A robust regulatory environment
The management of strategic reserves is framed by a robust regulatory nenvironment :
- SAGESS By-laws approved by the Decree, defining its corporate purpose as a limited company;
- The strategic importance of petroleum products in the fields of the economy, security and national independence, has led the legislator from the law of 1928 to the current Codes ofr Defense and Energy to regulates the area. The legislation has integrated European and IEA directives;
- For SAGESS, these arrangements result by an approval of its By-laws by Decree and the presence of three advisory representatives of Government authorities on its Board of Directors;
- The European Directive dated June 2009, transposed into French national law since 2012;
- Presence at the Board meetings of Government authorities (General Directorate for Energy, General Directorate for Competition Policy, Consumer Affairs and Fraud Control, General Directorate for Customs and Indirect Duties).
A proven governance
Operational committees play a advisory role for SAGESS management. Their mission is to assist SAGESS management in all current operating decisions and critical matters, by analysing financial and operational stakes.
- An operational management Committee made of six members appointed by the Board of Directors. Meetings are decided by the Chairman as far as necessary;
- A financial Committee, made of five representatives of SAGESS main shareholders's Financial Department;
- A Corporate Social Responsibility Committee made of 10 experts, meetings twice a year, with a view to monitoring the steering of the company’s sustainable development initiative and to ensuring that the overall implementation action plan is globally coherent;
- A storage committee, independent from the Board of Directors, handles all decisions related to storage contracts, within a policy framework, as approved by the Board of Directors;
- An audit committee, made of 3 members with no operational responsibilities in SAGESS management, assists the Board of Directors to ensure internal quality control and reliability of the information provided to shareholders and financial markets;