EIB Group Corporate Governance Report 2021

The task of the EIB, as set out in Article 309 of the TFEU, is “to contribute, by having recourse to the capital market and utilising its own resources, to the balanced and steady development of the internal market in the interest of the Union.” In implementing this task, the EIB promotes the funding of sound projects, in all sectors of the economy, that: - seek to develop less-developed regions;. [...] In particular, Article 175 of the TFEU provides that the “EIB shall contribute to the promotion of economic, social and territorial cohesion in the Union” and Article 209 of the TFEU provides that the “EIB shall support the implementation of measures outside the EU which support the development cooperation policy of the Union.” The role of the EIB is also referenced in the Protocol (No 28) on Econ. [...] The Board of Governors appoints the members of the Board of Directors13 and the Management Committee, as well as the members of the Audit Committee and the Appointment Advisory Committee. [...] The committee is consultative and provides only opinions without prejudice to the decision-making process of the governance of the Bank and the respective powers of the Board of Directors and the Management Committee. [...] The Management Committee is responsible for the current business of the Bank, under the authority of the president and the supervision of the Board of Directors.