COVA is a Dutch non-profit foundation which is exempt from corporate tax. In accordance with the 2012 Oil Stockpiling Act, the articles of association and by-laws of COVA are subject to approval by the Dutch Minister of Economic Affairs and Climate, who also approves COVA’s annual budget and annual report.
The Minister of Economic Affairs and Climate appoints the members of COVA’s Supervisory board.
The Managing Director, appointed by the Supervisory board, is responsible for the day-to-day management of COVA’s operations and implementation of the policy as approved by the Supervisory board. This results in an independent position in the Dutch market place. The COVA office further consists, besides the Managing director, of staff working at finance, operations, strategy, control, administration, IT, market analysis and secretariat.