Credicorp Ltd.: Credicorp Announces Candidates for Board of Directors at the 2023 Annual General Shareholders Meeting

Rhea-AI Summary

Credicorp Ltd. is set to propose two new directors, Nuria Aliño Perez and Pedro Rubio Feijoo, at its 2023 Annual General Shareholders Meeting on March 27, 2023. This move follows the retirement of directors Fernando Fort and Irzio Pinasco. The new candidates are expected to enhance the board's expertise in digital transformation and finance. Aliño brings over 25 years of international banking experience, while Rubio has 40 years with Credicorp. The changes aim to fortify governance structures, and if approved, female representation on the board will increase to 33.3%. Shareholders of record as of February 10 will receive proxy materials.

Positive

• New directors bring expertise in digital transformation and finance.
• Increases female board representation to 33.3%.
• Board members' unanimous agreement on the new candidates suggests strong support.

Negative

• Retirement of experienced directors could create continuity concerns.
• Potential experience gap with the incoming directors.

Lima, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Lima, PERU, February 27th, 2023– Credicorp Ltd. today announced that its Board of Directors is proposing two new candidates as directors for its 2023 Annual General Shareholders Meeting scheduled for Monday, March 27, 2023, at 3 p.m. (Peru time), at the main offices of Banco de Credito del Peru, to be held online. The new candidates are Nuria Aliño Perez and Pedro Rubio Feijoo and if approved, will join the Board effective March 27th to succeed Fernando Fort and Irzio Pinasco, who have announced their intention to retire from the Board. All other current Board members will be proposed for re-election.

Consistent with our commitment to strengthening governance structures that support long-term stakeholder value and taking a leadership role in corporate governance, the two new candidates further diversify Credicorp’s board and add solid professional expertise in digital transformation within the financial services sector, fintech investing, sustainability development, and wholesale and investment banking. The Board has expressed its unanimous agreement with the recommendations of its Compensation and Nominations Committee, and believes these candidates demonstrate the knowledge, qualifications, and professional and personal integrity consistent with the standards expected by our shareholders. Below are brief biographies of the new director candidates:

Nuria Aliño Perez (Independent)

Mrs. Aliño Perez is an accomplished Spanish corporate and investment banking professional with 25+ years of experience in developed and developing markets with roles spanning corporate finance, private equity / venture capital, impact investing, fintech transactions and digital strategy. Since 2016, she has held positions with the World Bank Group’s International Finance Corporation (IFC) as Head of Partnerships and Innovations, Digital Finance Services and currently as Open Banking & Digital Transformation Specialist, providing crucial guidance on the digital transformation strategies to banks in the emerging markets. Prior to her work with the IFC, she spent three years as advisor to the General Manager of IADB Invest (Interamerican Development Bank), which managed a $7 billion portfolio with a focus on the financial services sector in the Latin America and Caribbean regions. Mrs. Aliño Perez spent over 15 years with BBVA in corporate and investment banking where she concluded her tenure as Chief Investment Officer – Industrial Holding Group. In addition, she serves as Board member and Chair of the Sustainability Committee at Soltec, a global developer of integral solutions for sustainable solar energy and was an advisor of the strategy committee of Banco BHD, the second largest bank in the Dominican Republic. She has held additional advisory board roles for tech companies and private equity and venture capital firms in Latin America and Europe. Since 2019, Mrs. Aliño Perez has been a faculty member of teaching programs in the US and Spain for digital transformation of microfinance institutions, financial inclusion and financial service disruption. She holds a Master of Sciences in Law and a Bachelor of Economics and Business Administration from Universidad Pontificia Comillas, Spain.

Pedro Rubio Feijoo

Mr. Rubio Feijoo is a Peruvian executive who brings forty years of experience with Credicorp banking businesses, both domestically and internationally. Through his role on the boards of various subsidiaries, Mr. Rubio has gained broad knowledge of and insight into the Group’s businesses. He began his career at BCP in 1983 as a commercial executive, then went on to hold increasingly senior roles including Head of the International Business Department, CEO of Banco Tequendama, in Bogota, Colombia, and Head of the Corporate and Business Banking Division. Until March 2018, he acted as Senior Vice President of Wholesale Banking at BCP and reported directly to the CEO. Mr. Rubio is currently a Board member at various Credicorp subsidiaries including, Prima AFP, Credicorp Capital Ltd., Credicorp Capital Holding Peru S.A., Atlantic Security Bank, Banco de Crédito Bolivia, Inversiones Credicorp Bolivia S.A., Banco de Credito del Perú y Grupo Crédito Inversiones S.A. Mr. Rubio Feijoo has a degree in Industrial Engineering from North Carolina State University.

In addition to the two new director candidates, Credicorp’s Board of Directors proposes for re-election the following seven existing directors: Antonio Abruña Puyol, María Teresa Aranzabal, Alexandre Gouvea, Patricia Lizarraga Guthertz, Raimundo Morales Dasso, Leslie Pierce, and Luis Romero Belismelis. For detailed information related to the professional backgrounds and qualifications of each of the existing directors, please refer to our latest 20-F filing (link). Collectively, the candidates would increase female board representation to 33.3%.

At the 2023 Annual General Shareholders Meeting, Fernando Fort and Irzio Pinasco will retire from the Board. Credicorp is deeply grateful for the time and energy they have dedicated to Credicorp through invaluable professional and personal contributions.

For additional information related to the agenda of the Annual General Shareholders Meeting, please see our latest regulatory filings with the U.S. Securities and Exchange Commission (SEC) and Peruvian Superintendencia del Mercado de Valores (SMV). Shareholders of record as of February 10, 2023, will receive a copy of Credicorp’s proxy containing important information for the Annual General Shareholders Meeting.

About Credicorp

Credicorp Ltd. (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia and Bolivia. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Credito del Peru – BCP and Banco de Credito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Banking & Wealth Management, through Credicorp Capital, Wealth Management at BCP and Atlantic Security Bank.

For further information please contact the IR team:

Investorrelations@credicorpperu.com

Investor Relations
Credicorp Ltd.

FAQ

What are the details of the new directors proposed by Credicorp Ltd.?

Credicorp is proposing Nuria Aliño Perez and Pedro Rubio Feijoo as new directors for the board, enhancing expertise in digital transformation and finance.

When is the Credicorp Annual General Shareholders Meeting in 2023?

The Annual General Shareholders Meeting is scheduled for March 27, 2023, at 3 p.m. Peru time.

How does the board change impact female representation at Credicorp Ltd.?

The appointment of two new directors will raise the female representation on the board to 33.3%.

What is the background of Nuria Aliño Perez?

Nuria Aliño Perez has over 25 years of experience in corporate and investment banking and specializes in digital transformation and fintech.

What is the significance of Pedro Rubio Feijoo's experience for Credicorp Ltd.?

Pedro Rubio Feijoo has 40 years of experience with Credicorp, which provides valuable insights into the company’s operations and strategy.