NAVANTIA is a Spanish state-owned company which belongs to the Sociedad Estatal de Participaciones Industriales (SEPI), which controls 100% of its capital.
SEPI is a public-law entity, whose activities are regulated by private law, and which is attached to the Ministerio de Hacienda y Función Pública(Ministry of Finance and Public Administrations) being directly answerable to the Minister.
Grupo SEPI is made up by a group of state-owned companies, which are very diversified from the standpoint of their social purposes: Mining, shipbuilding, communication, food distribution, infrastructure management, tobacco, entrepreneurial promotion, food processing and the environment, leisure, nuclear and sundry services.
Moreover, SEPI has powers over the state-owned radio and television enterprise, the Corporación Radio Televisión Española (RTVE), oversees a state foundation, and has direct minority participations in several enterprises, and indirect in over a hundred companies.
The Act for SEPI’s incorporation delimitates its functions:
- To promote and directly coordinate the activities of those state-owned companies which are held by it.
- To set the strategy and overview the planning of the companies in which it has the majority of the capital, making a follow-up and control of the execution of such strategy. The day-to-day management of those companies corresponds to their own managing bodies.
- Administering its shares and participations, and carrying out all kind of financial deals, active and passive.
- To set the general guidelines for the activity of the companies of Grupo SEPI, applying the entrepreneurial management criteria and performing the Government’s guidelines on the issues of corporate modernization and reorganization, guaranteeing the protection of the public interest.
Its main purpose is that of achieving the highest profitability from its shares and participations through:
- The definition and approval of the strategies and the set up of the significant actions and the annual objective for all the companies ofGrupo SEPI.
- The design of plans for the future, which envisage the required improvements in loss-making companies: Operating, financial, organizational, regarding the workforce, etc.
- Controlling the effectiveness with regard to those companies in which it has a direct and majority participation