Management

(1) BaFin is managed under the collective responsibility of the Executive Board. The Executive Board consists of a President and Executive Directors, one of whom may, in consultation with the President, be appointed by the Ministry as Vice-President, as the President's permanent deputy. The Executive Board adopts organisational rules setting out the responsibilities and tasks within the Executive Board. The organisational rules and their amendments must be submitted to the Ministry for approval.
(2) The Executive Board deliberates under the chairmanship of the President. It adopts its resolutions — including in the case of disagreement — by a simple majority of the votes cast. In the event of a tie, the President's vote is decisive. The Executive Board regulates BaFin's internal organisation through rules of procedure. The Executive Board adopts the rules of procedure and their amendments, which require the Ministry's approval, unanimously.
(3) The President determines the strategic direction of BaFin as an integrated financial supervisor, nationally and internationally. Within that framework, the Executive Directors are responsible for their respective business area.
(4) The President represents BaFin in and out of court.