BBVA concentrates on Jaime Caruana the greatest responsibility to avoid more 'Villarejo cases'

Carlos Torres, Onur Genç and the rest of the BBVA management team move to cover the reputational wound that does not stop bleeding in the bank. To this end, Torres has carried out "a redistribution of duties among some committees of the board of directors" that will give the power over the "supervision and control" of the relationship with suppliers to two independent directors not closely related to the former president Francisco González: Jaime Caruana, former governor of the Bank of Spain and on the board of the Basque bank since 2018 and Carlos Pi Llorens, former CEO of IBM in Spain, who has not been on the board for a year.

According to a statement from the bank on Friday, BBVA "concentrates the responsibilities on the supervision and control of the second and third" layers of defense "of the entity in two specialized commissions, the Risk and Compliance Committee and the Audit Committee, respectively ». That is, the commission chaired by Caruana will control the ranking immediately below the address and that of Pi Llorens one below.

It must be borne in mind that precisely these commissions will undergo a change in their members when the next Shareholders Meeting comes because there are members who were directly appointed by Francisco González and who will leave their representative positions on the board as it has marked Torres in his last remodeling in early February. Carlos Loring Martínez de Irujo, member of the risk commission, will leave his post and it is not yet known who will replace him.

For his part, Jaime Caruana, in addition to the chairman of the risk commission, is a member of the audit committee. Each commission has a president, who leads the day to day, and four members.

Caruana is well seen in the European Central Bank, as he has been governor of the Spanish regulator. Its designation can be seen as a gesture of approach to the Plaza de Cibeles (in one of whose corners is the Bank of Spain) and the Eurotower of Frankfurt

Changes in hiring

In the statement that BBVA sent this Friday, it also points out that “the social bodies have been promoting improvements in the corporate governance model, as well as in the internal control organization, policies and procedures. New policies and improvements in subcontracting and purchasing processes have been approved (approval of suppliers, verification and validation of the receipt of goods and services, and process of authorization and payment of invoices), and the model of prevention of crimes ensuring that it draws on all the improvements in the internal control model ».