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 public interest mission;
- Taking into account, the strategic importance of petroleum products in the national economy, as well as their impact on public “safety” and national independence, the obligations of SAGESS were enshrined in the 1992 Government Decrees as part of the reform of the oil sector;
- The European Directive dated June 2009, fully 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 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;
- A financial Committee, made of five representatives of SAGESS main shareholders's Financial Department;
- An operational management Committee (defined in SAGESS by-laws) providing guidance to SAGESS Management in the definition of its key financial and operational orientations;
- A Corporate Social Responsibility Committee 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 the storage policy framework, as approved by the Board of Directors.