Treaty, the Executive
Board shall comprise the President, the Vice-President and four other
members.
The members shall perform their duties on a full-time basis. No
member shall engage in any occupation, whether gainful or not,
unless exemption is exceptionally granted by the Governing Council.
11.2. In accordance with Article 109a(2)(b) of this Treaty, the President,
the Vice-President and the other Members of the Executive Board shall
be appointed from among persons of recognized standing and
professional experience in monetary or banking matters by common
accord of the governments of the Member States at the level of the
Heads of State or of government, on a recommendation from the
Council after it has consulted the European Parliament and the
Governing Council.
Their term of office shall be 8 years and shall not be renewable.
Only nationals of Member States may be members of the Executive
Board.
11.3. The terms and conditions of employment of the members of the
Executive Board, in particular their salaries, pensions and other social
security benefits shall be the subject of contracts with the ECB and
shall be fixed by the Governing Council on a proposal from a
Committee comprising three members appointed by the Governing
Council and three members appointed by the Council. The members of
the Executive Board shall not have the right to vote on matters
referred to in this paragraph.
11.4. If a member of the Executive Board no longer fulfils the
conditions required for the performance of his duties or if he has been
guilty of serious misconduct, the Court of Justice may, on application
by the Governing Council or the Executive Board, compulsorily retire
him.
11.5. Each member of the Executive Board present in person shall
have the right to vote and shall have, for that purpose, one vote. Save
as otherwise provided, the Executive Board shall act by a simple
majority of the votes cast. In the event of a tie, the President shall
have the casting vote. The voting arrangements shall be specified in
the Rules of Procedure referred to in Article 12.3.
11.6. The Executive Board shall be responsible for the current
business of the ECB.
11.7. Any vacancy on the Executive Board shall be filled by the
appointment of a new member in accordance with Article 11.2.
ARTICLE 12
Responsibilities of the decision-making bodies
12.1. The Governing Council shall adopt the guidelines and take the
decisions necessary to ensure the perfor