The Supervisory Board of Eesti Pank serves as the supervisory body of Eesti Pank. Among other things, the following issues are in the exclusive competence of the Supervisory Board:
- approval of the Statute of Eesti Pank
- deciding upon establishment, reorganisation and liquidation of the independent divisions of Eesti Pank on the proposal of the Governor
- approval of the statutes of the independent divisions and representations of Eesti Pank
- approval of the Statute of the Internal Audit Department
- appointment of the internal auditors of Eesti Pank and approval of the work schedule for internal audits
- appointment of the independent auditors of Eesti Pank pursuant to the procedure prescribed in the Eesti Pank Act
- supervision of the implementation of the Eesti Pank budget
- approval of Eesti Pank’s annual report on the proposal of the Governor and presentation of the report to the Riigikogu
- decision-making regarding the denomination and design of new banknotes and coins pursuant to the EU legislation
- review and approval of written proposals and other documents submitted to the Riigikogu in the name of Eesti Pank
- approval of the bases for the payment of remuneration of the Executive Board
- determination of the remuneration of the Head of the Internal Audit Department
- distribution of the profit of Eesti Pank pursuant to law and the profit distribution strategy approved by the Supervisory Board
- approval of the design of Eesti Pank’s insignia
The Supervisory Board consists of a Chairman and seven members. The Chairman of the Supervisory Board is appointed for a term of five years by the Riigikogu on the proposal of the President of the Republic. The members of the Board are appointed on the proposal of the Chairmand for a term of five years.
The meetings of the Supervisory Board are held when necessary but not less frequently than eight times a year. The meetings are closed, unless otherwise decided by the Chairman of the Board.
The composition of the Supervisory Board
The Riigikogu appointed the current Supervisory Board of Eesti Pank to office on 25 February 2014. The board members are Kalev Kallo, Kaie Kerem, Enn Listra, Rein Minka, Jaanus Tamkivi, Liina Tõnisson and Urmas Varblane.
Since 13 June 2013, the Chairman of the Board is Mart Laar.
The term of the current Supervisory Board will end in February 2019.