Chapter 4
GOVERNOR AND DEPUTY GOVERNORS
[Extract from the Statute of Eesti Pank (consolidated text, January 2011)]
§ 28. Governor
(1) The Governor of Eesti Pank shall be appointed by the President of
the Republic for a term of seven years on the proposal of the Supervisory Board
of Eesti Pank.
(2) The Governor of Eesti Pank shall be an Estonian citizen and have a
university degree.
(Amendment entered into force on 10 March 2010)
(3) The Governor shall be responsible for all the activities of Eesti
Pank and report thereof regularly to the Supervisory Board and the Riigikogu.
(4) The Governor shall represent Eesti Pank pursuant to the law without any additional authorisation.
(5) The Governor shall participate in Supervisory Board meetings with the right to speak.
(6) The Governor shall notify the Supervisory Board of his or her resignation from office at least
four months in advance.
(7) If the Governor of Eesti Pank ceases to comply with the requirements necessary for the
performance of the Governor's duties or is convicted of serious misconduct, the Supervisory Board may make
a proposal to the President of the Republic to remove the Governor of Eesti Pank before the expiry of the
term of his or her authority.
§ 29. Competence of the Governor
(1) The competence of the Governor is stipulated by the Eesti Pank Act.
(2) The following shall fall within the competence of the Governor:
1) designing of banking policies, general management of Eesti Pank's activities, including
prescribing regulations for exceptional circumstances;
2) organising the performance of the tasks of the European System of Central Banks;
3) making proposals to the Supervisory Board for the appointment and removal of Deputy Governors,
the head of the Internal Audit Department of Eesti Pank, the heads of the independent divisions of Eesti
Pank, and for the appointment and removal of members of the Supervisory Board of the Financial
Supervision Authority;
4) approving the budget of Eesti Pank.
(3) If the Governor does not agree with a decision of the Supervisory Board, he or she shall report
his or her disagreement to the President of the Riigikogu no later than within three working days of the
decision's adoption and make a proposal to submit an interpellation on the matter to the Chairman of the
Supervisory Board of Eesti Pank.
§ 30. Legislation Issued by the Governor
(1) The Governor shall issue decrees and regulations.
(2) Decrees are legislation of general application based on the laws or decisions of the Supervisory
Board. The decrees of the Governor are published in the Riigi Teataja Lisa (Appendix to the State
Gazette).
(3) The Governor uses regulations to manage the activities of Eesti Pank.
§ 31. Deputy Governors
(1) The Deputy Governors of Eesti Pank shall be appointed by the Supervisory Board for a term of
five years on the proposal of the Governor.
(2) A Deputy Governor of Eesti Pank shall be an Estonian citizen and have a university degree.
(3) Deputy Governors shall participate in Supervisory Board meetings with the right to speak.
(4) If a Deputy Governor ceases to comply with the requirements necessary for the performance of his
or her duties or is convicted of serious misconduct, the Supervisory Board may make a proposal to the
Governor to remove the Deputy Governor before the expiry of the term of his or her authority.
(5) The Deputy Governors shall manage the structural units of Eesti Pank and coordinate Eesti Pank's
activities regarding the achievement of its strategic goals. The structural units managed and activities
co-ordinated by a Deputy Governor constitute his or her area of governance.
(6) The Deputy Governors' areas of governance shall be established and changed by the regulations of
the Governor.
(7) A Deputy Governor cannot be head of a structural unit (department) or division.
§ 32. Independence
(1) The Governor and Deputy Governors of Eesti Pank are independent in the performance of their
functions. They shall not hold any other office, be in service or be party to any activities which, by
their nature, restrict or may restrict the autonomy of Eesti Pank or adversely affect or may adversely
affect Eesti Pank in the achievement of its objectives or the performance of its functions.
(2) The Supervisory Board assesses the implementation of the restrictions provided for in Subsection
1 of this Section proceeding from good practice.
§ 33. Substitution of the Governor
(1) In the absence of the Governor, a Deputy Governor shall substitute for him or her and the
Governor shall transfer his or her authority temporarily to the Deputy Governor by a regulation of the
Governor.
(2) If it is not possible to transfer the authority to a Deputy Governor, the Supervisory Board
shall designate the person to substitute for the Governor from among the Deputy Governors. If the
Supervisory Board has not designated a person to substitute for the Governor, the Deputy Governor who is
senior in age shall substitute for the Governor.
(3) The person substituting for the Governor shall, during his or her term of authority, have the
full authority of the Governor of Eesti Pank.
§ 34. Reporting Obligations
(1) The Governor shall report on the activities of Eesti Pank to the Riigikogu and respond to
interpellations concerning Eesti Pank's activities submitted to him or her in the Riigikogu.
(2) The Governor shall report on his or her activities regularly to the Supervisory Board.
(3) The Governor shall organise an immediate notification to the Chairman of the Supervisory Board
of any extraordinary situations.
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