The role of the Audit Board is to verify that EIF's investments have been conducted in compliance with the procedures laid down in its Statutes and the Rules of Procedure and other guidelines and that its books are kept in a proper manner.

The Audit Board is an independent body appointed by, and directly answerable to, the General Meeting of EIF. The Audit Board is comprised of three members; each of the shareholding groups, namely, European Investment Bank, the European Commission and the financial institutions, have the right to propose one member to the Audit Board. Appointments to the Audit Board are for three consecutive financial years and are renewable. One member of the Audit Board is replaced each year. The Audit Board meets at least 4 times annually and meets at least once with the Board of Directors.

An annual report from the Audit Board to the General Meeting provides a summary of the Audit Board's activities during the past year and of its opinions on the financial statements. The General Meeting takes note of the conclusions of the Audit Board before approving the Annual Report of the Board of Directors.

A Code of Conduct for Members of the Audit Board was approved in June 2005 and the Audit Board Charter came into effect in May 2006.

Members of the Audit Board

Update 15.05.2008
Nominations for members of the Audit Board are pending. Further information will be published shortly.