Unicaja Foundation Faces Leadership Change Amid Boardroom Taction
Starting at 12:45 p.m. this Tuesday, the Unicaja Foundation will host a quiet, formal moment at its headquarters in Plaza de la Marina. The foundation’s president, Braulio Medel, will step down, and José Manuel Domínguez will take the helm. Medel, whose mandate ended last autumn, had signaled on April 14 that he would resign within a short period to ensure a orderly transition. Despite the promise of a smooth handover, internal tensions and strategic disagreements had slowed his departure, drawing criticism from business leaders who argued that the leadership crisis risked tarnishing the foundation’s public image. The foundation is the main shareholder of Unicaja Banco, owning 30 percent of its shares, and holds sway with several political groups calling for decisive action and timely leadership change.
The foundation’s leadership meeting also confronted an agenda item on the status of the report requested by the Protection Board of Banking Trusts, currently being prepared by the law firm Baker McKenzie. The item, described as an “unexpected partial disappearance of the object of the report,” was added by Filippo Faraguna, the chair of the Audit Committee, to provide clarity on the report’s future relevance after Medel’s departure.
From the outset, several key employers questioned the necessity of including that agenda item. In a letter obtained by the press and shared with the foundation, they argued that the inclusion signaled a potential overreach, suggesting that only the Board of Trustees, under the Ministry of Economy, has the authority to disrupt the foundation’s framework. They warned that protracted delays beyond June 24 could trigger legal action and noted that interviews with employers are being conducted by the appointed firm as part of the process. The contention was that the takeover of the report’s fate should not be governed by a change in presidency, but by established governance procedures.
There is a belief among critics that Medel’s resignation would not halt the ongoing process. They have warned that failing to comply with the Protectorate’s mandate could invite further legal steps. If the trustees want a specific article withdrawn or the Protectorate’s order re-evaluated, they have requested a copy of the guardianship report that shows how the boards of trustees have voted.
The board of directors comprises fourteen members. Four are business leaders who have openly criticized Medel, while five others have expressed support for his stance. Among the supporters are Antonio Jesús López Nieto and Filippo Faraguna, who represents the Junta de Andalucía and chairs the basketball club’s board. The ultimate outcome of the upcoming session will hinge on the votes of the remaining four employers aligned with the PSOE bloc: Carmen Espín, Pedro Vílchez, Antonio Pascual, and Alberto Fernández, whose positions could tip the balance on the most contentious issues.
Overall, the unfolding situation marks a pivotal moment for the foundation, its relationship with Unicaja Banco, and the broader governance climate surrounding institutionally significant entities in the region. Observers note that the leadership transition will help restore clarity and confidence among stakeholders, while the exact fate of the Protection Board report will be clarified through ongoing deliberations and formal actions by the trustees.