How we decide
How we take decisions and how our members have their say
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:
ESM shareholders and their representatives in governing and oversight bodies
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
Sort descending | Name | Country | Position |
---|---|---|---|
Bruno Le Maire | FR | Minister for the Economy, Finance and Industrial and Digital Sovereignty | |
Paschal Donohoe | Eurogroup President, Chairperson of the Board of Governors, Minister for Public Expenditure, National Development Plan Delivery and Reform | ||
Vincent Van Peteghem | BE | Minister of Finance | |
Clyde Caruana | MT | Minister for Finance and Employment | |
Gintarė Skaistė | LT | Minister of Finance | |
Christian Lindner | DE | Minister of Finance | |
Magnus Brunner | AT | Federal Minister of Finance | |
Klemen Boštjančič | SI | Minister of Finance | |
Giancarlo Giorgetti | IT | Minister of Economy and Finance | |
Arvils Aseradens | LV | Minister of Finance | |
Michael McGrath | IE | Minister for Finance | |
Marko Primorac | HR | Minister of Finance | |
Mart Võrklaev | EE | Minister of Finance | |
Makis Keravnos | CY | Minister of Finance | |
Kostis Hatzidakis | GR | Minister of Finance | |
Riikka Purra | FI | Minister of Finance | |
Ladislav Kamenicky | SK | Minister of Finance | |
Gilles Roth | LU | Minister of Finance | |
Carlos Cuerpo | ES | Minister of Economy, Trade and Business | |
Steven van Weyenberg | NL | Minister of Finance | |
Joaquim Miranda Sarmento | PT | Minister of State and 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 annual meeting of the Board of Governors
- Rules of Procedure of the ESM Board of Governors PDF, 95 KB
- Previous Chairpersons of the ESM Board of Governors
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
Sort descending | Name | Country | Position |
---|---|---|---|
Harald Waiglein | AT | Director General for Economic and Finance, Chairperson of EFSF BoD | |
Steven Costers | BE | Counselor General, Ministry of Finance | |
George Panteli | CY | Permanent Secretary | |
Märten Ross | EE | Deputy Secretary General for Financial Policy and External Relations | |
Līga Kļaviņa | LV | Deputy State Secretary | |
Peter Paluš | SK | Head of Financial Unit at the Permanent Representation of Slovakia to the European Union | |
Christiaan Rebergen | NL | Treasurer-General at the Ministry of Finance | |
Leena Mörttinen | FI | Permanent Under-Secretary at the Ministry of Finance | |
Mindaugas Liutvinskas | LT | Vice-Minister of Finance | |
Riccardo Barbieri Hermitte | IT | Director General of the Treasury | |
Nicolas Jost | LU | Deputy Secretary General, Ministry of Finance | |
Pierre Gramegna | Managing Director | ||
Paul Zahra | MT | Permanent Secretary, Ministry for Finance and Employment | |
Stipe Župan | HR | State Secretary at the Ministry of Finance | |
Katja Lautar | SI | Director General, Economic and Fiscal Policy Directorate | |
Heiko Thoms | DE | State Secretary for Financial Market Policy, European Policy and International Financial Policy | |
Bertrand Dumont | FR | Director General of the Treasury | |
Paula Conthe | ES | Secretary General of Spanish Treasury | |
Michael Arghyrou | GR | Chairman of the Council of Economic Advisors | |
José Maria Brandão de Brito | PT | Deputy Minister and Secretary of State for the Budget | |
Emma Cunningham | IE | Assistant Secretary General, Department 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
Sort descending | Name | Position |
---|---|---|
Akis Kikas | Appointed upon nomination by the Cypriot Supreme Audit Institution | |
Jochen Wenz | Appointed upon proposal of the Chairperson of the Board of Governors | |
Lucia Kašiarová | Appointed upon proposal of the Chairperson of the Board of Governors | |
Giovanni Coppola | Appointed upon nomination of the Supreme Audit Institution of Italy | |
Helga Berger | Appointed upon nomination by the European Court 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.
Board of Auditors key documents are located here: Board of Auditors Document Library.