In accordance with its defined objectives, the principal aim of the Economic and Social Committee is to facilitate the participation of social agents in social and economic policy in the autonomous region of Madrid, fundamentally through the issuing of reports and recommendations – which are mandatory but not binding in nature – on the drafting of regional laws and decrees sent by the Regional Government, as well as other questions in economic and social matters as solicited by the Assembly of Madrid, the Government Council or any other public institution in the autonomous region of Madrid.

Second, the Economic and Social Committee is an informative, consultative and advisory instrument for all regional institutions in economic and social matters that affect the region and, for this purpose, organises meetings, conferences and debates to seek the participation of qualified professionals and/or representatives of social and economic sectors in Madrid. In addition, it prepares studies on economic and social factors that greatly concern the region of Madrid, publishing reports, memoirs and other documents.

Third, the Economic and Social Committee is authorised to issue opinions that are solicited by representative social, economic and professional organisations on matters that fall within its competencies. It may take initiative and draft resolutions or reports on economic and social matters, as well as issue general recommendations for socio-economic issues.

Other important tasks include drawing up an annual report on the general criteria and lines of proposed budget of the Regional Government of Madrid (Proyecto de Ley de Presupuestos de la Comunidad de Madrid) and prepare a report on the socio-economic situation of the Region.

It should also be pointed out that law 8/1994, 6th July 1994, on procedures and monitoring of plans and programmes of the Regional Government of Madrid regarding European Union Structural Funds, requires a hearing in the Committee related to the drafting of these plans and programmes.