Table 1 The Bank's AGMs and evolution of... | Emerald Publishing

Table 1

The Bank's AGMs and evolution of financial performance

Date	AGM agenda	Synthesis
April 29, 2006	Approval of financial statements Appointment of board of directors and related remunerations Appointment of board of statutory auditors and related remunerations Authorization for purchase/sale of treasury shares Reform of collection system	Best Financial performance in the Bank's history
April 29, 2006		The agenda included the approval of the 2005 financial statements, which showed the best result in the Bank's history - a profit of €790 million - and the sale of the collection division, both of which were approved with more than 99% of votes in favor
March 6, 2008	Authorization to the board of directors for a paid capital increase part of which reserved for JP Morgan	Prey or Predator?
		The Bank acquired Beta Bank for €9 billion and recorded a significant goodwill
		On the agenda was the proposal for a non-dilutive capital increase required to finance the acquisition. The proposal was approved with approximately 99% of votes in favor
April 27, 2012	Approval of financial statements Appointment of board of directors and related remunerations Appointment of board of statutory auditors and related remunerations Approval of merger by incorporation	First Loss on the Income Statement
		The acquisition of Beta Bank proved to be a poor deal
		On the agenda was the appointment of new members to the Board of Directors, along with the approval of the 2011 financial statements, marking the bank's first-ever loss. The loss amounted to €4.685 billion, with €4.514 billion attributed to the impairment of goodwill following the acquisition of Beta Bank. The financial statements were approved with over 99% of votes in favor
April 16, 2015	Approval of financial statements Appointment of board of directors and related remunerations Appointment of board of statutory auditors and related remunerations Reduction of share capital due to losses Failure to rebuild valuation reserves Paid capital increase Partial amendment	The Sad Demise of the Bank
		From the 2011 fiscal year onwards, the Bank continued to incur losses, leading to the cessation of dividend distributions. The bank and the quality of its assets came under the scrutiny of regulatory authorities
		On the agenda was the approval of the 2014 financial statements, which reported a net loss of €5.347 billion, and the proposal for a capital increase (up to a maximum amount of €3 billion) to address the situation. The agenda was endorsed with over 96% of votes in favor
		The capital increase was not subscribed to by the Foundation, resulting in the loss of its position as the majority shareholder. Subsequently, the bank was nationalized

Date	AGM agenda	Synthesis
April 29, 2006	Approval of financial statements Appointment of board of directors and related remunerations Appointment of board of statutory auditors and related remunerations Authorization for purchase/sale of treasury shares Reform of collection system	Best Financial performance in the Bank's history
April 29, 2006		The agenda included the approval of the 2005 financial statements, which showed the best result in the Bank's history - a profit of €790 million - and the sale of the collection division, both of which were approved with more than 99% of votes in favor
March 6, 2008	Authorization to the board of directors for a paid capital increase part of which reserved for JP Morgan	Prey or Predator?
		The Bank acquired Beta Bank for €9 billion and recorded a significant goodwill
		On the agenda was the proposal for a non-dilutive capital increase required to finance the acquisition. The proposal was approved with approximately 99% of votes in favor
April 27, 2012	Approval of financial statements Appointment of board of directors and related remunerations Appointment of board of statutory auditors and related remunerations Approval of merger by incorporation	First Loss on the Income Statement
		The acquisition of Beta Bank proved to be a poor deal
		On the agenda was the appointment of new members to the Board of Directors, along with the approval of the 2011 financial statements, marking the bank's first-ever loss. The loss amounted to €4.685 billion, with €4.514 billion attributed to the impairment of goodwill following the acquisition of Beta Bank. The financial statements were approved with over 99% of votes in favor
April 16, 2015	Approval of financial statements Appointment of board of directors and related remunerations Appointment of board of statutory auditors and related remunerations Reduction of share capital due to losses Failure to rebuild valuation reserves Paid capital increase Partial amendment	The Sad Demise of the Bank
		From the 2011 fiscal year onwards, the Bank continued to incur losses, leading to the cessation of dividend distributions. The bank and the quality of its assets came under the scrutiny of regulatory authorities
		On the agenda was the approval of the 2014 financial statements, which reported a net loss of €5.347 billion, and the proposal for a capital increase (up to a maximum amount of €3 billion) to address the situation. The agenda was endorsed with over 96% of votes in favor
		The capital increase was not subscribed to by the Foundation, resulting in the loss of its position as the majority shareholder. Subsequently, the bank was nationalized

Financial data (€/million)	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014
Total assets	153,749	158,556	161,984	213,796	224,815	244,279	240,702	218,882	199,106	183,444
Equity	7,268	7,775	8,649	14,824	17,175	17,176	10,765	6,453	6,155	5,965
Provisions for loan losses	471	511	611	1,002	1,453	1,126	1,311	2,672	2,750	7,821
Net income	790	910	1,438	923	225	985	−4,685	−3,170	−1,439	−5,343
Dividends paid	264	423	528	640	108	142	178	0	0	0
TIER I (capital)	5,986	6,262	6,916	6,798	9,093	9,142	11,649	8,917	8,973	6,608

Financial data (€/million)	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014
Total assets	153,749	158,556	161,984	213,796	224,815	244,279	240,702	218,882	199,106	183,444
Equity	7,268	7,775	8,649	14,824	17,175	17,176	10,765	6,453	6,155	5,965
Provisions for loan losses	471	511	611	1,002	1,453	1,126	1,311	2,672	2,750	7,821
Net income	790	910	1,438	923	225	985	−4,685	−3,170	−1,439	−5,343
Dividends paid	264	423	528	640	108	142	178	0	0	0
TIER I (capital)	5,986	6,262	6,916	6,798	9,093	9,142	11,649	8,917	8,973	6,608

Source(s): Authors’ own work