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What does BBVA do to reduce inequality?

As part of its commitment to the societies where it has a presence and its purpose to bring the age of opportunity to everyone, BBVA contributes to the United Nations (UN) Sustainable Development Goal (SDG) 10: reduce inequality within and among countries. The 17 SDGs are a call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity – an initiative that the UN has also geared toward the corporate world through public-private partnerships.

The world has made significant progress toward helping people escape poverty and hunger. However, inequalities within and among countries remain, and access to capital, education, food and healthcare continue to be a challenge, especially in more rural areas.

For this reason, the UN has included the inequality gap as one of the Sustainable Development Goals, specifically in goal number 10: to reduce inequality within and among countries. In its 2030 agenda, the UN establishes a target of the bottom 40 percent of the population’s income growing at a rate above the national average

Con el fin de reducir la desigualdad, recomienda la aplicación de políticas universales que presten especial atención a los requerimientos y necesidades de las poblaciones más desfavorecidas y marginadas. De esta manera, la colaboración de las instituciones públicas, mediante regulaciones fiscales y sociales, y el apoyo de las entidades privadas, cobra especial importancia.

In order to reduce inequality, the UN recommends universal policies that focus on the needs and requirements of more disadvantaged and marginalized groups. Thus, the collaboration of public institutions, through fiscal and social regulations, and support of private institutions is especially important.  

In this regard, this vision also inspires the policies, principles, values and strategy that guide BBVA’s behavior in tax issues, as explained in the document Corporate Principles in BBVA’s tax and fiscal strategy. The policies and values that guide BBVA’s fiscal strategy are supported by and in line with the Group’s overall corporate principles:

  • Integrity: as a manifestation of the Group’s ethics and actions in all relations with stakeholders. For tax related issues, this translates into not just adhering to the rules, but maintaining a cooperative relationship in good faith with the different tax authorities.
  • Caution: BBVA assesses the fiscal implications of its decisions in advance.
  • Transparency: as the principle that prevails over all of the bank’s activity in order to offer access to clear and accurate information within the bounds of the law. For tax issues, this is manifested in the information provided to customers and other stakeholders on BBVA’s own activity.

With the approval of this document, BBVA’s Board of Directors defines and delimits BBVA’s fiscal strategy, establishing an approach for tax matters that is based on principle adjusted returns. BBVA works daily to reduce inequality and give vulnerable people the opportunity to improve their situation. Thus, the bank is committed to transparency of tax payments and since 2011, has voluntarily published its total fiscal contributions in the countries where it has a significant presence.

Efficiency and transparency in institutions helps to improve the services provided and ensure they reach all citizens equally.

BBVA provides opportunities so that all these populations can choose to live in a better world

A situation that is especially prevalent in Latin America – one of the regions with the highest inequality on the planet. These circumstances reduce its ability to grow in all areas and therefore exacerbates this gap both within countries and on an international level.

Through the BBVA Microfinance Foundation, BBVA places a special emphasis on ensuring equal opportunities in this region. And they do so by giving vulnerable people access to the financial system, making use of technology and innovation to offer them products and services that are adapted to their needs.

It is a commitment the Group maintains around the world. Technology offers excellent opportunities, especially in a global market. Not having the education or availability to access the latest digital advances means that many disadvantaged groups are not able to take advantage of the benefits of the economic environment in which we live.

With its commitment to make this new technological environment accessible to more vulnerable and disadvantaged people,  BBVA provides opportunities so that all these populations can improve their situation, reduce their poverty, inequality and can choose to live in a better world.

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