Supervisory Board

The activities of the Financial Supervision Authority are planned and the management thereof is monitored by the Supervisory Board of the Financial Supervision Authority. The Board consists of six members, two of whom are members by virtue of office - the Minister of Finance and the Governor of the Bank of Estonia - and four of whom are appointed members.

One-half of the appointed members are appointed and removed by the Government of the Republic on the proposal of the Minister of Finance and one-half by the Board of the Bank of Estonia on the proposal of the President of the Bank of Estonia. The Minister of Finance is the Chairman of the Board by virtue of office.

The members of the Supervisory Board are Mr. Jürgen Ligi (Chairman), Mr. Ardo Hansson, Mr. Matti Klaar, Mr. Valdo Randpere, Mr. Madis Müller, Mr. Veiko Tali.

Competence of the Supervisory Board

The competence of the Board derives from the Financial Supervision Authority Act, and pursuant to the Act, the Board shall:

• approve the operating strategy of the Supervision Authority on the proposal of the Management Board of the Supervision Authority
• approve, on the proposal of the Management Board, the budget of the Supervision Authority and make a proposal to the Minister of Finance concerning the rate of the share of the supervision fee calculated on the basis of assets for the following budgetary year
• approve, on the proposal of the Management Board, the bases for setting up the structure of the Supervision Authority and for the payment of remuneration
• appoint the members of the Management Board and elect the chairman of the Board from among the members; remove members of the Management Board
• decide on entry into, amendment of and termination of contracts of service with the Chairman and Members of the Management Board
• approve the size of the remuneration and additional remuneration payable and the social guarantees provided to the Chairman and Members of the Management Board
• decide on the filing of a claim against the Chairman or a Member of the Management Board concerning compensation for damage caused by him or her to the state through violation of a legal act or his or her obligations
• approve the annual report of the Supervision Authority submitted by the Management Board
• approve the rules for the activities of the Supervisory Board.