Audit Board Activity Report for the 2004 Financial Year

Audit Board Activity Report for the 2004 Financial Year

Following a request by the EIF Shareholders, the Audit Board issued a first Annual Activity Report providing an overview of the activities of the EIF Audit Board during the past year. Statements in this report relate to the compliance of EIF's operations in 2004 with its Statutes and Rules of Procedure as well as its internal policies and guidelines. The present report also discusses the following main topics: the International Financial Reporting Standards ("IFRS"), the monitoring of venture capital and guarantees, corporate governance and risk management.