Corporación de Reservas
Estratégicas
de Productos Petrolíferos

Public Law Corporation
under the aegis of the
Ministry for the
Ecological Transition

Corporate Governance

The General Assembly and the Board of Directors constitute the CORES governing bodies. 

General Assembly

The General Assembly is made up of representatives of all of CORES’ members. In other words, all of the wholesale oil and liquid petroleum gas (LPG) product operators and the natural gas shippers operating in Spain are represented.   

The General Assembly’s main functions are to approve the annual accounts and the fees proposal; therefore, it generally meets twice a year. 

The decisions of the General Assembly are passed by a three-quarters majority of the votes present, and the Ministry for the Ecological Transition has the authority to veto measures that may go against the public interest. Each member is assigned votes based on its financial contribution to CORES.

 

Board of Directors

CORES’ Board of Directors consists of the Chairman, named by the Ministry for the Ecological Transition, and eleven board members.  

The Ministry for the Ecological Transition has the right to name four directors, while the other seven are industry representatives, comprising the following:   

  • Three directors corresponding to the operators with refining capacity in Spain  
  • Two are representatives of members that are oil operators with no refining capacity  
  • One director representing LPG operators
  • One director representing natural gas shippers 

The functions entrusted to the Board of Directors consist mainly of controlling CORES’ activity as well as defining its general policy and preparing budgets and action plans. 

The Board of Directors adopts its agreements by simple majority, although the Ministry for the Ecological Transition may exercise its veto power through CORES’s Chairman on any matter contrary to public interest.

The Chairman and the four directors appointed by the Ministry serve a five-year term, and they can be re-elected. Just as with the industry representatives, they are elected by the CORES members in a vote held during the General Assembly every five years.

The General Assembly comprises representatives of all CORES members
Both the Public Administration and Industry are represented on the Board of Directors
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