By letter dated 8 September 2014, the Republic of Estonia nominated Mr Martin Põder (Head of the Finance Section in Estonia’s Permanent Representation to the EU) for appointment as a Full Member of the Board of Directors of the EIB to succeed Mr Ivar Sikk, who has tendered his resignation.

By letter dated 29 September 2014, the Board of Governors was invited to vote on the proposed appointment.

The decision to appoint Mr Martin Põder was taken on 15 October 2014, the date on which the requisite majority of Governors' votes was reached.

The term of office of Mr Martin Põder will expire in 2018 at the end of the day either of the Annual Meeting or of the approval of the financial statements for the previous financial year, whichever is the later.