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. Its members are appointed by the Governors for a renewable period of five years following nomination by the Member States and are responsible solely to the Bank.
The Board of Directors consists of 29 Directors, with one Director nominated by each Member State and one by the European Commission. There are 19 Alternates, meaning that some of these positions will be shared by groupings of States.
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 his absence, one of the Vice-Presidents, shall preside over meetings of the Board of Directors but shall not vote.
The rules of conduct spelled out in this code are based on the principles enshrined in the Bank's Statute, its Rules of Procedure and subsequent texts governing Bank activity, as well as on other general pertinent principles.