Audit Board

By decision of the General Meeting dated 27 September 2022, the Audit Board shall consist of six members, nominated by the shareholding groups with the following proportion: three members nominated by the EIB, two members nominated by the European Commission and one nominated by the financial institutions.

Appointments to the Audit Board shall be for six consecutive years and shall not be renewable. One member of the Audit Board shall be replaced each year. The Audit Board meets at least six times annually and meets at least once with the Board of Directors.

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 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’s remit with respect to the application of sound banking principles or other sound commercial principles and practices as applicable to the EIF shall enter into effect as of 1 January 2023.

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.