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THE SPANISH CORPORATE PUBLIC SECTOR 2. THE SEPI GROUP. Background and objectives 3. THE SEPI GROUP. Functions 4. THE SEPI GROUP. Privatizations 5. THE SEPI GROUP. Size evolution 6. THE SEPI GROUP. Composition of the group 7. THE SEPI GROUP. Stakes in the Stock Exchange 8. THE SEPI GROUP. Short-term actions foreseen 9. GRUPO PATRIMONIO DEL ESTADO 10. CORPORATE PUBLIC ENTITIES BELONGING TO THE MINISTRY OF PUBLIC WORKS 11. OECD s RECOMMENDATIONS FOCUSED ON THE STATE AS THE OWNER 12. INITIATIVES ADOPTED BY THE GOVERNMENT 13. CONCLUSIONS(%n%Z.%n%Z%n" Z$%n" Z#%n" Z/%n" Z2%n" Z2%n" Z!%n%ZH%n" Z=%n" Z*" n" P%nb #b B M  $   #  /   2$$ (( 2,, 00 j44 88 =<< ,  &  o $THE SPANISH CORPORATE PUBLIC SECTOR $%### The state-owned companies (SOEs) The state-owned companies are corporations in whose capital the State or its autonomous entities have a majority stake (over 50%), either directly or indirectly. Their incorporation, acquisition or loss of the majority position are decided by the Council of Ministers. The corporate public entities. (CPEs) The corporate state entities report to a Ministry (or to an autonomous entity which reports to a Ministry), and which is in charge of setting the strategic direction, the evaluation and the control of the results of its activity. They are not public limited companies, they do not have a social capital in shares, but they can be the owners of corporations, state-owned or not. In Spain, on the national level, there are three great groups of entities which have a corporate function, and which report to two Ministries: The Sociedad Estatal de Participaciones Industriales (SEPI) which reports to the Ministry of Economics and the Treasury. The Patrimonio del Estado Group, which also reports to the Ministry of Economics and the Treasury. The group made up by the corporate public units which report to the Ministerio de Fomento (Ministry of Public Works), which is the Department in charge of the public infrastructures. P!Z Z(&Z|ZZ(yZcZZ#Bb'bbB b BBbbbBb B $b$(B(z,B,b0b04B4D8b8 8b88b88b8]8b8eB BB!ByBBBbbb bb(bB b  b  b   b & b  b  b   b  b B <   ,THE SEPI GROUP. Composition of the Group (I)--,  According to their activity, the companies can be classified as follows: The companies which, directly or indirectly, support public interest : 9 companies, of which: 5 companies take care of general interest objectives: TRAGSA. Transformaciones Agrarias, S.A. AGENCIA de Noticias EFE, which has a service contract with the State. ENRESA, which is in charge of the National Plan for the management of Nuclear Waste. MERCASA, whose activity is the promotion and operation of central markets for all kind of foodstuffs . SAECA, Sociedad Estatal de Caucin Agraria. 4 companies with an instrumental nature: SEPIDES, venture capital company. INFOINVEST, which promotes business parks. INIEXPORT and SEDETTUR, companies linked to the foreign trade and tourist industries.IZ<^" Z" <6Z2VZ<)Z<ZJB-BBBB B  B  B BvBKb B[ b /$B$(B(),B,0B04B4t           ,THE SEPI GROUP. Composition of the Group(II)-- (  JCompanies which operate in open and competitive industries, carrying out their activity according to market criteria : 7 companies. CETARSA, a tobacco processing company. CLINISAS, which provides medical services. INISAS, an insurer company in the health care industry. ENSA, which operates in the nuclear capital goods industry. ENUSA, which manufactures and supplies uranium concentrates. HIPDROMO DE LA ZARZUELA of Madrid. NAVANTIA, a military shipbuilding company. This group, due to the fact that it is made up by the companies more oriented to the market, is the one which has undergone more privatizations. Companies subjected to relevant reorganization plans: 2. HUNOSA, coal mining, with 4,000 employees. IZAR, the former civil shipbuilding company, with 1,100 employees. Companies to be subjected to an orderly liquidation. " ZZTZZZ9" ZoZ5" ZZBB B b  Bb B.b B 4$b$ (B(4,b,<0B04b48B8W1JM>i  (  J     Z  X      GRUPO PATRIMONIO DEL ESTADO It is made up by 36 state-owned companies, the most important of which are: Service provider companies: CORREOS Y TELGRAFOS PARADORES DE TURISMO CESCE (Compaa Espaola de Seguros de Crdito a la Exportacin. Investment and expense companies: 5 hydraulic infrastructure companies. 9 companies for crop irrigation. Cultural companies: Sociedad Estatal de Exposiciones Internacionales Sociedad Estatal de Comunicaciones Culturales Instrumental companies : SEGIPSA, for real estate. SENASA, air navigation school. PMZZlZ"ZGZZZ`ZZ9ZZMBBlB" B $bBbB B $B$`(B(,B,90B04B4            -   S DCORPORATE PUBLIC ENTITIES BELONGING TO THE MINISTRY OF PUBLIC WORKS $EC#C 1AENA, the company for managing the airports. PUERTOS DEL ESTADO, 27 companies. FEVE, the company which operates narrow gauge railways. ADIF, the manager of rail infrastructures (the network and the train stations). RENFE OPERADORA, the manager of rail infrastructures. SASEMAR, Sea rescue and safety.2B&b+B0 b  BIbB#b B $b$(B( &      0   I  #     jOECD s RECOMMENDATIONS FOCUSED ON THE STATE AS OWNER $64#" .  The Guidelines about Corporate Governance for the state-owned companies, which will be very soon approved by the OECD s Council of Ministers . Especially aimed at the state-companies which have a commercial activity (that is, to those in which most of their turnover comes from sales), which pursue or not public policy objectives: To simplify and unify the legal structure of the state-owned companies. To centralize the ownership. The ownership rights must not be exercised by the sector Ministries. The centralization does not refer to state-owned companies which fulfill public policy objectives.PHFFEFcBbB! b  b E b 1BB4 q   &INITIATIVES ADOPTED BY THE GOVERNMENT ''#& On the basis of the OECD s patterns, on February 25th, 2005 the Spanish Government has has entrusted to the Ministry of Economics and the Treasury the following tasks, which must be completed by July: To prepare a code of good practices in state-owned companies. To submit to the Government a strategy for the Grupo Patrimonio and for the SEPI Group, and to propose rationalization and privatization measures, with a timetable for the actions. >" " " 3 >  @    x  CONCLUSIONS    _The state-owned companies belong to three groups: MINISTRY OF ECONOMICS AND THE TREASURY: SEPI PATRIMONIO DEL ESTADO MINISTERIO DE FOMENTO (MINISTRY OF PUBLIC WORKS) SEPI is a strategic tool for applying the economic policy. During the last 20 years, it has been carried out an intensive and comprehensive process for the reorganization and privatization of the state-owned companies. Today, the state market capitalization is marginal. The process for the privatization and sale of minority stakes in the stock exchange is open. The goal is to divest in those companies which are not tools for the public policy and which are not included in the strategic objectives. The OECD pursues the centralization of the ownership and its being separated from the regulatory function. The Government has started to aply reorganization and privatization measures.(2((12;((5(]((kN2( 1&0  ,   ` ` ̙33` 333MMM` ff3333f` f` f` 3>?" dd@z?" dd@  " @ ` n?" dd@   @@``PR    @ ` ` p>     >      ZK0  L(    6  `  k7Haga clic para modificar el estilo de ttulo del patrn8 8/  0؜ 0  kHaga clic para modificar el estilo de texto del patrn Segundo nivel Tercer nivel Cuarto nivel Quinto nivel7    l  0< ``  X*  0\ `   Z*  0 `   Z*x  s *&>S"?x  C BA*MarcaSEPI_CMYKblanco"` p`   C *ABD21318_"GH  0޽h ? ̙33___PPT9JpJJ *Diseo predeterminados  ZK0   t(  t t 6 p  k7Haga clic para modificar el estilo de ttulo del patrn8 8 t 04S  `    n:Haga clic para modificar el estilo de subttulo del patrn; ; t 0dA ``  X* t 0% `   Z* t 0P) `   Z*H t 0޽h ? ̙33 @X(  X X 03  P     X*  X 0      Z*  X 67  `P    X*  X 60 ZK0 p p(  pF PV  p *wF p BCDELFV1KVyDr[@}"N$b4sYB/m8 X  z/EBYs}P$$N}sWBD-yV-`*=Sl#OzjBp^lO?D;40-K05=JyYHlf=Fo)x\h\TN/KeNT\h:xo.Z=f0IH_yrK2TtynaTE3GYjyeAVV(,@`S"MRMR MR V  p BCDEF":U@`S"MRMR MR9 gP  p BCDEF"E`@`S"MRMR MR"K9 g p B/CDE0FB1KLL_q"q_LLpaTH?81-)'&"&')-18?HTapLLqq"qplgaXOD6&8] 7GR6UVRtJ=+bB /@SS&5ALV^cimpqqq*D]tqYG5$ ubM4"OW%:GSan &17;=1=C:U7e2t+$q`My8m"` RC3%tcTIA=:=CoLZXIi8{* (9JYf s~  {kZM?q4\,F%-! 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'2 U>Federico Montero Hita.. '2 T=Federico Montero Hita.-@"Verdana-. 2 YEVice President.. 2 XDVice President.-@"Verdana-. O2 \0SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES.. O2 [0SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES.-@"Verdana-. N2 `(/Ministry of Economics and the Treasury of SpainS.. N2 _'/Ministry of Economics and the Treasury of SpainS.-@"Verdana-.  2 o?Rome..  2 n>Rome.-@"Verdana-. 2 oH, May 13.. 2 nG, May 13.-@"Verdana-.  2 nWth..  2 mVth.-@"Verdana-. 2 oY, 2005.. 2 nX, 2005.---%@@--'՜.+,0      Presentazione su schermoNSSEPInta: Times New RomanTahomaArialVerdana WingdingsDiseo predeterminadoDiapositiva 1GTHE SPANISH CORPORATE PUBLIC SECTOR: THE CURRENT SITUATION AND OUTLOOK%THE SPANISH CORPORATE PUBLIC SECTOR *THE SEPI GROUP. Background and objectivesTHE SEPI GROUP. Functions#THE SEPI GROUP. Privatizations (I)$THE SEPI GROUP. Privatizations (II)THE SEPI GROUP. Size evolution-THE SEPI GROUP. Composition of the Group (I)-THE SEPI GROUP. Composition of the Group(II)/THE SEPI GROUP. Composition of the Group (III)-THE SEPI GROUP. Stakes in the Stock Exchange,THE SEPI GROUP. Short-term actions foreseenGRUPO PATRIMONIO DEL ESTADOECORPORATE PUBLIC ENTITIES BELONGING TO THE MINISTRY OF PUBLIC WORKS 6OECDs RECOMMENDATIONS FOCUSED ON THE STATE AS OWNER 'INITIATIVES ADOPTED BY THE GOVERNMENT CONCLUSIONS Caratteri utilizzatiModello strutturaTitoli diapositiveRoot EntrydO)pAka@PicturesF'Current User8SummaryInformation( _(FarinolaFarinola  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)PicturesF'Current UserSummaryInformation(PowerPoint Document(LDocumentSummaryInformation8