Letter from the Chairman
Corporate Social Responsibility Report 2014
As Chairman of the Board of Directors, it ismy pleasure
to present to you BME’s Corporate Social Responsi-
bility (CSR) report for 2014.
We spent 2014 redoubling our efforts to develop
new ways for a greater number of companies to raise
funding. We believe this is the best we can do on all
fronts –including CSR– for all of us to drive the incipient
recovery of the Spanish economy.
One example of these efforts is the Mercado Alterna-
tivo de Renta Fija (MARF) for medium-sized companies;
issuance volume on this market in its first year of oper-
ation was considerable. Also in 2014, activity picked
back up on the MAB, which was created to enable
small andmid-cap companies to tap the capital market
Through all its mechanisms combined, BME channeled
some €36.1 billion of finance to companies, making it
the second largest European market and the eighth in
We remain committed to fostering and spreading the
financial culture in Spain, so that as many people as
possible can learn as much as they can about financial
markets. There are a variety of activities in this respect.
For instance, I would highlight the publication of the
Gestión Activa de Carteras de Renta Fija: un enfoque
(Active Fixed Income Portfolio Management:
a Practical Approach), or the awards sponsored by
BME for Outstanding Achievements in Equities, Fixed
Income and Derivatives at the XXI Finance Forum held
by the Spanish Finance Association AEFIN, the bench-
mark event in Spain in the area of financial research.
Also worth noting are the courses and seminars hosted
by Instituto BME, not tomention the reports and studies
prepared by our Research Department and published
magazine and disseminated through
various media and communication channels.
One study showed that households were once
again the second largest owners of shares in 2014,
accounting for nearly 27% of the total, almost seven
percentage points higher than when the 2007 crisis
unfolded and the highest in the past 11 years.
We are also pleased to see the stock exchange
regaining its status as a source of wealth and saving for
citizens through the remuneration policy applied by
most companies with regard to retail investors. Market
recovery has pushed the financial wealth of families
back up to record levels of over €1 trillion.
Meanwhile, BME maintains the return on capital
invested, offering one of the highest dividend yields of
any IBEX 35 company.
We continue to promote and host seminars and
conferences, such as the MEDCAP Forum, designed
to bring SMEs closer to Spanish and foreign inves-
tors, or the Latibex Forum, which has become an
annual meeting point for Spanish investors with other
European and Latin American investors.
Antonio Zoido, BME Chairman & CEO