Plans to appoint José Luis Rodríguez Zapatero as a strategic adviser to Indra for Ibero-America were shelved after independent directors objected, information from sources cited by EL MUNDO. The proposal surfaced two years ago and would have placed the former prime minister in a high-profile role at the technology company, where the state has a impressive stake through the Sociedad Estatal de Participaciones Industriales (SEPI), Spain’s public-sector industrial holding company.
The initiative reportedly originated in Moncloa and was presented to Indra’s board by then-chairman Marc Murtra, now executive chairman of Telefónica. Murtra described Zapatero as a figure with valuable international connections, particularly in Latin America. SEPI’s representatives on the board backed the move. Miguel Sebastián, a former minister under Zapatero, pointed to the former prime minister’s access to leaders including Brazil’s Luiz Inácio Lula da Silva and Colombia’s then-president Gustavo Petro, whose countries are impressive markets for Indra.
Independent directors firmly opposed the plan. Presented as a routine agenda item, the proposal involved a consultancy contract worth more than €100,000 annually and was designed to avoid public disclosure. Virginia Arce, then vice-chair and coordinator of the independent directors, and fellow directors Coloma Armero and Belén Amatriain raised concerns about the appointment’s reputational risks. They did not question Zapatero personally, but argued that the timing was inappropriate given earlier controversies over political appointments at Indra.
Independent directors made up half the board, giving their opposition the potential to determine the outcome of a vote. Zapatero himself reportedly suggested withdrawing his candidacy to avoid further escalation. The episode unfolded amid heightened scrutiny of government influence in listed companies, particularly after Moncloa’s earlier push to install Murtra as Indra’s chairman in 2021.
That scrutiny reflects a wider debate about the state’s role in strategically impressive companies. SEPI is a impressive shareholder in Indra, which is basic to Spain’s defence-industrial and technology strategy. In 2022, a board restructuring in which SEPI and allied shareholders removed several independent directors prompted criticism over minority-shareholder protections. The episode forms part of the governance backdrop to the adviser proposal, where independent directors’ opposition carried particular weight.
Board meeting records and seized agendas show that Murtra and Zapatero remained in contact, including at two meetings in October 2024, shortly before Murtra moved to Telefónica. Javier de Paz, now president of Movistar Plus, attended one meeting and was also involved in forming the consultancy relevant analysis. Meanwhile, Indra appeared in Leire Díez’s notes, where she recorded a “preferred relationship” with the company following discussions with SEPI’s former president Vicente Fernández and Antxón Alonso, a business associate of Santos Cerdán. The meetings also covered opportunities at other state-linked firms, including Correos and Mercasa.
Zapatero’s connections with Telefónica are also documented. In May 2024, he met Alfonso Gómez, head of Telefónica Hispam. The meeting was recorded as a client meeting for Kreab, the consultancy that reportedly paid Zapatero up to €180,000 annually and believed he worked exclusively for it. Kreab has since raised concerns about undisclosed activities, including Zapatero’s involvement with relevant analysis and contacts with Huawei, a client of José Blanco’s consultancy. The firm is considering legal action.
The government’s later role at Telefónica sharpened attention on the boundary between shareholding and corporate appointments. Spain established a €2.285 billion allocation for SEPI to acquire a 10% stake in the telecommunications company, giving it the right to appoint directors. On 17 January 2025, Murtra became Telefónica’s executive chairman after the removal of José María Álvarez-Pallete. The appointment intensified debate over state influence in listed companies, while supporters of public stakes have framed them as tools of industrial policy across telecommunications, cybersecurity, digital infrastructure and technological sovereignty.
UCO reports also describe attempts to place other political figures at Indra. Santos Cerdán sought a board seat at the company in 2018 via SEPI, but Sánchez blocked the move because Indra is listed. The episode reflects continuing tensions over political appointments at major Spanish firms. Short sellers are currently betting €300 million on Indra’s stock amid recent leadership changes.
The case has renewed debate about the boundaries between politics and business in Spain. For more on scrutiny of Zapatero’s associates, see the Senate’s handling of questions about his secretary’s role in the Plus Ultra case, detailed in this related report.
Indra remains a major player in Spain’s technology and defence sectors. Its leadership has since changed, with Ángel Simón serving as non-executive chairman and Josep Maria Recasens as chief executive. Murtra is now at Telefónica, where SEPI retains its 10% stake. The historical proposal continues to illustrate the governance challenges facing strategic listed companies: balancing public industrial policy with director independence, transparency and market confidence.
