Corporate governance

Sareb complies with the requirements established in regulations applicable to our entity and also those established in our Articles of Association. Despite not being a listed company, we have adopted the principles of Good Corporate Governance applicable to listed companies, i.e., our regulatory system is stricter than that of a standard public company. Furthermore, all of Sareb’s employees are subject to a stringent Code of Conduct, the principles of which stem from our corporate values: integrity, transparency and civic engagement.

Our three ethical pillars are present in all our activities and in all areas of our work. Our corporate governance and control measures are even more stringent than applicable regulations.

Discover our governance model

Our corporate governance structure

Our corporate governance structure is made up of the Board of Directors, which makes decisions and establishes guidelines, the management team, which channels these decisions and guidelines to the different work areas and two committees, which are responsible for the internal control.

Who supervises Sareb’s activity

Sareb’s activity is subject to strict supervision by the Bank of Spain, the National Securities Market Commission (CNMV) and the Monitoring Committee, which analyses the business plan and the fulfilment of the asset divestment and debt repayment objective.

Sareb’s external supervisory institutions
Articles of association (Spanish)

Who are Sareb’s shareholders and bondholders

Sareb is a mixed-capital company, with 54.1% of its capital coming from private entities (banks and insurance companies) and the remaining 45.9% from the FROB (Fund for Orderly Bank Restructuring), a public entity and Sareb’s main shareholder.

Sareb’s shareholders and bondholders

Reports and legislation

At Sareb we are transparent: our work and divestment activities are recorded in the reports we publish throughout the year. Our foundation and operations are subject to the regulations in force at any given time.


Sareb’s activity is summarised and published regularly in our reports:

All of Sareb’s reports


Sareb came about from the Memorandum of Understanding (MoU) set out by the Spanish State and the European Union, within a clear legislative framework and in accordance with very precise regulations: all our operations comply with laws, royal decrees and specific regulations.

Laws, royal decrees and regulations applicable to Sareb

These good corporate governance practices, and Sareb’s supervision and transparency mechanisms meet targets of the United Nations 2030 Agenda for Sustainable Development.