Deposit Insurance Agency is supervised by the Board, which consists of 5 members. Board members are: Ivane Matchavariani, the Minister of Finance, Giorgi Kobulia, the Minister of Economy and Sustainable Development, Koba Gvenetadze, the President of the National Bank of Georgia, and Sandro Shelegia and Giorgi Arveladze, two independent members elected by commercial banks.
Independent members of the Board are elected by representatives of commercial banks by simple majority of votes through a secret ballot. This process is organized by the National Bank. The term of office of the independent member is 5 years and re-election is not restricted.
The Minister of Finance, Minister of Economy and Sustainable Development and the President of the National Bank of Georgia chair the Board for the term of one year based on a rotation principle in respective order.
Pursuant to the Law of Georgia on Deposit Insurance System and the Agency’s Charter, the Supervisory Board reviews and agrees on all important documents drafted by the Deposit Insurance Agency, including the staffing schedule of the Agency, budget for the respective year, investment policy and annual investment plan, strategy, guidelines of the Agency, reports and etc. In addition, the Supervisory Board is authorized to appoint the Head of the Agency and discharge him/ her from the position.
The Supervisory Board makes decision with majority of the votes.