Processes in place for the highest governance body to ensure conflicts of interest are avoided

Processes in place for the highest governance body to ensure conflicts of interest are avoided

• Reference Number: 4.6
• Related Status: Reported
• GRI Status: Core GRI Indicator

The Board of Governors – the highest EIB governance body – comprises representatives of democratically elected governments, usually finance ministers, who are bound by national laws on conflicts of interest issues.

The EIB’s Statute and Rules of Procedure, but also the  Codes of Conduct of the Board of Directors, Management Committee and the Audit Committee, which are all available on the EIB’s website, set out standards of behaviour to avoid conflicts of interest.

In addition, the Ethics and Compliance Committee oversees the implementation of corporate values described in the Codes of Conduct, especially as concerns any conflicts of interest that might emerge within the Management Committee or the Board of Directors. A member of the Audit Committee can also request an opinion from the Ethics and Compliance Committee on a voluntary basis.

Members of the Management Committee sign a declaration of financial interests, disclosed on the EIB’s website. This document contains information on their professional activities, financial interests and assets.

Members of the Board of Directors have to disclose any interest they have vested in projects submitted to the approval of the Board of Directors and abstain from voting on these projects. Conflicts of interest recorded at the beginning of the meetings are published on the EIB’s website for each session.