Board of Directors
Board of Directors
The Board of Directors consists of nine (9) members, out of which six (6) are non-executive and three (3) are executive members. Four (4) of its non-executive members, including its Chairman, are selected among persons with international banking experience. The positions of the remaining two (2) non-executive members of the Board of Directors are occupied by a representative of the Ministry of Finance and a representative of the Bank of Greece.
The executive members of the Board of Directors include: (a) the Chief Executive Officer, who is selected among persons having international experience in banking, (b) a member nominated jointly by the Bank of Greece and the Ministry of Finance, and (c) a member selected among persons with international banking experience.
The members of the Board of Directors are appointed upon a decision of the Minister of Finance (Article 4A of L.3864/2010). Their term of office shall be three years, with a renewal option and in any case shall not exceed the duration of the Fund (par. 6 of Article 2 of L.3864/2010). In case a position is left vacant, such position shall be filled within a period of sixty (60) days, renewable for another thirty (30)-day period if deemed necessary, through appointment of a new member (article 4A of L.3864/2010). Save for the executive member, which is nominated jointly by the Ministry of Finance and the Bank of Greece, as well as of the two non-executive members which are appointed by the Ministry of Finance and the Bank of Greece, any other appointment and renewal of the term of office of the members of the General Council and the Executive Board, as well as their remuneration, requires the consent of the Euro Working Group.
One (1) representative of the European Commission, one (1) representative of the European Central Bank and one (1) representative of the European Stability Mechanism or their deputies are invited to participate as observers and without the right to vote in the meetings of the Board of Directors.