Ethics and governance

Sareb was formed as a public limited company with a particularly unique corporate purpose: to sell, in the best possible conditions, the portfolio of assets we received from the banks and savings banks rescued in 2012 and 2013. We played an important role in the solution implemented to help the financial system during an extremely complicated period for the Spanish economy. Therefore, we want to highlight the importance of our code of ethics and our special governance measures.

Sareb’s code of conduct

Our policies and procedures adhere to a code of conduct that guides the relationships between the company’s different organisational levels, based on three principles of conduct: integrity, transparency and civic engagement. These three pillars are present throughout Sareb’s entire structure. They are present in our everyday work and they extend to all areas of our activity: customers, employees, executives, providers, third parties and the company overall.

Sareb’s code of conduct (Spanish)

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Good corporate governance

We are not a listed company however, we follow best corporate governance practices that govern listed companies. Specifically, the recommendations laid out in the Unified Good Governance Code of Listed Companies approved by the agreement of the Board of the National Securities Market Commission (CNMV).

Sareb’s conflict of interest prevention policy

We have developed a strict policy to prevent conflicts of interest based on the legal framework of the Capital Company Act, regarding the duties of directors which, at Sareb, is applicable to our executives and directors. This policy guarantees the integrity of the decision-making processes of our Board of Directors.

Sareb conflict of interest policy (Spanish)

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Compliance and Internal Control

The function of the Compliance and Internal Control department is to verify compliance with ethical standards to prevent fraud, data protection and risk detection. Sareb is firmly committed to the implementation of reinforced security protocols in all its processes and in all areas of its activity, with the aim of optimising its procedures, in order to continue towards the public mission of asset divestment.