Corporate Governance Board of Directors

It is the highest management and representation body of the Company, configured as a supervisory and control body. It is composed of a minimum of ten and a maximum of fifteen members, who will be appointed or ratified by the General Shareholders' Board as regulated by the Bylaws and the Regulations of the Board of Directors.

D. John Charles Pope


Nueva Compañía de Inversiones, S.A.
Represented by D. Miguel Abelló Gamazo


D. Albertus Meerstadt


Represented by D. Javier Olascoaga


Secretaty non-director: Dª María José Zueco Peña

Deputy Secretary non-Director: D. Mario Álvarez García



  • Mr. Carlos de Palacio: Mr. Palacio Oriol is Chairman of Talgo since his appointment in 2002. From 1998 to 2002, he was a Director representing his family branch and as an institutional representative at a European level. Previously, Mr. Palacio acquired professional experience in the area of Community Law as a member of the Legal and Competition Services of the European Commission and as a lawyer in Spain and the United Kingdom. Additionally, he combined his professional experience with teaching as a professor at the European College of Bruges (Belgium)
    • Category: Ejecutivo
    • In Talgo: Executive Chairman
    • Shareholding in Talgo: 1,181,487 (0.87%)


  • Mr. Jose María Oriol Fabra: Mr. Oriol Fabra has been the CEO of Talgo since 2002 and has 32 years of experience in the railway industry. He joined Talgo in 1987 and since then has been involved in the Group assuming different positions, among others, Procurement Manager, CFO and General Director of different subsidiaries of Talgo. Previously, he worked as a Credit Analyst at Citibank. In addition, he has extensive experience as a Director of different companies, including Montalbán XIV and Iberrail, a company that provides transport services to rail passengers, and has been a member of the BBVA Advisory Board. Mr. Oriol Fabra holds an EMBA from the Instituto de Empresa and a degree in Business Administration from Saint Louis University. Additionally, he was awarded in 2011 the "Dostyk II" by the Prime Minister of the Republic of Kazakstan and in 2012 the “Command of the Order of Civil Merit" by His Majesty the King of Spain.
    • Category: Executive
    • In Talgo: Chief Executive Officer, Member at the Strategy Committee.
    • Shareholding in Talgo: 1,749,314 (1.28%)


  • Mr. Francisco Javier Bañón Treviño: Mr. Bañón is one of the three founding partners of Trilantic Europe and is currently a Board Member of Pacha and Vertex Bioenergy. Before joining Lehman Brothers Merchant Banking in 2004 as Co-Head of Merchant Banking in Europe, Mr. Bañón was Managing Director of DB Capital Partners and Bankers Trust Private Equity Group, responsible for the creation, execution, supervision and monetization of transactions of private capital in Latin America. Prior to DB Capital Partners, Mr. Bañón was CFO of the industrial division of IF Group, a privately-owned group with industrial and financial operations in Spain, the United States and Latin America. Previously, he was Deputy General Director of Serpeska Group, a Spanish group dedicated to the processing and distribution of food. Mr. Bañón also practiced as a lawyer.
    • Category: Proprietary
    • In Talgo: Member at the Remuneration Committee
    • Shareholding in Talgo: 182,400 (0.13%)


  • Mr. Emilio Novela Berlín: Mr. Novela currently represents Banco Santander in the Board of the Spanish Association of Private Banking and is also a member of the Board of Merlin Properties and Openbank, SA In addition, Mr. Novela holds important positions, among others, in the Confederation of Empresarios de Madrid (CEIM), Reyal Urbis, SA and in Dixi Media Digital, SA Mr. Novela has extensive experience holding positions in the boards of other Spanish financial institutions such as Banco Banif Banca Privada (Santander Group), Banco de Jerez, Banco Urquijo, Blackrock Global Funds, Hispamer, Central Hispano Generali, Banesto, Banco Mercantil, Citileasing and Saudesbank. Mr. Novela has also served on the Boards of Cortefiel, Larios (Pernod Ricard), Campsa, Spanair, Union Fenosa, Vallehermoso, Testa, YMCA Spain, US-Spain Foundation, Euro America Foundation, Viajes Internacional Expreso, Gesinar (3i) and Cap Gemini Ernst & Young where he served on the Advisory Board. Furthermore, he was also named CFO of Repsol, the leading Spanish oil company, and the first Vice-Chairman of Vallehermoso, a leading Spanish real estate and construction company.
    • Category: Independient, Coordinator Director.
    • In Talgo: Chairman at the Audit Committee
    • Shareholding in Talgo: -


  • Mr. Antonio Oporto del Olmo: Mr. Oporto del Olmo has been a Member of the Board of Directors of the European Bank for Reconstruction and Development (EBRD) in London, chairing the Committee on Budgets and Administration and the Committee on Operations and Financial Rules, he was also a member of its Audit Committee. Additionally, he has been a board member in other public and private companies, among which the Spanish Arab Bank, Compañía Sevillana de Electricidad, ACS / Dragados, Eolia, Carboex and Talgo (during the years 2012 to 2013). In addition, Mr. Oporto del Olmo was General Secretary of the Círculo de Empresarios, CEO of Corporación Llorente and Chairman of Alstom Spain. He was also a director of the SEPI / INI public group, forming part of the Executive Committee as Commercial and International Relations Director. Mr. Oporto del Olmo held a position in the Ministry of Economy and Finance after joining the Corps of Commercial Technicians and State Economists, and has been a part-time professor at the University of the Witwatersrand (Johannesburg) and Professor of Economic Theory at the University of Málaga. He is also Knight of the Order of Merit of the French Republic and has been Protector of the Royal Academy of the History of Spain since, regular member of the Washington Corporate Circle of Stanford University, member of the Economic and Social Council of the Kingdom of Spain, member of the Energy Advisory Board and Transport of the European Commission and patron of the COTEC Foundation (Spain and Technology). Mr. Oporto del Olmo has a degree in Economics from the University of Malaga, a State Commercial Technician, a diploma in international business from the Wharton Business School, and a doctorate in economic and business sciences with Cum Laude qualification from the University of Malaga. He has also completed a seminar on international economics at Harvard University.
    • Category: Independent
    • In Talgo: Member at the Strategy Committee.
    • Shareholding in Talgo: -


  • Mr. Ignacio Mataix Entero: Mr. Mataix Entero is the General Director of Defense, Transport and Air Traffic in Indra. Previously, he was the General Director of Industry of Turbo Propellers (ITP), being also Chairman and member of the Board of Group companies. Previously, Mr. Mataix Entero was General Director of Corporate Development of the Sener Engineering Group (SGI), where during that period and later he was a Director of Sener Engineering Group and Sener Systems Engineering. Previously, he was Managing Director of ABN AMRO Bank, responsible for the area of investment banking in Spain and CEO of ABN AMRO Sociedad de Valores y Bolsa. In addition, he was Co-Managing Director of ABN AMRO - Rothschild Equity Capital Markets, responsible in London for structured products for Structured Finance in Europe, and Director of Corporate and Structured Finance in Spain. Mr. Mataix Entero holds a degree in Law and Economic and Business Sciences from the Universidad Pontificia de Comillas (ICADE E-3), and completed the IESE CEO International Program.
    • Category: Independient, Coordinator Director.
    • In Talgo: Member at the Audit Committee
    • In other listed companies: Director at Indra Sistemas S.A.
    • Shareholding in Talgo: 2,000 (0.001%)


  • Mr. Segundo Vallejo Abad: Mr. Vallejo Abad has 42 years of experience in positions of responsibility in the railway sector. He has been Industrial General Director of Talgo from 2003 to 2018, covering the technical direction, manufacturing management, maintenance management, project management, as well as relations with the Renfe customer and unions. During the years of Mr. Vallejo Abad's responsibility in Talgo, Talgo 350, Talgo 250, Talgo 250 hybrid, Talgo Kazakhstan, Talgo USA (Series 8), Talgo Bosnia, Talgo Uzbekistan have been developed, manufactured and / or put into operation Talgo Russia, Talgo Saudi Arabia and prototype Avril. The coincidence of several development, manufacturing and maintenance projects with different clients worldwide stands out. Additionally, he has been responsible for the design and start-up of Talgo's new factories and maintenance centres around the world. From 2008 to 2013 Mr. Vallejo Abad was Chairman of Tarvia, SA, a railway maintenance company owned by Renfe (49%) and Talgo (51%), whose purpose was to maintain the 46 Talgo 350 trains, successfully completing the whole trajectory of this company. Mr. Vallejo Abad holds the degree of Industrial Engineer in mechanical specialty by the School of Engineering of ICAI
    • Category: Other External
    • In Talgo: According to Article 8 of the Board of Directors´ Regulations of TALGO, employees who have been Executive Directors of group companies may not be appointed as Independent Directors, unless 3 or 5 years have elapsed, since the termination of that relationship. Mr. Vallejo Abad has held the position of Industrial General Director of Talgo until 2018.
    • Shareholding in Talgo: 1,181,487 (0.87%)


  • Mr. Juan José Nárdiz Amurrio: Mr. Nárdiz is currently the President of Martinrea Honsel, having previously been Vice President of Operations in this company. He has held various positions of Presidency in companies such as European Die Casting Association and Tafime S.A., being in this one an engineer, Expansion Director and Business Development Director and Chief Executive Officer. Mr. Nárdiz is a senior-level executive with 28 years of operational, marketing, business development (strategic planning and M&A), sales and, engineering experiences in the foundry and automotive industries. He has extensive experience and expertise in developing relationships in the North-and South American, European, Chines and Indian markets. Mr. Nárdiz has a Degree in Industrial Engineering from ICAI, a Master's Degree in Business Administration from the Instituto de Empresa Business School, a Material Science in Engineering Postgraduate Degree, from UCLA, United States, and a Degree in Sales Administration from the École des Études Économiques in Montpellier.
    • Category: Independent
    • In Talgo: Member at the Strategy Committee.
    • Shareholding in Talgo: 25,333 (0.02%)


  • Mr. Charles Pope: Currently Mr. Pope is the Chairman of the PFI Group, LLC and Chairman of the Board of Directors of R.R.Donnelley & Sons, Inc. Previously, he was chairman of the Board of Waste Management, Inc. and the Board of MotivePower Industries, Inc. Prior to joining MotivePower, Mr. Pope was Chairman, Chief Operating Officer and a member of the Board of United Airlines and UAL Corporation until it was acquired by his employees in July, 1994. He formerly served as senior Vice President, Finance, Chief Financial Officer and treasurer for American Airlines and its parent company, AMR Corporation. Mr. Pope is currently director of The Kraft Heinz Company, RR Donnelley & Sons, Co. (RRD), and Waste Management Inc. (WMI). Mr. Pope holds a Bachelor´s Degree in Engineering and Applied Science from Yale University and a Master´s Degree from the Harvard Graduate School of Business Administration.
    • Category: Independient
    • In Talgo: Member at the Remuneration Committee
    • Shareholding in Talgo: -


  • Mr. Mr. Hermosilla has been one of the managing partners and founder of the law firm Ramón Hermosilla Abogados since 2015. He began his professional career as a lawyer at the law firm Melchor de las Heras (currently Albiñana & Suárez de Lezo). Additionally, he was Chairman of the law firm Ramón Hermosilla & Gutiérrez de la Roza, SLP until December 2014. Mr. Hermosilla has extensive experience in the areas of Arbitration and Litigation, Mergers and Acquisitions and Capital Markets, among others. He is currently Secretary of The Board and legal counsel of several companies that operate in different segments of activity. Additionally, he has carried out teaching and doctoral activities. He has been Professor of Commercial Law at the Federico de Castro School of Practice and at the Center for Superior Legal and Business Studies (CESJE). Currently, he lectures in the Master of Commercial Law at the University Catholic Institute of Business Administration and Management of the Universidad Pontificia de Comillas (ICADE) and the Instituto de Empresa (IE), among others. In relation to his most significant publications, it is necessary to highlight chapter 2 "Request and judicial declaration of Bankruptcy" for 2009-2010 and 2011-2012 Memento Práctico Concursal, as well as their collaborations in the book “Treaty of Regulation in the Electric Field" in 2009. Mr. Hermosilla has a degree in Law from the Complutense University of Madrid and has completed an Executive Advanced Management and Leadership Program at the University of Oxford.
    • Category: Other External
    • In Talgo: The firm Ramón Hermosilla Abogados, where the Director is founding partner, render legal services to the Group of the Company TALGO, S.A. and subsidiaries
    • Shareholding in Talgo: -


  • D. Albertus Meerstadt: Mr. Meerstadt is Managing Partner of the CMR agency. Previously, Mr. Meerstadt was Vice President of the Supervisory Board of Lucas Bols and Supervisory Board member of ABN AMRO. He was CEO of the Executive Board of the NV Nederlandse Spoorwegen (Netherlands Railways), leading train and stations operating company in The Netherlands. He joined this company in 2001 as Chief Commercial Officer. Before joining the Netherlands Railways, he has worked for 8 years in the marketing and advertising sector in the companies Young & Rubicam and Marketing and Consult Brand Strategies. Mr. Meerstadt started his career at McKinsey & Company. Mr. Meerstadt has a Certification of the International Director's Programme and a Master's Degree in Business Administration from INSEAD European Business School and a MSc Degree in Architectural Engineering from Delft University of Technology.
    • Category: Independient
    • In Talgo: Chairman at the Remuneration Committee
    • Shareholding in Talgo:  -


Investors Relations

Investor Presentations

General presentation for investors, with the aim of providing complete information about the company, business and main financial figures.


Consult the markets in which Talgo has been providing products and services in its different business areas

Events for investors

Events for Investors: See information related to the events organized by Talgo for investors and analysts seeking to provide greater insight into business operations, strategy and dynamics.

Share Information

Share price

Detail of the evolution of the share price of Talgo S.A. and main indicators.

Share capital and Treasury stock

Detail of the composition of the Share Capital and treasury stock of Talgo S.A.

Ownership summary

Configuration of the shareholders of Talgo S.A., significant shareholdings.

Shareholders remuneration

Information on distribution of dividends and other means of remuneration to shareholders.


Access the prospectus provided in the Public Offer for Sale of Talgo S.A.

Corporate bylaws

Access the Corporate bylaws of Talgo S.A.

Financial Information and Presentations

Quarterly financial information

See here the quarterly information of results and its presentation for consultation of the relevant operational and financial data of the period.

Audited annual accounts

Consult information on  audit reports, annual statements and management reports for last years.

Annual reports

Each year, Talgo carries out an Annual Report that includes relevant information about the company, the activities carried out during the year and the financial results for the year.

Information about suppliers

Information regarding the average times of payment to distributors.

CNMV and other regulators

Corporate Governance