Shareholders and Investors: Corporate Governance and Remuneration Policy

Board of Directors

The Board of Directors has the broadest attributes for the management, administration and representation of the Company, and except for matters reserved to the competence of the General Meeting, it is the highest decision-making body of the Company.

Composition of the board of directors

D. José Luis Aguirre Loaso

Chairman of the Board of Directors, Chairman of the Executive Committee and Chairman of the Strategy Committee. He holds a degree in Economics and Law from the University of Deusto and a master in Organisational Development from the IoD of Leuven (Belgium). He has been General Manager of the Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón and Rioja, and CEO of Ibercaja Banco. He has been a member of the American Bank Marketing Association and the European Financial Management Association (EFMA), Chairman of the VISA Committee of the Euro 6000 System and has served on the Board of Directors, among others, of Banco de Huesca, S.A. and EBN Banco, S.A. Also, within the Ibercaja Group, he has been Chairman of Ibercaja Vida, S.A., Ibercaja Leasing, S.A. and Ibercaja Gestión, S.A. and director of Banco Grupo Caja3, S.A.U. until it was absorbed by Ibercaja Banco. He is currently a member of the Board of Directors of CECA, and a member of the Board of Directors of CASER.

D. Jesús Máximo Bueno Arrese

First Deputy Chairman of the Board of Directors. Member of the Audit and Compliance Committee, the Large Risk and Solvency Committee and the Executive Committee. Lecturer on business at the Escuela Superior de Comercio de Zaragoza, auditor/chartered accountant, graduated in Business Administration from IESE (University of Navarra), European University diploma in Social Sciences and master's degree in Applied Social Sciences (University of Zaragoza). He has been Patron of the Ibercaja Banking Foundation, Chairman of the Board of Directors of Ibercaja Vida, S.A., and member of Ibercaja Mediación de Seguros, S.A. He was also a member of the Board of Directors of Banco Grupo Cajatres, S.A.U. until it was absorbed by Ibercaja Banco.

D. Víctor Iglesias Ruiz

CEO of the Bank and Member of the Board of Directors and the Executive Committee. He holds a degree in Economics and Business from the University of Zaragoza completing his training at several business banks in London. Appointed Assistant General Director in January 2010, he has been a member of its Management Committee since May 2001. Prior to his appointment as CEO, he held the Management of several strategic areas of Ibercaja Banco including the Capital Market, Credit Investments and Business area that integrated the management of the Branch Network, Marketing and Multichannel Banking, Business Banking and Financial Group Area Division. In addition, he has represented Ibercaja in numerous participating companies: member of the Board of Directors of Heraldo de Aragón, member of the Business Strategy Committee of CASER and Chairman of the Board of Directors of Ibercaja Mediación de Seguros S.A.U., among others. He is currently a member of the Board of Directors and the Risk Committee of CECABANK.

Dª. Gabriela González-Bueno Lillo

Member of the Board of Directors. Member of the Appointments Committee and the Remuneration Committee. She holds a degree in Economics and Business from Complutense University of Madrid. Insurance Actuary, Inspector of the Insurance and Savings Inspection Corps. She belongs to the Higher Corps of State Finance Inspectors (on leave). Auditor actuary registered in the I.A.E. Register of Auditors. She has been a Member of Comisión Liquidadora de Entidades Aseguradoras (CLEA) (Spanish commission in charge of liquidating insolvent insurance companies) by appointment of the Ministry of Economy and Finance, and Director General and Member of the Board of Directors of CASER. She has been Chair of the Audit and Compliance Committee of Ibercaja Banco, and was a Member of the Council, Chair of the Audit and Compliance Committee and the Appointments and Remuneration Committee of Banco Grupo Cajatrés, until it was absorbed by Ibercaja Banco.

D. Jesús Solchaga Loitegui

Chair of the Appointments Committee and Chair of the Remuneration Committee. Member of the Board of Directors, the Strategy Committee and the Large Risk and Solvency Committee. He holds a degree in Law from the University of Zaragoza. State Lawyer (1967-2010). Numerary associate of the Civil and Commercial Court of Arbitration (CIMA) of Madrid since it was created. He has been General Counsel, Member of the Board of Directors (2002-2008), and Chair of the Control Committee of the Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón and Rioja (2008-2013), freely appointed member of the Territorial Council of Aragón, member of the Advisory Council of the Government of Aragón and member of the Tribunal of Defence of the Competition of Aragón. He also served on the Board of Directors of the companies of the Ibercaja Residencial Murillo Group, Cerro Murillo, S.A. and Ibercaja Mediación de Seguros, S.A.U.

D. Emilio Jiménez Labrador

Member of the Board of Directors, the Executive Committee, the Audit and Compliance Committee and the Strategy Committee. He holds a diploma in Business Studies (specialising in Accounting) and a Bachelor's degree in Economics and Business Studies. In 1984 he joined Monte de Piedad and Caja General de Ahorros de Badajoz (Caja Badajoz), holding various positions and posts. From 28 September 2009 to 11 December 2013, he served as the Deputy Director General Director of the Media Area and General Secretary and member of the Management Committee of Caja Badajoz. He has also held various positions in other financial and banking-insurance entities: Caja Badajoz Sociedad de Agencia de Seguros del Monte de Piedad y Caja General de Ahorros de Badajoz, S.L., Mastercajas, S.A., Viacajas, S.A. and Sociedad de Garantía Reciprocal Extremaña de Avales (EXTRAVAL).

D. Vicente Cóndor López

Chair of the Large Risk and Solvency Committee. Member of the Board of Directors, the Executive Committee and the Audit and Compliance Committee. PhD in Economics and Business from the University of Valencia. He is a Professor of Financial Economics and Accounting at the University of Zaragoza. Chartered accountant and Auditor enroled in ROAC. He has been a Member of the Board of Directors (1998-2006) and Chair of the Control Committee (2006-2008) of the Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón and Rioja. He has also been a director of several companies, including SODIAR (1998-2008), Avalia (2008-2012) and Corporación de Empresas Públicas de Aragón (2008-2012).

D. Félix Longás Lafuente

Member of the Board of Directors, the Audit and Compliance Committee, and the Appointments, Remuneration and Strategy Committees. He has held senior management positions in commercial companies (Grupo Agora and Grupo Hierros Alfonso). He is the Deputy Chairman of the Regional Confederation of Entrepreneurs of Aragón (CEOE Aragon), Chairman of its Economics Committee, Chairman of the Association for the Progress of the Directorate of Aragón (APD) and Councillor of the Economic and Social Council of Spain.

D. Jesús Tejel Giménez

Chair of the Audit and Compliance Committee. Member of the Large Risk and Solvency Committee, he holds a degree in Economics and Business from the University of Zaragoza (Spain), diploma in General Management from IESE School of Business and Chartered Accountant, registered in the Official Register of Account Auditors. Gold medal from the Aragon Association of Economists. He has been Patron of the ETNOR Foundation – Ethics of Business- and the Foundation for Stock and Financial Studies (FEBF). He was Managing Partner of the Areas of Aragón and Rioja, and of the Community of Valencia and Murcia of DELOITTE, S.L. until 2013. Professor of Business Management in university degrees and MBA taught by EDEM School of Entrepreneurs.

D. Enrique Arrufat Guerra

Member of the Board of Directors and the Strategy Committee. He holds a Bachelor's degree and PhD in Mathematics, in 1987 he completed an advanced course in international finance, the IESE PDD Management Development Programme (course 96/97) as well as the Senior Management Programme of the Instituto de Empresa in 2005. He worked professionally in the Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón and Rioja (CAMPZAR), until its financial activity was segregated in Ibercaja Banco: Capital Market Operator, Head of Treasury, appointed Deputy Director (May 2001), Head of Resources (December 1997 to 31 July 2002), Deputy Director (June 2004), Marketing Director (July 2002 to October 2011). In January 2010 he was appointed Assistant General Manager and in October 2011 (with the segregation of CAMPZAR's financial activity at Ibercaja Banco) he held the Management of the Financial Area, a position he held until February 2015, when he was appointed Deputy to the CEO. In addition, he has held various management positions in companies of the Ibercaja Financial Group: Ibercaja Pensión E.G.F.P., S.A., Ibercaja Gestión S.G.I.I.C., S.A. and Ibercaja Vida Compañía de Seguros y Reaseguros, S.A.; property development investees (Ibercaja Servicios Inmobiliarios and Cerro Murillo, S.A.) Outside the Ibercaja Group he has served as Chairman of the Board of Directors of Euro 6000, S.A., Chairman of the Board of Directors of Viacajas and Member of the Board of Directors of EBN Banco de Negocios, S.A. as well as a member of the Board of Ahorro Corporación.

D.ª Maria Pilar Segura Bas

VMember of the Board of Directors, of the Large Risk and Solvency Committee and the Appointments and Remuneration Committees. She holds a degree in Economics and Business from University of Deusto (Bilbao). From 1980 she held various posts and positions at the Caja de Ahorros y Monte de Piedad in Zaragoza, Aragón and Rioja (CAMPZAR) until its financial activity was segregated in favour of Ibercaja Banco in October 2011: Head of the Department of Analytical and Budgetary Accounting (1987-1999), Head of the Department of Information Systems and Management Control (1999-2004) and as Director of Information Systems and Management Control (June 2004 to September 2011). She was subsequently appointed Deputy Director General of the Bank (Control Department), a position she held until 1 March 2017She has held administrative positions in various companies of the Ibercaja Group (Member of the Board of Directors of the management company Ibercaja Gestión S.G.I.I.C., S.A. member and Chair of the insurance and reinsurance company Ibercaja Vida, Chair of the pension fund management company Ibercaja; Member and Chair of the Board of Directors of Tipo Línea S.A., Chair of Servicios Financieros a Distancia IBD, S.L. and Ibercaja Servicios Inmobiliarios, and member of the Board of Ibercaja Participaciones Empresariales and Gestión de Inmuebles Salduvia).

All the nominations to the Board of Directors has been adopted with a favourable report by the Appointments Committee.

The Directors have the obligation to adopt the measures that are necessary to avoid any situations in which there may be a conflict of interest with the business and their duties to the Entity, as it is stipulated by Article 33 Board of Directors Regulation.