Get to know SEPI

The headquarter of Group SEPI is located in Velázquez street in Madrid.

A globally sound state-owned sector is socially profitable. And the profitability of state-owned companies requires the adoption of all the measures which promote their efficiency and competitiveness. The state-owned holding company Sociedad Estatal de Participaciones Industriales (SEPI), incorporated in 1995 and which reports to the Ministry of Economics and the Treasury finds here its reason of being.

The corporate purpose of the entities which are part of SEPI or which have been attached to it encompasses a very wide spectrum of investment promotion, real-estate management and of infrastructures, shipbuilding, mining, communication (RTVE, Agencia EFE), energy, food distribution, leisure and diverse services.

In some cases they are companies which, since they operate in open and competitive markets, do not require to be owned by the State, so that they can be disinvested.

In other cases, the companies play an instrumental role, for instance, in the real-estate or infrastructure fields, or they execute policies for the general interest.

Finally, SEPI includes companies or State entities which, for guaranteeing their feasibility must carry out significant adjustments or in their production capacity or strategies (industrial reorganization), executing to that end reorganization and rationalization actions. It also includes entities subjected to special regimes which result from their concrete situation.

Control

SEPI follows in all its activities the private, civil, mercantile and labor legal system, without prejudice to the matters to which the General Budgetary Act is applicable.

SEPI and the companies which make up its Group are subject to the same control mechanisms which apply to any other entity of the state-owned sector, besides other controls stemming from its activity in the corporate field and in the matter of privatizations:

  • Economic and financial control: through the Intervención General de la Administración del Estado (the Office of the State Comptroller) and the Tribunal de Cuentas (Court of Auditors).
  • Control of the industrial relations: by the Comisión de Seguimiento de la negociación Colectiva (Commission for the Follow-Up of Collective Bargaining) and the Comisión Interministerial de Retribuciones (CECIR, or Interministerial Commission on Remunerations).
  • Specific controls on privatizations: by the Consejo Consultivo de Privatizaciones (Consultative Board of Privatizations), the Office of the State Comptroller and the Court of Auditors.
  • Control by the Parliament: through informative appearances at the Congress and the Senate, and through motions of the Parliament.
  • Control by the European Union: through the Community bodies in charge of Competence and Industrial policy.

    • Regulatory framework

    SEPI is an entity which is part of the Spanish state-owned sector, and it is attached to the Second Vice Presidency, Ministry of Economics and Finance, and directly reports to the Minister. It was created in 1995, by Royal Law-Decree 5/1995, on June 16th, which was validated on January 10th, 1996, by Act 5/1996 on the Creation of Specific Public Law Entities.

    The Council of Ministers, on December 9th, 2005, agreed to submit to Parliament a Bill which amends Act 5/1996 on the Creation of Specific Public Law Entities, which, after being discussed in Parliament, has been passed as Act 20/2006, on June 5th. This norm adapts SEPI to the new phase in which the financial autonomy principle cannot be sustained, modifying the corporate assets and financial system of this state-owned company and that of its affiliated companies.

    This Act introduces the following main features:

  • SEPI and its affiliated companies may receive any class of contribution from the State General Budget.
  • The debts incurred by SEPI as a result of its fund-raising activities in domestic and international markets, through the issue or placement of fixed-income securities may have the guarantee of the State against third parties.
  • The requirement imposed upon SEPI of maintaining at least 1,200 million Euros in stockholders´ equity is abolished.

    • Logotipo ecológico

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