The following are the organs of the Central Bank:
GENERAL MEETING OF MEMBERS
The Meeting approves the Financial Statements and the Annual Report on the activities performed, admits new members to the endowment fund and resolves on any changes to the latter. In the Meeting of Members, the State is represented by the Secretary of State for Finance and Budget and by another representative of the State Congress.
State (Republic of San Marino - Eccellentissima Camera) - 67%
Cassa di Risparmio della Repubblica di S. Marino - 16%
Banca di San Marino - 6%
Banca Agricola Commerciale Istituto Bancario Sammarinese S.p.A. - 5%
Banca Nazionale Sammarinese S.p.A - 5%
Banca Sammarinese di Investimento S.p.A: 1%
The Governing Council is comprised of the President and five Members appointed by the Great and General Council. The members of the Governing Council are appointed for a term of five years and may be re-elected for one additional term only. The Governing Council is vested with the powers of policy making and management of the Central Bank. Amongst its other functions, the Governing Council prepares the Financial Statements and presents them to the Meeting accompanied by its report, appoints the Managing Director, the members of the Supervision Committee, the Deputy Managing Director, the senior officers and officers, and resolves on the hiring of staff. Additionally, it is responsible for the regulatory supervision.
The President will be appointed by the Grand and General Council, remain in office for five years and be eligible for reelection on one further occasion. The President will have the power of legal representation of the Central Bank, he will convene and chair the Governing Council and the General Meeting of Members. In urgent matters, the President will be empowered to pass resolutions, bring legal and administrative actions and defend actions brought against the Central Bank.
The Managing Director is appointed for a period of six years and may be re-elected. The Managing Director attends the Meetings of the Shareholders, the meetings of the Governing Council without voting right but with advisory and proposal powers, and acts as chairman of the Supervision Committee. The Managing Director is responsible for human resources, coordinates and supervises the work to be carried out. The duties of the Managing Director include, but are not limited to, the implementation of the resolutions of the Governing Council and of the decisions taken as a matter of urgency by the President and the arrangement of the implementation of the resolutions passed by the Supervision Committee.
The Supervision Committee is comprised of the Managing Director, who acts as the President of the Committee, and the inspectors of the Central Bank. The Supervision Committee is vested with the powers to manage the supervisory functions of the Republic's banking, financial and insurance system, in its three components: inspections, information and regulations, as well as protecting investors.
BOARD OF AUDITORS
The Board of Statutory Auditors is comprised of a President and two regular members; the President is appointed by the Great and General Council whereas the two regular members are designated by the minority shareholders and appointed by the meeting. The Board of Statutory Auditors exercises the control over the management, accounting and compliance with the regulations of the Central Bank and with the provisions of law, certifies the veracity of the financial statements, verifies whether the criteria for the assessment of the balance sheet items satisfy strict accounting criteria and presents its report for the annual Financial Statements.