Board of Directors agrees high transparency standards for EIB Group
The European Investment Bank (EIB) Group has adopted revised rules that govern its approach to transparency, access to information and stakeholder engagement on 6 March 2015.
The revised EIB Group Transparency Policy maintains the high level of transparency provided for in the previous version and its guiding principles will apply to the whole EIB Group (European Investment Bank and European Investment Fund). The new policy continues to compare favourably with international best practice, while safeguarding legitimate requirements for confidentiality on the part of the Bank’s commercial counterparts and recognising the particular character and the specificities of the EIB as enshrined in the Treaty on the Functioning of the European Union.
The policy is more user-friendly than the previous one, with significant improvements to its structure and clarity. It has been further aligned with applicable EU legislation, as interpreted by the case law of the Court of justice of the European Union regarding transparency and access to information. The new policy commits the EIB to a high level of pro-active dissemination of information via tools such as a public register of documents and the publication of project data via the International Aid Transparency Initiative.
It also continues to apply the principle of “presumption of disclosure” to all information held by the Bank with well-defined exceptions based on applicable EU legislation and case-law.
By implementing this revised Transparency Policy, the EIB Group remains committed to achieving the highest possible level of transparency regarding its activities.
The revised policy takes into consideration the comments received from external stakeholders following a “best-in-class” public consultation process to which civil society organisations, international and EU institutions, the private-sector, consultants, academia and members of the public participated.
Transparency remains extremely important for the EIB Group’s accountability, in particular at a time when the Group is entrusted with increased responsibility and is becoming even better known to the wider public.