On history of the Supervisory Board of Eesti Pank

The first composition for the Supervisory Board of Eesti Pank was appointed by the decree of the Presidium of the Supreme Council of the Estonian SSR on 22 January 1990. The Supervisory Board included Raimund Hagelberg, Siim Kallas, Endel Mändmaa (as the Minister of Financial Affairs), Valentin Porfirjev and Rein Otsason, who simultaneously fulfilled the duties of Governor of Eesti Pank and Chairman of the Board. Since 26 March 1990, Valentin Porfirjev was replaced by Mart Sõrg pursuant to the decree of the Presidium of the Supreme Council.

The Supreme Council's decision of 26 June 1990 prescribed that Governor of Eesti Pank may not simultaneously act as Chairman of the Board. Rein Otsason continued as Governor of Eesti Pank, but remained on the Supervisory Board only as a member.

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By the decision of 15 November 1990, the Supreme Council of the Republic of Estonia appointed the second composition for the Supervisory Board of Eesti Pank, comprising of Raimund Hagelberg, Rudolf Jalakas, Siim Kallas, Rein Miller (as the Minister of Financial Affairs), Rein Otsason, Ivi Proos, Mart Sõrg, Ülo Uluots and Ants Veetõusme. As of 13 May 1991, the Supreme Council of the Republic of Estonia appointed Ants Veetõusme as Chairman of the Board (meanwhile the board had operated without a chairman).

Retiring on 5 November 1991, Rein Otsason also left the Supervisory Board of Eesti Pank. The Supreme Council appointed Siim Kallas as Governor of Eesti Pank, and the vacancy in the Supervisory Board was filled by Uno Mereste.

With the composition change of the Government of the Republic on 21 October 1992, Rein Miller was replaced in the Supervisory Board by the new Minister of Financial Affairs, Madis Üürike. On 21 December 1992, by Resolution No 15 the President of the Republic of Estonia proclaimed the Act of Appointing Chairman of the Supervisory Board of Eesti Pank, by which the Riigikogu appointed Uno Mereste as the new Chairman of the Supervisory Board of Eesti Pank. Pursuant to the Eesti Pank Act the Chairman of the Supervisory Board of Eesti Pank was appointed to office for a term of five years.

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On 26 June 1993, by Resolution No 132 the President of the Republic of Estonia proclaimed the Act of Appointing Members of the Supervisory Board of Eesti Pank, which was passed by the Riigikogu on 16 June 1993, thus also appointing the third Supervisory Board of Eesti Pank, which consisted of Ants Erm, Raimund Hagelberg, Ardo Hansson, Heiki Kranich, Kalev Kukk, Ilmar Pärtelpoeg. As Governor of Eesti Pank, Siim Kallas initially belonged to the third membership. Madis Üürike, also a member of this Supervisory Board of Eesti Pank as the Minister of Financial Affairs, was excluded from the membership on 7 January 1994 due to resignation.

On 20 April 1994, by Resolution No 311 the President of the Republic of Estonia proclaimed the Amendment Act of the Eesti Pank Act, pursuant to which the Minister of Financial Affairs could no longer be a member of the Supervisory Board of Eesti Pank, but would participate in their meetings with the right to speak. Heiki Kranich, who was the Minister of Financial Affairs from 11 January 1994 until 21 June 1994, was duly excluded from the Supervisory Board of Eesti Pank.

Mart Sõrg was appointed a member of the Supervisory Board of Eesti Pank as of 16 July 1994.

By Resolution No 536 of the President of the Republic, Siim Kallas was released from the office of the Governor of Eesti Pank as of 21 March 1995 and was thus also excluded from the Supervisory Board of Eesti Pank. By Resolution No 537 of 27 April 1995 of the President of the Republic, Vahur Kraft was appointed the new Governor of Eesti Pank and thus also became a member of the Supervisory Board of Eesti Pank.

Kalev Kukk was excluded from the Supervisory Board of Eesti Pank from 3 November 1995 until 1 December 1996 for the period of belonging to the Government of the Republic. Heino Siigur was appointed the alternate member of the Supervisory Board of Eesti Pank as of 17 January 1996 and he left the Supervisory Board upon the return of Kalev Kukk on 1 December 1996.

Pursuant to the Eesti Pank Act, the Riigikogu appoints the membership for the Supervisory Board of Eesti Pank for a term of five years. The powers of the members appointed to the Supervisory Board of Eesti Pank at a later time shall expire simultaneously with the authority of the given composition of the Supervisory Board.

Upon the conclusion of Uno Mereste's term of office as Chairman of the Supervisory Board of Eesti Pank on 21 December 1997, the Supervisory Board continued with Ants Erm, Ardo Hansson, Raimund Hagelberg, Vahur Kraft, Heiki Kranich, Kalev Kukk, Ilmar Pärtelpoeg and Mart Sõrg. By the time the powers of this Supervisory Board expired (16 June 1998) the Riigikogu had not appointed a new Supervisory Board. By the Amendment Act of the Eesti Pank Act the powers of the Supervisory Board of Eesti Pank appointed in 1993 were extended until the appointment of a new membership, but not longer than four months.

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On 18 June 1998 the Riigikogu appointed Mart Sõrg as Chairman of the Supervisory Board of Eesti Pank. On 13 October 1998, the Riigikogu decided to appoint the fourth composition of the Supervisory Board comprising Ants Järvesaar, Kalev Kukk, Mati Meos, Hindrek Meri, Mihkel Pärnoja, Jüri Sepp and Erik Terk. This decision entered into force on 16 October 1998.

By Resolution No 573 of 24 March 1999, the President of the Republic declared Mihkel Pärnoja a member of the Government of the Republic as the Minister of Economic Affairs, thus terminating his membership in the Supervisory Board of Eesti Pank. On 8 June 1999, the Riigikogu decided to appoint Kalle Jürgenson as the alternate member of the Supervisory Board of Eesti Pank. On 5 October 2001, the President of the Republic decided to release Mihkel Pärnoja from the office of Minister of Economic Affairs. With this the powers of Mihkel Pärnoja as a member of the Supervisory Board of Eesti Pank were reinstated.

The Riigikogu appointed Mart Sõrg as the Chairman of the Supervisory Board of Eesti Pank also for a second term on 13 June 2003.

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The fifth Supervisory Board of Eesti Pank was appointed by the resolution of the Riigikogu as of 17 February 2004 and it included Raul Eamets, Andres Lipstok, Enn Listra, Mart Opmann, Tõnis Palts, Jüri Sepp and Liina Tõnisson.

With the appointment of Andres Lipstok as Governor of Eesti Pank as of 7 June 2005, and the resignation of Vahur Kraft, one vacancy remained in the Supervisory Board. On 24 January 2006, the Riigikogu appointed Harri Õunapuu as the alternate member of the Supervisory Board of Eesti Pank.

The amendment of the Eesti Pank Act as of 8 June 2006 provides that the Supervisory Board of Eesti Pank shall consist of Chairman of the Board and seven other members and that Governor of Eesti Pank shall not belong to the Board. Thus, as Governor of Eesti Pank, Andres Lipstok is no longer a member of the board.

As of 13 June 2008, the Riigikogu appointed Jaan Männik as Chairman of the Supervisory Board.

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The 6th membership of the Supervisory Board of Eesti Pank was appointed to office by the Riigikogu as of 18 February 2009 and its members are Kalev Kallo, Irene Kull, Jürgen Ligi, Enn Listra, Tõnis Palts, Liina Tõnisson and Urmas Varblane.

In relation to the appointment of Jürgen Ligi as Minister of Finance on 4 June 2009, his membership of the Supervisory Board of Eesti Pank has been suspended. For the time of Mr Ligi's position as a member of the Government, the Riigikogu appointed Valdo Randpere the alternate member of the Supervisory Board of Eesti Pank as of 26 January 2010.