Amongst other functions, SEPI’s Board of Directors has the following:
a) To approve SEPI’s basic organization and its changes, as well as the general dispositions and internal norms required for its management.
b) To confer and revoke general or special powers to certain persons, both natural and legal, for the issues which might require such conferral.
c) To issue the working norms of the Board of Directors itself, on that not foreseen in the Order of the Ministry of Industry and Energy of July 13th, 1995, on the organization and functions of the Sociedad Estatal de Participaciones Industriales.
d) To approve the regular staff and its modifications, as well as the general criteria for its selection, hiring and remuneration, without affecting that stipulated in the labor and budgetary regulations.
e) To approve SEPI’s annual operating and capital budgets, as well as its activity, investment and financing program for submitting them to the Ministry of Finance.
f) To resolve the incorporation of new companies or the participation in already incorporated companies, in keeping with that envisaged in section 11 of Law 5/1996, of January 10th, on SEPI’s establishment.
g) To approve those transactions which entail the increase or the transfer of shareholding participations or of other securities and values which SEPI holds which might confer rights, either directly or indirectly, to purchase the above mentioned shareholding participations or securities, in keeping with that envisaged in section 12 of the above mentioned Law 5/1996.
h) To approve those agreements, pacts, covenants and contracts which the Board itself stipulates that fall under its jurisdiction, as a result of their importance or the amount involved.
i) To approve, in keeping with applicable law, the general norms for hiring and the financial limits in the capacity for approving and executing contracts by SEPI’s Chairman.
j) To perform as many managerial, disposal and administrative actions regarding its net worth as might be required.
k) To approve the mass issuance of promissory notes, bonds and other similar securities, as well as of instruments for cash and debt management.
l) To approve the implementation of all kind of financial transactions with regard to its subsidiaries and affiliated companies.
m) To authorize surety transactions and guarantee provision in order to guarantee financial transactions agreed by the entities in which it has a direct or indirect participation.
n) To authorize, at the Chairman’s proposal, the appointment by the competent bodies, of the Directors which represent SEPI in the Boards of Directors of the entities in which it has a shareholding.