PharmaMar, a biotech company, stands as the smallest in the world with a value around one billion euros. It is part of the IBEX 35 index. The current senior chairman has led the Spanish firm, founded in 1986 by José María Fernández-Sousa, for 36 years. The board of directors includes two prominent political figures from Spain. One is a former powerful minister of industry and economy, Carlos Solchaga, affiliated with the PSOE. The other is Eduardo Serra, who served as the defense minister under the government of José María Aznar.
Former politicians remain a common sight in Spanish companies. They appear across a spectrum of political backgrounds. Before Gas Natural became Naturgy, its board included a former prime minister, Felipe González, during 2010 to 2015, together with a former vice president, Narcís Serra. Another former Aznar ally, Ángel Acebes, has been associated with Iberdrola, where Isabel García Tejerina also held a role while serving in the government of Mariano Rajoy.
Another former minister, who later headed foreign policy for the European Union, Josep Borrell, previously directed Abengoa from 2009 to 2016 prior to its bankruptcy. Josep Piqué, who has held roles such as chairman of Vueling and the construction company OHL, also led EADS Airbus as a director from 2017 to January 2021. In the 1980s and early 1990s he directed ACS under Florentino Pérez and served as secretary for a law firm tied to Miquel Roca i Junyent, a CiU stalwart in Madrid. On the Banco Sabadell board, David Vegara, associated with the Zapatero government, served as the economy secretary of state. Maurici Lucena, a former deputy and spokesman for the PSC in the Catalan parliament, later chaired Aena after a stint at Sabadell. Belén Romana, who held senior roles in the Ministry of Economy under Rodrigo Rato, now chairs Banco Santander. Javier de Paz, a longtime business executive with roots from Tabacalera to Panrico, has also remained a consistent figure in corporate leadership.
These examples illustrate the close ties between Spanish political power and large business groups. The relationship has influenced Spain’s industrial growth in the eighties and the privatization wave of the following decade. Political insight on boards is often valued because it helps navigate government processes and regulatory frameworks. As one partner explains, having well connected politicians on boards can be advantageous because they understand how public administration operates and maintain strong networks. Another executive adds that a seasoned politician can bring useful governance perspectives to a corporate council.
The pattern extends to other state-influenced Ibex 35 companies where the state still holds stakes. Five such firms surpass a combined market value of more than 16 billion euros, with the crown jewel often cited as the airport operator Aena. The president of Aena has even been described in ways that border on political speculation. In Aena, a former CiU politician sits as an independent director, reflecting how political experience can shape corporate governance in strategic sectors.
Three former ministers Ana Palacio, José Blanco and José Montilla are among the directors of Enagás, the gas distribution network. Antoni Llardén has led Enagás since 2007, starting his career in the PSC and serving as undersecretary of Public Works during Borrell’s tenure before entering the private sector. He has guided Enagás through alternating political leaderships across PP and PSOE administrations.
Beatriz Corredor, José Luis Rodríguez Zapatero, and a real estate registrar and former socialist minister oversee Redeia, owner of Red Eléctrica and the satellite operator Hispasat. Jordi Hereu, a former socialist mayor of Barcelona, chairs Redeia as well. Corredor succeeded Jordi Sevilla as a lead figure in February 2021. The state’s stake in CaixaBank, via Frob, reflects the Bankia acquisition, and Cristina Garmendia, Zapatero’s former minister of science and research, previously held a post in the industry portfolio as well.
The most recent governmental upheaval at an Ibex company occurred in May 2021 with the appointment of Marc Murtra, a former partner at Closa, as chairman following guidance from Sepi. Indra’s governance episode also involved recalls and new nominations after a series of independent director departures. The major investor Amber Capital, which holds a significant stake in Prisa, increased its position to 9.99 percent in Indra, signaling continuing influence from private capital in strategic Spanish corporations.
Hidden economic power remains a topic of debate. If transparency is maintained, observers argue there is little cause for fear.