Governing bodies
The governing bodies of CORES are:
- The Chairman
- The General Assembly
- The Board
The Chairman
The Chairman of the Corporation is appointed by the Ministry of Industry, Tourism and Trade and his main duties are as follows:
- To manage and direct the Corporation’s operations.
- To represent the Corporation.
- To chair the Board of Directors and the General Assembly.
- To carry out all other duties established by current legislation, particularly making any proposals to the National Energy Commission to initiate any proceedings against members regarding any failure to fulfil the regulations covering the maintenance of minimum security stocks.
The Chairman and the four members appointed by the Ministry hold their positions for five years, and they may be re-appointed.
General Assembly
The General Assembly is made up of representatives of all the members of CORES. The number of votes each member has will be in accordance with its total annual financial contribution to CORES, the smallest financial contribution being assigned one vote.
The duties of the General Assembly are, among others, the following:
- Approval of the Corporation’s annual accounts.
- Supervision of the management.
- Acquaintance with the annual draft budget for income and expenditure, presented by the Board.
The resolutions of the General Assembly are taken by majority of three quarters of the votes present, can the Ministry of Industry, Tourism and Trade, where appropriate, impose its veto in those agreements that might violate the provisions of the law 34 / 1998 October 7 Hydrocarbon Sector.
The Board
Currently the Board is made up of the Chairman of the Corporation and the following members:
- Four members appointed by the Ministry of Industry, Tourism and Trade, one of them proposed by the National Energy Commission:
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Seven members elected by the General Assembly:
- Three representing the operators with refining capacity in Spanish territory.
- Two representing the operators with no refining facilities.
- One member representing the wholesale operators authorised to distribute liquefied petroleum gas.
- One member representing the natural gas dealers.
A vice-chairman is elected among the members.
The duties of the Board are as follows:
- To establish the Corporation’s general policy, preparing budgets and approving programmes and plans of action.
- To control the Corporation’s activity.
- To decide over matters relevant to the Corporation.
The Board adopts resolutions by majority vote, provided that at least fifty percent plus one of its members are present. The Ministry of Industry, Tourism and Trade, through the Chairman, has the right to veto any decision which counters public interests.
C/ AGASTIA 80, 28043 MADRID, ESPAÑA | E-MAIL: cores@cores.es
TLF.: +34 91 360 09 10 | FAX: +34 91 420 39 45