Business Context and Reporting Period
This Form 6-K filing by Macro Bank Inc. (Banco Macro S.A.) is dated March 17, 2016. The report discloses a relevant event concerning the upcoming General Shareholders' Meeting scheduled for April 26, 2016. The primary focus is the receipt of formal proposals from shareholders regarding the full reorganization and new composition of the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a disclosure of corporate governance events and does not contain financial performance data.
Material Changes
There are no financial material changes reported in this filing. The material event is the proposal by shareholders Jorge Horacio Brito and Delfín J. Ezequiel Carballo to restructure the Board of Directors. Additionally, the Secretary of Economic Policy and Development Planning submitted candidates proposed by the shareholder FGS-ANSES.
Guidance, Outlook, and Management Commentary
The Board of Directors has resolved to include the proposed Board reorganization in the agenda for the April 26, 2016, General Shareholders' Meeting. The proposed new composition includes:
- Total Composition: 13 Regular Directors and 3 Alternate Directors.
- Term Structure:
- 5 directors to hold office for 3 fiscal years.
- 5 directors to hold office for 2 fiscal years.
- 3 directors to hold office for 1 fiscal year.
- Proposed Candidates: The filing lists specific names for each term category, including representatives from FGS-ANSES and the Brito/Carballo shareholder group.
The Board has instructed the depositary, Bank of New York, to communicate the list of proposed directors to American Depositary Share (ADS) owners.
Key Facts for Investor Verification
- Verify the final outcome of the Board election at the General Shareholders' Meeting on April 26, 2016.
- Confirm the final list of elected directors against the proposed list in this filing.
- Monitor for any subsequent filings regarding the implementation of the new Board term structure.
- Note that this filing contains no financial data; refer to the most recent Form 20-F for financial metrics.