Banco Sabadell Calls Shareholders' Meeting for March, Proposes Renewing González-Bueno as CEO

Banco Sabadell has scheduled its general shareholders' meeting for March, where a vote will be held on various matters, including the renewal of César González-Bueno as CEO for another four-year term, according to documents submitted by the entity to the National Securities Market Commission (CNMV).

The meeting is initially set for March 19. However, the bank does not anticipate it taking place on this date, so a second meeting is scheduled for March 20. The meeting will be held at 5:00 PM at the Fira de Sabadell (Tres Creus Street, number 202).

Notably, this will be the first Banco Sabadell shareholders' meeting held in the city of Sabadell since 2017, as meetings since 2018 have been held in Alicante. This change is due to the bank's decision to return its registered office to Catalonia.

Alongside the appointment of González-Bueno, three other appointments have been proposed: the re-election of Manuel Valls Morató as an independent director and the appointment of independent directors María Gloria Hernández García and Margarita Salvas Puigbó.

Hernández García will fill the vacancy left by Alicia Reyes, while Salvans Puigbó will take the position vacated by Laura González, who was recently appointed president of DKV.

In addition to the usual agenda items for a shareholders' meeting, such as the approval of accounts, bank management, and auditor re-election, shareholders will also vote on shareholder remuneration.

One proposal to be examined by the meeting is the distribution of a supplementary dividend of €0.1244 per share, payable on March 28, 2025.

Shareholders will also vote on the reactivation of the share buyback program, which was suspended due to BBVA's public acquisition offer, amounting to €247 million. This program is complemented by another with a total nominal value of €755 million, resulting from the policy of distributing excess capital above 13% CET1.

The €247 million program will commence on March 31, while the €755 million program will begin the business day following the completion of the previous program.

Finally, Banco Sabadell has agreed to propose to the meeting the approval of a new shareholder remuneration policy, which includes the payment of two interim dividends during 2025 and in subsequent years, around August 29 and December 29, in addition to the supplementary dividend expected to be paid in March 2026, subject to meeting approval.

With these figures, and considering the bank will distribute 60% of the dividends earned this year and next, Sabadell estimates it will reward its shareholders with €3.3 billion, exceeding the €2.9 billion estimated in July.