How the Riksbank is scrutinised

It is important that the Riksbank be evaluated and scrutinised effectively, since the Riksdag has given the Riksbank independent status. Consequently, the Riksbank must be as open as possible about what our decisions are based on and how we conduct our operations, to make it easier for those who scrutinise us – primarily the Riksdag but also organisations in the public and private sectors, the media, the financial markets and the general public.

Review of the Riksbank by the Riksdag, the General Council and the National Audit Office

In the Riksdag, it is the Committee on Finance that monitors and evaluates the Riksbank’s activities. This is done partly through hearings of the Governor and other members of the Executive Board, partly through thematic follow-ups and evaluations and through annual assessments of monetary policy. Every year, the Committee on Finance commissions external experts to evaluate the Riksbank’s monetary policy decisions. Every five years, this review is carried out by foreign experts.

One of the tasks of the General Council of the Riksbank, which is appointed by the Riksdag and which, in turn, appoints the members of the Executive Board of the Riksbank, is to enable the Riksdag to gain insight into the Riksbank’s activities. The General Council monitors the work of the Executive Board and the operations of the Riksbank. The General Council has an audit function that scrutinises the work of the Executive Board. The General Council of the Riksbank adopts an annual plan for the work of the audit function and reports its observations to the Committee on Finance.

The Swedish National Audit Office is tasked with annually auditing the Riksbank’s annual accounts, including the balance sheet and profit and loss account, and ensuring that its activities comply with applicable regulations. The National Audit Office can also decide to order an efficiency audit.

Media scrutiny of the Riksbank

Media scrutiny is particularly important for the Riksbank to maintain public confidence. To achieve a high level of transparency towards the media, we therefore have two keywords for our communication: open and clear.

Employees’ holdings of financial instruments

Employees at the Riksbank may not act in a way that calls their objectivity and impartiality into question. This means that some Riksbank employees are obliged to report their holdings of financial instruments such as funds and equities. This obligation is regulated in the Sveriges Riksbank Act and specified in the Riksbank’s Code of Ethics.

The purpose of the reporting obligation is primarily to enable the Riksbank to monitor compliance with the prohibition on insider trading, but also to strengthen confidence in the Riksbank and its employees.

Holdings of financial instruments by members of the General Council and Executive Board

Members of the General Council and the Executive Board are governed by the provisions of the Sveriges Riksbank Act on reporting their financial instruments to the Riksdag. In addition, the members of the Executive Board and the Chairperson and Vice-Chairperson of the General Council must declare certain additional assets and liabilities.

It is the Riksdag’s task to check that the Executive Board and the General Council fulfil the obligation to report holdings in financial instruments.