has been set by the unions representatives. As you all know, all of the people I've had -- have been lucky to work with, I have a fixed idea in the banking sector and maybe in other sectors, but I only worked on the banking sector, the difference between excellent banks and those that are not excellent lies mainly on the teams on this staff. I am absolutely convinced that this will continue to be so in a much more digitalized and technological world. I have no doubt that people with their professionalism and their firm commitment make the difference between excellent businesses and those that are lagging behind. So as I said in my presentation, in recent months were marked by the integration process after the merger. I insisted on that and I will underscore the behavior by the members of the staff was absolutely excellent and extraordinary, because they managed to overcome a complex process with a really high degree of reliability. And I have never had the occasion to see such a degree of excellence in the previous mergers I took part in the past. And the same goes for those people that are in direct contact with the customers because they gave -- and they were exemplary in closeness to the customers. This merger took place in complex situations as a consequence of the COVID-19 pandemic. I must say that in the light of such a complicated environment, this was possible thanks to the courage and the commitment of all the members of the team at CaixaBank. So I insist on thanking and expressing my gratitude to all of them. I want to thank you for offering yourself to reach agreements on 2 aspects. Having said this, and before I give the floor to our CEO, to our Chief Executive, I offer 2 remarks on my part. We are aware, all of you, also the people that intervened before, we are in an extremely competitive sector. We have formidable competitors. Other banks that are doing great, traditional and emerging businesses. Within this market, we need to behave as a high-performing organization as we done -- we always did. And this entails achieving highly ambitious goals because this is the only way of keeping this project in a sustainable way and over time. And of course, we feel absolutely proud of that. We need to be respectful for people, of course, for every people. And this was the standard here. I mean, throughout our history. I would like to say something regarding our relationship and our links with our customers. Our whole strategy has the customer at its core without our users, our customers, we would have no job, no salary, no work. They justify and they are the reason for everything we do. That is why we intend to keep long-term relationships with our customers, and we need to serve them with the highest excellent standards. Therefore, the quality of our service has to be our first reference [indiscernible] but also the counseling is part of this high-quality service provided. What is more our duties to respond to the needs of our customers by offering the most appropriate product and services to them. This is the best sign of our quality, which means we are close to our customers, we analyze their needs, and we offer them the best alternatives and options. I conclude by sharing with you my conviction, the conviction of all the members of this Board, and hopefully that will be the same and can be applicable to all the people that make up CaixaBank, especially related to our -- the link with our customers, with the public. No goal, no objective can be achieved by violating our values and our principles. This is the direction we need to follow. They are the direction we need to follow at all times. And I give the floor to my colleague, to the Chief Executive Officer, Mr. Gortazar.

I'll try to be brief, of course. But first of all, I would like to thank the interventions of all the trade unions representatives. They mentioned many things they don't like, of course, but there is a good point, an advantage. We agree in our firm commitment with the staff. And this commitment led us to achieve those results, both in quantitative and qualitative terms. So we hold on to that, that we share that mission, that premise, which is absolutely fundamental. Undoubtedly, in recent years, the environment has changed and it has been really complex with interest rates that are negative, and this goes against what traditional situations with a complicated economic environment and regulatory changes that will have a profound impact on our sector. So really difficult years. We had to go through -- also for us -- for us, of course, we went through that integration that entailed a big effort. We went through the pandemic that affected us all as other members of the sector. Our Chairman insisted of the great development and the great achievements despite all those drawbacks. And this is also -- that was also a challenge for our customers, for our clients, for our users. And that was our mission. Therefore, we cannot obviate, we cannot forget that we are leaving a complicating time, harsh times, but our business model is strong, is solid, is sound and is based on listening to the customer, providing solutions, analyzing their needs and propose solutions. That's at the core of what we do, that's our mission, and that's what makes sense to us based -- apart from that, we have our incentives, our challenges, our ambitions, and we are achieving them systematically, especially in recent years. Since 2021, challenges are an instrument and tool but really, this is why -- I mean, what is really important is listening to our customers. This is the model to follow undoubtedly. As we said, we had to go through an integration, the highest in the history of Spain, of the Spanish financial sector, one of the greatest ones in the European continent. As our Chairman said before, we managed to integrate our systems within 8 months -- technologically and financially, it was really complex. We integrated security processes, business models, risk alliances. We have established an important topics such as insurances and real estate agents, payments and so on and so forth, great effort and especially convergence of people, the most important component. So we have 6,500 people in absolute terms that left our group. And well, the good thing is they all did so voluntarily, and we are grouping our offices, our branches. And many employees were impacted, affected. Their position changed as a consequence of this integration process, and there are 10 million customers where we moved, they had to relocate because their offices disappeared or they were merged with others. So of course, within 12 months, think about that, within 12 months, we had to go through all of these. So of course, there's no way it could be easy and simple. We need to be realistic. Integration of such a site, of course, it had to be complicated and required effort. But the good thing is we haven't got to the end, that we will still have to work for more months -- for some months. We did with velocity, with a moderate level of influence, of impact and above all, we learned from our mistakes, from the errors, from the incidences that took place and try to avoid them happening again. And thirdly, and finally, we did it with the highest level of commitment. We owe -- there are no different sites or different categories, we are just a whole -- a single team, a single vision, and we share all those values. So they are not 2 or 3 or 4 sites. I feel this is my obligation. The management team is extraordinary, I have no doubt, the best in the banking sector, in the Spanish banking sector. I've seen the managers. Well, I've worked a lot with them, central services, territorial managers, business area managers. I mean they work really hard. They are extraordinary professionals, and we owe them the success of this year. They are also part of the staff and have an additional responsibility. So the excellent future perspectives, well, I mean, are possible thanks to them. So our managerial team works based on commitment and closeness, but also demanding ourselves being honest, being hard working and professional always with the customer at the center. And I can assure you that if we find that the manager doesn't share a value, his career, her career will be short in our group. As a conclusion, and replying to the remarks made, I would like to finally state that we fully agree with attributing the successes to our staff, I can only have words of recognition, of gratitude whatever they come from Bankia or CaixaBank. They worked extraordinarily. We are all part of the same group. Secondly, our will to keep on working together so that CaixaBank gets better and better, both for our customers, for our shareholders and logically for our employees too -- so that CaixaBank is a benchmark and reference for all of us for the society as a whole. And finally, on a personal note, we will make the commitment to keep on working with the union representatives. We share the same objectives. We've done so in the past, and we will continue to do so in the present and future looking for constructive solutions, having a positive mindset. So as to solve problems, this is the taranna -- in Catalan, that is our spirit. Thank you.

Thank you, Mr. Gortazar. The final question that is the intervention, remote statement by [Mr. Antonio Del Valle]. So I will reply to his intervention. I would like to honestly and sincerely thank him for his words on behalf of the whole CaixaBank team, the members of the board, the employees, we all agree that we are leaving harsh times, fraught with uncertainty. But we need -- despite everything to be optimistic. We are optimistic because we are strong financially. We have an excellent distribution model, and we have the best professionals in our team. And that is why I feel so positive and optimistic. So I fully agree, and I am in line with what you said in your -- well, in your thanks, in your gratitude to all the members of CaixaBank's team. They are all -- well, to thank, and they all deserve our recognition. They are showing a firm commitment with the people and the link that makes us part of one thing. We are deeply proudful -- proud of this. With this, we conclude this round of replies. And now we move on to the analysis and approval of the different agreements we reached. We give the floor to our Secretary.

As the information and documentation was provided to the shareholders previously. According to the regulations, we want to read the most extensive proposals, although we will briefly summarize, and we will provide additional information. The voting procedure will consist on approving the different proposals by the Chairman, when there is a majority with the prejudice of the publication of these data within the next 5 days. Those people that are attending these AGM remotely, please you still have the opportunity to vote, vote in favor. And those that don't vote against or abstain will be considered as possibility of vote in favor. Regarding the first point of the agenda, approval of the individual and consolidated financial statements and the respective management reports duly audited for the year ended on the 31st of December 2021. Based on the data in the hands of the Board, we approved it with the majority. Secondly, approval of the consolidated financial information statement for the year ended on 31st of December 2021, containing the consolidated management report that was verified according to the regulations in force based on the data. We have the official table. We approve it by majority. Thirdly, approval of the Board of Directors' management during the year ended 31st of December 2021. Based on the data, we have the official table and the Board will approve it with the majority. Fourthly, approval of the proposed allocation of profit for the year ended -- benefit of EUR 4 billion. And we devote to dividends EUR 1.1 billion and voluntary [indiscernible] EUR 3 billion approximately, and the [indiscernible] achieved 20% of the equity. The final amount devoted to dividends equals 50% of the consolidated net benefit adjusted by the results and the -- of the merger with Bankia. This is an estimated amount and the total amount will be -- well -- adopted. We approved it by majority. Fifth point, we're supposed to reelect the company's accounts director and its consolidated group, PricewaterhouseCooper, according to the recommendation of the Audit and Control Commitment. 6.1, we propose to reelect Tomás Muniesa Arantegui as a member of the Board, the proposal of the la Caixa Foundation for the period for the term of 4 years after the favorable report received by the appointment committee. We approved it by majority. And Section 6.2, we proposed to reelect Mr. Eduardo Javier Sanchiz Irazu as a member of the Board Independent Director for 4 years at the proposal of the Appointment and Sustainability Commitment. We approve it by majority. Seventh section, we proposed to votation, the amendment of several articles of the company's bylaws. The modifications are subject to authorization by the supervision authority. So we're providing shareholders as part of the documents, the report by the council, by the Board and there will be 4 points in today's agenda. In the first section, we propose to amend Article 7 of the bylaws to recognize the right to know the identity of the different shareholders. And so that it is an intermediary entity. We approve it by majority. Second section. We propose to amend articles 19, 22, 22b, 24, 29, so as to streamline the functioning of the Board through remote means. This is contemplated in the bylaws in force. We incorporate some technical specifications regarding remote attendance to the AGM. 7.3, we propose to amend Article 31 and 31 regarding the policy of sustainability and corporate social responsibility according to the good government code, and we will incorporate in the capacity to supervise the elaboration process of financial information and also non-financial information. We propose to amend Article 35 to suppress the casting vote of the Chairman. We approved it by majority. 7.4, amendment of Article 4 of the bylaws regulating with the possibility to inform about operations to be approved by the Board, and to supervise the internal procedures established by the company for those issues that have to be approved. On the other hand, we want to expressly state that we will inform the government about this information.

8/19/2021, yes, regarding the systematic [indiscernible] provision, to allow the such provision to be made by telematic means will lead to the vote the way it is admitted. And other precisions are incorporated if the information is available and verified. So based on the data we have, it is approved by a majority. Point 9, capital reduction by means of the cancellation of treasury shares to be acquired for that purpose. Views the establishment of a series of conditions of a reduction of capital by 10%, leading to the cancellation of treasury shares. The definitive amount will be fixed by the council, and the reduction of capital will depend on the company, which is a title holder of such shares and that will be based on a reserve with certain conditions on its availability, and this incorporates a series of rules, documentation has been made available. It has been approved by majority. It is point 10, the approval of the remuneration policy of the Board of Directors up to 2025. And this will reflect the remuneration of the delegate members, members of the Board. And this has been made available to shareholders. And based on the council, based on the Remuneration Commission, based on the data we have, it's been approved by majority. Next point 11, delivery of shares to executive directors as payment of the variable components under the company's remuneration system. It will be purely annual, and will approve the delivery of shares in the year 2023, and the following 5 years that will be based on the remuneration rules, and this will -- there will be a maximum of [EUR 914,000]. And it is based on the data we have that has been approved by majority. Point 12, approval of the maximum level of variable remuneration payable to employees whose professional activities have a significant impact on the company's risk profile. That's based on Article 34, that's been made available to shareholders, that's been laid out in detail. It's approved by majority. 13, authorization and delegation of powers to interpret correct, supplement, implement and develop the resolutions adopted by the meeting and delegation of powers, approved by majority. 14, consolidated vote on the annual report on directors' remuneration for the financial year 2021. It has a consultative character. It's been made available to shareholders and at this AGM is being approved by a majority. 15, information on the amendments to the regulation of the Board of Directors approved the Board of Directors at this meeting on the 20th of October 2021 and information on the amendments to the regulations of the Board of Directors agreed by the Board of Directors at its meeting of the 17th of February 2022. That will get rid of the casting vote, preexisting condition that has been made available to shareholders. Those modifications and the council's findings were put at the shareholders. That's been approved by majority. 16 is the notification of the report of the Board of Directors and the report of the independent expert for the purposes of Article 511 of the royal legislate decree 1/2010 of the second of July, enacting the restated text of the Corporate Enterprise Act. We have finished President, the voting, delay in certain cases allows for publicity to take place, publication, the CNBV regulatory body according to the CNV rules and guidelines has reflected the fine of [EUR 950,000] for noncompliances committed, that has been taken care of. We have finalized our considerations here. We will now go to shareholders and have any -- see any other claims or allegations before leaving the table and leaving the floor. So at this moment, the voting process has concluded according to the order of a day, as was publicized. And I thank the shareholders who are here physically and also telematically. And all of these proposals were approved by the necessary majority. For technical reasons, because of the telematic presence or nontelematic presence of people who are here live, we will now set forth our conclusions as set forth in the law. With that, we conclude this AGM of shareholders. I would like to thank your presence, your confidence, trust, have a nice day. This session here has concluded. Thank you. [Statements in English on this transcript were spoken by an interpreter present on the live call.]