The Board of Directors is responsible for general administration, management supervision and internal control of the Bank.

Acting on a proposal from the Governor, it appoints the Senior Deputy Governor and the Deputy Governors; it also plays a part, by expressing an opinion, in the procedure for the appointment of the Governor.

The Board of Directors is responsible for operational, organizational and accounting matters. It adopts resolutions establishing the geographical distribution and general organizational setup of the Bank, approves the annual expenditure budget and agreements negotiated with trade unions, and is kept informed by the Governor of the material facts regarding the administration of the Bank (Articles 15, 16, 17 and 18 of the Statute).

The Board of Directors consists of the Governor and thirteen directors elected by shareholders' meetings held at the main branches of the Bank.

Delegates of the Board of Directors

In the General Cashier Directorate the Delegates of the Board of Directors are entrusted with specific services linked to the safekeeping of valuables.

Following a proposal by the Governor, the Board of Directors appoints no fewer than four and no more than six Delegates for a period of six years and half of the appointments are renewed every three years.