Governing Bodies

Updated to April 15, 2024

The Governing Bodies and ICO management are described in Royal Decree 706/1999, of 30 April, adapting the Instituto de Crédito Oficial to Law 6/1997 of 14 April, on the organisation and functioning of the General State Administration and the approval of its Articles of Incorporation.

The Governing Bodies of the Institute are the General Board and the Chairman.

The Instituto de Crédito Oficial is governed by a General Board, which is responsible for its management and administration.

The General Board comprises the Chairperson of ICO, who is also the Chairperson of the Board, and ten members, and is supported by the Secretary and, when necessary, the Deputy Secretary.

The members of the General Board act at all times in the interests of ICO in the exercise of their duties.

The Spanish cabinet is responsible for appointing and dismissing members of the General Board, at the proposal of the Ministry of Economy and Business. Members are selected based on their professional renown and competence in the scope of ICO's activities.

Four of the ten members of the General Board are independents. To this effect, independents are understood to be individuals who are not public servants.

Independent members are appointed for a term of three years and may only be re-elected once.

The grounds for termination of membership of the General Board are as set down in law, as is the legal system to which individuals sitting on the General Board are subject.

Each of the independent members has two votes solely for resolutions relating to the financial asset and liability transactions that form part of ICO's core business

Functions:

The General Board is responsible for representing and managing the Institute and is attributed the following powers, amongst others:

Approving the Institute's annual accounts.
Adopting rules and decisions following basic Government policies for implementing certain economic measures.
Approving co-operation or collaboration agreements with other national and international organisations or institutions.
Approving ICO's creation of or participation in finance companies related to its activity.
Deciding on the activities addressed by the Institute and the particular terms and, specifically, agreeing to, modifying and resolving credit operations, as well as authorising the issue of securities, granting loans and bank endorsements or guarantees.

Members

ICO Chairman

Board Members:
- Javier Sánchez Fuentefría. Director General for Budgets. Ministry of Finance. Read more
- Concepción Requejo Puerto. Technical Office. General Secretariat of the Treasury and International Financing. Ministry of Economy, Trade and Enterprise.
- César Veloso Palma. Assistant Director of the Cabinet of the First Vice President of the Government. Ministry of Finance. Read more
- Blanca Fernández Barjau. Deputy Director General for Foreign Investment. Ministry of Economy, Trade and Enterprise. Read more
- Víctor Ausín Rodríguez. Director General for Economic Policy. Ministry of Economy, Trade and Enterprise. Read more
- Enrique Feás Costilla. Independent member. Read more
- Silvia Iranzo Gutiérrez. Independent member. Read more
- Rafael Fernández Sánchez. Independent member. Read more
- Blanca Montero Corominas. Independent member. Read more
Secretary of the Board:
- Assistant Director for Legal Counsel to the Instituto de Crédito Oficial (ICO).

The Chairman of ICO is appointed by agreement of the Council of Ministers, following suggestions from the Minister of Economy and Business. Some of the functions within his/her remit include:

Directing the Institute's actions, ensuring compliance with the applicable regulations and the basic guidelines set forth by the Council of Ministers, the Delegate Committee for Economic Affairs and the Ministry of Economy and Business.
Implementing the agreements adopted by the General Board.
Appointing and dismissing the Director Generals and Assistant Directors of the Institute, the Secretary of the Board and the Deputy Secretary of the Board if applicable.
Representing ICO and its General Board before any type of institution or individual.
Presenting the Institute's action, investment and funding programme to the Government for their approval.

La información contenida en esta página web y los anuncios relacionados con ella no está dirigida ni puede ser utilizada por personas que no ostenten la condición de inversores profesionales y contrapartes elegibles en el sentido de la jurisdicción pertinente ("Personas Relevantes"). Las personas que no se incluyan en la definición de ''Personas Relevantes'' arriba indicada, no deben acceder a esta página web.

La información y los documentos que aparecen en esta página web y sus anuncios relacionados son exclusivamente de carácter informativo. Ningún contenido de esta página web y sus anuncios relacionados puede interpretarse como una oferta, ni invitación ni recomendación, para la suscripción o la adquisición, la tenencia o la venta de cualquier activo financiero.

La distribución de la información y los documentos contenidos en esta página web puede estar prohibida o limitada por ley en algunas jurisdicciones. Se deniega el acceso a las personas a las que se apliquen estas restricciones en dichas jurisdicciones. La información y los documentos contenidos en esta página web no están dirigidos ni pueden ser vistos ni distribuidos a ninguna persona residente o físicamente presente en los Estados Unidos de América, salvo lo estipulado en la Norma 144A de acuerdo con la Ley sobre Activos Financieros (Securities Act) en relación con "inversores institucionales cualificados" (QIBs).

Se deniega el acceso a toda persona a quien estas restricciones les sean de aplicación. Cada visitante de esta página web tiene la obligación de informarse debidamente y a cumplir con las restricciones correspondientes. El Instituto de Crédito Oficial (ICO) no asume ninguna responsabilidad en caso de alguna infracción en este sentido.

NO SOY RESIDENTE EN EE.UU. NI EN NINGUNA JURISDICCIÓN EN QUE EL ACCESO A ESTA INFORMACIÓN ESTÉ LEGALMENTE LIMITADA Y ESTOY DE ACUERDO CON LO EXPUESTO ANTERIORMENTE

Como consecuencia de la información anterior, en esta sección de esta página web usted confirma que no es residente en los EE.UU. ni en ninguna jurisdicción en que el acceso a esta información esté legalmente limitada y que no distribuirá aviso alguno ni documentación contenida en la misma a alguna persona residente en los EE.UU. ni en ninguna jurisdicción en que el acceso a esta información esté legalmente limitada. Ninguna información desplegada en las siguientes secciones constituye una oferta de venta de activos financieros en los EE.UU.

ACEPTO NO ACEPTO

El Instituto de Crédito Oficial no ha efectuado ni tiene la intención de efectuar el registro de cualquiera de sus activos financieros (ni tampoco la garantía de los mismos ha sido o será registrada), de acuerdo con la Ley estadounidense de 1933 sobre activos financieros o con cualquier Ley estatal estadounidense sobre activos financieros que resulten de aplicación, ni realizará oferta pública de venta de activos financieros en los EE.UU. El ICO cumple la normativa en materia de exención de la inscripción de sus activos financieros, de acuerdo con la mencionada ley estadounidense de 1933 sobre activos financieros, según la cual éstos se ofrecerán a la venta sólo a "inversores institucionales cualificados", según lo previsto en la Norma 144A.

The information contained in this website and its related advertisements is not directed at and may not be acted on by anyone other than professional investors and eligible counterparties with the meaning of the relevant jurisdiction ("Relevant Persons"). Persons who do not fall within the definition of ‘‘Relevant Persons’’ above should not enter this website upon it.

Information and documents contained in this website and its related advertisements are for information purposes only. Nothing on this website and its related advertisements constitutes an offer or an invitation or recommendation to subscribe to or to purchase, to hold or sell any securities.

Distribution of information and documents contained on this website may be forbidden or limited by legislation of some jurisdictions. Access is denied to persons to whom these restrictions in such jurisdictions apply. The information and documents contained on this website are not directed at and may not be viewed by or distributed to any person resident in the United States of America or physically present in the United States of America, except the provisions set forth in rule 144A under the Securities Act, regarding "qualified institutional buyers".

Access is denied to persons to whom these restrictions could be applied. Each visitor to this website is required to inform himself accordingly and to comply with applicable restrictions. ICO is by no means liable for any such infringement.

I AM NOT RESIDENT IN THE U.S. OR IN ANY JURISDICTION IN WHICH THE DISTRIBUTION OF THIS INFORMATION IS LEGALLY LIMITED AND AGREE WITH THE ABOVE TERMS.

As a consequence of the previous information, at this website section you confirm that you are not a resident of the United States of America or of any jurisdiction in which the distribution of this information is legally limited and that you will not distribute any of the information and documents contained hereon to any person resident in the United States of America or in any jurisdiction in which the distribution of this information is legally limited. None of the information displayed in the following sections is an offer of securities for sales in the United States of America.

I ACCEPT I DO NOT ACCEPT

Instituto de Crédito Oficial has not registered, and does not intend to register, any of its securities (nor the guarantee thereof has been or will be registered) under the United States Securites Act of 1933 or any applicable U.S State Securities Laws or to conduct a public offering of securities in the United States of America. Instituto de Crédito Oficial is complying with rules concerning the exemption from the registration of its securities under the United States Securities Act of 1933, by which those securities will be offered only for sales to "qualified institutional buyers" (QUIBs) pursuant to rule 144A.