External Auditors

External Auditors

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The independent external auditors are designated by and report directly to the Audit Committee which assesses their independence and any potential conflicts of interest, including compliance with the Bank's policies on the provision of non-audit services by the external auditors.

In 2012 the Audit Committee , in consultation with the Management Committee of EIB, agreed to the renewal of KPMG’s initial four year term as Group external auditor for the additional period of three years in accordance with the international call for tender process concluded in 2008.

In 2014, the Audit Committee, in consultation with the Management Committee of EIB, approved the extension of KPMG’s external audit mandate of the EIB Group for one further year, to 2016. A call for tender process will be initiated in 2015 to select the Bank’s external auditor from 1 January 2017.

The EIB’s general policy is to not allow the incumbent external auditor to undertake work outside the scope of the Framework agreement for audit services. KPMG was not engaged to perform non-audit/assurance related services for the Bank during the year ended 31 December 2014.

The following table identifies the services provided by KPMG in 2014, and the associated fees paid (in EUR).

Work undertaken by KPMG on behalf of, or at the request of EIB Fees paid by the EIB Other non-core audits (third party mandated operations, facilities and Joint Actions) Total fees on work commissioned by EIB
Audit of the financial statements 485,480 1,034,720 1,520,200
Assurance Engagement - Sustainability Report 69,340    69,340
Agreed upon procedures report tax withheld on salaries, pensions and other emoluments  11,440   11,440
Foreign filings and registrations 40,713   40,713
Bond offerings 156,456   156,456
Total 763,429 1,034,720 1,798,149