The Executive Board

The Riksbank is led by an Executive Board consisting of five members. They are appointed by the General Council, which in turn is appointed by the Riksdag, the Swedish parliament. Together the Board members are responsible for the Bank’s activities.

Following an application procedure, the members of the Executive Board are appointed for a period of five or six years. One of the members is appointed Governor of the Riksbank and is Chair of the Executive Board. The other members are Deputy Governors, with one acting as First Deputy Governor. The Governor and Deputy Governor may be reappointed once.

The Executive Board normally meets every second Wednesday. At least three of the five members must be present for the Executive Board to be able to make decisions. If members do not agree on the decision, the proposal receiving a majority of votes wins. The Chair has the casting vote when the voting is equal.

If a matter is so urgent that the Executive Board does not have time to meet to consider it, the matter may be determined through contacts between the members. If this is also not possible or appropriate, the matter may be decided by two members, if they agree on the decision.

The Chair and the Vice Chair of the General Council have the right to attend the Executive Board’s meetings. They have the right to speak, but to avoid jeopardising the Riksbank’s independence they may not present proposals or vote.

The Executive Board’s tasks

The Executive Board is responsible for the focus, development and efficiency of the Riksbank’s operations. The Executive Board also decides on the Riksbank’s organisation and Rules of Procedure. Furthermore, the Executive Board takes decisions on monetary policy, important issues in the area of financial stability, payment issues and the Riksbank’s asset management. The Executive Board also decides on strategic objectives, the operational plan, budget and consultation responses. The Executive Board shall also prepare an annual report for each financial year and assess the adequacy of internal control. The Governor is tasked with managing the day-to-day operations in accordance with the Sveriges Riksbank Act and the directives and guidelines adopted by the Executive Board.

The Riksbank shall regularly or on request submit a report on monetary policy, the management of cash in Sweden and its other operations to the Riksdag Committee on Finance.

The Executive Board makes decisions on the policy rate

The Riksbank normally holds eight monetary policy meetings a year, at which the Executive Board decides on the policy rate and, where appropriate, other monetary policy measures. The way in which they have reasoned at the meeting is described in the minutes of the meeting, which are published approximately five working days after the meeting. The decision on the policy rate, like other decisions taken by the Executive Board, is a majority decision with the Governor having a casting vote.