1 SOCIAL RESPONSIBILTY REPORT Making Mexico Stronger 2009
2 INDEX > DECLARATION OF SUSTAINABILITY / PILLARS 2 > CORPORATE STRUCTURE / COVERAGE / TERRITORIES 3 > MISSION & VALUES 4 > Table of Hard Facts 6 > Organizational Profile / HIsTORY 7-8 > Message from the President AND GENERAL DIRECTOR 9-10 > Value Chain > EQUALITY and GoVERNANCE > Community COMMITMENT > Environment RESPONSIBILITY > Marketing with a Social Vision > Dialogue with StakEHOLDERS 62 > Awards and Distinctions 63 > VERIFICATION LETTER 64 > Glossary of TERMS > CLOSING STATEMENT 67 > GRI INDEX 68 > ABOUT THIS REPORT 70 > CONTACT 71
3 DECLARATION OF SUSTAINABILITY At, sustainability means maximizing growth and profitability while seeking to achieve balance among the economic, social, and environmental aspects of our business. Sustainability efforts center on four principal areas: our association with the International Finance Corporation (IFC) and the Equator Principles, adoption of the GRI methodology, measurement of our carbon footprint, and the United Nations Global Compact. Through these focus areas, ensures that all operations remain stable, allowing us to achieve permanence as an institution. This is how we fulfill our Social Responsibility. Our Pillars ENVIRONMENTAL RESPONSIBILITY The responsibility to act with awareness of the environment, conserving the resources used by the company and undertaking actions that generate environmental awareness in society. COMMUNITY COMMITMENT The responsibility to support the growth of and to interact with the community, through actions that take into account its interests along with those of the company.. EQUAlity AND GOVERNANCE The responsibility to create working conditions with ethical standards that foster both personal and professional development within and away from the workplace. Value Chain The responsibility to offer quality products and services and to encourage suppliers to adopt more sustainable practices.
4 GRUPO FINANCIERO BANORTE Corporate Structure GRUPO FINANCIERO BANORTE Banking Sector Long-Term Savings sector SPECIALIZED ENTITIES SECTOR brokerage sector BAnco Mercantil del Norte Annuities Leasing and Factoring a Brokerage house Banorte USA Pension Funds Warehousing Banorte Securities Insurance NATIONAL Coverage operates in every state in Mexico, through 1,088 branches. The business areas in which services are provided are: Commercial, Corporate, Business, Government, and Product Leaders. We are the Strong Bank of Mexico. One of our goals is to move ever closer to our clients, as year by year we increase our coverage through more branches and more efficient online access. TERRITORIES Noroeste 2 Frontera 3 Norte 4 Centro 5 Occidente 6 México Norte 7 México Sur 8 Sur 9 ISTMO 10 PeninsulaR
5 Our Mission To satisfy the financial needs of our clients through high-quality, personalized service provided with friendliness and efficiency. To preserve the integrity and quality of all of our operations, especially those involving the handling of deposits and capital. To increase profitability levels, backing our depositors and shareholders and creating a reinvestment base for the Group. To be a responsible corporate citizen and to seek leadership in the communities that we serve. To be a source of fair and decent employment, treating each one of our employees with the highest standards of equality and respect. This is why our mission is in a process of permanent enhancement, to keep up with a society and markets in constant evolution. OUR VALUES ETHICS To abide at all times by our Conduct Code. RESPONSIBILITY To be responsible in everything concerning our business area and to be co-responsible in those aspects that influence our activities and may have a positive impact on the country. TRUST To offer hope and security to our clients and employees, based on the institution s professional standards. TEAMWORk To generate collegiality and mutual cooperation, working together to achieve the vision of GFNorte. SPIRIT OF SERVICE To be ready to offer friendly service, unconditional support, quality, efficiency, and promptness. HONESTY To act with intelligence, fulfilling responsibilities in the use of information and material and financial resources. JUSTICE To provide to everyone what corresponds to them on the basis of truth and reason. AUSTERITY To make rational use of human and economic resources, in a spirit of sobriety and moderation. PROFITABILITY To constantly seek benefits for our clients and GFNorte. INTEGRITY To work, live, and speak with honesty, respect, and consistency in all areas and levels at GFNorte. SUSTAINABILITY To work to be here tomorrow, fostering harmonious economic, social, and environmental development.
7 6 TABLE OF HARD FACTS Financial, Operating, and Sustainability Data Var. Anual % Number of branches 1,117 1,088 (2.6%) Number of ATMs 4,136 4, % Clients served 7,032,433 7,939, % Total revenues (millions of pesos) 24,844 24,074 (3.1%) Net results GFNorte (millions of pesos) 7,014 5,854 (16.5%) Total assets GFNorte (millions of pesos) 577, ,138 (1.7%) Total liabilities GFNorte (millions of pesos) 537, ,164 (2.8%) Banking sector capitalization ratio 15.0% 16.8% 1.8 pp Economic Aspects Direct employment (number of employees) 19,997 19,311 (3.4%) Indirect employment (millions of pesos) 387, ,134 (0.3%) Investment (millions of pesos) 931 2, % Taxes paid (ISR + PTU) 3,400 2,724 (19.9%) Number of employees trained 11,116 11, % Direct economic value created 63,979 58,940 (7.9%) Distributed economic value 56,868 53,063 (6.7%) Retained economic value 7,111 5,877 (17.3%) Social Aspects Social investment (thousands of pesos) 31,590 40, % Number of institutions supported % Number of persons benefited 1,000, ,631 (46.2%) Environmental Aspects Environmental investment (thousands of pesos) 88, , % Number of environmental programs implemented 2 3
8 7 ORGANIZATIONAL PROFILE (GFNorte) is one of the largest and most important institutions in Mexico. With wide coverage in Mexico and offices abroad, it ranks fourth in the country in terms of total assets. Its principal subsidiary, Banco Mercantil del Norte better known as Banorte is among the most profitable of Mexican banks, and ranks third in terms of total loan portfolio.
9 History In 1899 Banco Mercantil de Monterrey is founded. Almost half a century later, Banco Regional del Norte starts up operations. In 1896, through the merger of Banco Mercantil de Monterrey and Banco Regional del Norte, Banco Mercantil del Norte, S.N.C. is established. In 1992 Banorte is acquired by its current group of shareholders, led by Roberto González Barrera. In October of the same year, GFNORTE makes a public share offering on the Bolsa Mexicana de Valores (the Mexican stock exchange). In 1993, Banorte incorporates stock brokerage, factoring, warehousing, and leasing services into its business. In 1997, the banks Bancen and Banpaís are acquired, and a Savings and Retirement Sector (insurance, saving funds, and pension funds) is created, as Banorte strikes an alliance with the Italian group of Assicurazioni Generali. By 1998, Seguros Banorte-Generali is offering its services at more than 460 branches and by 1999 it ranks ninth among Mexican insurance companies. In 2002 Bancrecer is incorporated and Banorte ranks as the fifth largest bank in Mexico. In 2005, an alliance is struck with Telecomm Telégrafos and Banorte s new corporate headquarters are inaugurated in the Santa Fe district of Mexico City. In 2006, the remittance company UniTeller is acquired in New Jersey, as well as 70% of the assets of Texas-based Inter National Bank. In 2007, the Los Angeles-based remittance company Motran Services is acquired, and the bonding operations are spun off from the financial group. In the course of 2008, Banorte s leasing and factoring operations are merged. In 2009, the remaining 30% share of Inter National Bank is acquired, Corporación Financiera Internacional (IFC) invests US$150 million in Banorte, and GFNORTE is listed on the Latibex, the Madrid-based market for Latin American securities.
10 9 A MESSAGE FROM THE PRESIDENT AND GENERAL DIRECTOR Ever since our founding, we have sought to be the bank that fosters Mexico s integral development. This is why we have become the Strong Bank of Mexico, which signifies a deep commitment to our country, with a view to solidifying its economy, promoting the welfare of its inhabitants, and conserving the environment. Our sustainability is based on a group of healthy companies that not only generate revenues and are able to achieve their objectives, but that also interact with and have a solid commitment to society, always focusing on the care of the environment and maintaining consistency of thought and action. Today s world demands greater responsibility on the part of companies and institutions. In order to address these demands, our Group functions within a strategic framework that ensures its long-term sustainability. With the collaboration of experts in their fields, we take concrete measures and follow up on the achievement of our objectives in order to keep moving in the right direction. It is not possible to speak of Social Responsibility outside of an institutional framework. One of our central challenges is therefore to incorporate our concept of Social Responsibility and sustainability at all levels of our organizational culture. We know that this is not an easy task, that it takes time, and depends on a whole range of actions. Of primary importance is the determination of objectives, strategies, and actions that are in accord with our philosophy and our needs, and that result in clear incentives and benefits for all. We want our employees to be comfortable with what they are doing and how they are doing it, and this involves much more than just fair salaries. We seek to maximize our long-term yields from a different perspective, which embraces social and environmental factors and puts the emphasis squarely on our employees. We like to do things properly. We focus on those aspects where we can really make a difference, developing financial products with social benfits and fostering a diverse and inclusive workplace. In line with our vision, sustainability is a source that generates value, allowing our employees, shareholders, clients, and society itself to interact with in a way that satisfies needs and expectations, even as it creates synergies, empathy, and solid long-term relationships. Our way of working starts in the President s office, with a focus on business philosophy, professionalism, institutional culture, solid corporate governance, responsible risk management, and long-term vision. Among the most important actions taken in 2009 in the area of Social Responsibility was the investment of more than P$2.918 billion in the implementation of services which make us more competitive and, by their
11 convenience, help the users of the bank. Chief among these was our Banorte Fácil service, directed at people who have never had a bank account before. Also important were our loan products designed specifically for small and medium-sized companies, such as Crediactivo. All of these products are sustained by the institution s excellent levels of profitability and capitalization, healthy loan portfolio, and high standards of quality in the services we offer. Training remains essential, so we invested some P$41.8 million in this area, to the benefit of 19,311 employees. In 2009 we also invested more than P$40 million in social projects, benefitting 537,631 persons directly and 23,842,620 more indirectly. This was made possible through direct support provided to 99 different institutions and indirect support provided to six others. In the area of environmental conservation, our efforts have focused primarily on saving electrical energy. The implementation of a program for the proper administration and conservation of this resource has led to more efficient use of lighting, illuminated signs, and air conditioning equipment. As a result, we achieved savings of approximately 12%, equivalent to 9,395 tons of CO2 emissions annually. At the same time we have implemented programs to reduce paper use in offices and services through the promotion of electronic banking. Thanks to our state-of-the-art system of video-conferences we have been able to significantly reduce employee travel. This translates into greater productivity and a smaller carbon footprint. At we are working to strengthen our Social Responsibility and sustainability, thereby generating tangible benefits for our shareholders, employees, clients, and the strong Mexico we all wish to see. Don Roberto González Barrera Presidente Dr. Alejandro Valenzuela del Río Director General
12 VALUE CHAIN The responsibility to offer quality products and services and to encourage suppliers to adopt more sustainable practices. ECONOMIC IMPACT We foster the integral economic development of Mexico through the responsible, professional administration of the financial resources of our clients, efficient financing, and a broad range of financial services and products, with a high level of customer service.
13 Investment of P$2,918 million in 2009 Total assets of P$567,138 million 19,311 employees 1,088 branches
14 13 Investment Investment is decisive to the competitiveness of companies and consequently to their sustainability. In 2009 we invested P$2,918 million in fundamental areas such as communications, software, hardware, equipment, advertising, consulting, and security. In the banking sector alone an investment of P$608.7 million was made: P$408.4 in material resources and P$200.2 in technology. Operating expenses amounted to P$17,024 million, of which P$10,261 million corresponded to materials and P$6,763 million to salaries. We are convinced that only through constant investment can we maintain healthy growth, successfully respond to the challenges and opportunities presented by the future, improve our offer of value, and so enhance our sustainability. Financial Soundness As of 31 December 2009, the total assets of GFNorte amounted to P$567,138 million. The institution s equity was P$44,974 million, while its subordinated debt its principal long-term liability amounted to P$12,485 million. (Other liabilities are related to the capturing deposits from clients and therefore cannot be considered as debt.) At the same time, since GFNorte is a financial institution, the Basel Accords require us to determine regulatory capital. Thus, the institution s basic capital was P$35,380 million at the close of December 2009, while its complementary capital amounted to P$14,277 million, giving a net capital of P$49,657 million. This translates into a basic capitalization ratio of 12.0% and a complementary capitalization ratio of 4.8%, producing a total ratio of 16.8%, taking into account credit, operational, and market risks. These are very positive indicators in comparison with both Mexican and international levels.
15 14 Clients It is the policy of GFNorte to target the widest variety of users with its products and services, which range from savings accounts for children to specialized services for large corporations and government. We focus on increasing the value of our clients deposits, making use of the economic, financial, and market analyses of our highly qualified personnel and experienced investment and credit committees. We maintain strict security measures to prevent acts of corruption being committed within our institution. Number of clients 7,939,622-7,032,433 - In the aim of offering our clients better service, we emphasize constant training and reinforce our employees grasp of the principles, philosophy, and values of our institution, at the same time turning to modern tools and proven methods such as market surveys, mystery shoppers, and the monitoring of satisfaction variables to understand our clients perception of the quality of our services. Annual Var. 2009/
16 15 Products and Services We strive to offer the best financial products and services to help people realize their productive projects or life plans. This is our ultimate goal and represents a great responsibility to us. An important part of our sustainability involves developing competitive and innovative savings and credit products. The creativity, experience, and vision of our specialists go into designing new products and services that address the needs of the wide range of our clients. We can satisfy the needs of the child opening his or her first savings account as well as the established corporation seeking more sophisticated credit instruments to negotiate with the rest of the world, or the small company whose development and viability depends on our services.
17 16 Conceptualization of the initiative Authorization by the Operating Committee Drawing up of the proposed solution Approval of the Virtual Projects Office Integral testing Development of the product or service Drawing up of the functional analysis Approval of the Technology Committee Drawing up of internal norms and operating procedures Training of relevant areas Evaluation of internal and external communication plans Implementation Product and Service Development Process At nothing is left to chance. Every new product and service passes through a meticulous process that begins with a series of market studies. These allow us to understand the genuine needs of our clients and ensure that our offering coincides with what the country really requires. Also, as a company majorly controlled by Mexican investors and staffed mainly by Mexicans, we can better understand these needs and thus react more effectively and immediately to demands for financial services. It is a priority for us to listen to what our actual and potential clients have to tell us, as we spread out across the thirty-two states in the country to learn about the particular requirements of different localities. This work is complemented by the efforts of Customer Relationship Management (CRM), which helps us to monitor the consumption habits of our customers and their reasons for choosing one or another banking or brokerage service. On the basis of this information, we develop products and services that meet the needs of the market, the financial situation, and the strategic plans of our clients. The diagram above outlines the work performed by the product development area, from the conceptualization of an initiative to its implementation The following are some examples of the wide range of products and services we offer:
18 17 Deposit Products Banorte Fácil This deposit account is for people who have never had a bank account. No commissions are charged and there is no minimum balance. Suma Nómina A payroll account, also without commissions charged or a minimum balance requirement. Enlace Global (companies and individuals) With this Mexican peso account (checking or non-checking), the account-holder has access to a Visa Electron International debit card. The client may choose between a fixed monthly charge or charges per transaction. Ganamás y Pagamás Ganamás and Pagamás are short- and medium-term promissory notes, payable upon maturity every 28 days and six months, respectively. Both products, which are offered through our branch network, pay a percentage of the Cetes rate. One of their principal benefits is the possibility of earning a bonus of additional returns in accordance with the term of the investment.
19 18 Credit Products Family Loans Payroll loans These loans are offered to employees using Banorte payroll deposit accounts. They can be equivalent to 6, 8, or 12 months salary, with terms ranging from 12 to 48 months. Car Loans Banorte offers its clients fixed-nominal rate car loans, as well as financing for the purchase of a used car. Terms range from 12 to 60 months, depending on the needs of the client. Credit Cards We have a wide range of credit cards, including a Traditional, a Premium, and the Ya Bájale balance transfer program. Interest rates and annual commissions vary depending on the product, but all of the cards benefit from loyalty incentives through the Recompensa Total Banorte program. Mortgage loans Banorte s mortgage solutions are designed to meet different needs: financing for the purchase of a home, as well as for construction, renovation, additional cash flow, and for the purchase of a lot or a commercial space. Interest rates and annual commissions vary by product, with terms of 15, 20, or 30 years.
20 19 Institutional Loans Small and medium businesses (SMEs) These loans are aimed at both medium sized businesses (with annual revenues of between US$4 million and US$10 million) and small businesses (with annual revenues of between $200,000 and $4 million). In both cases, the loans are granted directly by the bank or through its subsidiaries (leasing, factoring, or warehousing). Crediactivo is the principal credit product for SMEs. It is a credit specially designed to meet the working capital and fixed asset purchase needs of these companies. Up to 60% of the loan can be guaranteed by the development bank Nacional Financiera (Nafin). Crediactivo is part of an integral package of products for SMEs which includes checking accounts, online banking, and payroll and investment services. As a complement to this product, Banorte also offers the Empuje Negocios-Visa (Visa Business Boost ) credit card, aimed at companies which invoice more than P$25,000 per month. Clients may also have access to exclusive consulting, tax, accounting, commercial, labor, and legal (both civil and criminal) services by telephone or online, at no additional cost. The Paquete PYMES (SMEs Package) consists of a checking account with features such as unlimited access to internet services and payroll administration services for a fixed monthly charge, as well as attractive yields on investments.
21 20 Corporate and business loans Corporate and business loans are offered to companies with annual revenues of more than US$100 million and between US$10 million and US$100 million, respectively. All of these loans are granted directly by the bank or through its subsidiaries (leasing, factoring, or warehousing). Government loans These loans are available to state and municipal governments, as well as to the federal government.
23 22 Deposits Capturing and managing resources from the public represents a great responsibility, but it also offers thousands of Mexicans the opportunity to earn adequate returns, increase their assets, and achieve greater economic well being. We have ample experience in correctly administering these resources, relying on our highly qualified personnel and our business vision, aimed at generating long-term value. All of these factors have allowed us to offer our clients the best returns in the market. CrEdit Credit plays an important role in economic growth and development, allowing financial resources to be effectively distributed and put to work. Our loan portfolio embraces practically every segment of economic activity, with special emphasis on SMEs, but it also includes mortgage loans, which by their very nature have a direct impact on the well being of the population. Total Portfolio By line of business (clients) Mortgage 45,499 $49,221 Car loans 7,594 7,424 Credit card 15,067 11,801 Payroll 6,707 6,487 Consumer 74,867 74,932 Commercial 41,409 37,630 Business 51,112 46,488 Corporate 45,127 40,245 Government 26,989 38,993 Recovery bank Total performing loans $240,298 $238,954 Million pesos.
24 23 Loans by Economic Sectors 2008 Geographical Zone Economic sector North Center West South Total Agriculture $2,576 $1,317 $571 $737 $5,201 Mining Manufacturing 8,502 5,159 1, ,414 Construction 6,819 6, ,875 Electricity, gas, and water Commerce 13,870 9,345 3,477 6,359 33,051 Transport 1,464 6, ,515 Financial services 9,319 13, ,713 24,659 Communal services 2,904 3,728 1, ,105 Mercantile groups Public administration and services 14,668 8,382 1,626 2,413 27,089 International organization services Inter National Bank (INB) ,618 Credit cards ,067 Retail ,053 Mortgage ,750 Other Banorte leasing and factoring ,194 Pronegocio micro-credit loans Total loan portfolio $60,251 $54,485 $10,457 $14,144 $240, Geographical Zone Economic sector North Center West South Total Agriculture $2,314 $1,167 $581 $732 $4,794 Mining Manufacturing 7,872 4,725 1, ,946 Construction 6,042 6, ,828 14,652 Electricity, gas and water Commerce 10,543 7,241 3,307 6,031 27,122 Transport 1,308 6, ,855 Financial services 8,975 11, ,473 21,858 Communal services 2,524 4,242 1, ,649 Mercantile groups Public administration and services 21,403 12,938 2,070 2,516 38,927 Inter National Bank (INB) ,100 Credit Cards ,801 Retail ,726 Mortgage ,351 Other Banorte leasing and factoring ,952 Total loan portfolio $61,383 $54,729 $9,932 $13,926 $238,954
25 24 VALUE Direct economic value created Net sales $50,417 $45,451 Income per products 2,997 2,438 Commissions 10,320 10,515 Sales of assets - - Tax income Total $63,979 $58,940 Distributed economic value Interest expenses $27,789 $22,268 Loan-loss provisions 6,896 8,286 Fees and commissions 1,208 1,338 Advertising and administration expenses 16,687 17,024 Other expenses 1,523 1,566 Taxes 2,765 2,581 Social and community investment - - Total $56,868 $53,063 Retained economic value Million pesos. $7,111 $5,877
26 ETHICS AND GOVERNANCE The responsibility to create working conditions with ethical standards that foster both personal and professional development within and away from the workplace. Internal Social Environment The human factor is the pillar that allows us to achieve our objectives. We therefore foster a harmonious workplace environment, where we can share our values, offering every member of the great Banorte family the best opportunities in the sector and career plans in accordance with his or her needs.
27 26 19,311 employees P$41 million invested in training 365 courses offered for 62% of the employees
28 27 Quality of Life in the Company Our human resources policy is sustained by four comprehensive principles: Culture and values: Employee surveys confirm that it is a source of great pride to work for one of the strongest institutions in Mexico. We reinforce this loyalty to the institution and encourage our employees to give the best of themselves, always in accord with our values and culture. Training and development: We seek at all times to have highly qualified teams, fostering new talent a key aspect of our strategy and implementing development programs based on our people s skills. Skills and benefits: Although we have a highly competitive workforce, we continue to make an effort to achieve internal fairness and foster a performance-based management culture. Organizational optimization: With a view to optimize our performance and the functions that each one of our employees performs, we are constantly analyzing the company s structures, processes, and work responsibilities. Employees by contract type Permanent 19,311 % of employees covered by a collective contract 25%* * Unionized personnel; only at Banorte
29 28 Employment In 2009, GFNorte had a total of 19,311 permanent employees. Some 25% of the personnel consists of unionized Banorte employees who work under a strict collective bargaining contract. Employees by gender 9,744 9,567 F M Employees by Gender In terms of gender, 9,567 of the employees are men and 9,744 are women. A hierarchical breakdown shows that 10% of management positions are occupied by women. At the branch level, this proportion increases, and although it is less at an executive level, we can proudly declare that three of the women with the most prestigious management careers in the Mexican business sector world work with us. Employees by Age In terms of age, 40% of the personnel is less than 30 years old, providing great dynamism in GFNorte s everyday activities, and demonstrating our commitment to Mexico s young people. Employees by age Younger than 30 years old: 7,732 Between 30 and 50 years old: 10,392 Older than 50 years old: 1,187 Employment Indicators At GFNorte we are committed to diversity. Far from incorporating filters in our recruiting process, we seek to be inclusive in hiring personnel, and we are working on a platform to offer more opportunities to various minority groups. Our contact center employs visually impaired persons, who efficiently attend the needs and demands of our clients. In the course of 2009, turnover was 29%, as 4,915 new employees were hired to strengthen our workforce. Employment indicators Total personnel: 19,311 Departing employees: 5,578 New employees: 4,915
30 29 Salaries and Benefits In addition to seeking competitiveness in employment and ensuring equity in the work-place, we remunerate our employees with more attractive salaries and higher benefits than those required by law, including the following: Integral health care. Developed on the basis of contribution reversals to the Instituto Mexicano del Seguro Social (IMSS). Medical services are provided in private health care institutions and extended to the family members of employees. Unlike conventional health insurance, this service has no cost to employees, with expenses being covered entirely by the institution. Profit sharing. We are the company that fully provides this benefit in the banking sector. Vacation pay Annual bonus Life insurance Savings fund Also, we offer our employees a health and wellness package that includes a preventive health program with an emphasis on nutrition and physical exercise. To support this effort, quality has been standardized in GFNorte cafeterias. The cafeteria in the Santa Fe corporate headquarters has been given the Distintivo H rating to certify the hygienic handling of food. Retirement Plans At our retirement plans are based on seniority, salary, and age. We have two different retirement plans, defined benefit plan and the defined contribution plan. The defined benefit plan is divided into two systems: traditional and special. Traditional System The pension is calculated on the basis of the average salary over the last two years of employment, including the annual bonus, and increases each year by the percentage rates determined by defined increases. Life insurance is equivalent to 30 months of pension (providing the employee joined the company prior to December 18th 1984) or 20 months (if employed after December 18th 1984). Funeral expenses are equivalent to 17 months of pension, or forty times the minimum salary in the banking sector, whichever is less.
GFNORTE 3Q14 Results Conference Call October 24, 2014. Material Events Shareholders' Assembly GFNorte held an Ordinary General Shareholders' Meeting on October 22 nd. The company s capital that was represented
GFNORTE 4Q13 Results Conference Call January 31 st, 2014. Material Events Grupo Financiero Banorte advanced the payment of ordinary dividends corresponding to the first semester of 2014. The Ordinary General
GFNORTE Results Conference Call October 25 th, 2013. Material Events Organizational Changes. As part of ongoing efforts to focus the organization towards a client-centered business model, the following
Corporate Governance Guidelines Fuji Heavy Industries Ltd. Chapter 1. General Provisions Article 1. Purpose These guidelines set out the basic policy, framework and operating policy of the corporate governance
Corporate Social Responsibility Practice Guidelines I. General Principles A. Purposes 1. In order to practice and fulfill the corporate social responsibility, and to promote economic, environmental and
Mitsubishi Chemical Holdings Corporate Governance Guidelines Based on our Group philosophy, Good Chemistry for Tomorrow Creating better relationships among people, society, and our plant., Mitsubishi Chemical
Grupo Financiero Banorte - GBOOY XNOR Transaction Overview 2 3 The Transaction Grupo Financiero Banorte, S.A.B. de C.V. ("GFNORTE") (BMV:GFNORTEO), and Grupo Financiero, S.A.B. de C.V. ("IXE") (BMV:IXEGFO)
TOYOTA CODE OF CONDUCT March, 2006 Guiding Principles at Toyota 1. Honor the language and spirit of the law of every nation and undertake open and fair corporate activities to be a good corporate citizen
Grupo Financiero Banorte, S. A. B. de C. V. CONTENTS GLOSSARY... 3 I. Background Information... 5 What does GFNORTE stand for?... 5 When was GFNORTE founded and how did it evolve into its current structure?...
[Translation] East Japan Railway Company Corporate Governance Guidelines Section 1 General Provisions Established on November 25, 2015 Article 1 Objectives 1.1 The Company sets forth in these Guidelines,
LVMH GROUP CODE OF CONDUCT I II III FOREWORD PRINCIPLES IMPLEMENTATION AND COMPLIANCE 1 I. FOREWORD The LVMH Group ( LVMH ) aims to be the undisputed leader of the luxury goods sector. Its growth and long-term
General Corporate Social Responsibility Policy 20/10/15 CONTENT GENERAL CORPORATE SOCIAL RESPONSIBILITY POLICY 3 OBJECTIVES 3 1. Objectives of the General Corporate Social Responsibility Policy 3 PRINCIPLES
DTEK Corporate Social Responsibility (CSR) Policy DTEK Corporate Social Responsibility (CSR) Policy approved by the order of the Chief Executive Officer of DTEK on 26.12.2008 Structure i. Objectives and
S trategy M anagement A ddress R esponse T arget Enforcement of Ethical Business Practices Risk and Crisis Management Code of Conduct Ethical Corporate Culture Strengthening Transparency and Management
Corporate Governance Policies and Procedures Compendium. Inversiones Aguas Metropolitanas S.A December 2015 1 A. GENERAL ASPECTS. As part of the implementation of good corporate governance standards, and
BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 1,879 BILLION FOR 2014, AN INCREASE OF 24% COMPARED TO 2013. Operating income increased 23.8% during 2014 and
AB Volvo, 405 08 Göteborg, Sweden Ref No 953810003, August 2009 The Volvo Way index Preface Our mission Customers first Customer focus Clear objectives Quality, safety, environmental care Continuous improvements
FUJIFILM Holdings Corporation Corporate Governance Guidelines Formulated on October 28, 2015 This document has been translated from the Japanese original for reference purposes only. In case of any discrepancies
36 Corporate Governance Principles Compliance Report 1- Statement of Compliance with Corporate Governance Principles As detailed below, Finansbank has complied with the principles set out in the Corporate
Dedicated to Becoming an Even More Trustworthy Group INDEX 1 2 Japan Post Group Corporate Governance 76 1. Fundamental Policy for Corporate Governance 76 1. Separation of Business Execution and Supervision...76
Quarterly Results Telefónica del PerúS.A.A. and subsidiaries October December 2000 Significant Events A brief containing the most significant events that occurred since October 2000 is presented below:
P r e c i s i o n O rg a n i z a t i o n S t e a d f a s t n e s s E X C E L L E N C E I n t e g r a t i o n S o u n d n e s s F o r e s i g h t I N D E X 2002 ANNUAL R E P O RT 4 6 8 11 12 13 13 14 14
www.cudgc.sk.ca MISSION We instill public confidence in Saskatchewan credit unions by guaranteeing deposits. As the primary prudential and solvency regulator, we promote responsible governance by credit
Ministry of Social Protection Republic of Colombia General Human Resources Analysis and Policy Unit Luis Carlos Ortiz M., Hernando Cubides Z. March, 2009 HUMAN RESOURCES FOR HEALTH REGIONAL GOALS COLOMBIA
1 Social Responsibility Policies General Corporate Social Responsibility Policy 21 June 2016 Contents. General Corporate Social Responsibility Policy Objectives 2 1. Objectives of the General Corporate
Immune Therapeutics Corporate Governance Guidelines The Board of Directors has adopted these Guidelines in order to reflect the Company s commitment to good corporate governance. The Board believes that
INFONAVIT Alejandro Murat Hinojosa INSTITUTO DEL FONDO NACIONAL DE LA VIVIENDA PARA LOS TRABAJADORES This presentation may contain forward looking statements. These statements may include the plans and
Competency Requirements for Executive Director Candidates There are nine (9) domains of competency for association executives, based on research conducted by the American Society for Association Executives
Kingfisher Global Reporting Initiative Index Our report contains some standard disclosures from the Global Reporting Initiative Sustainability Reporting Guidelines. This Index is intended to aid comparison
Note: This is a translation of the Japanese language original for convenience purposes only, and in the event of any discrepancy, the Japanese language original shall prevail. Corporate Governance Policy
Table of contents Strategic Planning and Organizational Structure Standard 1. General provisions Grounds for application of the Standard Provisions of the Standard 2. Contents of the Standard 3. Corporate
PRESS RELEASE GENERAL SHAREHOLDERS MEETING Ana Botín: Santander is well positioned to face the challenges. We will lead change Banco Santander has room for growth within our customer base and in our ten
Corporate Governance Guidelines 1. Introduction Entra ASA ( Entra ), and together with its subsidiaries, ( the group ) will be subject to the reporting requirements on corporate governance set out in 3
Corporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange CONTENTS Topic Page Preamble 3 Chapter One: Definitions 5 Chapter Two: The Board of Directors of the Shareholding
SHRIRAM TRANSPORT FINANCE COMPANY LIMITED INTRODUCTION Business Responsibility Policy Shriram Transport Finance Company Limited ( the Company ), conscious about its social, environmental and economic responsibilities
ETHICAL STRUCTURE AGBAR GROUP CODE OF ETHICS In 2002, the Agbar Group published the Corporate Code of Ethics and Conduct for Agbar Group Professionals, a document which brought together criteria of conduct
November 20, 2015 Formulation of Corporate Governance Policy Dentsu Inc. (the Company ) has formulated this Corporate Governance Policy to put effective corporate governance into practice for the purpose
ASAE s Job Task Analysis Strategic Level Competencies During 2013, ASAE funded an extensive, psychometrically valid study to document the competencies essential to the practice of association management
Improve profitability Enhance client centricity Pursue selective international growth Strategic priorities Strongly committed to a moderate risk profile Invest in our future Inspire and engage our people
Human Resources Pillar Policy No. 5.0 Date Approved: Dec. 2012 Projected Review Date: Dec. 2016 PURPOSE: Hamilton-Wentworth District School Board (HWDSB) believes that attracting, recruiting and retaining
AIMING AT THE BEST PRACTICE OF BANK MANAGEMENT -LAUNCH OF A NEW MEDIUM-TERM MANAGEMENT PLAN, REFORM OF THE MANAGEMENT SYSTEM, REVISION OF THE HEADQUARTERS ORGANIZATION, AND REVISION OF THE PERSONNEL SYSTEM-
FOR DISTRIBUTION CNW CDPQ and leading Mexican institutional investors create co-investment platform to invest in infrastructure opportunities in Mexico Innovative partnership combining infrastructure expertise
Case Study - 2012 How to improve the Banco Santander Brasil business model by analyzing opportunities of Cross Sell Is it possible to increase client relationship efficiency and revenue by collect, analyze
A Technical Overview for Clients and their Advisors MassMutual Whole Life Insurance The product design and pricing process Contents 1 Foreword 2 A Brief History of Whole Life Insurance 3 Whole Life Basics
This document has been translated from the Japanese original for reference purposes only. Where there are any discrepancies between the Japanese original and the translated document, the original Japanese
Corporate Governance Regulations Contents Part 1: Preliminary Provisions Article 1: Preamble... Article 2: Definitions... Part 2: Rights of Shareholders and the General Assembly Article 3: General Rights
[Translation] SMFG Corporate Governance Guideline Chapter 1 General provisions Article 1 Purpose The purpose of this SMFG Corporate Governance Guideline (this Guideline ) is for Sumitomo Mitsui Financial
Message from the President Peace of mind. In communities and around the world. July 2015 President and Representative Director Koichiro Watanabe 10 I would like to take this opportunity to express my gratitude
U.S. Department of Education Office of Inspector General Five-Year Strategic Plan Fiscal Years 2014 2018 Promoting the efficiency, effectiveness, and integrity of the Department s programs and operations
Date: 27 August 2015 For information: mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Growth of 20% in net result, excluding non-recurring items, to EUR 8.3
Effective as of July 1, 2015 BAXALTA INCORPORATED Corporate Governance Guidelines The Board of Directors of Baxalta Incorporated ( Baxalta or the Company including its subsidiaries) recognizes the importance
Corporate Governance The Foundation for Corporate Citizenship and Sustainable Businesses Corporate Citizenship and Sustainable Businesses Corporate citizenship a commitment to ethical behavior in business
Department of Finance Strategic Plan 2012-2017 Department Vision Statement A Yukon where public funds are prudently managed so that sufficient financial resources are available to provide Yukon citizens
QUÉBEC DECLARATION ON ECOTOURISM In the framework of the UN International Year of Ecotourism, 2002, under the aegis of the United Nations Environment Programme (UNEP) and the World Tourism Organization
Tanner Investor Information 1Q 2014 Tanner at a Glance Business Description Key Highlights (1Q 14) Tanner Servicios Financieros S.A. ( Tanner ) is a leading Chilean non banking financial institution, offering
Our Stockholders To Our Stockholders The Daiwa Bank, Limited Annual Report 2000 The Japanese financial services industry is reaching the final stages of its Big Bang as the implementation of limitations
Mexico Rodolfo Trampe, Jorge Díaz, José Palomar and Carlos López Market overview 1 What kinds of outsourcing take place in your jurisdiction? In Mexico, a subcontracting regime (understood as the regime
TlB Our approach to investments on the stock market Introduction This document contains the third version of the Investment Strategy for stock market investments used by Triodos Investment Management B.V.
Revised May 2007 Corporate Governance Guideline Table of Contents 1. INTRODUCTION 1 2. PURPOSES OF GUIDELINE 1 3. APPLICATION AND SCOPE 2 4. DEFINITIONS OF KEY TERMS 2 5. FRAMEWORK USED BY CENTRAL BANK
Article 1 Article 2 Article 3 Article 4 Article 5 Corporate Social Responsibility Best Practice Principles The Far EasTone Telecommunications Co., Ltd. Approved by Board of Director Meeting on 2015/7/30
2011 Second quarter Financial Report Holding Monex 1 General Outlook Holding Monex is a 100% Mexican holding company, whose subsidiaries are Monex Grupo Financiero and other two nonfinancial corporations:
Institutional Presentation June 13 BB Seguridade Largest Insurance, Pension and Premium Bonds Company in Latin America Fast Growing with High Profitability Largest Insurance Broker in Latin America Largest
Global Code of Conduct 2011. 3 Samsung Electronics Co., Ltd. IMPORTANT NOTICE THE GLOBAL CODE OF CONDUCT DESCRIBES THE STANDARDS OF INTEGRITY SAMSUNG ELECTRONICS EXPECTS FROM ITS SUBSIDIARIES AND THEIR
Key Core Courses for Business Management Technology Program and list of learning outcomes from syllabi, with highlighted essential learning outcomes that will be assessed in future for program outcomes
Delphi Automotive PLC Corporate Governance Guidelines TABLE OF CONTENTS DELPHI VISION AND VALUES... 3 Delphi Vision: Why We Exist and the Essence of Our Business... 3 Delphi Values: How We Conduct Ourselves...
Appreciate You take time to read this presentation. Our intention is to show briefly who we are and what benefits our service provide. GRUPO MAAS at your service. Customer Service Who we are GRUPO MAAS,
Case Study Arab African International Bank (AAIB) 1 Case Study Applying Environment Principles to the Core Business AAIB s Move Towards Sustainable Finance Abstract This Case Study aims at showcasing how
January 2013 GROUP CODE GROUP COMMITMENT 1 GROUP COMMITMENT Through its retail and corporate & investment banking networks, and through all its business lines based on insurance, investor services, specialised
ANNUAL GENERAL MEETING 2014 28 March 2014 PRESS Release More than 82% participation at the AGM Small investors account for 64% of share capital - 650,000 shareholders and several million more through pension
Yuanta Financial Holding Company Corporate Social Responsibility Guidelines Approved by the Board of Directors on October 26, 2010 (5th meeting of the 5th board) Section One: General Provisions Article
THE GROUP S CODE OF CORPORATE GOVERNANCE REVISED SEPTEMBER 2012 CONTENTS INTRODUCTION..... p. 4 A) RULES OF OPERATION OF UNIPOL GRUPPO FINANZIARIO S.p.A. s MANAGEMENT BODIES....... p. 6 A.1 BOARD OF DIRECTORS....
Sodimac Colombia In 2012, the company continued to consolidate its leadership through the inauguration of six new stores, continuous improvement in different areas and significant progress on sustainability.
CQLR, CHAPTER C-2 AN ACT RESPECTING THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC DIVISION I CONSTITUTION AND MISSION OF THE FUND 1. A body is constituted under the name of Caisse de dépôt et placement du
APPROVED by Order No. VAS-6 of 12 May 2006 of the Director of the Public Establishment the Institute of Accounting of the Republic of Lithuania 33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL
News Release April 29, Performance Review: Quarter ended March 31, 16% year-on-year growth in domestic advances; retail portfolio crossed ` 2,00,000 crore (US$ 30.2 billion) during the quarter ended March
HUMAN SERVICES MANAGEMENT COMPETENCIES A Guide for Non-Profit and For Profit Agencies, Foundations and Academic Institutions Prepared by: Anthony Hassan, MSW, Ed.D. William Waldman, MSW Shelly Wimpfheimer,
October 1, 2015 T&D Holdings, Inc. Tetsuhiro Kida, President (Security Code: 8795) Initiatives to Enhance Corporate Governance (Enactment of Basic Policy on Corporate Governance) T&D Holdings, Inc. (Tetsuhiro
Seven Bank, Ltd. Corporate Governance Guidelines Chapter I General Provisions Article 1 (Purpose) These Guidelines set out the basic views as well as the framework and operation policies of the corporate
Corporate Governance Statement The Board of Directors of APN Outdoor Group Limited (APO) is responsible for the overall corporate governance of APO, including establishing the corporate governance framework
Crossing the Border: Financial Access, Remittances, and Directo a México SM June 4-6, 2006 Mexico City, Mexico 36ª Educational Session of the Instituto de los Mexicanos en el Exterior (IME), Banco de México,
Your consent to our cookies if you continue to use this website.