Spanish Government confirms active role in SEPI strategic planning

The Spanish government has acknowledged its “very active” role in the strategic planning of companies managed by the State Society of Industrial Participations (SEPI). In a parliamentary response, the Executive emphasized that it provides industrial modernization guidelines for companies within strategic sectors, including defense, energy, and telecommunications.

SEPI, which operates under the Ministry of Finance, holds stakes in several major companies, including Telefónica, Indra, Redeia, and Hispaspat. The government stated that its objective is to set strategies for majority-owned public enterprises and establish management criteria for minority holdings in private companies to serve the public interest.

The state’s influence extends to the leadership of these corporations. For instance, the government appoints the president of SEPI and authorizes the appointment of representatives to the boards of directors of participating companies. Recent leadership changes at Telefónica and pressures at Indra illustrate how significant state shareholdings can impact corporate governance and executive appointments.