Note: Ireland, the Portuguese Republic, the Hellenic Republic and the Republic of Cyprus have become Stepping-Out Guarantors.
The EFSF shareholders are the euro area Members (excluding the Republic of Latvia and the Republic of Lithuania, which joined when the permanent support mechanism ESM was already in place). The infographic below shows the number of shares and subscription amounts for each shareholder.
Shares and capital per EFSF Member
|ESM Members||Number of shares||Capital as of 31 December 2015 (in €)|
EFSF Governance structure
EFSF General Meeting of Shareholders
The General Meeting of shareholders represents the 17 euro area countries when the EFSF was set up in 2010. It may order, carry out and ratify acts relating to the EFSF operations. It approves the financial statements, and determines the appropriation and distribution of net profits. It also grants discharge and appoints the members of the EFSF Board of Directors and the external auditor. The Annual General Meeting is held in the City of Luxembourg.
Board of Directors
The Board of Directors comprises a member for each one of the EFSF Shareholders. Each EFSF Shareholder proposes for nomination to the Board of Directors its representative in the Eurogroup Working Group (or such person's alternate as representative on such group). The European Commission and ECB may participate as observers.
The Board performs all EFSF acts of administration. The Board decides on the disbursement of loans under existing loan facilities, and is also responsible for drawing up the balance sheet, and the profit and loss accounts of the EFSF.
EFSF Audit Committee
The EFSF Audit Committee is a sub-committee of the Board of Directors.
The Audit Committee consist of five members appointed from among the Directors and assists the Board of Directors in the discharge of its responsibilities in the areas of financial reporting, internal control and risk management. The Committee monitors the financial reporting process, and the effectiveness of the EFSF internal control, internal audit and risk management systems. It also reviews the statutory audit of the annual and consolidated accounts, and recommends the external auditor to the Board of Directors.
EFSF Annual Accounts
The EFSF Annual Accounts, which are accompanied by the EFSF Management Report, comprise the following financial statements:
- Statement of financial position
- Statement of comprehensive income
- Statement of changes in equity
- Statement of cash flows
For reasons of transparency and the protection of third parties, companies registered in Luxembourg are required to lodge the annual accounts with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés - RCS) and to mention the lodging of the accounts (statement of submission) in the Luxembourg Official Journal.