The clans that run Spain's biggest companies

An investigation maps how a dense web of personal and institutional ties channels Spain’s corporate leadership: former partners at elite consulting firms (notably McKinsey), alumni of top business and engineering schools (IESE, ICADE/ICAI, Deusto, ESADE), and senior civil servants (especially the State Attorneys Corps) populate boards and C-suites across banking, energy, infrastructure and media. Concrete examples show McKinsey alumni occupying decisive roles at BBVA during its failed bid for Banco Sabadell (Carlos Torres, Onur Genç, César González-Bueno), long influence at Santander, and leadership posts at Google Spain, Vocento and Mediapro. Engineering degrees from Madrid and Jesuit-run institutions like Comillas and Deusto serve as pipelines into construction, utilities and banking; alumni include Ignacio Sánchez Galán (Iberdrola), Gloria Ortiz (Bankinter) and José Ignacio Goirigolzarri (BBVA/CaixaBank). Business schools’ alumni networks and sponsorship ties (notably IESE’s links with La Caixa and Opus Dei) reinforce access to elite roles.

The core argument is that these overlapping clans concentrate power, reproduce similar management styles and filter who reaches top positions, producing risks for diversity, governance and decision-making - illustrated by critiques of a “McKinsey playbook” during major corporate moves. Defenders argue recruitment still relies on demonstrated skills and HR-driven diversity, but evidence of revolving doors, alumni funnels and civil-service exits into corporate boards underscores a systemic pattern that shapes Spain’s corporate elite.