Indexa Capital Group
Corporate governance
Board members
The company’s Board of Directors is currently composed of the following members:
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Almudena Sainz de la Cuesta
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François Derbaix
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José Martín Gutiérrez de Cabiedes
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Ramón Blanco Duelo
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Soledad Fernández-Rañada López-Doriga
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Unai Ansejo Barra
| Director | Position | Type | Appointment date | Re-election |
|---|---|---|---|---|
| Almudena Sainz de la Cuesta | Member | Independent | 17/05/2023 | — |
| Cabiedes & Partners IV SCR (representada por José Martín Gutiérrez de Cabiedes) | Member | Proprietary | 30/07/2015 | 15/12/2022 |
| François Derbaix | Chairman and executive director | Executive | 30/07/2015 | 15/12/2022 |
| Ramón Blanco Duelo | Executive director | Executive | 28/07/2014 | 15/12/2022 |
| Soledad Fernández-Rañada López-Doriga | Member | Independent | 17/05/2023 | — |
| Unai Ansejo Barra | Executive director | Executive | 28/07/2014 | 15/12/2022 |
Shareholding and experience
Shareholding as at 30/06/2026, relationship with significant shareholders, experience and other board memberships.
| Director | Shareholding (30/06/2026) | Relationship with significant shareholders | Experience | Other boards |
|---|---|---|---|---|
| Almudena Sainz de la Cuesta Abbad | In 2025 the independent directors were paid in shares. | None | Economist (ICADE). More than 20 years at Credit Suisse (1990-2012), where she was chair of Credit Suisse Securities SVB and country manager for Spain and Portugal. Founder and partner of Alamir (fintech). | — |
| Cabiedes & Partners IV SCR (representada por José Martín Gutiérrez de Cabiedes) | 19.05% direct (+0.07% through a related party) | Significant shareholder. Signatory of the shareholders’ agreement. Luis Martín Gutiérrez de Cabiedes, manager of the SCR, is a member of the Advisory Committee of Indexa Capital AV and is paid for that role. |
Industrial engineer (ICAI), MBA from IESE. BBV, Banco Santander (proprietary trading), BBVA & Partners, BBVA Asset Management. Founder and manager of Cabiedes & Partners SCR since 2010. Entrepreneurship lecturer at IESE. | Director of Europa Press since 1996. Founder and trustee of Fundación Hazloposible. |
| François Derbaix | 18.71% indirect | Significant shareholder through Derbaix Ventures 1 S.L., of which he owns 91.72%. | Co-founder (2014). Management engineer (Université catholique de Louvain). Consultant at BCG. Co-founder and chief executive of Toprural (sold to HomeAway), co-founder of Rentalia, Aplazame and Soysuper. Investor in more than 45 internet companies. |
Director of Bewater Funds (group). Trustee of Fundación Ayuda Efectiva since 2019. |
| Ramón Blanco Duelo | 4.20% indirect | Owns 50% of Brown Eyed Girl Capital S.L., a significant shareholder with 8.39%. Signatory of the shareholders’ agreement. | Co-founder (2014). Degree in Business and Law (ICADE E3), MBA from Harvard. Unilever and investment banking at Banco Santander. Co-founder of Selftrade.es. Deputy CEO of Boursorama Banque, chairman of Onvista Bank and vice-chairman of Selftrade Bank UK. Founder and chief executive of etece. |
Director of Indexa Capital AV. |
| Soledad Fernández-Rañada López-Doriga | In 2025 the independent directors were paid in shares. | None | Law degree (UAM), MBA from IE. Legal and assurance director at Cepsa Química since 2021. Previously, corporate governance and privacy at Bupa/Sanitas and head of the legal department at Amper and Europac. | — |
| Unai Ansejo Barra | 16.73% direct | Significant shareholder. Signatory of the shareholders’ agreement. | Co-founder (2014). Degree in Physics and PhD in Economics (UPV), CFA. More than ten years as an institutional investor at Itzarri EPSV and Consulnor Gestión. Previously at Accenture for BBVA. |
Co-chief executive officer of Indexa Capital AV. |
Audit Committee
The Audit Committee is an advisory body with no executive functions, responsible for overseeing and reviewing financial information, auditing accounts, and monitoring risk management and business ethics. It is currently composed of the following members:
| Director | Position | Type |
|---|---|---|
| Almudena Sainz de la Cuesta | Member | Independent |
| Cabiedes & Partners IV SCR (representada por José Martín Gutiérrez de Cabiedes) | Member | Proprietary |
| Soledad Fernández-Rañada López-Doriga | Member | Independent |
Corporate governance documents
| Document | Period | Date | Files |
|---|---|---|---|
| Report on the organizational structure and internal control system (in Spanish) | 2026 | 31/03/2026 | |
| Report on the organizational structure and internal control system (in Spanish) | 2025 | 02/04/2025 | |
| Report on the organizational structure and internal control system (in Spanish) | 2024 | 30/04/2024 |