Audit Board

The Audit Board is an independent body appointed by, and directly answerable to, EIF General Meeting. The Audit Board consists of three members, each nominated by one of the shareholding groups: EIB, the European Commission and the financial institutions.

Appointments to the Audit Board last for three consecutive financial years and are renewable, with the term of one member expiring each year. The Audit Board meets at least six times annually and meets at least once with the Board of Directors. In 2009, the Audit Board held nine meetings.

The Audit Board has the statutory responsibility of the audit of the accounts of the EIF, as stated in EIF Statutes (Article 22) and Rules of Procedure  (Article 17). In order to discharge this duty the Audit Board may have recourse to external auditors, as stated in the Rules of Procedure  (Article 19). The audit of the financial statements of EIF for the year ending 31 December 2009 was the first audit carried out by the new external auditor, KPMG, appointed following the conclusion of the EIB Group Joint invitation to tender exercise in 2008.

The Audit Board annually confirms that, to the best of its knowledge and judgment, EIF's operations have been carried out in compliance with the formalities and procedures laid down in the Statutes and the Rules of Procedure, and that the financial statements give a true and fair view of EIF's  financial position as regards its assets and liabilities, and of the results of its operations for the financial year under review. This information is included in the Annual Report submitted by the Board of Directors to the General Meeting.

The Audit Board conducts its activity following the standards of the audit profession. 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 EIF Annual Report.

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