Sociedad Estatal de Participaciones Industriales (SEPI) is a state entity which was established by Law 5/1996, of January 10th, for the setup of certain public-law entities. Currently, SEPI is attached to the Ministry of Finance and Administration, and reports to the Minister.

In keeping with section 15 of Law 5/1996, SEPI’s governing bodies are the Chairmanship and the Board of Directors.

Both the Chairwoman and the Vice President are appointed by the Government, through a Royal Decree, at the nomination of the Minister of Finance. For their part, the members of the Board are appointed by the Minister of Finance.

The Board of Directors is composed by the Chairwoman, one Vice President and a maximum of 14 members of the Board. Besides, it has a Secretary, nominated by the Chairwoman, who may be or not a Director.

The Board of Directors is in charge of administrating, directing and managing SEPI. For seeing its main functions, click here.

SEPI’s Chairwoman is a senior manager in SEPI and is appointed by the Government, through a Royal Decree. For seeing his main functions, click here.

SEPI’s Vice President is also a senior manager of the entity and is appointed by the Government through a Royal Decree.

The Vice President replaces the Chairwoman when the Chairmanship is vacant, or when the Chairwoman is absent or ill, and he exercises the functions which the Chairman or the Board delegate on him.

The Management Board is the entity’s day-to-day executive body, to which the Board of Directors or its Chairman delegate certain powers. Among them stand out, due to their importance, those contained in the “Norms Regulating the Approval and Overview System for the Activities and Operations of SEPI Group”, which regulate the relationship between the parent company and the other companies which make up the SEPI Group.  

The Management Board is made up by SEPI’s Chairwoman and by its Vice President, as well as by the company’s senior managers which are appointed by the Chairwoman.


Ms. Belén Gualda González

Vice President

Mr. Bartolomé Lora Toro 


Ms. Esperanza Casteleiro Llamazares - Deputy Secretary of Defense. Ministry of Defense 

Ms. Inés María Bardón Rafael - Deputy Secretary of Finance. Ministry of Finance 

Ms. Sara Aagesen Muñoz - Deputy Secretary for Energy. Ministry for the Ecological Transition and the Demographic Challenge

Mr. Gonzalo García Andrés - Deputy Secretary for Economics and the Enterprise. Ministry of Economics and for the Digital Transformation 

Ms. MaríaPilar Paneque Sosa - Undersecretary of Finance. Ministry of Finance  

Mr. Jesús Manuel Gómez García - Undersecretary for Transportation, Mobility and the Urban Agenda. Ministry for Transportation, Mobility and the Urban Agenda 

Ms. Gemma del Rey Almansa - Undersecretary of Employment and the Social Economy. Ministry of Employment and Social Economy 

Mr. Raúl Blanco Díaz - Secretary-General for Industry and Small and Medium-Sized Enterprises. Ministry of Industry, Trade and Tourism 

Mr. Luis Álvarez-Ossorio Álvarez - Undersecretary of Agriculture, Fishing and Food. Ministry of Agriculture, Fishing and Food 

Mr. Antonio Hidalgo López - Undersecretary of the Presidency, Relations with the Parliament and Democratic Memory. Ministry of the Presidency, Relations with the Parliament and Democratic Memory 

Mr. María Isabel Valldecabres Ortiz - Chief of Staff of the First Vice President and Minister. Ministry of the Presidency, Relations with Parliament and Democratic Memory 

Ms. Amparo López Senovilla - Undersecretary for Financial Issues and the Digital Transformation 

Mr. Juan Tejedor Carnero - Director-General of Patrimonio del Estado. Ministry of Finance  

Mr. Carlos Moreno Medina - Chief of Staff of the Minister of Finance  

Secretary of the Board  

Mr. Javier Morales Abad