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BBVA integrates Corporate Responsibility information in the Financial Report
The Group's first integrated report was presented at the BBVA Innovation Center, entailing a breakthrough for inserting Corporate Responsibility in BBVA's whole value chain and anticipates the latest trends in global reporting that are principally promoted by the International Integrated Reporting Committee (IIRC). People had taking part in the event included Antoni Ballabriga, director of Corporate Responsibility and Esteban Azaceta, director of Planning and Reporting in the Financial Area. Later, Maite Balbín, director of Financial Communications, Helena Redondo, a member of Deloitte, José Luis Lizcano, director of AECA, and Tomás Conde, director of Sustainability, discussed the methodology and implications involved in carrying out this ambitious reporting project.
Throughout 2010, BBVA has conducted a thorough process of strategic thinking in which over 200 managers in 7 countries have participated with the aim of integrating CR issues in the daily agendas of the management teams. One of the main conclusions of this process was the need to promote CR initiatives at the highest level, both locally and globally. For this reason, from this April it will be the Group Management Committee who will perform the duties of the Corporate Responsibility and Reputation Committee, bringing these issues to the bank’s highest executive body. This same model will be replicated locally in the major countries.
One consequence of this progressive integration was also the new reporting model. Thus, the 2010 financial report fully integrates information on Corporate Responsibility, with over 1,000 people being involved in its preparation.
BBVA has stopped preparing the Corporate Responsibility report, which had been published since 2002, and integrates its social, environmental and non-financial indicators in the Group‘s financial report in 2010. In addition to participating in cutting-edge initiatives in terms of CR, BBVA is a member of the Organizational Stakeholder of the Global Reporting Initiative (GRI) that also belongs to the International Integrated Reporting Committee (IIRC).
Along these lines of anticipating the most innovative reporting trends worldwide, BBVA and the Spanish Association of Accounting and Business Administration (AECA) are working on developing a study on integrated information that will be represented in various professional and academic institutions and bodies in order to submit its conclusions in 2011, which will be transferred to national and international public and private organizations that have shown interest in the implications of integrated reporting.
The ongoing dialogue being held with sustainability analysts and institutional investors who are sensitive to these issues has been another factor which has led to integrating this report.
Along the same line and to respond even better to the investment community interested in environmental, social, ethical and good governance issues, BBVA has created the ASG Committee, chaired by the Investor Relations area and also involving the Corporate Responsibility and Corporate Governance areas.