FINANCE Minister Peter Kažimír will become Slovakia’s top representative on the board of governors of the European Stability Mechanism (ESM), the Finance Ministry announced on September 25, as reported by the TASR newswire.
The inaugural meeting of member-state representatives is set to take place on October 8. Member states must therefore send the credentials of their delegates to the administrative bodies of the institution by September 30. Kažimír was appointed as the cabinet member in charge of the country’s finances. Finance Ministry State Secretary Vazil Hudák is set to become Slovakia’s ESM deputy governor.
Hudák has also been appointed as a top representative on the ESM Board of Directors, with Finance Ministry European Affairs department director Robert Auxt as his deputy, TASR wrote.
The institution, which is currently being set up, will have three chief administrative bodies – a board of governors, a board of directors and a managing director. The voting rights of each member state depend on the volume of shares allocated to each country. Slovakia’s contribution to the ESM accounts for 0.824 percent of the approved capital of the mechanism, meaning that the country has 57,680 shares out of a total of 7 million.
1. Oct 2012 at 0:00 | Compiled by Spectator staff