Renfe-Operadora was divided into five state-owned companies in 1 January 2014, as provided for in RD-Law 22/2012 of 20 July. The aim of this new business model is to prepare the company to compete in a liberalised market, through these five state-owned companies through which Renfe-Operadora (Renfe Operator) is formed: Renfe Viajeros, S.A. (Renfe Passengers), Renfe Mercancías, S.A. (Renfe Freight), Renfe Ingeniería y Mantenimiento, S.A. (Renfe Manufacturing and Maintenance), Renfe Alquiler de Material Ferroviario, S.A. (Renfe Rolling Stock Hire) and Renfe Proyectos Internacionales, S.A. (Renfe International Projects)

• The purpose of the reorganisation is for Renfe-Operadora (Renfe-Operator) to have the appropriate framework to address and energise the process of liberalisation and opening up the railway sector to competition. Furthermore, to provide the companies with their own legal personality, so that the balance sheets and profit and loss accounts are the basis for business and public service decisions.
• The model, which is organised under the state-owned company Renfe-Operadora (Renfe-Operator) as the owner of 100% of the shares of the five new companies and which, as the parent company, is responsible for defining the group's business policy and strategy, and for seeking efficient management, focusing on corporate and service functions.
• The Corporate Governance system shows the structure and operation of the Renfe Group's governing and management bodies for the knowledge of its Stakeholders, inspired by the commitment to ethical principles, transparency and leadership in the application of best practices in Good Governance. 

(*) Reports to the General Operations Department in functional terms