Subsection 4: Administration and guardianship

The Supervisory Board, chaired by the Governor of the Banque de France or his representative, is made up of the Director General of the Treasury or his representative, a representative of the Minister for the Economy, two representatives of the Minister for Overseas France, a representative of the Banque de France and three persons representing New Caledonia, French Polynesia and the Wallis and Futuna Islands. The two persons representing New…

The Supervisory Board meets at least twice a year, and as often as necessary, when convened by its Chairman, either at the latter’s initiative or at the request of half of its members.The Chairman may decide that a meeting of the Supervisory Board is to be organised remotely in accordance with the conditions set out in Order no. 2014-1329 of 6 November 2014 relating to remote deliberations by administrative bodies…

The Supervisory Board sets the terms and conditions of the Institut d’émission d’outre-mer’s operations. These operations are subject to its approval, as are equity investments, which are subject to authorisation by joint order of the Minister for the Economy and the Minister for Overseas France.An audit committee reports to the Supervisory Board. The Government Commissioner and the representative of the Banque de France referred to in article R. 721-34 may…

The Managing Director of the Institut d’émission d’outre-mer is appointed by the Chairman of the Supervisory Board for a renewable term of three years.He alone represents the Institut d’émission d’outre-mer in all acts of its civil life. He manages the departments. He may delegate his powers.

The accounts of the Institut d’émission d’outre-mer are closed on 31 December each year and approved by the Supervisory Board.15% of the profit of the Institut d’émission d’outre-mer is deducted as a statutory reserve until it reaches half of the capital endowment.After allocation to the other reserves, the balance of the profit is paid to the Treasury. The same applies to the countervalue of the notes and coins issued.

A Government Commissioner, appointed by the Minister for the Economy, performs the duties defined by Articles D. 615-1 to D. 615-8 of this Code for the Institut d’émission d’outre-mer, with the exception of that provided for in Article D. 615-6. Together with a representative of the Banque de France, he attends meetings of the Supervisory Board in an advisory capacity.The Institute’s operations may also be audited by Banque de France…

The Institut d’émission d’outre-mer carries out the tasks entrusted to it by Article L. 312-1 on behalf of the Banque de France and under its authority.