ICO strengthens its corporate governance by adding four independent board members

ICO strengthens its corporate governance by adding four independent board members

 

To comply with the provisions of the Public Sector Regulation Act (Ley del Régimen Jurídico del Sector Público), the Spanish Council of Ministers today decided to appoint four new independent members to the ICO General Board.

The composition and functioning of ICO's governing body has now been brought into line with the best European standards mentioned in the Communication from the European Commission to the European Parliament and the Council of 22 July 2015.

The aim is to achieve greater transparency and independence in the way that the board operates to ensure that ICO's financial activity is assigned effectively.

José María Espí,  Rafael Pampillón, Jaime Requeijo González and José Manuel Reyero are the four new ICO board members.


To comply with the provisions of Law 40/2015 of 1 October on the regulation of the public sector, the Spanish Council of Ministers today decided to appoint four new independent board members to the ICO General Board.

Four of the ten members of the ICO board will therefore be independent. Members will be considered as independent if they are not public sector employees and are professionals of recognised standing and expertise in ICO's area of activity. These members will be appointed for a term of three years and may only be re-elected once. Each independent member will have two votes to be used exclusively for resolutions relating to the financial asset and liability transactions that form part of ICO's business.

The composition and functioning of ICO's governing body has therefore been brought into line with the best European standards established in the Communication from the European Commission to the European Parliament and the Council of 22 July 2015, regarding the role of national promotional banks (NPBs) in supporting the Investment Plan for Europe. The Communication states the importance that these public institutions adhere to a series of demanding rules regarding transparency and responsibility and that they are managed in a professional way with the necessary level of independence to ensure their reputation in the market.

The names and professional backgrounds of the four new ICO board members are as follows:

JOSÉ MARÍA ESPÍ

José María Espí holds a doctorate in economics and business and belongs to the State Division of Trade Analysts and Economists. He is an associate professor at the Universidad Autónoma de Madrid and has been deputy general manager of Banco de Crédito a la Construcción and secretary general of the Spanish Ministry of the Presidency. He has held different posts in the Santander Group, including general manager for HR and resources, general manager for the mortgage business and institutional banking, and he was the general manager of the risk division of the Santander Group until his retirement this year.

RAFAEL PAMPILLÓN
Rafael Pampillón holds a doctorate in economics from Barcelona University and a master's degree from the IESE business school.

He has been an associate professor of economic policy at Barcelona University, professor of applied economics at Extremadura University and since 1993 he has been professor of applied economics at CEU San Pablo University and a lecturer in economics at the IE business school.

JAIME REQUEIJO

Jamie Requeijo holds a doctorate in economics and a degree in law and belongs to the State Division of Trade Analysts and Economists.

He has been director general for tariff and import policy at the Spanish Ministry of Trade; chief executive of Caja Postal; a director of Banco Zaragozano; a director of the Colegio Universitario de Estudios Financieros (CUNEF) and director of the Bank of Spain. He is currently the academic director of the business administration and management degree at the Instituto de Estudios Bursátiles and a member of the Privatisation Advisory Board.

JOSÉ MANUEL REYERO

José Manuel Reyero holds a degree in economics from the Universidad Complutense and belongs to the State Division of Trade Analysts and Economists.

He has been a trade advisor with Spain¿s diplomatic service in Belgrade, Miami, Rabat and Algiers; director general for services at the Spanish Ministry of Trade and Tourism, and the Ministry of Economy and Trade; the first director general and a founder of the Instituto Nacional de Fomento de la Exportación, now the Spanish Institute for Foreign Trade (ICEX), of which he was executive vice-chairman; and chief executive and a founder of PromoMadrid. He has worked for the European Commission in Brussels and been deputy general manager of Banco Santander, responsible for the financing and foreign trade departments. He currently advises on activities related to business internationalisation.

 

The new composition of the ICO board will strengthen the role of these independent directors and bring greater transparency and independence to the functioning of the board to ensure that ICO's financial activity is assigned effectively. The Institute's corporate governance has therefore been brought into line with European best practice in institutions such as ICO.