measures which, in the opinion of the central bank, can be associated with and influence the pursuit of the central bank's institutional objectives. The central bank will put forward resolutions and comments on proposed laws and on normative instruments referring directly to the objectives and functions reserved by the law to the central bank, and also draft proposed bills and normative instruments on matters within its sphere of competence, to be submitted to the Congress of State through the Committee for Credit and Savings. The central bank, through the Committee for Credit and Savings, will forward information to the Congress of State on the more significant facts noted or obtained in the exercise of its institutional functions. Jointly with the representatives of the Congress of State, the central bank will represent the Republic of San Marino in all the international financial institutions in which the republic takes part. Shareholders State (Republic of San Marino – ): 67% Cassa di Risparmio della Repubblica di San Marino: 16% Banca di San Marino: 6% Banca Agricola Commerciale Istituto Bancario Sammarinese: 5% Banca CIS - Credito Industriale Sammarinese: 5% Banca Sammarinese di Investimento: 1% Governing bodies Shareholders meeting During the annual meeting, shareholders approve the financial statement and the annual report, which are prepared and presented by the Governing Council, and decide on the admission of new members to the capital of the institution. The state is represented by the Secretary of State for Finance and Budget and by another representative of the government. Governing Council The governing council is made up by the chairman and by five councillors, which are appointed by the Grand and General Council (parliament), for a five-year mandate with the possibility of being re-elected for one additional term. The law assigns to the governing council the powers of policymaking and management of the central bank. The governing council is responsible for preparing the financial statement and submitting it to the shareholders' assembly for approval, accompanied by an explanatory Annual Report. The council is also vested with the power of appointing the director-general, the Supervision Committee, the deputy director, the officers and the general hiring of new staff members. Catia Tomasetti - Chairman, since May 2018 Francesco Mancini - Vice Chairman Gian Luca Amici - Member Martina Mazza - Member Antonella Mularoni - Member Giacomo Volpinari - Member Director General The director-general is appointed by the governing council for a