Assembly

The Assembly defines the guidelines of ABI's activities, elects the members of the Board, the Board of Auditors and the arbitrators, approves the annual budget and related reports, and may amend the Articles of Association. It is convened by the President at least 20 days before the meeting, meets ordinarily once a year and extraordinarily at the request of some of the internal bodies. Each member is entitled to at least one vote, with additional votes in proportion to the contribution paid; in banking groups, this is calculated on a consolidated basis. Meetings are valid with at least one third of the votes in first call, or any number in second call. Decisions are taken by absolute majority, whereas quorums and qualified majorities are required to amend the statutes or dissolve the association. Meetings are chaired by the president and minuted by the secretary appointed from time to time.