Supervisory board of the Cultural Endowment of Estonia

The activities of the Cultural Endowment are directed by a supervisory board of eleven members that includes:
  • the Minister of Culture as chairman
  • a representative designated by the Minister of Culture
  • a representative designated by the Minister of Finance
  • a representative designated by each endowment panel

The task of the supervisory board of the Cultural Endowment is to:

  • establish the procedure for the investment of the assets of the Cultural Endowment and for entering into other transactions
  • prescribe the limitations on the management of financial risks relating to the types of assets, currency structure, duration of instruments and investments, and other investment indicators
  • distribute annual revenue according to the Cultural Endowment of Estonia Act
  • decide on financing cross-disciplinary cultural projects and projects initiated by the endowments and expert groups
  • allocate the amounts intended for cultural buildings on the basis of the Gambling Tax Act according to the priority ranking of the construction and renovation of cultural buildings of national importance, which is approved by a resolution of the Riigikogu and support up to two construction or renovation projects at the one time
  • determine the limitation on the size of the annual and quarterly grants awarded by the endowments and expert groups
  • analyse the results of the activities of the expert groups, the endowments and the Cultural Endowment
  • organise the publication of annual overviews of the activities of the Cultural Endowment
  • hire and release internal auditors for the Cultural Endowment
  • approve the annual budget and audited annual report of the Cultural Endowment
  • determine a separate budget prescribed for an internal audit of the funds for the administrative expenses of the Cultural Endowment and approve the work schedule of the internal auditors
  • determine the amount of remuneration to be paid to the members of the endowment panels and the members of expert groups and the procedure for such payments
  • approve the structure of the Cultural Endowment
  • appoint and release from office the Director of the Cultural Endowment
  • exercise supervision over the activities of the Director, endowments and expert groups
  • make proposals and express opinions concerning other issues involving the development of the arts, folk arts, physical fitness and sport and relating to the performance of functions provided for in the Cultural Endowment of Estonia Act
  • select an asset manager as described in the Cultural Endowment of Estonia Act and approve the conditions of the agreement to be entered into with the asset manager
  • decide on the acquisition and transfer of immovables based on the proposal of the Director

Authorization of the supervisory board

The term of office for the supervisory board is two years. Membership of the supervisory board is approved by the Government of the Republic.

Supporting Estonian culture