Shareholders

Each ESM Member contributes to the ESM authorised capital based on each country’s respective share of the EU total population and gross domestic product. The accession of new Members is factored into the capital key, slightly reducing the founding Members’ contribution keys. Nominal capital subscription and paid-in capital amounts remain unchanged.

 

Shares and capital per ESM Member

Germany
Show as table
ESM Members Sort descending ESM key (%) Number of shares Subscribed capital (€ 000) Paid-in capital (€ 000)
Austria 2.7581 79,125,435 19,438,800 2,221,580
Belgium 3.4454 98,844,650 24,283,200 2,775,220
Cyprus 0.1945 5,578,757 1,370,500 156,630
Estonia 0.1847 7,294,357 1,302,000 148,800
Finland 1.7811 51,097,174 12,553,100 1,434,640
France 20.2003 579,522,400 142,371,600 16,271,040
Germany 26.8992 771,706,294 189,585,400 21,666,900
Greece 2.7910 80,070,849 19,671,000 2,248,110
Ireland 1.5777 45,261,689 11,119,500 1,270,800
Italy 17.7506 509,243,918 125,106,200 14,297,850
Latvia 0.2746 1,935,300 221,200
Lithuania 0.4063 2,863,400 327,200
Luxemburg 0.2482 7,119,129 1,749,000 199,890
Malta 0.0898 2,575,437 632,700 72,310
Netherlands 5.6650 162,521,534 39,926,700 4,563,050
Portugal 2.4863 71,329,846 17,523,600 2,002,700
Slovakia 0.9849 28,256,464 6,941,800 793,350
Slovenia 0.4670 13,398,796 3,291,700 376,190
Spain 11.7953 338,392,963 83,133,200 9,500,940
Total 100 2,851,340 704,799 80,548

ESM Governance Structure

The ESM governing bodies are the Board of Governors and the Board of Directors. The Managing Director of the ESM is appointed by the Board of Governors for a renewable term of 5 years. The ESM Managing Director is Klaus Regling.

With assistance of the Management Board, he is responsible for conducting the current business of the ESM under the direction of the Board of Directors.

The infograph below illustrates the ESM's current governance structure:

Board of Governors
The Board of Governors is the ESM’s highest decision-making body. It comprises government representatives of each ESM Member with responsibility for finance. Representatives of the EC and the ECB may participate in its meetings as observers. The Board of Governors is chaired by the President of the Eurogroup, Paschal Donohoe.
 
Board of Directors
The Board of Directors consists of senior civil service officials from each ESM Member who are highly competent in economic and financial matters. The EC and the ECB may participate in its meetings as observers. The Board of Directors ensures that the ESM is run in accordance with the ESM Treaty and the By-Laws. It takes decisions as provided for in the ESM Treaty or as delegated by the Board of Governors.
Managing Director
The Managing Director, Klaus Regling, is responsible for conducting the current business of the ESM under the direction of the Board of Directors. The Managing Director chairs the meetings of the Board of Directors and participates in those of the Board of Governors. He is the ESM’s chief of staff and legal representative.
Board of Auditors
The Board of Auditors is an independent oversight body composed of five members. They are appointed by the Board of Governors upon proposal of the Chairperson of the Board of Governors, the supreme audit institutions of the ESM Members on a rotating basis, and the European Court of Auditors.
Management Board
The Management Board assists the Managing Director in conducting the current business of the ESM, preparing the decisions of the Board of Governors and the Board of Directors and seeing to their implementation.
Finance Committee
Approves and takes action on matters related to ESM structural risks as defined in the ESM Risk Policy, mainly re-financing, liquidity and interest rate risks related to its operations.
Internal Risk Committee
Considers any matters regarding the evaluation, monitoring and approving of practices linked to the implementation of the ESM Risk Management Framework and risk management within ESM operations.
Investment Management Committee
Considers matters regarding the implementation of the ESM Guideline on Investment Policy for the ESM Investment Portfolios and the Liquidity Buffer.
Corporate Projects Committee
Prioritises, approves, and oversees the execution of all ESM corporate projects.
Banking Committee
Performs technical reviews and provides final internal approval prior to the submission of proposals linked to the direct recapitalisation instrument (DRI) to the Board of Governors, Board of Directors or any other external counterparties. The Banking Committee only convenes in the context of a DRI operation, which has not occurred to date.
Incident Management Team
Oversees the development and implementation of an effective business continuity capability within the ESM and coordinates the ESM response in the event of incidents that may affect normal ESM operations.
Budget Review and Compensation Committee
The Budget Review and Compensation Committee advises the Board of Directors and the Managing Director on matters of staff compensation and periodically revises the framework and principles of staff compensation, the total annual salary mass and the evolution of the salary band boundaries.
Board Risk Committee
The Board Risk Committee advises the Board of Directors on the ESM’s overall current and future risk appetite. It also assists the Board of Directors in reviewing and overseeing the implementation of the ESM risk management framework by the Managing Director.

Board of Governors

The Board of Governors is the highest decision-making body of the ESM. It comprises government representatives of each of the 19 ESM shareholders with the responsibility for finance. Representatives of the European Commission and the ECB may participate in its meetings as observers. The Board of Governors is chaired by the President of the Eurogroup, Paschal Donohoe

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Paschal Donohoe

Eurogroup President, Chairperson of the Board of Governors, Minister of Finance

Gintarė Skaistė

Minister of Finance

Annika Saarikko

Minister of Finance

Igor Matovič

Minister of Finance

Andrej Šircelj

Minister of Finance

João Leão

Minister of Finance

Gernot Blümel

Minister of Finance

Wopke Hoekstra

Minister of Finance

Clyde Caruana

Minister of Finance and Employment

Pierre Gramegna

Minister of Finance

Jānis Reirs

Minister of Finance

Constantinos Petrides

Minister of Finance

Daniele Franco

Minister of Economy and Finance

Bruno Le Maire

Minister for the Economy and Finance

Nadia Calviño

First Deputy Prime Minister and Minister of Economic Affairs and Digital Transformation

Christos Staikouras

Minister of Finance

Keit Pentus-Rosimannus

Minister of Finance

Vincent Van Peteghem

Minister of Finance

Olaf Scholz

Federal Minister of Finance

The Board of Governors meets at least once a year and whenever the affairs of the ESM so require.

The Board of Governors documents its work in annotated meeting agendas, summing up letters, decisions and underlying documents. They are available for review and download in its meeting documents library

Board of Directors

The Board of Directors consists of representatives from each of the 19 ESM Members. Each Governor appoints one Director and one alternate Director. The European Commission and the ECB may participate in its meetings as observers.

The Board of Directors takes decisions as provided for in the ESM Treaty and By-Laws or as delegated by the Board of Governors. Decisions are taken by qualified majority, unless otherwise stated by the ESM Treaty. The Board of Directors' meetings are chaired by the ESM Managing Director.

BE DE EE IE EL ES FR IT CY LV LT LU MT NL AT PT SI SK FI

Gary Tobin

Assistant Secretary General, Department of Finance

Mindaugas Liutvinskas

Vice-Minister of Finance

Leena Mörttinen

Permanent Under-Secretary at the Ministry of Finance

Peter Paluš

Head of Financial Unit at the Permanent Representation of Slovakia to the European Union

Katja Lautar

State Secretary at the Ministry of Finance

João Nuno Mendes

Secretary of State for Finance

Harald Waiglein

Director General for Economic and Finance, Chairperson of EFSF BoD

Christiaan Rebergen

Treasurer-General at the Ministry of Finance

Alfred Camilleri

Permanent Secretary, Ministry for Finance

Nima Ahmadzadeh

Director of Economic and Fiscal Affairs, Ministry of Finance

Līga Kļaviņa

Deputy State Secretary

George Panteli

Director of Economic Research and European Union Affairs Directorate

Alessandro Rivera

Director General of the Treasury

Emmanuel Moulin

Director General of the Treasury

Carlos Cuerpo

Secretary General of Spanish Treasury

Michael Arghyrou

Chairman of the Council of Economic Advisors

Märten Ross

Deputy Secretary General for Financial Policy and External Relations

Steven Costers

Counselor General, Ministry of Finance

Jörg Kukies

State Secretary, Ministry of Finance

The Board of Directors is supported by the Risk Committee and by the Budget Review and Compensation Committee.

The Board of Directors documents its work in annotated meeting agendas, summing up letters, decisions and underlying documents. They are available for review and download in its meeting documents library

Board of Auditors

The Board of Auditors is an independent oversight body of the ESM. The Board of Auditors inspects the ESM accounts and verifies that the operational accounts and the balance sheet are in order. Under its mandate as per the ESM Treaty and By-Laws, it audits the regularity, compliance, performance, and risk management of the ESM and monitors the ESM internal and external audit processes and their results.

The Board of Auditors prepares an annual report in respect of the ESM Financial Statements, which is contained in the ESM Annual Report in addition to the External Audit Opinion. Furthermore, the Board of Auditors draws up an Annual Report for the Board of Governors on its audit work, audit findings, conclusions, and recommendations. This report is made accessible to the national parliaments and the supreme audit institutions of the ESM Members, as well as to the European Court of Auditors and the European Parliament together with the ESM management comments issued in response to the report.