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We Are Sanitas

How we do it

At Sanitas, every action and decision is guided by a clear purpose: to deliver excellent healthcare. Our corporate culture is rooted in values that prioritise patient wellbeing and the trust of our stakeholders. Decision-making is based on efficiency, innovation, and a strong commitment to equity, respect, and sustainability.

What We Do How we do it Culture and talent Strategic Partnerships

International leadership

With a strong presence across five continents, Bupa Group, Sanitas’ parent company, has become a global benchmark in healthcare. Its management team has successfully adapted the principles of excellence and commitment to meet the specific needs of each region through effective implementation aligned with local realities.

Bupa ELA figures

£5,427 M

revenue (€6.410 M) (+13% vs. 2023)

£442 M

operating profit (€522 M) (+30% vs. 2023)

5.9 M

insured members (+5% vs. 2023)

15 M

patients (+8% vs. 2023)

Presence of Bupa and Bupa ELA

Bupa Europe and Latin America
BUPA GROUP

Corporate governance in Spain

GRI 2-9, 2-12, 2-17

At Sanitas, corporate governance goes beyond regulatory compliance and risk management —it places people and all our stakeholders at the heart of our strategy. It plays a key role in our decision-making process, enabling us to act with honesty and integrity.

Management team of Sanitas and Bupa ELA

GRI 2-9

Sanitas stands out for its capacity for innovation and its commitment to excellence in patient care. A key part of this success lies in its governance structure and the strength of its leadership team.

Iñaki Peralta

CEO, Sanitas and Bupa Europe & Latin America

Jesús Bonilla

Managing Director, Sanitas Dental

Yolanda Erburu

Chief Sustainability and Corporate Affairs Officer, Sanitas and Bupa Europe & Latin America, and Director of Fundacion Sanitas

Miguel Escalona

General Counsel, Sanitas and Company Secretary, Bupa Europe & Latin America

Javier Gabás

Managing Director, Sanitas Mayores

Javier Ibáñez

Managing Director, Sanitas Seguros

Elena Juárez

Chief People Officer, Sanitas and Bupa Europe & Latin America

Ana Mañero

Chief Risk & Compliance Officer at Sanitas, Bupa Europe & Latin America

César Morcillo

Chief Medical Officer, Sanitas & Bupa Europe and Latin America

Susana Quintanilla

Managing Director, Sanitas Hospitales and Bupa Peru

José Luis Ruiz

Chief Information Officer, Sanitas and Bupa Europe & Latin America

Ine Snater

Chief Transformation & Strategy Officer, Sanitas and Bupa Europe & Latin America

Pilar Villaescusa

Chief Financial Officer, Sanitas and Bupa Europe & Latin America

José Luis Buil

Chief Executive Officer, Bupa Global Latin America (BGLA)

Luiz Camargo

Chief Executive Officer, Bupa Care Plus (Brazil)

Antonio Cantó

Managing Director, Bupa Chile

Gökhan Gürcan

Chief Executive Officer, Bupa Acibadem Sigorta (Turkey)

Fernando Lledó

Chief Executive Officer, Bupa Mexico

Anna Rulkiewicz

Chief Executive Officer, LUX MED

Bupa ELA: revenue by country in 2023

GRI 2-2

Bupa ELA Advisory Committee

Bupa ELA has an independent advisory board that provides strategic guidance and support. It is composed of the following members:

Matías Rodríguez-Inciarte

Chair

Iñaki Peralta

Member

Manuel Pizarro

Member

Antonio Martos

Member

Cristina de Parias

Member

José María Álvarez-Pallete

Member

A GOVERNANCE MODEL FOR THE ENTIRE ORGANISATION

Sanitas’ corporate governance is grounded in integrity, transparency and responsibility, ensuring that the values and principles on which it is based are embedded throughout the organisation. Through ethical management and a firm commitment to good governance, we ensure that every decision reflects our mission to deliver excellent healthcare —while building trust and generating a positive impact on society.

The Board of Directors of Sanitas Seguros

GRI 2-10, 2-13, 2-14

The Board is responsible for overseeing and validating global strategies and policies, and for ensuring a sustainable long-term business model. It is composed of seven members and chaired by a non-executive leader.

At Sanitas, we know that how we do things is just as important as what we do. This is how we ensure legal certainty for our customers, employees, partners, and providers at all times –by strictly complying with current regulations, and by developing and implementing efficient, effective processes across the organisation.

Miguel Escalona


General Counsel and Company Secretary, Sanitas and Bupa Europe & Latin America

Committees and processes

The Board of Directors is responsible for assigning executive duties to the Chief Executive Officer. It is also responsible for delegating responsibilities to the Audit Committee, the Risk Committee and the Criminal compliance Committee.

When assigning responsibilities, the Board must ensure that all policies are clear, fair and proportionate to avoid conflicts of interest.

GRI 2-15, 2-16, 2-23, 2-24

Organisational structure: committees and governance bodies

GRI 2-9, 2-11, 2-12, 2-16, 2-23, 2-25, 2-26

The key bodies responsible for the company’s management and good corporate governance are as follows:

Code of Ethics and conduct

GRI 2-16, 2-23, 3-3

Sanitas’ Code of Ethics outlines the principles of integrity, responsibility, and transparency guide the organisation. It is more than just a regulatory framework; it is an essential guide for promoting ethical behaviour and informing strategic decision-making across all areas of the company.

Sanitas’ commitment to society also includes upholding the highest standards of corporate conduct. We ensure that these standards are always met.

Ana Mañero

Chief Risk & Compliance Officer at Sanitas, Bupa Europe & Latin America

01.

The Foundations of our Code of Conduct:

  • Transparency
  • Confidentiality
  • Lawfulness
  • Professionalism
  • Corporate Responsibility

02.

Our Code of Conduct is built on six fundamental ethical pillars:

  • We take care of our customers.
  • We take care of each and every one of us.
  • We protect Sanitas’ information and reputation.
  • We help create a better world.
  • We comply with the law and act with integrity.
  • We comply with our Code of Conduct.

03.

These pillars are based on three core values:

  • Responsibility: We take ownership of the consequences of our decisions and their impact on the organisation and its stakeholders.
  • Courage: We always put people first to generate the greatest possible positive impact, both inside and outside the organisation.
  • Empathy: We listen to and respect the needs of everyone connected to our activity in any way.

Risk management

Sanitas’ risk management strategy is based on guidelines from the Board of Directors and built around five core principles.

Identification

Thorough identification and evaluation of current and emerging risks, including their potential impact on the organisation.

Definition

Clear definition of risk tolerance thresholds to guide all business activities.

Implementation

Implementation of strategic measures to mitigate and manage identified risks effectively.

Analysis

In-depth data analysis to support sound decision-making in risk management.

Corporate environment

An environment where:

  • Responsibilities in risk management are clearly defined, with accountability guaranteed. A careful and responsible approach to risk is encouraged.
  • Incident and alert reporting is fast and efficient, ensuring timely responses.

Fundamentals of Sanitas governance

  • Corporate policies

    These define the key management principles in essential areas for monitoring risks and setting thresholds, providing the foundation for operational development.

  • Management processes and manuals

    Risk identification processes and mitigation controls are fully integrated into the company’s corporate management system.

  • Organisational structure

    Sanitas’ structure includes specialised teams responsible for managing risk in each area, ensuring full alignment with the organisation’s general risk management policies.

Key lines of defence

GRI 2-25, 2-26

To ensure optimal risk management, Sanitas has developed a solid system of specific controls across all areas, ensuring comprehensive protection. This approach is built on a three-line defence model.

International leadership

Sanitas has been part of the Bupa Group since 1989. The group employs over 87,000 people across various regions, and is structured into three autonomous operating market units: Bupa Global and UK, Asia-Pacific, Europe and Latin America (ELA).In addition, Bupa is present in India and Saudi Arabia.

Sanitas is part of the Europe and Latin America (ELA) division, which also includes Poland, Turkey, Chile, Brazil, Mexico, and Peru. Commercial operations are also managed through Bupa Global Latin America in Guatemala, Panama, the Dominican Republic, Colombia, and Ecuador.

Corporate governance in Spain

At Sanitas Seguros, corporate governance is led by a Board of Directors composed of renowned professionals who contribute their vast experience and knowledge to the entire organization. To fulfill their key responsibilities, they have the support and guidance of specialized committees that ensure effective decision-making.

Members of the Board of Directors

  • Matías Rodríguez-Inciarte: Non-executive Chair, Non-Executive Director
  • Manuel Pizarro Moreno: Independent Director
  • Cristina de Parias: Independent Director
  • Iñaki Peralta: CEO, Executive Director
  • Mónica Paramés García-Astigarraga: Non-Executive Director
  • Pilar Villaescusa: Executive Director
  • Javier Ibáñez: Executive Director

Organisational structure: Committees and governance bodies

  • The Chief Executive Officer holds primary responsibility for the company’s day-to-day management and official representation. This role is supported directly by Sanitas’ Executive Committee and the organisation’s strategic areas.
  • The Audit Committee oversees the reliability of financial and regulatory reporting, and is also responsible for risk control systems, internal controls, and external audits.
  • The Criminal compliance Committee plays a key role in preventing criminal activity within the company. It ensures compliance with Article 31 of the Spanish Criminal Code, which concerns the criminal liability of legal entities.
  • The Risk Committee is in charge of identifying, assessing and managing the risks faced by the company. It also informs the Board of Directors about regulatory compliance and submits key reports, such as the Annual Complaints Report and the ORSA (Own Risk and Solvency Assessment) report.

The Risk Committee oversees three specialised subcommittees:

  • The Clinical governance Committee: Oversees policies related to patient safety and the management of clinical risks in hospitals.
  • Conduct Committee: Ensures ethical conduct and promotes integrity across operations, while preventing behaviour-related risks.
  • Security and privacy Committee: Ensures data protection and privacy, and oversees both regulatory compliance and risk management.

Code of Ethics and conduct

The Sanitas Code of Conduct is a key framework that guides the ethical and responsible behaviour of both employees and suppliers. It sets out the principles and rules that underpin the company’s organisational culture. Its implementation is essential for ensuring transparency and integrity in decision-making and overall company management. To strengthen this commitment, Sanitas complements its Code with specific policies in critical areas such as: Crime Prevention, Conflict of interest management, People management, Prevention of fraud and other economic crimes. These policies ensure robust governance and effective risk control.

In addition, the company has a “Speak Up” whistleblowing channel —an external platform that guarantees confidentiality and anonymity for anyone reporting breaches of the Code of conduct.

Sanitas is aware of the evolving environment and the growing societal expectations around ethics and compliance. That is why the Code of Conduct is subject to continuous review, ensuring it remains up-to-date and aligned with the organisation’s needs and its broader context.

Risk management

This approach is subject to ongoing monitoring and review, carried out by the governing bodies, starting with the Board of Directors, and extending through the Executive Committee, the Risk Committee, and the Criminal compliance Committee. This ensures rigorous control and strict adherence to defined procedures.

Key lines of defence

First line of defence: Focuses on identifying, accepting and directly managing risks. Each unit is responsible for controlling the risks related to its own activities. Second line of defence: Provides oversight, ensures alignment with internal control principles, and monitors the implementation of relevant policies. Third line of defence: Independently evaluates the overall performance of the risk management system, allowing for continuous improvement and ongoing reviews. This comprehensive approach not only aims to prevent risks but also to minimise their impact, recognising risk management as a vital part of the organisation.

It is crucial that the entire risk management system —including policies and procedures— is understood and embraced by all members of the company. To that end, Sanitas has invested in ongoing training programmes, supported by digital tools, to reinforce and update the role of each individual within the first line of defence.

Risk management, compliance, actuarial and audit are the core areas that form the solid foundation of our governance model. They underpin Sanitas’ protection and defence system through their key strategic functions.

Informe Anual 2024 Sanitas
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