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How we do it

GRI 2-16

Our commitment to people's care and health requires us to be an organisation that aspires to do things with excellence. That is why we also take care of how we do things. Everything starts from a solid governance that guides the organisation in the right direction and views ethical and good governance issues as paramount.

Corporate Governance

GRI 2-9; 2-12; 2-17; 2-27

Ethical leadership and professional excellence

For the whole organisation to function properly, simply complying with minimum standards is not enough. This is why at Sanitas we have solid corporate governance which, in addition to steering the organisation’s course, strives to be an example of honesty and integrity for the entire company.


Management Team

As part of the Bupa Group, Sanitas has a strong international presence, with a management team that has succeeded in adapting excellence and commitment to the specific circumstances of each region.

Sanitas has been part of the Bupa Group since 1989 with more than 82,000 employees, mainly in 3 markets: Bupa Global and UK, Asia Pacific and Europe and Latin America (ELA) each operating independently.


Bupa group figures

GRI 3-3; 203-2

£14 Bn


£575 M

operating profit


capital coverage ratio, solvency

43 M

customers worldwidE

24.4 M

healthcare policyholders

19.2 M



residents in care homes


employees worldwide

Bupa ELA figures

GRI 203-2

£4.56 Bn

in revenue (5.34 Bn€); up 14% from 2021

5.2 M


12.8 M


Presence of Bupa and Bupa ELA

Sanitas and Bupa ELA Steering Committee

Iñaki Peralta

Chief Executive Officer at Sanitas and Bupa Europe & Latin America

Jesús Bonilla

Director at Sanitas Dental

Miguel Escalona

Chief Corporate Governance, Privacy & Legal Affairs Officer at Sanitas and Bupa Europe and Latin America

Yolanda Erburu

Chief Sustainability and Corporate Affairs Officer at Sanitas and Bupa Europe and Latin America and Director of Fundación Sanitas

Javier Gabás

Interim Director at Sanitas Mayores

Javier Ibáñez

Director at Sanitas Seguros

Elena Juárez

Chief People Officer at Sanitas and Bupa Europe & Latin America

Ana Mañero

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

Susana Quintanilla

Director at Sanitas Hospitales and Bupa Peru

José Luis Ruiz

Chief Information Officer at Sanitas and Bupa Europe & Latin America

Ine Snater

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

Pilar Villaescusa

Chief Financial Officer at Sanitas and Bupa Europe & Latin America

José Luis Buil

Health Insurance Director at Bupa Global Latin America (BGLA)

Luiz Camargo

Director at Bupa Care Plus (Brazil)

Antonio Cantó

General Manager at Bupa Chile

Gökhan Gürcan

Director at Bupa Acibadem Sigorta (Turkey)

Fernanzo Lledó

Director at Bupa Mexico

Anna Rulkiewicz

Director at LUX MED

Bupa ELA: revenue by country in 2022

GRI 2-2; 201-1

Bupa ELA Committee

An advisory committee for Bupa ELA was established in 2022. It is an independent advisory board with advisory and consulting duties. It is composed of the following members:

Matías Rodríguez-Inciarte


Manuel Pizarro

Member of the Board of Directors

Cristina de Parias

Member of the Board of Directors

Nathalie Sophie Picquot

Member of the Board of Directors

Iñaki Peralta

Member of the Board of Directors

Antonio Martos

Member of the Board of Directors

The Board of Directors of Sanitas Seguros

GRI 2-10; 2-13; 2-14

The Board of Directors’ guiding values in fulfilling its duties include responsible management, honesty, and pursuing the greatest good for the various stakeholders.


Ensuring that the Group's business is done legally is a priority for all of us in the legal and corporate governance department at Sanitas. We know that this approach builds confidence and trust among our employees as well as our customers.


Committees and procedures

GRI 2-15; 2-19; 2-20; 2-23; 2-24

The Board of Directors delegates executive duties to the Chief Executive Officer, as well as to the Audit Committee, the Risk Committee and the body responsible for compliance.

Read more

Organisational structure: commissions and committees

GRI 2-9; 2-11; 2-12; 2-16; 2-23; 2-24; 2-25; 2-26

The following are the senior bodies responsible for the company’s management and good governance.

read more

Our new Code of Conduct

GRI 2-16; 2-23

Exemplarity is an essential value at Sanitas, which stems from the Board of Directors itself and the company’s culture. All of the company’s activities are based on an ethical commitment, where each person is responsible for their actions and considers the consequences of everything they do. It is this sum of individual responsibilities that makes the entire company accountable.


Our control processes ensure that the company's operations are excellent in all respects. What we do is as relevant as how we do it, so improving quality and minimising potential risks is our team's key task.

ANA mañero
Chief Risk & Compliance Officer at Sanitas and Bupa Europe & Latin America

Our Code of Conduct is based on five fundamental principles [GRI 3-3]





Corporate responsability

This Code of Ethics is based on six 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 dimensions are underpinned by our three values


We are accountable in our decision-making and in our actions


We make new opportunities happen


We show empathy and respect

Risk management

Sanitas’ risk management is based on the Board of Directors’ vision for risk management and is determined by five fundamental principles.




Identifying current and emerging risks to the business and assessing their potential impacts



Clearly defining the risk appetite limits within which business processes must be conducted



Taking appropriate measures to mitigate and manage the identified risks



Analysing information for risk-based decisions


Existence of a culture in which: 

  • Responsibility and accountability for risk management are defined; appropriate risk behaviour is encouraged and rewarded
  • Incidents and alerts are promptly reported without fear of retaliation

Foundations of Sanitas governance

  • Corporate policies

    They determine the fundamental principles of management in areas that are key to monitoring risks and their limits in these areas based on which the company conducts its business.

  • Management processes and manuals

    These are used to identify risks and the controls that mitigate those risks, which are part of the company’s management system.

  • The company's organisational structure

    These are the teams that manage the risks within each of the departments and ensure that they are aligned with the general risk policies.

Main lines of defence

GRI 2-25; 2-26

For effective risk management, it is essential to have a system like Sanitas’ in place to ensure all the necessary controls in each of the different roles and areas. For that reason, we have three lines of defence: the first line owns and manages risk, the second line monitors and ensures that they are aligned with the internal control environment, and the third line independently ensures an adequate risk system.


Corporate Governance

Sanitas’ corporate governance is led by the Board of Directors, made up of renowned professionals who contribute all their professional experience to the company.

Management Team

Sanitas belongs to the Europe and Latin America (ELA) market unit, which also operates in the following countries: Poland, Turkey, Chile, Brazil, Mexico, and Peru. It is also active in Bupa Global Latin America in Guatemala, Panama, the Dominican Republic, Colombia, Ecuador, and Bolivia.

The Board of Directors of Sanitas Seguros

This is the basis for decision-making in each of the Board’s decision-making processes. Furthermore, in its role of overseeing and approving general policies and strategy, the Board ensures compliance with the highest standards of business ethics, as well as the pursuit of a long-term sustainable business model.

The Board of Directors of Sanitas Seguros consists of eight members, headed by the Non-Executive Chairman.

The following are members of the Board of Directors:

  • Matías Rodríguez Inciarte: Non-Executive Chairman, Independent Director
  • Manuel Pizarro Moreno: Independent director
  • Nathalie Picquot: Independent director
  • Independent Director
  • Iñaki Peralta: Chief Executive Officer, Executive Director
  • Mónica Paramés García-Astigarraga: Executive Director
  • Pillar Villaescusa: Executive Director
  • Javier Ibáñez: Executive Director
  • Miguel Escalona: Secretary of the Board

Committees and procedures

We follow the standards and recommendations of good governance when it comes to remuneration policies and strictly comply with the law. The Remuneration Committee plays a fundamental role ensuring that remuneration objectives are aligned with the objectives of each department at the company. This committee also proposes and oversees the remuneration policy. Finally, all these policies are aimed at avoiding potential conflicts of interest.

Our new Code of Conduct

The Sanitas Code of Conduct applies to every employee and also serves as a guideline for every supplier. This code of ethics is essential for decision-making and implementation, because it provides useful tools for decision-making and implementation, as well as for acting with integrity.

The Code of Conduct plays a fundamental role in this context of ethical culture, as it is the basis that defines the values and norms that should guide the behaviour of the organisation’s members. Especially when the company’s core business is the care and health of people, one of the most important issues in our lives.

There are other documents and policies that have been developed in addition to the Code of Conduct, such as the Financial Crimes policy, the Conflicts of Interest policy and the Fitness and Honesty policy or the Prevention of Fraud and Other Financial Crimes, which guarantee transparency and fairness in all agreements and proactively identify and manage potential fraud or financial crimes.

We also have an internal whistleblowing system (Speak Up) which is managed through an independent and external platform, which guarantees that reports of behaviour that is unethical or not in line with Sanitas’ code of conduct will be confidential and anonymous.

Risk management

This risk management strategy is constantly reviewed and supervised by all the relevant bodies, starting with the Board of Directors and continuing with the Steering Committee, the Risk Committee and the body responsible for Compliance, thus ensuring strict control and compliance.

Main lines of defence

For effective risk management, it is essential to have a system like Sanitas’ in place to ensure all the necessary controls in each of the different roles and areas. For that reason, we have three lines of defence: the first line owns and manages risk, the second line monitors and ensures that they are aligned with the internal control environment, and the third line independently ensures an adequate risk system.

Organisational structure: commissions and committees

  • Chief Executive Officer: primarily responsible for the day-to-day management and representation of the company. He is supported by the Sanitas Seguros General Management and the rest of the company’s management.
  • Audit Committee: its main mission is to oversee information on the company’s financial statements and regulatory reports. It is also responsible for overseeing risk management systems, internal controls, and external audit procedures.
  • Body responsible for Compliance: its work is essential for ensuring that there is no criminal conduct within the company. It complies with Article 31 of the Spanish Criminal Code, which refers to the Board’s criminal liability.
  • Risk Committee: its task is to identify, assess, and manage the company’s potential risks. It reports to the Board of Directors on the compliance model, the annual complaints report, and the ORSA (risk management and solvency) report, among others.

Three committees report to it:

  • Clinical Governance Committee: its main role is to oversee and coordinate clinical governance and policy issues, patient safety, and clinical risk controls in hospitals.
  • Code of Conduct Committee: this committee is responsible for ensuring compliance with the Code of Conduct and ensuring that all company activities comply with the standards of independence and confidentiality if necessary, as well as identifying possible risks of conduct that should be known in order to avoid them.
  • Security and Privacy Committee: this committee is in charge of controlling and monitoring information security and privacy at the regulatory level as well as at the risk level.