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    The Board of Directors has sole power to take decisions in respect of loans, guarantees and borrowings. As well as seeing that the Bank is properly run, it ensures that the Bank is managed in keeping with the provisions of the Treaty and the Statute and with the general directives laid down by the Governors. The Board of Directors shall consist of 28 directors and 31 alternate directors. They are appointed by the Governors for a renewable period of five years. One director is nominated by each Member State and one by the Commission. Alternates are nominated by Member States depending on their capital share and constituency agreement. One alternate member is also nominated by the Commission.

    Furthermore, in order to broaden the Board of Directors’ professional expertise in certain fields, the Board is able to co-opt a maximum of six experts (three Directors and three Alternates), who participate in the Board meetings in an advisory capacity, without voting rights.

    Decisions are taken by a majority consisting of at least one third of members entitled to vote and representing at least 50% of the subscribed capital or, in clearly defined areas, with at least eighteen votes in favour, representing a minimum of 68% of the subscribed capital.

    The President of the Management Committee or, in her absence, one of the Vice-Presidents, shall preside over meetings of the Board of Directors but shall not vote.

    Key information:

    Examines the policy issues that arise from direct and indirect equity participations held or acquired by the EIB.

    Discusses and advisees the Board of Directors on the Bank’s risk policies, including those policies relevant for aspects of the EIB Group.

    Discusses proposals and makes recommendations concerning budget and staff remuneration matters in preparation for the subsequent debates and decisions.

    The Board Advisory Group gives non-binding opinions to the EIB Board of Directors on financing proposals which concern activities outside the European Union.