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    ESM Board of Governors

    How we decide

    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 ESM key (%) Number of shares Subscribed capital (€ 000) Paid-in capital (€ 000)
    Ireland 1.5777 111,195 11,119,500 1,270,800
    Finland 1.7811 125,531 12,553,100 1,434,640
    Portugal 2.4863 175,236 17,523,600 2,002,700
    Austria 2.7581 194,388 19,438,800 2,221,580
    Greece 2.7910 196,710 19,671,000 2,248,110
    Belgium 3.4454 242,832 24,283,200 2,775,220
    Netherlands 5.6650 399,267 39,926,700 4,563,050
    Spain 11.7953 831,332 83,133,200 9,500,940
    Italy 17.7506 1,251,062 125,106,200 14,297,850
    France 20.2003 1,423,716 142,371,600 16,271,040
    Germany 26.8992 1,895,854 189,585,400 21,666,900
    Malta 0.0898 6,327 632,700 72,310
    Estonia 0.1847 13,020 1,302,000 148,800
    Cyprus 0.1945 13,705 1,370,500 156,630
    Luxemburg 0.2482 17,490 1,749,000 199,890
    Latvia 0.2746 19,353 1,935,300 221,200
    Lithuania 0.4063 28,634 2,863,400 327,200
    Slovenia 0.4670 32,917 3,291,700 376,190
    Slovakia 0.9849 69,418 6,941,800 793,350
    Total 100 7,047,987 704,798,700 80,548,400

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    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 the 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 infographic below illustrates the ESM's 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.
     
     
     
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    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. 

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

    Paschal Donohoe

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

    Gintarė Skaistė

    Minister of Finance Lithuania

    Matti Vanhanen

    Minister of Finance Finland

    Eduard Heger

    Minister of Finance Slovakia

    Andrej Šircelj

    Minister of Finance Slovenia

    João Leão

    Minister of Finance Portugal

    Gernot Blümel

    Minister of Finance Austria

    Wopke Hoekstra

    Minister of Finance The Netherlands

    Clyde Caruana

    Minister of Finance and Employment Malta

    Pierre Gramegna

    Minister of Finance Luxembourg

    Jānis Reirs

    Minister of Finance Latvia

    Constantinos Petrides

    Minister of Finance Cyprus

    Daniele Franco

    Minister of Economy and Finance Italy

    Bruno Le Maire

    Minister for the Economy and Finance France

    Nadia Calviño

    Third Deputy Prime Minister and Minister of Economic Affairs and Digital Transformation Spain

    Christos Staikouras

    Minister of Finance Greece

    Keit Pentus-Rosimannus

    Minister of Finance Estonia

    Vincent Van Peteghem

    Minister of Finance Belgium

    Olaf Scholz

    Federal Minister of Finance Germany

    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 Ireland

    Mindaugas Liutvinskas

    Vice-Minister of Finance

    Leena Mörttinen

    Permanent Under-Secretary Finland

    Peter Paluš

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

    Katja Lautar

    Head of Office for fiscal and economic policy (at the Ministry of Finance) Slovenia

    João Nuno Mendes

    Secretary of State for Finance Portugal

    Harald Waiglein

    Director General for Economic and Finance, Chairperson of EFSF BoD Austria

    Christiaan Rebergen

    Treasurer-General at the Ministry of Finance The Netherlands

    Alfred Camilleri

    Permanent Secretary, Ministry for Finance Malta

    Nima Ahmadzadeh

    Director of Economic and Fiscal Affairs, Ministry of Finance Luxembourg

    Līga Kļaviņa

    Deputy State Secretary Latvia

    George Panteli

    Director of Economic Research and European Union Affairs Directorate Cyprus

    Alessandro Rivera

    Director General of the Treasury Italy

    Emmanuel Moulin

    Director General of the Treasury France

    Carlos San Basilio

    Secretary General of the Treasury and International Financing Spain

    Michael Arghyrou

    Chairman of the Council of Economic Advisors Greece

    Märten Ross

    Deputy Secretary General for Financial Policy and External Relations Estonia

    Steven Costers

    Counselor General, Ministry of Finance Belgium

    Jörg Kukies

    State Secretary, Ministry of Finance Germany

    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.

     

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