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

• 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 four new companies and which, as the parent company, is responsible for defining the group's business policy and strategy, and for seeking efficient management focused 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.