Administrative Council, Governors, and Chief Officers

The Constitution of Colombia establishes that Banco de la República (the Central Bank of Colombia) is an independent institution from the branches of government, has administrative, patrimonial, and technical autonomy, and is subject to its own legal framework.

Administrative Council 

By law, the Board of Directors delegates certain functions to the Administrative Council, mainly those related to the Central Bank's administrative and operating policies. The Council is composed of five full-time members of the Board of Directors. The Central Bank’s Governor and Auditor General are also invited to attend the Council sessions, with voice but not vote. The Administrative Council may invite other Bank officials or external individuals only to discuss specific matters. To meet, deliberate, and make decisions, at least 3 members of the Administrative Council must be present at the meetings. Decisions can only be made with the favorable vote of at least 3 of its members. 

The Administrative Council can create and regulate decision-making and advisory committees when deemed necessary and as it determines. These committees function as technical bodies for planning, consulting, recommending, or assessing, and provide opinions or recommendations that serve as the basis for decision-making. Some of these committees may have spending control powers within the limits established by the Administrative Council. There are also committees related to internal labor issues, whose creation and regulation are based on Colombian law. Governors The institution has three governance offices: the Office of the Governor, the Office of the Deputy Technical Governor, and the Office of the Deputy Executive Governor.

Governors

The institution has three governance offices: the Office of the Governor, the Office of the Deputy Technical Governor, and the Office of the Deputy Executive Governor.

Chief Officers

The Central Bank is also composed of 9 offices, listed below: