Financial Management

The corporate purpose of Enresa includes the financial management of the Fund for the financing of the activities included in the General Radioactive Waste Plan.

In addition to undertaking the technical aspects of radioactive waste management, Enresa manages and administers the economic resources obtained for the financing of the functions for which it was set up. The Ministerial Order of May 12th 1983, developed through the different General Radioactive Waste Plans, establishes that the costs of activities deriving from the management of radioactive wastes shall be financed by the waste producers.

In order to relieve future generations from the burden of having to bear the important costs of radioactive waste management and guarantee the conservation of the environment for society overall, a specific system of pre-financing was set up.

This system ensures the availability of the economic resources required for radioactive waste management while maintaining independence from the State Budget.

In the financing model there is an important time lag between the moment in which the resources are obtained and the corresponding expenditure. For this reason the Fund for the financing of the activities included in the General Radioactive Waste Plan was constituted, this being made up mainly of a portfolio of transitory financial investments. This portfolio and the yield obtained from it are responsible for covering the costs of radioactive waste management. The eminently social nature of the Fund, the magnitude of the projects that it is required to support and the timeframe over which they will take place confer upon it a series of peculiar characteristics that differentiate it from other investment portfolios.

The transcendental nature of the destination of the resources of the transitory financial investments portfolio makes it necessary for the investments made to combine three basic principles: security, profitability and liquidity. These three governing principles are established in the law by which Enresa was created in 1984 and in the successive regulatory frameworks that have directed the activities of the entity.

Control of the Fund

The regulatory framework in force establishes an external collegiate body, the Tracking and Control Committee, for the supervision, control and qualification of transitory investments relating to the financial management of the Fund. This is an inter-ministerial body made up of the Secretary of State for Energy, the Comptroller General of the State Administration, the Sub-secretary for Science and Innovation, the Director General of the Treasury, the Director General of Energy Policy and Mines and the Deputy Director General of Nuclear Energy. These meet periodically to control the application of the three principles governing management, the principles of profitability, security and liquidity.

Likewise, and since the financial management of the Fund is considered to be evidently transcendental within the model for radioactive waste management, the Enresa Organisation Manual contemplates an internal collegiate body, the Investments Committee, whose main task is to analyse and define the policy for the financial management of the Portfolio of Transitory Financial Investments.

Furthermore, Enresa is subject to the same habitual audits as any other company in compliance with the legal and accounting standards in force, its financial statements being reviewed annually by external auditors.

Annual Report 2008

Annual report which reflects the financial and management year. It includes action on environmental protection and management and the balance of social activities, summarizing the political and social activities of the company Detalles

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