How is the organization of the Board of Directors of the Central Bank?
The Board of Directors, the highest policy-making unit of the Central Bank, consists of eleven to fifteen directors nominated by the Executive Yuan and appointed by the President. Five to seven directors of the Board of Directors are designated as executive directors. According to Article 5 of the Central Bank of the Republic of China Act, the Governor of the Central Bank, the Minister of Finance and the Minister of Economic Affairs are ex officio directors and executive directors. In addition, the Board of Directors also includes at least one member from each of the agricultural, the industrial and commercial, and banking sectors. Directors serve five-year terms and may be reappointed when their terms have expired. Currently, the Board of Directors consists of fourteen members, of which six are executive directors. The Board of Directors holds meeting four times per year.However, the Central Bank is also pushing for the amendment of the Central Bank of the Republic of China Act. Once approved by the Legislative Yuan, all the members of the Board of Directors will serve on a full time basis and have their tenures staggered to further enhance professionalism and independence of the Central Bank.
