Credicorp LTD: Decisions made by Credicorp’s Board December 2021

Rhea-AI Summary

Credicorp Ltd. announced on December 23, 2021, new appointments to its Board Committees, aiming to enhance diversity and inclusivity in line with ESG goals.

Patricia Lizarraga Guthertz joined the Risk Committee, while Maria Teresa Aranzábal Harreguy joined the Remuneration and Nominations Committee. Both bring valuable experience from their roles in Credicorp and its subsidiaries.

The Board also outlined plans for dividend declarations, expected after shareholder meetings in April, and emphasized prudent capital management for potential more frequent distributions.

Positive

• New committee appointments support diversity and inclusion goals.
• Potential for more frequent dividend declarations aligns with capital management strategy.

Negative

• None.

Lima, Dec. 23, 2021 (GLOBE NEWSWIRE) -- Lima, PERU, December 23^th, 2021 – Credicorp Ltd. announces to its shareholders and the market the decisions made by the Board of Directors in the session held on December 23th, 2021.

New members of the Risk Committee and the Remuneration and Nominations Committee

The Board designated Patricia Lizarraga Guthertz and Maria Teresa Aranzábal Harreguy as new members of the Risk Committee and the Remuneration and Nominations Committee respectively. These designations are aligned with Credicorp´s ESG ambition to champion diversity, inclusion and gender equality and are in keeping with a recent Corporate Governance guideline that recommends including at least one female Board member on each Board Committee.

Ms. Lizarraga has been a director of Banco de Credito del Peru and of Credicorp Ltd since 2017, and currently chairs Credicorp’s Audit Committee. Ms. Lizarraga will accompany Raimundo Morales Dasso (Chair), Alexandre Gouvêa, Luis Romero Belismelis and Pedro Rubio Feijóo on the Risk Committee.

Ms. Aranzabal has been a director of Banco de Credito del Peru, Grupo Credito S.A. and Credicorp Ltd since 2020, and currently chairs Credicorp’s Sustainability Committee.  Alexandre Gouvêa (Chair), Antonio Abruña Puyol, Raimundo Morales Dasso and Luis Romero Belismelis will accompany Ms. Aranzabal on the Risk Committee.

The presence of Ms. Lizarraga and Ms. Aranzabal in the aforementioned committees will foster alignment between Board Committees that manage related subjects. For more details on the backgrounds of Ms. Lizarraga and Ms. Aranzabal, please refer to Credicorp’s latest 20-F here.

Timing for dividends declaration

Additionally, the Board determined that the Group expects to declare dividends, if any, in the month of April or thereafter once its subsidiaries have, at the respective shareholder and board meetings, agreed on dividend declarations and set corresponding payment dates. This progression of events is in keeping with the provisions of Credicorp’s Dividend Policy. 

It is important to highlight that the company may declare dividends more than once a year within the confines of prudent capital management. 

In the past, Credicorp generally declared annual dividends in February. Nonetheless, going forward the main subsidiaries, namely, BCP, Mibanco, Pacífico and Prima, will conduct dividend assessments between March and April and if a decision is made to declare dividends, will set corresponding payment dates. Once the subsidiaries have made the aforementioned decisions, the holding company will proceed to assess capital management needs to declare and pay dividends to its shareholders.

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 new committee members were appointed at Credicorp on December 23, 2021?

Patricia Lizarraga Guthertz and Maria Teresa Aranzábal Harreguy were appointed to the Risk Committee and Remuneration and Nominations Committee, respectively.

When does Credicorp expect to declare dividends?

Credicorp expects to declare dividends in April 2022 or thereafter.

How frequently might Credicorp declare dividends in the future?

The company may declare dividends more than once a year based on prudent capital management.

What is the significance of the new committee appointments at Credicorp?

The appointments aim to enhance alignment within the Board and promote diversity in line with ESG objectives.

What are Credicorp's main lines of business?

Credicorp operates in Universal Banking, Microfinance, Insurance & Pension Funds, and Investment Banking & Wealth Management.