Original research · BORME

The interlocking boards of the IBEX 35

Who sits on more than one board among Spain's 35 largest listed companies. A study built from Spanish commercial-registry (BORME) data, as of August 2026.

Mapa SocietarioData as of 30 August 2026
32 people
sit on two or more IBEX 35 boards
28 of 35
companies are linked by at least one shared director
7 people
sit on three separate boards at once
01 · The network

The map of shared boards

AcerinoxArcelorMittalAENABanco SabadellBBVACaixaBankBanco SantanderBankinterACSSacyrAccionaPuigNaturgyRepsolEndesaAcciona EnergíaSolariaFluidraFerrovialInmobiliaria ColonialMerlin PropertiesLogistaMapfreIndraCellnex TelecomTelefónicaInditexAmadeus IT Group
AceroAeropuertosBancaConstrucciónConsumoEnergíaEnergía solarIndustriaInfraestructurasInmobiliarioLogísticaSegurosTecnologíaTelecomunicacionesTextilTurismo
Each dot on the line is an IBEX 35 company, ordered by sector and sized by its board; each arc links two companies that share a director. Amber arcs mark the 7 people who sit on three boards at once. Dashed lines link companies in the same group. The 7 companies that share no director with the rest are not shown. Hover or tap an arc to see which director links each pair.
02 · The people

Directors on two or more boards

DirectorBoardsCompanies
Dancausa Treviño Maria Dolores3Acciona, Bankinter, Puig
Dula Sonia Lilia3Acciona, Acciona Energía, BBVA
Garcia Fau Ana Maria3Acerinox, CaixaBank, Cellnex Telecom
Garcia Piñeiro Rosa Maria3Acerinox, CaixaBank, Mapfre
Johnston George Donald3Acerinox, Merlin Properties, Banco Sabadell
Paz-Ares Rodriguez Teresa3Bankinter, Logista, Solaria
Puig Rocha Manuel3Inmobiliaria Colonial, Fluidra, Puig
Cata Sala Aurora2Repsol, Banco Sabadell
Constans Fernandez Jorge Valentin2Fluidra, Puig
Entrecanales Domecq Jose Manuel2Acciona, Acciona Energía (same group)
Entrecanales Franco Juan Ignacio2Acciona, Acciona Energía (same group)
Faine Casas Isidro2ACS, Telefónica
Fanjul Martin Oscar2Cellnex Telecom, Ferrovial
Gañet Cirera Maria Del Carmen2Fluidra, Repsol
Garcia-Mila Lloveras Maria Teresa2Repsol, Banco Sabadell
Iglesias Herraiz Leticia2Acerinox, AENA
Isasi Fernandez De Bobadilla Luis2Logista, Banco Santander
Jorda Castro Maria Luisa2Bankinter, Merlin Properties
Loscher Peter2CaixaBank, Telefónica
Manrique Cecilia Manuel2Repsol, Sacyr
Martinez Alonso Marta2Acerinox, Naturgy
Murtra Millar Marc Thomas2Indra, Telefónica
Peralta Moreno Ana Cristina2BBVA, Inmobiliaria Colonial
Pulido Mendoza Maria Teresa2Bankinter, Merlin Properties
Reynes Massanet Francisco2Cellnex Telecom, Naturgy
Roca Junyent Miguel2ACS, Endesa
Romana Garcia Belen2Inditex, Banco Santander
Sainz De Baranda Riva Pedro2Acerinox, Naturgy
Salgado Madriñan Maria2Acciona, Acciona Energía (same group)
Urquijo Fernandez De Araoz Gonzalo2Ferrovial, ArcelorMittal
Vegara Figueras David2Amadeus IT Group, Banco Sabadell
Velazquez Medina Maria Del Pino2Repsol, Sacyr
03 · Methodology

Methodology

  1. Universe: the 35 IBEX 35 companies as catalogued by Mapa Societario (one Spanish entity per index; parents listed outside Spain are represented by their Spanish company).
  2. Source: sitting board members per current BORME registry publications, as of August 2026. Only individuals holding a board role (chair, deputy chair, directors) are included; auditors, holders of power of attorney, and corporate directors are excluded.
  3. Each person's identity across companies is resolved by surname and given-name matching, tolerant to name order and middle names, and then hand-verified through a corrections layer that rejects namesakes and merges spelling variants of one person (for example, Josep and José).
  4. Acciona and Acciona Energía belong to the same group; directors who share only those two companies are counted separately from the 29 who connect distinct groups.
Independent analysis based on official BORME publications and produced through automated processes. It may contain errors or omissions. Mapa Societario is not the Registro Mercantil and does not issue certificates.

How to cite this study

Mapa Societario (2026). The interlocking boards of the IBEX 35. Study based on Spanish commercial-registry (BORME) data, August 2026. https://mapasocietario.es/en/studies/ibex-35-interlocking-boards/

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