Public law entity
Sociedad Estatal de Participaciones Industriales (SEPI) is a Public Law entity, whose activities follow the private legal system, and which is attached to the Ministry of Finance and Civil Service - Ministerio de Hacienda y Función Pública-, and reports directly to the Minister.
It was created in 1995, by Royal Law Decree 5/1995, on June 16th, later passed as Act 5/1996, on January 10th, 1996, for the Set-Up of certain Public Law Entities.
Its creation took place, within the framework of the process for the reorganization and modernization of the state-owned entrepreneurial sector, in order to manage the industrial shareholdings owned by the State and which came from the former entities, Instituto Nacional de Industria (INI) and Instituto Nacional de Hidrocarburos (INH).
In later years took place the transfer to SEPI of SEPPA (which was liquidated) as well as shareholding participations from other departments in the Administration.
SEPI has a scope of activity which spans 15 companies in which it has a direct and majority participation, and which make up Grupo SEPI, with a final workforce of around 73,000 employees in 2016. It is also the shareholder in Corporación RTVE, oversees a state-owned foundation, and has minority direct shareholdings in a further 9 companies, and indirect shareholdings in more than 100 companies.
SEPI is bound in its activities by private, civil, company and labor law, although certain public regulation applies to it as well (General Budgetary Law, Public Sector Procurement Law, Budgetary Acts, etc).
SEPI has its own budget, which is integrated within the State General Budget, from which it can receive contributions Beginning in 2006, after Act 20/2006, on June 5th was passed, SEPI and those companies in which it has a majority participation can receive contributions from the State General Budget, as well as to raise funds in the domestic and international markets, through the issue and placing of fixed-interest securities, which may enjoy against third parties the guarantee of the State.
The changes introduced by Act 20/2006 into Act 5/1996 for the Creation of Certain Public Law Entities and in Royal Law Decree 15/1997, which also affect SEPI, changed the financial regime for this state-owned enterprise and that of its companies, with the aim of adapting it , within the full respect of Community Law, to a new entrepreneurial phase in which it was no longer possible to maintain the principle of budgetary autonomy under which it was created, once the large privatization processes had been completed, basically between 1996 and 2000, and being able to continue facing the industrial and corporate commitments, past and future.
Public control of the State and that of the EU
The fact that Grupo SEPI belongs to the public sector means that SEPI and its companies are subject to the same control procedures that apply to any other entity from the public sector:
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