The Supervisory Board of Eesti Pank
The current composition of the Supervisory Board, the eighth, was appointed by the Riigikogu on 15 June 2020. The Riigikogu appointed Mart Laar to a new mandate as chair of the Eesti Pank Supervisory Board from 13 June 2018.
Mart Laar's mandate as Chair runs until 12 June 2023.
The eighth composition of the Eesti Pank Supervisory Board has Riigikogu members Jaanus Karilaid, Andres Sutt, Ivari Padar, Sven Sester and Jaak Valge, and experts from the field Ivi Proos, Enn Listra, Rein Minka and Urmas Varblane.
The Eesti Pank Supervisory Board oversees the work of Eesti Pank. The Supervisory Board has responsibility for:
- approving the statute of Eesti Pank
- deciding the establishment, reorganisation and liquidation of the independent divisions of Eesti Pank at the proposal of the Governor
- approving the statutes of the independent divisions and representations of Eesti Pank
- approving the statute of the Internal Audit Department of Eesti Pank
- nominating the internal auditors of Eesti Pank and approving the internal audit work schedule
- nominating the independent auditors of Eesti Pank in accordance with the Eesti Pank Act
- supervising how the Eesti Pank budget is adhered to
- approving the Eesti Pank annual report at the proposal of the Governor and submitting it to the Riigikogu
- taking decisions on the design of the national side of euro coins and on the denomination and design of collector coins in accordance with European Union rules
- reviewing and approving written proposals and other documents submitted to the Riigikogu in the name of Eesti Pank
- approving the principles for payment of the Executive Board
- setting the salary for the head of the Internal Audit Department
- distributing the profit of Eesti Pank as required by law and the profit distribution strategy approved by the Supervisory Board
- approving the design of Eesti Pank’s insignia
The Supervisory Board consists of a Chair, representatives of the parties in the Riigikogu, and experts in the field. The Chair of the Supervisory Board is appointed to office for a term of five years by the Riigikogu at the proposal of the President of the Republic. The members of the Supervisory Board are appointed by the Riigikogu. The principle for appointing the Eesti Pank Supervisory Board is that each party in the Riigikogu proposes one of its own members and the Chair of the Board proposes four experts in the field. The mandates of the experts in the field on the Eesti Pank Supervisory Board start from when the decision to appoint them is passed and end when the mandate of the Chair of the Board ends. The mandates of the members of the Riigikogu on the Eesti Pank Supervisory Board start from when the decision to nominate them as members of the Board is passed and last until their mandate as member of the Riigikogu ceases or is terminated.
The Supervisory Board meets whenever necessary, but at least eight times a year. The meetings of the Supervisory Board are closed, unless otherwise decided by the Chair.