Credicorp Ltd.: Credicorp Initiates Election Process for an Additional Director

Rhea-AI Summary

Credicorp has announced the initiation of the process to elect a new ninth member to its Board of Directors following approval from shareholders. This comes after the recent amendment to the company’s bye-laws, allowing expansion from 8 to 9 members. Shareholders can propose candidates until July 15. The selection guidelines for the new nominee were established by the Compensation and Nominations Committee on June 25. Credicorp's latest Board is noted for being more independent and diverse.

Positive

• Board expansion could enhance governance and oversight
• Increased diversity might attract more investors

Negative

• No immediate financial metrics provided to gauge impact on performance
• Shareholder proposal window may indicate lack of pre-identified candidates

Lima, June 26, 2020 (GLOBE NEWSWIRE) -- Lima, June 26^th, 2020 – Following the recent announcement of its new Board composition, and Shareholder approval of the expansion of the Board, Credicorp announces the initiation of the process to elect the ninth member of its Board.

On June 8^th, Credicorp announced that the Annual General Shareholders Meeting had approved an amendment to Credicorp’s bye-laws to increase the size of the Board from 8 to 9 members. Credicorp expects to propose an additional director nominee, to be voted upon at an Extraordinary Shareholders Meeting.

On June 25^th, the Compensation and Nominations Committee of the Board determined the guidelines for the process to select the ninth board member. At this time, Credicorp would like to announce that it is beginning its selection process and shareholders are welcome, in parallel, to propose candidates up until July 15^th (inclusive). Once this pre-selection process has concluded, Credicorp’s Board will announce, in the next few months, the date for an Extraordinary Shareholders Meeting to elect the nominee.

Credicorp recently announced the election of its new Board of Directors. Today, Credicorp´s Board is more independent and diverse than in years past. For further information regarding the new Board and details on the independence criteria, please refer to our June 8^th press release.

About Credicorp

Credicorp Ltd. (NYSE: BAP) is the leading financial services holding company in Peru and is present in Chile, Colombia and Bolivia. Credicorp has a diversified business portfolio, which is organized into four lines of business: Universal Banking, through Banco de Credito del Peru - BCP and Banco de Credito de Bolivia; Microfinance, through Mibanco and Encumbra; 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 is the recent announcement by Credicorp regarding its Board?

Credicorp has begun the process to elect a new ninth member to its Board of Directors.

When does the proposal period for new Board members end?

Shareholders can propose candidates until July 15.

What does the recent change in Credicorp's Board indicate?

The change indicates an effort to enhance governance and increase diversity.

What are the new guidelines for selecting the ninth Board member?

The guidelines were determined by the Compensation and Nominations Committee on June 25.

Why is the expansion of Credicorp's Board significant?

It could improve governance, oversight, and potentially attract more investors.