This re-election of Josep Oliú as a consultant will allow him to continue in a leadership role for another term at the start of the business. The general shareholders’ meeting of Sabadell Bank is slated for March 23 in Alicante and will be hosted at the Auditorio de la Diputación. The venue, which has served as the registered office since October 2017, marks a familiar setting for the annual gathering. The meeting is scheduled to begin in the late morning and continue into the afternoon, with operations starting around 11 o’clock and concluding in the late afternoon.
Beyond the standard accountability agenda, the board will present a recommendation for dividend distribution and a share repurchase program totaling 204 million euros. This move aims to enhance shareholder remuneration, a prudent measure following the company’s substantial profit growth in the prior year. The year closed with earnings of 859 million euros, up 61.9 percent from 2021. The plan outlines the payment ratio, indicating the portion of profits allocated to shareholders, potentially reaching half of profits in favorable conditions.
Nevertheless, the central item on the agenda remains the re-election of Josep Oliú to the board, a step toward renewing his term as chairman. If confirmed by the board, Oliú would continue in his leadership duties for another four years. This continuity is viewed as essential for guiding the bank through its next phase of development.
A photograph from the 2022 Sabadell shareholders’ meeting captures the atmosphere of the annual gathering. The image underscores the collaborative culture and the engagement of investors in major strategic decisions.
Josep Oliú, born in 1949 in Sabadell, has served on the bank’s board since 1990 and has led the chairman’s office since 1999, a role once held by his father. Despite being in his seventies, Oliú has consistently avoided retirement chatter and has signaled that re-election is compatible with his long-term plans for Sabadell. The era under his leadership has seen Sabadell grow from a regional lender to a major national player, benefiting from a series of strategic integrations that expanded its asset base and market presence.
The bank’s expansion has involved the integration of key regional banks and lending businesses, strengthening Sabadell’s footprint across Spain. This consolidation helped the bank solidify its standing among the country’s leading financial institutions at a time when the sector faced significant competition and consolidation pressures.
Sabatell’s governance during Oliú’s tenure has combined organic growth with strategic acquisitions, enabling the bank to scale its operations and improve efficiency. The leadership team has navigated complex market conditions and regulatory changes, laying the groundwork for continued resilience and future profitability.
Sabatell’s strategy has also included adjusting customer charges in light of changing interest rate environments. The bank has signaled a move toward lower commissions for clients, aligning with broader efforts to remain competitive and attractive to retail and corporate customers alike following recent rate fluctuations.
Sabadell to ease client charges after rate adjustments
The governance discussions have not been without challenges. In November 2020, Oliú faced a pivotal moment when merger talks with another major lender were halted due to perceived undervaluation by the market. The decision prompted leadership changes, including the appointment of a new CEO to steer the bank through a transitional period while focusing on core corporate priorities.
To chart a new path, the board considered appointing César González-Bueno as chief executive to replace the outgoing leadership, appraising the balance between governance responsibilities and strategic execution. The objective was to ensure that executive powers supported the bank’s long-term strategy while maintaining effective oversight and accountability.
new independent director
With Oliú’s re-election likely to be approved, the meeting will also confirm the appointment of a new independent director. The incoming appointee, currently the chief executive of a major property group, will take a seat on the Sabadell board after the transition. The changes aim to reinforce governance practices and bring additional perspective to the committee structures overseeing risk, strategy, and supervision.