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How we do it

We are Sanitas

Our commitment to the care and health of people drives us to act ethically and honestly, and to pursue excellence in everything we do. At Sanitas, this commitment extends not only to our objectives, but also to the methods used to achieve them. Sound and responsible governance establishes a path for us to adopt the best practices and maintain the highest standards of integrity for all our actions. This places us at the forefront of our industry.

Corporate Governance

GRI 2-9

International Leadership

Sanitas’ parent company, the Bupa group, has a strong presence on five continents, and is backed up by a management team that has successfully adapted the values of excellence and commitment to regional specifics.

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People at the centre of decisions

In addition to compliance and risk management, Sanitas’s corporate governance is focused on people and all its stakeholders. It is therefore crucial to adopt an active listening approach when making decisions. We conduct ourselves with honesty and integrity in order to respond to the needs and expectations in a manner that is consistent with the principles of inclusive leadership.

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Bupa group in figures

15,100 M£

revenue; +9% than in 2022

599 M£

operating profit; -2% than in 2022

175%

capital coverage ratio – Solvency

50 M

of customers worldwide; +15% than in 2022

29.7 M

health policy holders; +22% than in 2022

20.3 M

of patients; +6% than in 2022

20,846

aged care residents; +3% than in 2022

+87,000

employees; +6.8% than in 2022

Bupa ELA in figures

5,083 M£

turnover (5,845 M€); +12% than in 2022

5.6 M

health policy holders; +9.4% than in 2022

13.5 M

patients; +5.2% than in 2022

Presence of Bupa and Bupa ELA

Sanitas and Bupa ELA Steering Committee

GRI 2-9

Iñaki Peralta

Chief Executive Officer, Sanitas and Bupa Europe & Latin America

Jesús Bonilla

Chief Executive Officer, Sanitas Dental

Miguel Escalona

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

Yolanda Erburu

Communication and Sustainability Officer, Sanitas and Bupa Europe and Latin America and Managing Director of the Fundación Sanitas.

Javier Gabás

Chief Executive Officer, Sanitas Mayores

Javier Ibáñez

Chief Executive Officer, Sanitas Seguros

Elena Juárez

People Officer, Sanitas and Bupa Europe & LatinAmerica

Ana Mañero

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

César Morcillo

Medical Director, Sanitas and Bupa Europe & Latin America

Susana Quintanilla

General Manager, Sanitas Hospitals 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

Chief Executive Officer, Bupa Chile

Gökhan Gürcan

Chief Executive Officer, Bupa Acibadem Sigorta (Turkey)

Fernando Lledó

Chief Executive Officer, Bupa Mexico

Anna Rulkiewicz

Chief Executive Officer, Luxmed (Poland)

Bupa ELA: revenues by country in 2023

Advisory Committee Bupa ELA

Bupa ELA is supported by an independent advisory body, which provides advice and guidance in a consultative role. This committee is composed of the following members

Matías Rodríguez-Inciarte

President

Manuel Pizarro

Member

Cristina de Parias

Member

Iñaki Peralta

Member

Antonio Martos

Member

The Board of Directors of Sanitas Seguros

GRI 2-11

The Board of Directors is guided by a set of principles that emphasise responsible management, integrity and commitment to the benefit of all stakeholders.

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Our organisation is committed to ensuring compliance with all applicable standards. My team liaises with all business areas in order to provide our customers, regulatory bodies, suppliers, and partners with the assurance that Sanitas conducts its operations in a responsible manner.

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

Committees and procedures

The Board of Directors delegates executive responsibilities to the Chief Executive Officer, as well as to the Audit Committee, the Risk Committee and the Criminal Compliance Body.

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Organisational structure: commissions and committees

GRI 2-9, 2-11

The main bodies responsible for the management and corporate governance of the company are listed below:

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Our Code of Conduct

GRI 3-3

Integrity is a fundamental pillar at Sanitas. This guideline was issued by the Board of Directors and has been integrated into the corporate culture of the entire organisation. The company expects all members to take responsibility for their actions and to consider the consequences of their decisions. The aggregation of individual responsibilities forms the foundation of corporate responsibility as a whole.

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At Sanitas we know that much of the value of what we do lies in the way we do it. We ensure that all business processes comply with the highest quality and safety standards, and we foster a culture of excellence and responsibility among our employees.

Ana Mañero, Chief Risk & Compliance Officer, Sanitas and Bupa Europe & Latin America

The Code of Conduct is based on the following fundamental pillars:

  • Transparency
  • Confidentiality
  • Lawfulness
  • Professionalism
  • Corporate Responsibility

The Code of Ethics is structured around six key aspects:

  • 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.

These aspects are based on three fundamental values:

  • Responsibility: we take responsibility for the impact of our decisions and how they affect the organisation and its stakeholders.
  • Courage: our primary focus is on our people, with the objective of creating the greatest positive impact both within and beyond the organisation.
  • Empathy: we acknowledge and address the needs of all those who have a connection to our activities.

Risk management

The Board of Directors at Sanitas oversees the company’s risk management activities, guided by five fundamental principles.

This risk management framework is subject to ongoing assessment review and supervision by all responsible bodies, starting at the Board of Directors level and continuing through to the Management Committee, the Risk Committee and the Criminal Compliance Body This ensures the highest standards of control and compliance with established procedures.

Identity

and make an exhaustive assessment of current and future risks and their potential impact on the company.

Define

precisely what risk tolerance margins will guide business operations.

Implement

effective strategies for the reduction and control of identified risks.

Analyse

data thoroughly to support risk management decisions.

Corporate environment

where:

  • The responsibilities and accountability in risk management are clearly defined. Prudent risk management is encouraged and rewarded.
  • All incident reporting and communication of alerts are conducted in an expeditious manner and in an environment free of retaliation.

Foundations of governance at Sanitas

  • Corporate policies

    They establish the essential management principles to be applied in key operational risk monitoring areas and inform the organisation’s operational development strategy.

  • Management processes and manuals

    They identify potential risks and implement controls to mitigate them, integrating them fully into the business management system.

  • The company's organisational structure

    Comprised of different teams, each of which is dedicated to risk management in their respective area. This ensures compliance with general risk management policies.

Key lines of defence

For effective risk management, it is crucial to implement a robust system, such as the one in operation at Sanitas, which is designed to establish the necessary controls across all functions and areas. In this context, our approach revolves around three essential lines of defence: the first is responsible for direct risk ownership and management; the second is dedicated to monitoring and verifying alignment with the internal control framework; and the third is responsible for independently ensuring the adequacy of the risk management system.

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People at the centre of decisions

The corporate governance structure at Sanitas is overseen by a Board of Directors, comprised by professionals with excellent experience and capacity, who contribute their expertise to the entire organisation. In order to fulfil these essential responsibilities, they receive the support and advice of a variety of specialist committees.

International Leadership

Sanitas has been part of the Bupa group since 1989. The group employs more than 87,000 professionals across three market units, each with its own autonomous operational structure. Bupa Global and UK, Asia Pacific, and Europe and Latin America (ELA), as well as India and Saudi Arabia.

Sanitas is part of the Europe and Latin America (ELA) division, which also operates in Poland, Turkey, Chile, Brazil, Mexico and Peru. The company also conducts business through Bupa Global Latin America in Guatemala, Panama, the Dominican Republic, Colombia, Ecuador and Bolivia (sold in May 2024).

The Board of Directors of Sanitas Seguros

This body is responsible for overseeing and adopting general strategies and policies, as well as ensuring the long-term viability of the business model.

The Sanitas Seguros Board of Directors is comprised of eight members, led by a non-executive chairman.

The following are members of the Board of Directors:

  • Matías Rodríguez Inciarte: non-executive Chairman, external director
  • Manuel Pizarro Moreno: external director
  • Cristina de Parias: external director
  • Iñaki Peralta: Chief Executive Officer
  • Mónica Paramés García-Astigarraga: external director
  • Pillar Villaescusa: internal director
  • Javier Ibáñez: internal director

Committees and procedures

The Board of Directors ensures that policies are well designed with clear, proportional and equitable criteria, avoiding conflicts of interests. Its role is essential to guarantee that the organization is properly managed.

Organisational structure: commissions and committees

  • Chief Executive Officer: the CEO is primarily responsible for the company’s day-to-day management and official representation. He receives direct support from the General Management of Sanitas and the other strategic business units of the organisation.
  • Audit Committee: the primary objective of the Audit Committee is to ensure the reliability of the company’s financial information and regulatory reports. It is also responsible for the supervision of risk management systems, internal control and external audit processes.
  • Criminal Compliance Body: this body plays a vital role in preventing criminal acts within the company and ensuring compliance with Article 31 of the Criminal Code, which outlines the criminal responsibilities of managers.
  • Risk Committee: this Committee is primarily responsible for identifying, evaluating and managing potential risks faced by the company. It reports to the Board of Directors on regulatory compliance, the annual claims report and the Own Risk and Solvency Assessment (ORSA) report.

Three specialised subcommittees report to this committee:

  • Clinical Governance Committee: this Committee is responsible for the supervision and coordination of clinical governance policies, patient safety and clinical risk management in hospital centres.
  • Code of Conduct Committee: this committee is responsible for ensuring compliance with the company’s code of ethics, promoting integrity and confidentiality in all operations, and identifying and preventing potential conduct risks.
  • Security and Privacy Committee: this committee is responsible for the supervision and control of information security and privacy in accordance with regulatory requirements and risk management standards.

Our Code of Conduct

Sanitas’ Code of Conduct, which applies to all employees and suppliers, plays a pivotal role in decision-making and the execution of actions within the company. This code of ethics provides the necessary tools to act with integrity and is the cornerstone of the organisational culture, and establishes the values and standards that govern the behaviour of all members of the organisation. This is of particular importance in an organisation whose core purpose is to provide care and health services.

In order to reinforce this ethical framework, Sanitas has put in place supplementary policies, including the Crime Prevention Policy, the Conflict of Interest Policy, the People Policy, the Fraud and Other Economic Crimes Prevention Policy. These policies guarantee transparency and fairness in all transactions, as well as proactive risk and fraud management.

Additionally, the company provides an internal whistleblower channel, “Speak Up,” managed by an independently and externally operated platform. This ensures confidentiality and anonymity when reporting any inappropriate conduct or actions that contradict the Sanitas Code of Conduct.

Key lines of defence

It is vital to our organisation that all employees are fully aware of our risk management policies and procedures, as well as any associated manuals. In light of this, over the past few years, we have concentrated our efforts on training all our teams through the use of technological tools, with the aim of ensuring that their role as the first line of defence remains up to date.

This defence is based on the core functions of Risk Management, Compliance, Actuary Inspection and Audit. These four critical areas provide the robust foundation for our governance system.