Banco Pastor

For many years now, Banco Pastor has focused on the trend and transformation process towards good corporate governance of listed companies. Even in 1988, prior to compilation of the so-called Olivencia Report, the bank had a Control and Audit Commission, and our governing body had commissioned the corporate strategy to a Steering Committee whose function was to forward strategic proposals to the bank's Board of Directors.

This Board approved the Internal Regulations of the Board of Directors on 2 February 2002. Two years later, at its meeting on 26 February 2004, and for the purpose of duly complying with the requirements set forth in the Transparency Act, the bank’s Board amended and extended the Regulations in order to include specific rules for the proper performance of the Control and Audit Commission, Appointments and Remuneration Commission, and the Steering Committee. Following this modification, specific changes have occurred to the foregoing Regulations of the Board of Directors. These include, inter alia, adapting the wording thereof to the Unified Code of Good Governance approved by the National Securities Market Commission (CNMV) in May 2006.

In order to fully comply with the legal requirements governing transparency, stemming from the aforementioned laws governing the reform measures of the financial system and transparency, as well as to abide by the recommendations issued from the Chairman of the CNMV, the bank has awarded statutory recognition to the Control and Audit Commission and has approved the Internal Code of Conduct and Performance of the Board of Directors and its Commissions, along with the Regulations governing the Ordinary General Shareholders’ Meeting.

Apart from these documents, since 2003 the Board of Directors has approved the Corporate Governance Report and the Activities Report of the Control and Audit Commission. These documents were placed at the disposal of and approved by the Ordinary General Shareholders’ Meeting of each year; the latter at the Ordinary General Shareholders’ Meeting held on 23 April 2009.

All this information and documentation, which has been forwarded to the CNMV, is also available to the public atlarge on our web page.