Business Context and Reporting Period
This Form 6-K filing by Macro Bank Inc. (Banco Macro S.A.), dated March 18, 2016, serves as a notice of a General and Special Shareholders' Meeting scheduled for April 26, 2016. The meeting addresses corporate governance, the evaluation of documentation for the fiscal year ended December 31, 2015, and the proposed application of retained earnings.
Key Financial Metrics
The filing provides specific figures regarding retained earnings and proposed distributions but does not contain data on revenue, profit, cash flow, margins, debt, or liquidity for the period.
- Total Retained Earnings (FY 2015): AR$ 5,133,481,933.66
- Proposed Allocation to Legal Reserve Fund: AR$ 1,001,682,786.73
- Proposed Allocation to Statutory Reserve Fund: AR$ 190,198,125.00
- Proposed Allocation to Tax on Corporate Personal Assets: AR$ 38,009,241.64
- Proposed Allocation to Optional Reserve Fund: AR$ 3,903,591,780.29
- Proposed Cash Dividend: AR$ 643,019,330.80 (Subject to Central Bank authorization)
Material Changes
The filing does not provide comparative financial data or discuss material changes in revenue, profit, or operational metrics versus the prior comparable period. The primary material event is the proposed reorganization of the Board of Directors and the specific allocation of 2015 retained earnings.
Guidance, Outlook, and Management Commentary
Management has proposed a full reorganization of the Board of Directors, establishing a new composition of 13 Regular Directors and 3 Alternate Directors with staggered terms of one, two, and three fiscal years. The filing also seeks shareholder approval to extend the Bank's Global Program of Negotiable Obligations and to extend the term of the independent auditor, Pistrelli, Henry Martin y Asociados S.R.L., for three years (2016-2018).
Risks and Contingencies: The payment of the proposed cash dividend is explicitly contingent upon prior authorization from the Central Bank of the Republic of Argentina. Additionally, foreign company shareholders must comply with registration requirements under the Argentine Business Company Law to attend the meeting.
Investor Verification Checklist
- Verify the final approval of the cash dividend (AR$ 643,019,330.80) by the Central Bank of the Republic of Argentina.
- Confirm the final composition of the newly elected Board of Directors and Supervisory Committee following the April 26, 2016 meeting.
- Review the full financial statements for the fiscal year ended December 31, 2015, as this filing only summarizes retained earnings allocations.
- Monitor the status of the extension of the Global Program of Negotiable Obligations and any associated rating agency assessments.