Indicate whether the Chair of the highest governance body is also an executive officer

Indicate whether the Chair of the highest governance body is also an executive officer

• Reference Number: 4.2
• Related Status: Reported
• GRI Status: Core GRI Indicator

In accordance with the EIB’s Rules of Procedure, the office of Chairman of the Board of Governors is held by each member of the Board in rotation according to the order of protocol of the Member States established by the Council of the European Union. The Chairman is a minister designated by a Member State and is therefore a non-executive officer.
The governing body that appoints the members of the Board of Directors and the members of the Management Committee and sets out the level of their remuneration is chaired by someone who does not belong to these decision-making bodies. In accordance with the EIB’s Statute, the President of the EIB, or in his absence one of the Vice-Presidents, is the Chairman of the meeting of the Board of Directors, but without the right to vote. The President of the EIB also chairs the meetings of the Management Committee. The chairmanship of both bodies serves the purpose of guaranteeing continuity in decision-making between the non-resident Board and the resident Management Committee.
Neither the Board of Directors nor the Management Committee decides upon its own remuneration (set by the Board of Governors).
The lead responsibilities of the members of the Management Committee are published in the Annual Report 2011 – Volume III, Activity Report, and in the 2011 Annual Statement on Corporate Governance of the EIB Group.