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.
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.
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.
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:
- Annual and Half-Yearly Activity Reports.
- Corporate Governance Report.
- Remuneration Policy Report.
- Socioeconomic Impact Report.
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.
These good corporate governance practices, and Sareb’s supervision and transparency mechanisms meet targets 16.6 and 17.3 of the United Nations 2030 Agenda for Sustainable Development. Sareb’s policies, procedures and programmes for guaranteeing equal opportunities and diversity within the company contribute to the achievement of targets 5.5 and 10.3. And the initiatives aimed at training and coaching its employees support target 8.5.