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Supervisory Board

Membership of the Supervisory Board

Märten ROSS chairman, Deputy Secretary General for Financial Policy and External Relations

Madis MÜLLER deputy chairman, Deputy Governor of the Bank of Estonia

Dmitri DMITRIJEV Member of Riigikogu

Martin HELME Minister of Finance

Meelis HINT Swedbank Investment Funds AS, Member of the Management Board

Kilvar KESSLER CEO of Financial Supervision Authority

Joel KUKEMELK AS LHV Asset Management, Member of the Management Board

Andres PIIRSALU Member of Board of directors, Estonian Insurance Association

Katrin TALIHÄRM Managing Director of the Estonian Banking Association


Appointment Members of Supervisory Board

The highest directing body of the Fund is the supervisory board of the Fund.
The supervisory board shall consist of nine members appointed as follows:

  • two members appointed by the Riigikogu;
  • one member appointed by the Government of the Republic on the proposal of the minister responsible for the area;
  • one member appointed by the President of the Bank of Estonia;
  • one member appointed by the Financial Supervision Authority;
  • one member appointed by the organisations representing credit institutions;
  • one member appointed by the organisations representing investment institutions;
  • one member appointed by the organisations representing pension management companies;
  • one member appointing by the organisations representing life insurance companies.

The term of authority of the supervisory board shall be four years.


Chairman and Deputy Chairman of Supervisory Board

The members of the supervisory board elect the chairman of the supervisory board and the deputy chairman of the supervisory board from among themselves.

The chairman of the supervisory board:

  • organise the work of the supervisory board;
  • convene and chair the meetings of the supervisory board;
  • conclude, amend, suspend and terminate the agreement with the Director on behalf of the Fund;

In the absence or temporary absence of the chairman, his duties shall be performed and the rights of the chairman shall be exercised by the deputy chairman.


Competence of Supervisory Board

The supervisory board shall:

  •  make proposals for approval and amendment of the statutes to the Government of the Republic through the minister responsible for the area;
  • approve the operating strategy of the Fund;
  • approve the budget of the Fund and amendments thereto, and the amounts of transfers made from sectoral funds in order to cover the general expenses of the Fund;
  • appoint and remove the Director of the Fund;
  • decide on the conclusion, amendment, suspension and termination of the agreement with the Director;
  • approve the structure of the Fund and the bases for remuneration of the Director and the employees of the Fund;
  • exercise supervision over the activities of the Director;
  • establish the rates of  contributions to be made into the sectoral funds; if necessary, a more accurate frequecy of collection thereof, and the size of the Deposit Guarantee Sectoral Fund and the Resolution Sectoral Fund;
  • approve the specific bases and procedure for investing the assets of the Fund;
  • decide on entry into insurance contracts for managing the risks of the Fund;
  • decide on the payment of compensation for guaranteed deposits, investments and loss out of the sectoral funds, and the conditions for compensation;
  • decide on supporting the transfer of pension contracts insurance portfolio out of the sectoral fund, and the conditions for such transfer;
  • decide on the granting and taking of loans by the Fund and the conditions for taking the loans;
  • decide on the collection of extraordinary contributions paid ex post to the Deposit Guarantee Sectrol Fund and the Resolution Sectoral Fund based on the provisions of this Act;
  • decide on the use of the funds of a sectoral fund for performing the obligations of the Fund which are to be covered out of another sectoral fund, and the conditions of such use;
  • decide on any application for state guarantees for the Fund and the conditions thereof;
  • approve the annual report of the Fund;
  • appoint the auditor of the Fund and determine the procedure for remunerating the auditor;
  • decide on other matters which are placed in the competence of the supervisory board by law or the statutes or concerning which the Director has requested a decision.

Meeting of Supervisory Board

Meetings of the supervisory board shall be held at least once every three months. Meetings shall be convened by the chairman.
A meeting of the supervisory board has a quorum if at least six members of the supervisory board are present.
Minutes shall be taken of the meetings of the supervisory board. The Fund shall preserve minutes of meetings indefinitely.


Remuneration of members of Supervisory Board

Members of the supervisory board shall receive monthly remuneration in the amount of the minimum monthly wage except the members of the Government.

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