Yesterday Bankia completed its Board of Directors constitution and an agreement related to an approval process managed by the CNMV, the commission that approves IPOs in Spain.
These were the last formal steps it had to take to prepare for the IPO. The organization also agreed to approve a new set of rules about social statutes aimed at adapting to the demands of sought-after companies.
There are fifteen people that form the first administrative board although the statutes leave open the possibility that it would have a maximum of nineteen.
In addition to repressing the unions, Rodrigo Rato has chosen to form a low-profile advisory board. No big names and distant from political influence. This is similar to what happened when electing his CEO.
Bankia?s managing directors have been reduced to three. The board president is Rodrigo Rato, who fulfills the same role for a matrix of financial groups: Caja Madrid and the Banco Financiero y de Ahorros. The vice president is José Luis Olivas, who is also president of Bancaja. The CEO is Francisco Verdú, who landed at the organization in mid-May after being hired from Banca March, where he was vice president.
