Decision-making bodies

The OeNB’s decision-making bodies are the General Meeting, the General Council and the Governing Board.

The General Meeting’s main responsibilities are to approve the financial statements, to decide on profit appropriation and to fix the dividend to be distributed to shareholders. Furthermore, the General Meeting appoints the OeNB’s auditors.

General Council

The General Council is charged with the supervision of all business not falling within the remit of the European System of Central Banks (ESCB). It is called upon to advise the Governing Board in the conduct of the OeNB’s business and in matters of monetary policy.

The General Council is composed of the President, one Vice President and eight other members. All members of the General Council are appointed by the federal government for a term of five years. Persons holding office may be reappointed.

Governing Board

The Governing Board is responsible for the overall running of the OeNB and for conducting its business. In pursuing the objectives and tasks of the ESCB, the Governing Board must act in accordance with the guidelines and instructions of the ECB. The Governing Board is composed of the Governor, the Vice Governor and two other members, all of whom are appointed for a period of six years by the Federal President of Austria acting on a proposal from the federal government. Current members of the Governing Board may be reappointed. The Governor of the OeNB is a member of the Governing Council and of the General Council of the ECB. In performing these functions, the Governor and the Governor’s deputy are not bound by the decisions of the Governing Board or by those of the General Council, nor are they subject to any other instructions.