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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 Pierre Gramegna. 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 graph below illustrates the ESM's current governance structure:

Board of GovernorsManagement BoardBoard of AuditorsBoard of DirectorsManaging DirectorBoard Risk CommitteeBudget Review & Compensation CommitteeSourcing CommitteeRetirement Plan CommitteeCorporate Projects CommitteeEconomic & Financial Monitoring CommitteeIT Governance CommitteeFinance CommitteeInternal Risk CommitteeInvestment Management Committee

ESM shareholders and their representatives in governing and oversight bodies

Shares and capital (ESM)

Shares and capital

ESM Member ESM Key (%) Shares Subscribed Capital (€ 000) Paid-in capital (€ 000)
Belgium 3.4250 242,662 24,266,200 2,773,280
Germany 26.7402 1,894,528 189,452,800 21,651,750
Estonia 0.2527 17,907 1,790,700 204,650
Ireland 1.5684 111,117 11,111,700 1,269,910
Greece 2.7745 196,573 19,657,300 2,246,550
Spain 11.7256 830,750 83,075,000 9,494,290
France 20.0809 1,422,720 142,272,000 16,259,660
Croatia 0.5215 36,950 3,695,000 422,290
Italy 17.6457 1,250,187 125,018,700 14,287,850
Cyprus 0.1933 13,696 1,369,600 156,530
Latvia 0.2732 19,353 1,935,300 221,200
Lithuania 0.4042 28,634 2,863,400 327,200
Luxembourg 0.2467 17,477 1,747,700 199,740
Malta 0.0892 6,323 632,300 72,260
Netherlands 5.6315 398,988 39,898,800 4,559,860
Austria 2.7418 194,252 19,425,200 2,220,020
Portugal 2.4716 175,114 17,511,400 2,001,300
Slovenia 0.4643 32,894 3,289,400 375,930
Slovakia 0.9791 69,369 6,936,900 792,790
Finland 1.7706 125,443 12,544,300 1,433,630
Total 100 7,084,937 708,493,700 80,970,690

Each ESM Member contributes to the ESM authorized 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.

Board of Governors (ESM)

Board of Governors

Name Country Position
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Paschal Donohoe Eurogroup President, Chairperson of the Board of Governors, Minister for Public Expenditure, National Development Plan Delivery and Reform
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Vincent Van Peteghem BE Minister of Finance
Lindner 255x255
Christian Lindner DE Minister of Finance
Mart Võrklaev EE Minister of Finance
Michael McGrath IE Minister for Finance
Kostis Hatzidakis GR Minister of Finance
Carlos Cuerpo
Carlos Cuerpo ES Minister of Economy, Trade and Business
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Bruno Le Maire FR Minister for the Economy, Finance and Industrial and Digital Sovereignty
Marko Primorac
Marko Primorac HR Minister of Finance
Giancarlo Giorgetti
Giancarlo Giorgetti IT Minister of Economy and Finance
Makis Keravnos
Makis Keravnos CY Minister of Finance
Arvils Aseradens LV Minister of Finance
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Gintarė Skaistė LT Minister of Finance
Gilles Roth LU Minister of Finance
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Clyde Caruana MT Minister for Finance and Employment
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Steven van Weyenberg NL Minister of Finance
Brunner Austria 255
Magnus Brunner AT Federal Minister of Finance
Fernando Medina PT Minister of Finance
Klemen Boštjančič SI Minister of Finance
Kamenicky (Slovakia)
Ladislav Kamenicky SK Minister of Finance
Riikka Purra
Riikka Purra FI Minister of Finance

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.

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, summaries of decisions, decisions, and underlying documents. They are available for review and download in its meeting documents library.

Board of Directors (ESM)

Board of Directors

Name Country Position
Pierre Gramegna ESM
Pierre Gramegna Managing Director
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Steven Costers BE Counselor General, Ministry of Finance
Heiko Thoms
Heiko Thoms DE State Secretary for Financial Market Policy, European Policy and International Financial Policy
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Märten Ross EE Deputy Secretary General for Financial Policy and External Relations
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Emma Cunningham IE Assistant Secretary General, Department of Finance
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Michael Arghyrou GR Chairman of the Council of Economic Advisors
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(vacant) ES
Bertrand Dumont-sq
Bertrand Dumont FR Director General of the Treasury
Stipe Župan
Stipe Župan HR State Secretary at the Ministry of Finance
Riccardo Barbieri Hermitte
Riccardo Barbieri Hermitte IT Director General of the Treasury
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George Panteli CY Permanent Secretary
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Līga Kļaviņa LV Deputy State Secretary
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Mindaugas Liutvinskas LT Vice-Minister of Finance
Nicolas Jost
Nicolas Jost LU Deputy Secretary General, Ministry of Finance
Paul Zahra MT Permanent Secretary, Ministry for Finance and Employment
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Christiaan Rebergen NL Treasurer-General at the Ministry of Finance
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Harald Waiglein AT Director General for Economic and Finance, Chairperson of EFSF BoD
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João Nuno Mendes PT Secretary of State for the Treasury
Katja Lautar
Katja Lautar SI Director General, Economic and Fiscal Policy Directorate
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Peter Paluš SK Head of Financial Unit at the Permanent Representation of Slovakia to the European Union
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Leena Mörttinen FI Permanent Under-Secretary at the Ministry of Finance

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.

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, summaries of decisions, decisions and underlying documents. They are available for review and download in its meeting documents library.

Board of Auditors (ESM)

Board of Auditors

Name Position
Helga Berger Appointed upon nomination by the European Court of Auditors
Giovanni Coppola Appointed upon nomination of the Supreme Audit Institution of Italy
Lucia Kašiarová Appointed upon proposal of the Chairperson of the Board of Governors
Akis Kikas_150x150
Akis Kikas Appointed upon nomination by the Cypriot Supreme Audit Institution
Jochen Wenz_150x150
Jochen Wenz Appointed upon proposal of the Chairperson of the Board of Governors

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.

Board of Auditors key documents are located here: Board of Auditors Document Library.