The Governing Council is comprised of the Chairman 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 Director General, the members of the Supervision Committee, the Deputy Director, the senior officers and officers, and resolves on the hiring of staff. Additionally, it is responsible for the regulatory supervision.