Balance Sheet at 31 December 2010 of BBVA

c) Indication of the director’s classification, specifying, for proprietary directors, the shareholder they
represent or to whom they are related;
d) Date of their first and subsequent appointments as a company director; and
e) Shares held in the company and options thereon held by them.
Complies
29. Independent directors do not hold office as such for a continuous period of more than 12 years.
See section: B.1.2
Complies
30. Proprietary directors tender their resignation when the shareholder they represent sells its entire
shareholding interest. The appropriate number of them do likewise when such shareholder reduces its
interest to a level that requires the reduction of the number of its proprietary directors.
See sections: A.2, A.3 and B.1.2
Complies
31. The Board of Directors does not propose the removal of any independent director prior to the
expiration of the term, set by the by-laws, for which he was appointed, except for good cause found by the
Board upon a prior report of the Nominating Committee. In particular, good cause shall be deemed to exist
whenever the director has failed to perform the duties inherent in his position or comes under any of the
circumstances described in section III.5 (Definitions) of this Code.
The removal of independent directors may also be proposed as a result of Tender Offers, mergers or other
similar corporate transactions that entail a change in the equity structure of the Company, when such
changes in the structure of the Board follow from the proportionality standard mentioned in
Recommendation 12.
See sections: B.1.2, B.1.5 and B.1.26
Complies
32. Companies establish rules obliging directors to report and, if appropriate, to resign in those instances
as a result of which the credit and reputation of the company might be damaged and, in particular, they
require that such directors report to the Board any criminal charges brought against them, and the
progress of any subsequent proceedings.
If a director is indicted or tried for any of the crimes described in Section 124 of the Companies Law, the
Board examines the matter as soon as practicable and, in view of the particular circumstances thereof,
decides whether or not it is appropriate for the director to continue to hold office. And the Board provides a
substantiated account thereof in the Annual Corporate Governance Report.
See sections: B.1.43, B.1.44
Complies
33. All directors clearly express their opposition when they feel that any proposed resolution submitted to
the Board might be contrary to the best interests of the company. And in particular, independent directors
and the other directors not affected by the potential conflict of interest do likewise in the case of decisions
that could be detrimental to the shareholders lacking Board representation.
When the Board adopts material or reiterated resolutions about which a director has expressed serious
reservations, such director draws the pertinent conclusions and, if he chooses to resign, sets out the
reasons in the letter referred to in the next recommendation.
This recommendation also applies to the Secretary of the Board, even if he is not a director.
Complies
WARNING: The English version is only a translation of the original in Spanish for information purposes. In case of a discrepancy,
the Spanish original prevails.