In 2015, the IEA Ministerial Meeting approved a new modernization strategy, presented by the Agency`s new Executive Director, Fatih Birol, to strengthen the Agency`s role as a key to global energy policy. Ministers are focusing on creating a more inclusive and truly global agency through closer cooperation with emerging economies. This first oil shock led to the creation of the IEA in November 1974, with a broad mandate for energy security and energy cooperation. This included a collective action mechanism to respond effectively to potential disruptions in oil supplies. The framework was enshrined in the IEA treaty “Agreement on an International Energy Programme,” whose newly created autonomous agency was hosted by the OECD in Paris. The Board of Directors holds three to four meetings each year at the Director General`s level (or at an equivalent level) to review the overall evolution of energy with the Executive Director and other senior executives of the secretariat, in collaboration with the Agency`s work. The results of board meetings are binding on all Member States. The Board of Directors is also responsible for the IEA`s administrative matters, including the approval of the biennial work program and the budget. The International Energy Agency was established in 1974 to ensure the security of the oil supply. While energy security remains a central issue, the IEA is now at the heart of the global energy debate and focuses on a wide range of issues ranging from electricity security to investment, climate change and air pollution, energy access and energy efficiency.

The Board of Directors is the IEA`s main decision-making body, made up of energy ministers or their high-level representatives from each member state. As part of the biennial meeting of IEA ministers, the IEA secretariat is developing ideas for existing or new work programmes, which will then be discussed with Member States on various IEA committees and ultimately submitted to the Board of Directors for approval. In addition to the Board of Directors, the IEA has several standing groups, committees and working groups made up of government officials from member states, which meet several times a year. While energy security remains an essential mission, the IEA has evolved over the years and adapted to the transformation of the global energy system. Today, the IEA is at the heart of the global energy dialogue, providing relevant statistics and analysis, examining the full range of energy issues, and advocating strategies that will improve the reliability, affordability and sustainability of energy in its 30 Member States and beyond. Through the IEA Ministerial Conference, the secretariat develops ideas for existing or new work programmes, which will then be discussed with member countries on various IEA committees and ultimately submitted for board approval. The Board of Directors is the IEA`s main decision-making body. It is made up of energy ministers or high-level representatives from each Member State. The modernization of the IEA has been based on three pillars: strengthening and expanding the IEA`s commitment to energy security beyond oil, natural gas and electricity; Strengthen the IEA`s commitment to major emerging economies; and to put more emphasis on clean energy technologies, including energy efficiency. At the 2017 IEA Ministerial Meeting, the IEA`s role as the world`s leading energy authority and global clean energy hub was highlighted.