Following the fiscal year closure, a resolution referring to the issue of debentures convertible into ordinary BBVA shares with exclusion of first refusal rights was submitted to the Board of Directors for approval as provided for under the capacity delegated thereto by the General Meeting of Shareholders of the Company held on March 16, 2012 in item five of the agenda thereof.
This agreement was approved at the Board of Directors meeting held on February 2, 2016. For the purpose of articles 414, 417 and 511 of the Corporations Act, the mandatory directors report was issued, explaining the conversion bases and methods and justifying the proposed abolition of the pre-emptive subscription right, which was accompanied by a report by an auditor other than the Company’s auditor, appointed for that purpose by the Business Registry.
The payment of the interim dividend approved on December 22, 2015 was made on January 12, 2016.