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Monetary Board of Colombia

Appointment (Article 10)

The Monetary Board consists of a Chairman and six members appointed by the President. Members are appointed for a specific period (not specified) and can be reappointed.

  • Must not have any conflict of interest or incompatibility with their duties as members of the Monetary Board.

Dismissal (Article 11)

Members can only be dismissed from their posts by a decision adopted by three-fourths (3/4th) of the members of the Monetary Board, due to:

Reasons for Dismissal

  • Conflict of interest or incompetence/incompatibility.
  • Violation of confidentiality responsibility.
  • Use of information for personal benefit.
  • Absence without justification from three consecutive sessions.

Consequences (Article 11)

A dismissed member can appeal before the Supreme Court of Justice within 15 days. The dismissal decision is not suspended by the appeal process.

  • The Supreme Court must summon an oral hearing within 15 days and render a judgment confirming or repealing the dismissal within 15 days.

Compensation and Activities (Article 12)

Members are compensated in accordance with the Internal Rules of the Monetary Board.

  • Must submit a Sworn Net Worth Statement annually.
  • Cannot carry out activities that may result in a conflict of interest with their duties as members of the Monetary Board.
  • During the year after ceasing functions, cannot perform managerial, consulting, or legal representation activities in institutions incompatible with their post.
  • The Monetary and Financial Bureau will provide an unemployed member a monthly indemnity equivalent to their last compensation.

Operations (Article 13)

Sessions are convened by the Chairman, who determines the agenda at least once a month.

  • Must meet validly with the presence of at least five members (or three for specific periods).
  • Decisions are made by simple majority, except in cases where an aggravated majority is required.
  • Members may save or explain their vote and abstain if there is a personal, economic, or professional interest.