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THE EIB TRANSPARENCY POLICY

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					European Investment Bank            EIB Transparency Policy




            THE EIB TRANSPARENCY POLICY




02 February 2010                               page 1 / 28
European Investment Bank                                                        EIB Transparency Policy



TRANSPARENCY POLICY

Table of contents

i. BACKGROUND AND PURPOSE
ii. THE INSTITUTIONAL FRAMEWORK
iii. RESPONSIBILITIES

PART A – PRINCIPLES

1. GENERAL
    Flows of information
    Openness
    Accountability and good governance
    Willingness to listen and receptiveness to comments
    Safeguarding the business approach and ensuring trust
    Promoting transparency
    Continuous improvement
2. ETHICS
    Codes of conduct
    Anti-fraud
    Prohibited practices
3. CORPORATE GOVERNANCE
4. GOOD ADMINISTRATION
5. DISCLOSURE OF INFORMATION
    Principles for disclosure
    Exceptions
6. STAKEHOLDERS’ ENGAGEMENT
7. PUBLIC CONSULTATION
8. EVALUATION
9. PROMOTING TRANSPARENCY

PART B – PRACTICES

1. ETHICS
    Conflicts of Interest
    Anti-fraud
    Prohibited practices
    Integrity
2. CORPORATE GOVERNANCE
    Financial Reporting
    Corporate Responsibility
3. GOOD ADMINISTRATION
4. DISCLOSURE OF INFORMATION
    Publication vs. Disclosure
    Framework Agreements
    Project-cycle information
    Information related to borrowing operations and other information for capital markets
    Procedures for handling information requests
5. STAKEHOLDERS’ ENGAGEMENT
6. PUBLIC CONSULTATION
7. EVALUATION
8. PROMOTING TRANSPARENCY
    Approach Statement on Corporate Governance
    Extractive Industries Transparency Initiative
9. PROVISIONS FOR APPEAL
    Complaints Mechanism
    European Ombudsman
    Aarhus Convention Compliance Committee
    European Court of Justice
    Reporting


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European Investment Bank                                    EIB Transparency Policy



ANNEX 1 – Information routinely disseminated
ANNEX 2 – Documentation produced during the project cycle
ANNEX 3 – Sources of information




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European Investment Bank                                                                    EIB Transparency Policy



i. BACKGROUND AND PURPOSE

i.1 The present policy is an integral part of the EIB’s Corporate Responsibility Policies, which
underwrites institutional sustainability through the use of our competitive advantage, the
productive use of resources and good governance. In conducting its business, the EIB Group
stresses good governance, including a high level of transparency and accountability for itself and
its counterparts, while recognising the need to respect confidentiality where appropriate and
ensuring trust.

i.2 The EIB considers that as a bank and a public institution, openness on how it makes
decisions, works and implements EU policies, strengthens its credibility and its accountability to
citizens. Transparency also contributes to increasing the efficiency and sustainability of the
Bank’s operations, reducing the risks of corruption, and enhancing staff relations with external
stakeholders.

i.3 Improvement in the transparency of its institutions and bodies is a key European Union policy
aimed at bringing them closer to the publics they serve, as well as highlighting their relevance in
contributing to Europe’s social and economic cohesion and sustainable development.

i.4 The purpose of the EIB Transparency Policy is to enhance the accountability of the EIB Group
                        1
towards its stakeholders and the EU citizens in general by giving access to the information that
will enable them to understand its governance, strategy, policies, activities and practices.

i.5 EIB understands transparency to refer to an environment in which the objectives of policies, its
legal, institutional, and economic framework, policy decisions and their rationale, and the terms of
EIB’s accountability, are provided to the public in a comprehensive, accessible, and timely
manner. Transparency is therefore an essential condition for a free and open exchange with
stakeholders whereby the rules and reasons behind policies and practices are fair and clear to all
participants, thus entailing the availability, to the largest possible extent, of information required
for collaboration and cooperation with all internal and external stakeholders.

i.6 EIB considers that access to information plays an essential role in the reduction of
environmental and social risks, including human rights violations, linked to the financed projects.

i.7 Following a public consultation process, the present Transparency Policy was approved by the
EIB Board of Directors on 2nd February 2010, in accordance with Article 18 of the Bank’s Rules
of Procedure. The Transparency Policy is published in the Official Journal of the European Union.
It is available in all official languages of the European Union, both on the EIB’s website and as a
paper copy.


ii. THE INSTITUTIONAL FRAMEWORK

ii.1 The EIB Group is composed of the European Investment Bank and of the European
Investment Fund. For the purposes of the present policy, the EIB, the Bank or the Group stands
for the EIB Group.

ii.2 The European Investment Bank is a body of the European Union. Its Statute, which forms an
integral part of the Treaty on European Union and the Treaty on the Functioning of the European
Union and has the same legal value, defines the Bank’s role, scope of activities and governance
structure. The Statute also establishes the EU Member States as the EIB’s shareholders who
nominate the Members for the Bank’s principal governing bodies: the Board of Governors, the
Board of Directors, the Management Committee and the Audit Committee.

ii.3 The EIB is a policy-driven bank whose mission is to further the objectives of the European
Union by making long-term finance available for sound investment. As such the EIB maintains
close institutional and operational links with the other European Institutions and bodies while
being provided by the Treaties and by its Statute with operational and financial autonomy to
enable it to perform effectively as a financial institution. The European Council of Heads of State

1
    a person, group or organisation who affects or can be affected by EIB Group’s actions


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European Investment Bank                                                         EIB Transparency Policy



or Government and the EU Council of Ministers frequently call on the Bank to support new EU
policies and initiatives. The Bank’s Board of Governors adapts EIB lending policies through new
credit directives, opening up new areas of activities to enable the Bank to promote EU policies.

ii.4 The European Investment Fund (EIF) is the European Union’s specialised financial institution
for small and medium-sized enterprises, known as SMEs. The EIF is a public-private partnership
whose tripartite shareholding includes the European Investment Bank (64%), the European Union
represented by the European Commission (27%), and a number of European banks and financial
institutions (9%)2.

ii.5 The EIB ensures that its activities respect EU policies and laws or, where these are not
applicable, uses EU policies and laws as the best reference. In its day-to-day operations the Bank
takes into account standards and practices applied by the banking and financial community,
particularly in areas not covered directly by EU law. It operates within a framework established at
EU level covering human rights, democracy and rule of law in countries and regions in which the
Bank operates. On environmental and social issues it is guided by EU law and regulations,
including those for assessing the impact of projects it supports, to help meet the challenges of
achieving sustainable development. The detailed principles and standards are spelt out in the EIB
Statement on Environmental and Social Principles and Standards”.

ii.6 The EIB is an important partner in the financial sector, especially when borrowing on the
capital markets and financing projects. It also works closely with International Financing
Institutions (IFIs), Multilateral Development Banks (MDBs) and bilateral development agencies, in
particular when it operates in the framework of the development aid and external cooperation
policies of the EU.

ii.7 The Treaty on European Union enshrines the concept of openness in its Article 1 by stating
that “the Treaty marks a new stage in the process of creating an ever closer union among the
peoples of Europe, in which decisions are taken as openly as possible and as closely as possible
to the citizen”. Article 15 of the Treaty on the Functioning of the European Union equally states
that “In order to promote good governance and ensure the participation of civil society, the Union
institutions, bodies, offices and agencies shall conduct their work as openly as possible”.
Openness also contributes to strengthening the principles of democracy and respect for
fundamental rights in line with Article 6 of the EU Treaty.

ii.8 In preparing the present policy, the Bank takes account and commits to comply with the EU
policy initiatives and legislative framework on transparency and public disclosure of information
notably with the principles laid down by Regulation (EC) N° 1049/2001 regarding public access to
European Parliament, Council and Commission documents and with the principles of the
“European Transparency Initiative”, as far as they are relevant to the Bank’s activities. Pursuant to
Article 15 of the Treaty on the Functioning of the European Union, when exercising administrative
tasks, the EIB shall ensure that its rules on access to documents are in accordance with
applicable EC Regulations setting out the general principles and limits on access to documents.
The EIB also complies with Regulation (EC) N° 1367/2006 on the application of the provisions of
the Aarhus Convention on access to Information, Public Participation in Decision-making and
Access to Justice in Environmental Matters to Community institutions and bodies (the “Aarhus
Regulation”) and with Regulation (EC) N° 45/2001 on the protection of individuals with regard to
the processing of personal data by the Community institutions and bodies and on the free
movement of such data. The Transparency Policy shall be interpreted in accordance with the
provisions of Regulation (EC) N° 1049/2001 and the Aarhus Regulation whenever they are
applicable. In the event of divergence, the provisions of Regulation (EC) N° 1049/2001 and the
Aarhus Regulation shall prevail, to the extent they apply to the Bank.




2
    Breakdown as at 01/09/2008


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European Investment Bank                                                         EIB Transparency Policy



iii. RESPONSIBILITIES

iii.1 Whereas in accordance with the Bank’s Rules of Procedure, the Board of Directors has the
competence to adopt the Transparency Policy, its oversight and implementation falls under the
responsibility of the Bank’s Management Committee. Responsibilities are deployed throughout
the organisation as appropriate to ensure the policy objectives are reflected in goals and activities
at all levels of the organisation.

iii.2 Resources are assigned for the implementation of the Transparency Policy throughout the
organisation. Relevant staff at all levels of the organisation are trained in how to handle
transparency and disclosure issues, dialogue with stakeholders, corporate social responsibility
and other related topics. Within the organisation, expert resources are available to advise on
transparency issues.

iii.3 Information desks will be installed in all the EIB regional offices to provide the local
populations with information about EIB activities. One public computer terminal will be installed in
each information desk where the public will be able to consult and copy/print information from the
EIB website.

iii.4 The Transparency Policy is subject to a continuous process of internal evaluation and quality
assessment and open to public comment. Reviews, including public consultation, will take place
every 5 years.

iii.5 The Bank maintains close contacts with other EU and international institutions and bodies to
monitor and exchange views on new developments in transparency and disclosure policies and
practices. It also addresses transparency and disclosure issues in its ongoing dialogue with Civil
Society Organisations (CSOs), including Non-Governmental Organisations (NGOs), and other
interested stakeholders.

iii.6 An appeal process exists, the EIB Complaints Mechanism, which allows stakeholders to
appeal when they feel the EIB has failed to deliver according to its Transparency Policy by using
the mechanisms detailed in Part B.

iii.7 The Transparency Policy principles apply to the EIB Group as a whole, which consists of the
European Investment Bank (EIB) and the European Investment Fund (EIF). A separate policy
document as well as specific Rules concerning public access to EIF documents are drawn up and
published separately by EIF after approval by its Board of Directors.




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European Investment Bank                                                          EIB Transparency Policy



PART A - PRINCIPLES


1. GENERAL

1.1 As an EU body, the EIB is committed to achieving the highest possible level of transparency
in all its activities towards external and internal stakeholders, which it considers to be part of its
mission to further the objectives of the European Union. It is firmly convinced that, as a publicly-
owned instrument for furthering and supporting EU development, it should maintain exemplary
standards in all areas where EU policies have a bearing on its business and governance. EIB is
also convinced that through its various financial activities it ultimately delivers a service to
Europe’s citizens. Consequently, explaining these activities, enhancing the perceived value of its
operational activity, and strengthening support by decision-makers and shapers through
increased transparency, is firmly anchored as one of the main objectives in its strategy map that
underpins its integrated medium-term planning tool, the Corporate Operational Plan, which is
published on the Bank’s website.

1.2 Flows of information

1.2.1 The EIB promotes transparency as a way to strengthen its organisational accountability.
Therefore, more than simply disclose standardised information and more than just a one-way flow
of information, the EIB aims to provide stakeholders with the information they require to make
positive contributions towards enhancing the quality of the Bank’s activities. Such transparency
requires an ongoing dialogue between organisation and stakeholders over information provision.

1.3 Openness
1.3.1 The Transparency Policy is guided by openness with the underlying presumption that,
whenever possible, information concerning the Bank’s operational and institutional activities will
be made available to third parties (the public) in the absence of a compelling reason for
confidentiality, in line with EU legislation, those of the EU Member States and countries of
operation and internationally accepted principles.

1.3.2 Openness helps to promote the Bank’s impact in its countries of operations and to achieve
sustainable outcomes. It also contributes to increasing the efficiency and sustainability of the
Bank’s operations and enhancing staff relations with external stakeholders. In order to support the
principle of transparency, the Bank seeks to provide accurate and timely information regarding its
operational activities. Furthermore, by providing information to economic decision-makers the
Bank also helps to improve the stability and efficiency of markets, and promotes adherence to
internationally-recognised standards.

1.4 Accountability and good governance

1.4.1 With its Transparency Policy, the EIB is committed to reinforcing its accountability to
shareholders, and to ensuring high standards of corporate governance.

1.4.2 The EIB is committed to giving stakeholders access to the information that will enable them
to understand its governance, strategy, policies, activities, practices, performance, impacts and
outcomes with a view to allow stakeholders to take their actions and decisions on an informed
basis.

1.5 Willingness to listen and receptiveness to comments

1.5.1 The EIB is committed to actively encourage stakeholder input. Through its commitment to
open communication, the Bank demonstrates its willingness to listen to third parties so as to
benefit from their contributions to its work in fulfilling its mission.

1.6 Safeguarding the business approach and ensuring trust

1.6.1 As a financial institution the Bank must maintain the confidence and trust of its clients, co-
financiers and investors. A business-sensitive approach is necessary to allay concerns about the


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European Investment Bank                                                           EIB Transparency Policy



treatment of confidential information which, otherwise, could affect these partners’ willingness to
work with the Bank and thus impede the Bank from fulfilling its mission and objectives. The
Bank’s approach in this regard is governed by the restrictions regarding confidential information
(see section Exceptions under Disclosure of Information).

1.7 Promoting transparency

1.7.1 In its financing operations, the Bank recognises the rights, interests and responsibilities of
stakeholders to achieve sustainable outcomes. In this context, the EIB actively promotes
transparency with its counterparts, including with the development and operations of financed
projects.

1.8 Continuous improvement

1.8.1 The EIB will continue to strengthen its efforts to improve its transparency, accountability and
governance, and to be at the forefront as a transparent and responsible institution.


2. ETHICS

2.1 Codes of Conduct

2.1.1 The EIB maintains high standards of ethics and behaviour for governing bodies,
management and staff, including rules on conflicts of interest, insider information, the acceptance
of gifts and other benefits, improper use of influence, etc., which are set out in the relevant codes
of conduct.

2.2 Anti-fraud

2.2.1 The EIB Group has a zero-tolerance policy on fraud or corruption, whether perpetrated by
its own staff or occurring in connection with projects, loans or equity to which EIB Group funds are
committed.

2.3 Prohibited practices

2.3.1 In seeking to align its policies and procedures with international practice, the Bank is
cognisant of the principles enshrined in: (i) the United Nations’ Convention Against Corruption; (ii)
the Organisation for Economic Co-operation and Development’s anti-bribery convention; (iii) the
Financial Action Task Force’s 40 + 9 Recommendations; and (iv) the International Financial
Institutions’ (IFIs) Anti-Corruption Task Force’s Uniform Framework.

2.3.2 The EIB is committed to ensuring that its financings are used for the purposes intended and
its operations are free from prohibited practices, money laundering and terrorist financing.


3. CORPORATE GOVERNANCE

3.1 The Bank’s guiding principles on governance take into account its dual role:

    • as a bank, the EIB ensures that its financial statements give a true and fair view of its
      financial situation; it ensures that its business is conducted in accordance with the rules and
      procedures laid down in the Statute and the Rules of Procedure, and in line with best
      banking practice;
    • as a European body serving the policies of the EU, the EIB carries out its statutory role and
      the tasks assigned to it in a transparent manner, in accordance with the provisions that are
      applicable to it.

3.2 Through various publications, the EIB aims to comply with best practice in the way it presents
controls and publishes its financial statements and reports on its management of risk, past,
present and future activity and the integrated planning cycle.



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European Investment Bank                                                         EIB Transparency Policy



3.3 The EIB Group aims to integrate Corporate Responsibility (environmental, social and ethical)
concerns into its business activities. This includes giving recognition to the rights, interests and
responsibilities of shareholders and other stakeholders in order to achieve sustainable outcomes.
In this context, the EIB is committed to timely reporting on Corporate Responsibility aspects.


4. GOOD ADMINISTRATION

4.1 The Charter of Fundamental Rights of the European Union includes as a fundamental right of
EU citizenship the right to good administration (art. 41).

4.2 The EIB is committed to high standards of “Good administration” regarding its governing
bodies, management and staff members’ relations with the public, thus promoting values such as:

         • Legality – acting in accordance with applicable laws, principles, rules and procedures;
         • Non-discrimination – members of the public who are in the same situation shall be
         treated in a similar manner;
         • Non-abuse of powers – powers shall only be exercised for the purpose for which they
         have been conferred;
         • Fairness – acting in a fair and reasonable manner;
         • Loyalty and independence;
         • Legitimate expectations and consistency – on the basis of the Bank’s commitments and
         previous conduct;
         • Courtesy – acting in a conscientious, correct, courteous and approachable manner.


5. DISCLOSURE OF INFORMATION

5.1 Principles for disclosure

5.1.1 Presumption of disclosure: All information held by the Bank is subject to disclosure upon
request, unless there is a compelling reason for non-disclosure. As the EIB operates as a bank,
there are certain constraints on the information it discloses (see “Exceptions” below).

5.1.2 Non-discrimination and equal treatment: Every member of the public has the right to request
and receive timely information from the EIB. When considering a request for information, the Bank
does not discriminate or give special privileged access to information.

5.1.3 Language regime: To promote the accessibility of information, the Bank is committed to a
language regime that takes into account the public’s needs. EIB’s statutory documents are
available in all official EU languages. Other key documents with a particular importance for the
public, such as this Policy itself, are also published in all official EU languages, while others are
available in, at least, English, French and German. Translation into other languages can be
considered whenever a wide interest arises for a particular document.

5.2 Exceptions

5.2.1 While the Bank is committed to a policy of presumption of disclosure and transparency, it
also has a duty to respect professional secrecy, in compliance with European laws, in particular
Article 339 of the Treaty on the Functioning of the European Union, as well as legislation to
protect personal data. National regulations and banking sector standards covering business
contracts and market activity may also apply to the EIB. There are therefore certain constraints on
the disclosure of information.



5.2.2 Notably, access shall be refused where disclosure would undermine the protection of:

         • the public interest, as regards international relations or the financial, monetary or
         economic policy of the EU, its institutions and bodies or a Member State;



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European Investment Bank                                                                            EIB Transparency Policy



          • privacy and the integrity of the individual, in particular in accordance with EU legislation
          regarding the protection of personal data.

5.2.3 Unless there is an overriding public interest, access to information shall also be refused
where disclosure would undermine the protection of:

          • commercial interests of a natural or legal person;3
          • intellectual property;
          • court proceedings and legal advice;
          • the purpose of inspections, investigations and audits.

As regards the first, second and fourth bullet points, with the exception of investigations, an
overriding public interest in disclosure shall be deemed to exist where the information requested
relates to emissions into the environment.

5.2.4 The Bank may also refuse access if disclosing the information would undermine the
protection of the environment to which the information relates, such as the breeding sites of rare
species.

5.2.5 Access shall be refused where disclosure would seriously undermine the integrity of the
Bank’s decision-making process. The Bank may refuse access to documents if the request
concerns material in the course of completion or unfinished documents or data or if the request
concerns internal communications where such an exemption is provided for in the national laws or
                                                                                4
customary practice, taking into account the public interest served by disclosure .

5.2.6 The grounds for refusal as regards access to environmental information should be
interpreted in a restrictive way, taking into account public interest served by disclosure and
whether the information requested relates to emissions into the environment.

5.2.7 As regards third-party documents, the Bank shall consult with the third party whether the
information in the document is confidential, according to this policy, unless it is clear that the
document shall or shall not be disclosed.

5.2.8 Exceptions cover information typically forming part of the Bank’s confidential relationship
with its business partners. The Bank does not object to project promoters, borrowers, or other
competent parties making information available on their relationship and arrangements with the
EIB.

5.2.9 With respect to borrowing operations, publicity is restricted for private issuance for
confidentiality reasons. The Bank discloses certain aggregate information on investor activity.
Confidential information relating to individual investors or banks will not be disclosed. The Bank
will, however, seek to encourage transparency regarding its securities issues wherever possible.

5.2.10 Exceptions also cover information on individual allocations made by local banks to support
investment by their own customers under credit lines established with the EIB. This information
falls within the competence of the intermediary bank as part of the normal business relationship
                                    5
between a bank and its customers . However, the EIB encourages the intermediary bank to make
available information covering its relationship with the EIB.

5.2.11 All requests for disclosure of specific information shall be handled promptly by the Bank,
which will either grant full or partial access to the document requested (if only parts of a requested
document are covered by any of the constraints above, information from the remaining parts shall
be released) and/or the grounds for the total or partial refusal shall be stated.



3
  The term “commercial interest” covers confidentiality agreements concluded by the Bank.
4
  Art. 4(1) (d) and (e) of Directive 2003/4/EC stipulate that Member States may provide for a request for environmental
information to be refused if the request concerns material in the course of completion or unfinished documents or data or if
the request concerns internal communications, taking into account the public interest served by disclosure.
5
  The EIB has no contractual relationship with final beneficiaries of intermediated loans. The intermediary bank is the
beneficiary’s business partner, carrying the project’s commercial risks and signing the financing contract.


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European Investment Bank                                                         EIB Transparency Policy



6. STAKEHOLDERS’ ENGAGEMENT

6.1 The EIB’s engagement with civil society has as its main objective to ensure that stakeholders
are heard, and that the organisation will respond adequately to their concerns. In this context, the
EIB will prioritise stakeholders appropriately.

6.2 EIB’s engagement with civil society will foster:

         • the promotion of best practices for civil society engagement;
         • the decrease of the gap between expectations, policy and practice;
         • the adaptation to changes in civil society;
         • the achievement of greater coherence and accountability in its policies and practices.

6.3 The Bank is open to a constructive dialogue and cooperation with reputable international
CSOs based on mutual trust and benefits.


7. PUBLIC CONSULTATION

7.1 The EIB is committed to continue engaging, on a voluntary basis, in formal public consultation
on selected policies. This participatory process allows external stakeholders and EIB staff to
participate in the preparation and review of policy documents, contributing to their quality and
credibility.


8. EVALUATION

8.1 The EIB is committed to the principle of periodic evaluation, fully recognising the role of
evaluation in increasing transparency and accountability to its stakeholders. Evaluation
encompasses the processes through which the Bank, with involvement from key stakeholders,
monitors and reviews its progress and results against goals and objectives; feeds learning from
this back into the organisation on an ongoing basis; and reports on the results of the process.


9. PROMOTING TRANSPARENCY

9.1 The Bank recognises that better corporate governance leads to transparency and better
disclosure of information, thus providing the opportunity to establish relationships with all
stakeholders in fair and more productive terms. Corporate governance is a key element in
improving economic efficiency and growth as well as enhancing investor confidence. The
presence of an effective corporate governance system, within an individual company and across
an economy as a whole, helps to provide a degree of confidence that is necessary for the proper
functioning of a market economy.

9.2 Weak governance, corruption and lack of transparency are a major issue in some of the
regions in which EIB operates and acts a serious brake on economic and social development.
The EIB actively promotes transparency and good governance in the projects it finances, in the
companies it participates and generally with its counterparts.

9.3 The Bank fully subscribes to the OECD Principles of Corporate Governance, which provide an
international best practice framework identifying its key practical aspects: the rights and equitable
treatment of shareholders, the role of stakeholders, disclosure and transparency, and the
responsibilities in the Board of Directors.
9.4 The Bank requests the project promoters to follow the transparency principles detailed in this
policy in the context of the financed projects.

9.5 At project level, public consultation and participation is a requirement not only of the EIA
Directive but also of a number of other EU environmental laws. The EIB is strongly committed to




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European Investment Bank                                                                        EIB Transparency Policy



the principles of stakeholder engagement (as defined by best practice6) and promotes similar
good practice amongst its clients7. The EIB indeed considers that interested and well-informed
members of the public, especially those people affected by a project in the host country, can add
value to the project environmental and social assessment process.

9.6 The EIB is also fully committed to transparency in the capital markets in which its bonds are
offered.




6
  The Aarhus Convention and its application in EU EIA law, the OECD Guidelines on Multinational Enterprises an the
Global Reporting Initiative
7
  See paragraph 63 of the EIB Statement of Environmental and Social Principles and Standards, 2009
http://www.eib.org/attachments/strategies/eib_statement_esps_en.pdf


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European Investment Bank                                                             EIB Transparency Policy



PART B – PRACTICES


1. ETHICS

1.1 Conflicts of interest

1.1.1 Possible conflicts of interest of the members of the Board of Directors are dealt with by
producing an individual declaration by members of the EIB Board of Directors and related
abstentions from voting are recorded in the minutes of the Board of Directors’ meetings.

1.1.2 Members of the EIB Management Committee publish, on the EIB’s website, a personal
statement with a public declaration of interests, which includes Outside Activities, Partner’s
professional activity, Financial Interests, Assets and Major Liabilities.

1.2 Anti-fraud

1.2.1 The Bank’s key reference documents are the EIB’s Anti-Fraud Policy and the Procedures
for the Conduct of Investigations, which summarise the main points of the Bank's current strategy
in this area. These documents are based on the Uniform Framework agreement reached by the
IFI Anti-Corruption Task Force in September 2006, which harmonises the definitions of fraud,
corruption, collusion and coercion across the IFIs.

1.2.2 An Annual Report of Fraud Investigations is published on the EIB’s website outlining in
general terms the fraud investigation activities.

1.3 Prohibited practices

1.3.1 The EIB Interim revised policy Towards Offshore Financial Centres aims to ensure that no
OFC Structure in which the Bank participates is intended to be used to facilitate Targeted
Activities, thus contributing to the international efforts to promote integrity in the financial markets
and helping to mitigate the Bank’s exposure to legal and reputation risks.

1.3.2 In accordance with the applicable EC Directives on the prevention of the use of the financial
system for the purpose of money laundering including terrorist financing, the EIB applies, to its
own operations, the relevant checks in order:

         a) to know your client, by identifying the shareholders of the borrower or other
         intermediary, as well as its chief employees and directors;
         b) to verify that the client has internal controls to ensure that the project in question is not
         a channel for illicit funds.

1.4 Integrity

1.4.1 The EIB Integrity Policy and Compliance Charter underlines the EIB Group’s commitment to
a policy of integrity in the performance of its mission, oversees compliance with standards and
acts as a first-line detector of potential incidents of non-observance of rules on ethics and integrity
so that appropriate measures can be taken in line with the texts and procedures in force. One of
the main goals of this policy is to ensure that the Bank does not support or undertake any project,
structure or investment that may permit fraud or encourage money laundering or the financing of
terrorism. This policy applies to both lending and treasury operations.

1.4.2 The EIB’s Whistleblowing Policy applies to all members of staff and any other person
providing the Bank with services, including consultants and other service providers under contract
to the Bank. By setting out clear reporting lines, ensuring maximum protection for any
whistleblower acting in good faith, and condemning any retaliatory action or reprisals, the
Whistleblowing Policy allows any relevant persons to fulfil their duty to report wrongdoings.
2. CORPORATE GOVERNANCE

2.1 The governance structure of the EIB contains features which make it strong in terms of
management accountability and independent supervision and control:


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European Investment Bank                                                                     EIB Transparency Policy



• The Management Committee is responsible for the current business of the Bank, under the
authority of the President and the supervision of the Board of Directors. The President chairs the
meetings of the Board of Directors.
• The Audit Committee is an independent control body answerable directly to the Board of
Governors, with its members (six members and a maximum of three observers) being appointed
by the Board of Governors. It is responsible for verifying that the activities of the Bank conform to
best banking practices and for the auditing of the accounts.

2.2 The Audit Committee shall annually ascertain that the operations of the Bank have been
conducted and its books kept in a proper manner. It is responsible for establishing whether the
financial statements, as well as any other financial information contained in the annual accounts
drawn up by Bank’s management, give a true and fair view of the financial position of the Bank in
respect of its assets and liabilities, and of the results of its operations and its cash flows for the
financial year under review. The independent external auditors report directly to the Audit
Committee, which they inform each year of their work programme, and of the coordination of their
activity with that of the Bank’s Internal Audit.

2.3 The EIB publishes on its website details of the composition of its decision-making bodies,
including curriculum vitae (summary of the professional qualifications and experience) of the
members of the Board of Governors, the Board of Directors, the Management Committee and the
Audit Committee. This information is updated when the composition of the decision-making and
supervisory bodies changes, i.e. when new appointments are made to the Board of Governors,
the Board of Directors, the Management Committee or the Audit Committee.

2.4 General information on the Bank’s salary structure (including information on remuneration of
the members of the Board of Directors, the Audit Committee and of the members of the
Management Committee), staff benefits and other related information is available to the public.
Descriptions of positions advertised for recruiting purposes are publicly available.

2.5 The EIB has in place a College of Staff Representatives elected by secret ballot guaranteeing
the representation of each staff category. The EIB Staff Representatives are involved in
collaborative problem-solving and consultation through regular meetings with the Human
Resources department, the joint working groups and joint committees. They participate in
Management Committee meetings when proposals concerning staff interests are examined. The
EIB Staff Representatives have also the right to express their views at Board of Directors
meetings whenever issues of general interest to the staff are being discussed.

2.6 Financial Reporting

2.6.1 The Bank publishes audited financial statements on an annual basis which are included in
the Bank’s Annual Report, as well as half-yearly summary non-audited balance sheet and profit
and loss account. The EIB applies International Financial Reporting Standards (IFRS) at
consolidated (group) level, with extended notes to the Balance Sheet and to the Profit and Loss
Account Statement as well as the Independent Auditors Report and the Audit Committee Report.
This is a fundamental element of transparency and is recognised as an expression of best
practice in corporate governance at group level. With the same objective, the relevant European
           8
Directives are applied to non-consolidated EIB financial statements.

2.6.2 In this respect, particular attention is taken regarding IFRS 7 on Disclosures. The Bank is
fully committed to disclosures in its financial statements that enable stakeholders to evaluate: (a)
the significance of financial instruments for the entity’s financial position and performance; and (b)
the nature and extent of risks arising from financial instruments to which the entity is exposed
during the period and at the end of the reporting period, and how the entity manages those risks.

2.6.3 The EIB carefully follows the law in the markets in which its securities are offered. A
common requirement in the jurisdictions in which the EIB operates is non-discrimination in the
disclosure of information on financial actions that would provide someone with an unfair
competitive advantage in trading. In general the EIB will seek to ensure that information on such

8
 EU directives 86/635/CE of 08.12.1986 modified by EU directives 2001/65/CE of 25.9.2001 and 2003/51/CE of
18.06.2003


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matters will be released simultaneously through appropriate approved regulatory channels as well
as on its website.

2.6.4 Detailed information on borrowing focuses on financial products, on-going financing
operations and outstanding securities. Further information is provided on bond markets, tables of
issues and links to offering circulars and debt issuance programmes. Press releases are also
issued for specific actions which are considered particularly newsworthy. Routine information on
EIB borrowing activities is also made available by financial intermediaries.

2.7 Corporate Responsibility

2.7.1 The EIB publishes an annual Activity and Corporate Responsibility Report available in all
the EU official languages, with a Technical Annex - Corporate Responsibility Developments -
available in French, English and German. This Technical Annex is compiled following the third
generation (G3) of the Global Reporting Initiative (GRI) standards and is awarded a B+ level by
GRI.

2.7.2 The information presented in the Corporate Responsibility Developments is reviewed and
certified by the Bank’s external auditors, who provide a limited assurance statement in
                          9
accordance with ISAE3000 .

2.7.3 The EIB also has a separate section on corporate responsibility on its website. It contains
information relating to the Bank’s structure and activities in the area of corporate responsibility in
earlier years, as well as annual reporting information. This site discloses environmental, social
and governance (ESG) indicators in a structured form mainly to be used by investors and
specialised ESG analysts.


3. GOOD ADMINISTRATION

3.1 The EIB has its own “Code of good administrative behaviour for the staff of the EIB in its
relations with the public” published in the Official Journal of the European Communities C17 of 19
January 2001, which is fully compliant with the European Code of Good Administrative Behaviour
approved by the European Parliament in September 2001.

3.2 The Bank is committed that all citizens, as well as legal persons such as associations (NGOs)
and companies, writing to the Bank in one of the languages of the Treaty will receive, as far as
possible, a reply in the same language.

3.3 Receipt of all letters and requests addressed to the Bank <by the public> shall be
acknowledged within 10 working days of their delivery to the competent department, except
where a substantive reply can be sent within that period. The acknowledgement of receipt shall
indicate the name of the department and member of staff in charge of the matter.

3.4 A reply to all requests addressed to the Bank shall be provided within an acceptable period,
without delay, and in any event no later than two months following receipt. Where, on account of
the complexity of the issues raised, a reply cannot be provided within the abovementioned period,
the requester shall be informed without delay. In this event, the correspondent shall be furnished
with a definitive reply as soon as possible.

3.5 All replies to requests must be reasoned in such way that the person concerned is precisely
informed of the grounds and arguments on which they are based.




9
 According to the International Standard on Assurance Engagements (ISAE3000), limited assurance is based on review
of analytical procedures and tests of controls, but does not include full substantive procedures.


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4. DISCLOSURE OF INFORMATION

4.1 Publication vs. Disclosure

4.1.1 Within the limits imposed by applicable laws and regulations, the final determination as to
what information may be released to the public shall rest with the Bank who shall also decide
which documents to publish, through its website and/or in paper form, and which documents are
available on request only.

4.1.2 Documents that are considered of general public interest, which could interest a large
number of stakeholders and/or members of the public, will be published.

4.1.3 Project borrowers and co-financiers are made aware of the principles of this policy at an
early stage in discussions.

4.1.4 The exceptions will only apply for the period during which protection is justified on the basis
of the content of the document. The exceptions may apply for a maximum period of 30 years. In
the case of documents covered by the exceptions relating to the protection of personal data or
commercial interests of a natural or legal person including intellectual property, the exceptions
may, if necessary, continue to apply after this period.

4.2 Framework Agreements

4.2.1 The Bank discloses Framework Agreements on request, unless the Country concerned has
formally opposed such disclosure. The Partner Countries will be informed of the Bank’s policy in
this respect.

4.3 Project cycle information

4.3.1 The “Proposal from the Management Committee to the Board of Directors” for financing a
project is not released before approval by the Board of Directors.

For public sector projects, the Proposal from the Management Committee will be disclosed on
request.

For private sector projects, information designated by the Bank’s private sector counterparts as
confidential cannot be disclosed.

4.3.2 All public sector projects are included on the Project List on the Bank’s website, at least 3
weeks prior to Board approval, as are all private sector projects when there has been a call for
international tender published in the Official Journal of the European Union and/or which have
been subject to an Environmental Impact Assessment (EIA).

However, certain private sector projects are not published before Board approval and, in some
cases, not before loan signature to protect justified commercial interests.

4.3.3 In cases in which the EIB co-operates closely with other IFIs and European bilateral
institutions and has broadened and deepened this co-operation by partial or full delegation of
project appraisal and monitoring (mutual reliance) documents relating to such common projects
prepared by another IFI and/or European bilateral insitution could be disclosed by the other
parties themselves or by the EIB with the prior agreement of the relevant other IFI or European
bilateral institution.

4.4 Information related to borrowing operations and other information for capital
markets

4.4.1 Information on the EIB’s approach to borrowing activities is outlined on the Bank’s website,
while the Corporate Operational Plan indicates expected funding volume.

4.4.2 The EIB is required to follow the law in the markets in which its securities are offered. A
common requirement in the jurisdictions in which the EIB operates is non-discrimination in the


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disclosure of financial information that would provide someone with an unfair competitive
advantage in trading. In general the EIB will seek to ensure that information on such matters will
be released simultaneously through appropriate approved regulatory channels as well as on its
website. Routine information on EIB borrowing activities is also made available by financial
intermediaries.

4.4.3 The main means of communication on borrowing operations and other information of
relevance for capital markets audiences include:

• Regulatory filings that are made available to the public;
• The Bank’s website;
• Key financial news services, notably Bloomberg and Reuters;
• Dissemination of news through a Regulatory Information Service;
• The Investor Relations sub-site of the Bank's website focuses on the Bank’s borrowing activities.
These website pages provide a profile of EIB as a borrower, and information related to key
aspects of its borrowing operations, including tables of issues and links to offering circulars and
debt issuance programmes;
• The EIB Group Annual Report includes extensive information on lending and borrowing
activities, as well as financial statements. It includes the Financial Report, which provides an
annual overview of borrowing activities, treasury and liquidity management. Among the Annual
Report documents is the statistics supplement, which contains a list of bond operations carried
out in the capital markets;
• Presentation documents and fact sheets;
• Periodical investor newsletter;
• Press releases on borrowing activities, which are considered particularly newsworthy or respond
to disclosure requirements;
• Other specialised information materials on the Bank’s activities in the capital markets.

4.4.4 The EIB also has direct contacts with sections of the investment community in meetings
(including road-shows, teleconferences and conferences).

4.4.5 Queries related to the Bank’s activities in the capital markets should be addressed to the
Investor Relations Division (investor.relations@eib.org).

4.4.6 Documentation (Offering Circulars, Prospectus and/or Programmes) for public bond issues
is available upon request.

4.5 Procedures for handling information requests

4.5.1 The Bank’s procedures for handling requests for information from the public are as follows:

4.5.2 Applications for access can be made in any written form or orally. They should be
addressed to the information desk of the EIB’s Communication Department or to the EIF’s
communication unit, as the case may be. Regarding EIB, they can also be addressed to the
Bank’s External Offices, which will then forward them to the Communication Department at the
Headquarters in Luxembourg.

4.5.3 If an application is not sufficiently precise or if it does not enable the document, or
information, to be identified, the applicant shall be asked to clarify the application.

4.5.4 The applicant is not obliged to state reasons for the application.

4.5.5 Requests are normally processed by the EIB’s Infodesk and are replied to without delay and
                                                            10
in any event no later than 15 working days following receipt .
4.5.6 If an oral request for information is too complicated or complex to deal with, the requester
shall be asked to formulate the request in writing.


10
  Requests for information in EU languages other than the working languages of the EIB (French and English) may be
faced with increased deadlines due to the time needed for translation.



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4.5.7 If information has already been released by the Bank the applicant shall be informed of how
to obtain the requested information.

4.5.8 In exceptional cases, for example in the event of an application relating to a very long
document or when the information is not readily available and complex to collate and where a
reply cannot be provided within the prescribed time limit, the correspondent shall be informed
without delay and no later than 10 working days following receipt.

4.5.9 The Bank shall, however, endeavour to provide a reply to such complex requests no later
than 30 working days following receipt.

4.5.10 If, for reasons of confidentiality, the Bank is unable to divulge the information requested, in
full or partially, the reason(s) why such information cannot be provided shall be stated and the
applicant will be informed of the right to make a voluntary confirmatory application or lodge a
complaint.

4.5.11 Information shall be supplied in an existing version and format, or, if feasible, in a format
according to the specific needs of the requester.

4.5.12 It shall be ensured that, where possible, members of the public writing to the Bank in one
of the official languages of the EU receive a reply in the same language.

4.5.13 An applicant may be charged a fee to cover for reasonable costs arising from the making
available of document(s) requested.

4.5.14 It shall be ensured that no correspondence shall be sent to other external parties unless
the person concerned has been informed.

4.5.15 The Bank retains the possibility of refusing to follow up an application that is excessive,
repetitive, clearly frivolous or malicious or commercial in nature.

4.5.16 In the event of a total or partial refusal, the applicant may on a voluntary basis, within 15
working days of receiving the Bank’s reply, make a confirmatory application. Alternatively, the
applicant may lodge a complaint according to the “Provisions for Appeal”.

4.5.17 In the event of failure by the Bank to reply to a request within the prescribed time limit, the
applicant may lodge a complaint as described below.

4.5.18 The voluntary confirmatory application shall be handled in line with the previous provisions.

4.5.19 In the event of a total or partial refusal following a confirmatory application, the Bank shall
inform again the applicant of the remedies open to him or her, namely making a complaint as
described below in the chapter on “Provisions for appeal”.

4.5.20 The provisions for appeal also apply if the Bank fails to reply within the prescribed time
limits or if a person considers that a reply is unsatisfactory.


5. STAKEHOLDERS’ ENGAGEMENT

5.1 As part of its commitment to be transparent and accountable, the EIB has over the years
strengthened its relationship with stakeholders through broader dialogue, information sharing and
consultation with interested CSOs and citizens.

5.2 At institutional level, the EIB engagement with Civil Society is handled by the Civil Society Unit
within the Communications Department and takes a variety of forms.

5.3 The EIB encourages its staff to engage with stakeholders during their visits to countries.
Engagement with national stakeholders is also increasingly taking place through the European
Commission representations in the countries. Discussions with national stakeholders are usually
country-specific and seen by the EIB as a tool to adapt to the projects specificities.


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5.4 The Bank recognises it can benefit from support from well-informed local CSOs in appraising
and monitoring projects. They can contribute to the legitimacy of a project and their profound
knowledge and understanding of local issues can help improve the performance and minimise the
risks of a project.

5.5 The responsibility for information and consultation of local stakeholders on a project basis lies
with the project promoter. However, the EIB has issued guidelines to its staff on how to assess
stakeholders’ concerns during the appraisal of the project. If deemed necessary meetings should
be organised, through or in cooperation with the project promoter, with concerned parties to better
understand their issues regarding the specific project.

5.6 The Complaints Mechanism sets the guidelines on how to treat complaints from CSOs and
the citizens.

5.7 The Bank will investigate and is open to further avenues regarding civil dialogue on projects
with high environmental, social, including human rights, risk potential.


6. PUBLIC CONSULTATION

6.1 Stakeholders are informed of future public consultations through the website and to the extent
possible direct electronic mailings. The timetable, as well as the contact details for each
consultation are also published through the website.


7. EVALUATION

7.1 The Bank gradually takes the appropriate steps to ensure that evaluation takes place for each
of the organisation’s activities, and that the key (internal and/or external) stakeholders of the
activity are involved in the evaluation. It includes the evaluation of end results (outputs, outcomes
or impacts), but also the ongoing monitoring of progress and provision of feedback to enable
adjustments that ultimately improve results.

7.2 The Operations Evaluation Unit, under the responsibility of the Inspector General, carries out
regular ex post evaluations of the EIB Group operations. The terms of reference of the Operations
Evaluation, endorsed by the EIB Board of Directors, are published on the EIB website.

7.3 The objective of an evaluation is to assess the Group’s operations with a view to identifying
aspects which could improve operational performance, accountability and transparency. It does
so by carrying out thematic, sector and regional/country evaluations of operations financed
normally once they have been completed. Operations are assessed using internationally
accepted evaluation criteria (based on relevance, effectiveness, efficiency and sustainability. The
EIB Group contribution to the operations (financial and non financial), the EIB Group management
of the project cycle, as well as the “financial performance” of the EIB Group are also assessed.

7.4 Reports and reviews performed by Operations Evaluation are published on the EIB website.

7.5 The EIB intends to proceed with annual evaluations of its Corporate Responsibility Policies by
external experts in extra-financial analysis. This evaluation will be targeted to Environmental,
Social and Corporate /Ethical issues and will cover areas such as: Respect for human rights,
Quality of human resources management, Business behaviour, and Environmental footprint.


8. PROMOTING TRANSPARENCY

8.1 Approach Statement on Corporate Governance

8.1.1 Together with other Development Financing Institutions, the EIB has signed in October 2007
the “Approach Statement on Corporate Governance”. By signing this Statement, the EIB
recognises not only the importance of good corporate governance practices for sustainable



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economic development, but also the critical role that DFIs can play in their promotion in emerging
markets at both the private and public sector level. The EIB endeavours to:

         • Develop or adopt guidelines, policies or procedures on the role of corporate governance
         considerations in its due diligence and investment supervision operations; these could
         cover aspects such as: commitment to good corporate governance, the rights and
         equitable treatment of shareholders, the role of stakeholders, disclosure and
         transparency, and the composition and responsibilities of the Board of Directors.
         • Provide or procure training on corporate governance issues to its investment and
         supervision staff.
         • Encourage companies where it invests in (whether directly or indirectly) to observe local
         codes of corporate governance in the spirit of best international practice. Engage
         company management and board members in a dialogue to foster improvement in those
         cases where corporate governance practices are weak.
         • Promote the use of internationally-recognised financial reporting standards and
         encourage investee companies to adopt or align their accounting principles and practices
         to such standards.
         • Collaborate with other DFIs on an ongoing basis, and when appropriate with its
         partners, to further advance the cause of good corporate governance.

8.2 Extractive Industries Transparency Initiative

8.2.1 Combating corruption and lack of transparency are particularly crucial in the countries rich in
oil and gas and mineral resources where the failure to disclose information on payments and
revenues can lead to a misuse of resources. Poverty reduction in support of the Millennium
Development Goals is an objective for EIB, and the projects it finances in this sector contribute
directly or indirectly to reducing poverty and improving employment opportunities in developing
countries. Well managed extractive industries can make a significant contribution to economic
development and job creation.

8.2.2 The EIB is convinced that improved transparency and accountability in the extractive
industries are essential elements for underpinning economic development, poverty reduction, and
for political stability in resource rich countries. The EIB therefore has endorsed the Extractive
Industries Transparency Initiative - EITI - established to encourage and assist resource rich
countries to put into place procedures for publishing verified information on payments made and
revenues received.

8.2.3 Countries adopting EITI principles and internationally recognised reporting standards,
coupled with good governance policies, will strengthen their capacity to ensure an effective use of
national resources and improve economic efficiency and growth, as well as enhancing investor
confidence.

8.2.4 The EIB is committed to support EITI’s work in resource-rich countries outside the EU in
which the Bank operates, in particular by working with its project sponsors to introduce greater
transparency and consistency in reporting on payments at a project level. At the same time, the
EIB will continue to promote the initiative in its contacts with governments and national authorities
and encourage them to adopt the EITI principles for reporting and publishing extractive industry
revenues. EIB is also more generally supporting the work of the EITI International Secretariat
based in Oslo.


9. PROVISIONS FOR APPEAL

9.1 Complaints Mechanism

9.1.1 The provisions for appeal are determined by the EIB Complaints Mechanism, Principles,
Terms of Reference and Rules of Procedure which recognises the right of the members of the
public to lodge a complaint concerning alleged maladministration against the EIB and provides
the public with a tool enabling alternative and pre-emptive resolution of disputes.




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9.1.2 Any natural or legal person affected, or feeling affected, by a decision and/or action of the
EIB, which includes failure to deliver according to its Transparency Policy, may lodge a complaint
with the EIB' Secretary General, by e-mail to complaints@eib.org or by filling in an online form
available in all official languages of the EU (http://www.eib.org/infocentre/complaints-form.htm).
Complaints must be lodged within one year from the date on which the facts upon which the
allegation is grounded could be acknowledged by the complainant.

9.1.3 The EIB Complaints Office will acknowledge the receipt of the appeal within 10 working
days from the receipt of the complaint and will provide a reply by no later than 40 working days
following the acknowledgment of receipt. For complex issues that cannot be answered within this
timeframe, the complainant will be informed of the reason of the delay and the deadline for reply
can be extended to a maximum of 100 working days following the acknowledgment of receipt.

9.1.4 The lodging of a complaint under the EIB Complaints Mechanism is without prejudice to the
rules under which the complainant may be allowed to institute court proceedings before the Court
of Justice of the EU, in accordance with and under the conditions laid down in the Treaty on the
Functioning of the European Union.

9.2 European Ombudsman

9.2.1 In case of dissatisfaction with the outcome of the complaint lodged with the EIB Complaints
Mechanism, EU citizens or any natural or legal person residing or having its registered office in a
EU Member State can, in accordance with article 228 of the Treaty on the Functioning of the
European Union and regardless of a direct concern in the alleged maladministration, refer their
appeal to the European Ombudsman. The European Ombudsman has been set up to examine
appeals about maladministration in the activities of EU institutions and bodies and reports to the
European Parliament. Moreover, following the Memorandum of Understanding signed by the EIB
and the European Ombudsman the latter commits to systematically using its own initiative power
in order to handle complaints lodged against the EIB, when the sole reason preventing an inquiry
is the fact that the complainant is not a citizen of the European Union or a natural or legal person
residing or having his registered office within the European Union.

9.3 Aarhus Convention Compliance Committee

9.3.1 Any member of the public has the right to submit communications to the Aarhus Convention
Compliance Committee against the European Union concerning the alleged non-compliance of
the EIB with the Convention. Further details on this compliance review mechanism are available
at the following address: http://www.unece.org/env/pp/compliance/Pubcom0205.doc

9.4 European Court of Justice

9.4.1 The actions of the Bank shall also be subject to judicial appeal before the Court of Justice of
the EU in accordance with the relevant provisions of the Treaty on the Functioning of the
European Union, in particular Articles 263 and 271.

9.5 Reporting

9.5.1 The Bank publishes an annual report of the complaints submitted under the Complaints
Mechanism. Complaints submitted to the European Ombudsman are also published on the
Ombudsman’s website and in its Annual Report. The deliberations of the European Court of
Justice and of the Aarhus Convention Compliance Committee are also published on their
websites.




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Annex 1 – Information routinely disseminated

This is a non-exhaustive and flexible list of the most relevant EIB policy documents. Whereas the
policy documents of the EIB are under constant review, it is strongly recommended to verify the
status of a policy (i.e. if it is still in force or is under review) on the EIB’s website (www.eib.org)


1. Institutional information

1.1 Statutory documents

1.1.1 EIB Statute - sets out the institutional, legal and governance framework for the Bank’s
activities.

1.1.2 Rules of Procedure – for the Bank’s decision-making bodies, the Audit Committee, and staff.

1.1.3 EIB Group Annual Report - is made up of three separate volumes:

• EIB Group Financial Report – represents the financial statements of the EIB Group, the EIB, the
Cotonou Investment Facility, the FEMIP Trust Fund and the EIF, along with the related
explanatory annexes11.

• EIB Group Activity and Corporate Responsibility Report - highlights the Group’s key activities in
the previous financial year and future prospects.

• Statistical Report - includes in list form the projects financed, and the borrowing undertaken by
the EIB, together with a listing of the EIF’s projects. It also includes summary tables for the
reference year and the last five years.

1.2 Codes of Conduct

1.2.1 The Bank publishes on its website all Codes of Conduct applicable to the Board of
Directors, the Management Committee, the Audit Committee, and EIB staff members:

• Code of Conduct for the Members of the Board of Directors of the EIB;
• Code of Conduct for the Members of the Management Committee of the EIB;
• Code of Conduct for the Members of the Audit Committee of the EIB;
• Staff Code of Conduct;
• Code of Good Administrative Behaviour for the Staff of the EIB in its Relations with the Public.

1.2.2 In addition, personal statements by Members of the Board of Directors and Management
Committee are published:

Board of Directors: The members of the Board of Directors sign a personal statement on the other
offices or positions they hold. Details of abstentions from voting in cases of conflict of interest are
made public as well.

Management Committee: The members of the Management Committee sign a declaration of
financial interests similar to that applicable to members of the European Commission.

1.2.3 Annual calendar/agenda/summary of Board of Directors meetings is published on the
website. (http://www.eib.org/about/structure/governance/board_of_directors/index.htm).

2. Policies and strategies

2.1 Corporate Operational Plan




11
  EIB’s Group Financial Report includes extensive information on credit, operational and risk management.
The Bank also publishes half-yearly consolidated accounts (unaudited).


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2.1.1 Corporate Operational Plan (COP) - sets operational priorities and defines medium-term
policy in the light of the objectives assigned to the Bank by its Governors. Spanning three years, it
is established annually and adapted to take account of new mandates, EU policy orientations and
changes in the economic climate. It provides a benchmark on which to appraise performance
published in EIB Annual Reports.

2.2 Transparency, Governance and Corporate Responsibility

2.2.1 Transparency Policy - transparency is one of the Bank’s main strategic corporate objectives,
reflecting its role as the EU’s policy-driven bank. The Transparency Policy [February 2010] covers
ethics, corporate governance, good administration, disclosure of information; stakeholders’
engagement; public consultation, evaluation, promotion of transparency and appeal mechanisms.

2.2.2 Statement on Governance - explains the guiding principles on Governance at the Bank. It
deals with decision-making and supervisory bodies; expertise, ethics and conflicts of interest;
remuneration and other benefits; external monitoring structures; financial statements and
information on risk control; managing control; compliance; internal audit and control framework;
strategy implementation and monitoring; and transparency.

2.2.3 Statement on Corporate Social Responsibility (CSR) - presents a declaration of broad CSR
principles, together with commitments towards their implementation. This constitutes the basis for
the establishment of detailed guidelines and for future reporting. Furthermore, the Statement
describes the principles that guide the EIB in integrating social and environmental concerns into
its business operations (see also Corporate Responsibility Report below).

2.2.4 Corporate Responsibility supplementary/technical reporting - covers issues of ethics and
governance, transparency and accountability, responsible financing (including information on
EIB’s environmental activities), and the Bank’s corporate footprint. It includes the information on
the EIB’s environmental activities which were previously presented in the Bank’s Environmental
Report.

2.2.5 Integrity Policy and Compliance Charter - underlines the EIB Group’s commitment to a
policy of integrity in the performance of its mission, oversees compliance with standards and acts
as a first-line detector of potential incidents of non-observance of rules on ethics and integrity so
that appropriate measures can be taken in line with the texts and procedures in force.

2.2.6 EIB Interim revised policy towards Offshore Financial Centres - this document updates the
existing 2005 policy of the EIB in its lending, borrowing and treasury activities connected with
offshore financial centres. It aims to ensure that EIB is fully in line with the principles endorsed by
the G20 summit of world leaders in London in April 2009.

2.2.7 The EIB’s Anti-Fraud Policy and the Procedures for the Conduct of Investigations - these
documents are based on the Uniform Framework agreement reached by the IFI Anti-Corruption
Task Force in September 2006, which harmonises the definitions of fraud, corruption, collusion
and coercion across the IFIs.

2.3 Sustainable Development

2.3.1 Environmental and social policies, strategies and procedures – the “EIB Statement of
Environmental and Social Principles and Standards” and “Environmental and Social Practices
Handbook” (the Handbook) cover policy and internal guidelines, standards, procedures and
organisation in the field of the environment, describing how the EIB assesses environmental and
social aspects of all projects considered for financing, the legal framework applied - depending on
where the project is situated - and the responsibilities of project promoters with regard to
environmental matters, including any nature conservation requirements.

2.3.2 The Social Assessment of Projects in Developing Countries: The Approach of the European
Investment Bank - outlines the existing EIB practice of social assessment of projects in
developing countries to promote sustainable development. The document reflects the increasing
relevance of social issues in this context and explains the Bank's aim to gradually develop a more
pro-active approach to considerations of social welfare.


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2.3.3 Access to Environmental Information: Environmental information is available on the EIB
website        to        facilitate      an       easy         search       for   documents.
(http://www.eib.org/projects/topics/environment/access-to-information/index.htm).


3. Project cycle related publications

3.1 Eligibility Guidelines - explain the legal basis under which the EIB finances projects within the
European Union’s Member States. Its lending outside the EU is covered by separate mandates
from the EU as part of the Union’s external co-operation and development aid policies.

3.2 Project Cycle at the EIB - describes the Bank’s decision-making mechanisms relating to the
projects it finances. It also provides an overview of the standard appraisal and monitoring
procedures applied which are tailored to the specific characteristics of each project for which a
loan is requested.

3.3 Guide to Procurement - provides promoters and their suppliers with information on the EIB’s
policy, the applicable legal framework and the arrangements to be made for procuring required
works, goods and services for projects financed by the Bank. It also details the respective roles of
the EIB and promoters of projects.

3.4 Statistical Report - published as Volume III of the EIB’s Annual Report, providing a
comprehensive set of data on projects financed by the Bank. This includes country lists of finance
contracts signed and statistical lending breakdowns by country, region, EU objective, and sector.


4. Project List (Pipeline)

4.1 The Bank posts on its website advance information on projects it considers for financing on a
Project List with associated Project Summaries. Projects are introduced onto the list before
consideration by the EIB’s Board of Directors, at least 3 weeks in advance, unless compelling
reasons would justify a later release.

4.2 The “trigger point” for posting a Project Summary is when the Bank formally requests the
opinions of the Member State and the European Commission, as required under Article 21 of the
EIB Statute. This is considered to be the most suitable points for the first public statement that the
Bank has reached a sufficiently advanced stage in discussions with a project promoter to
commence the project’s appraisal prior to a loan proposal going to the Board of Directors.


5. Project Summaries

5.1 Project Summaries include the name of the project, the project promoter or financial
intermediary (for intermediated loans), the location of the project, the sector it represents, a
project description, its objective(s), its environmental and, if appropriate, social aspects,
procurement data, proposed EIB finance, the total project cost, and the status of the project,
noting whether it is “under appraisal”, “approved” or “signed”. When applicable, links are provided
to Environmental Impact Assessment (EIA) information, as early as possible in the project cycle.

5.2 If applicable, the Project Summary includes either an electronic version or a link to the Non-
Technical Summary (NTS) of an EIA and, outside the EU, the equivalent of the NTS along with
the Environmental Impact Study/Statement (EIS). EIB staff endeavour to meet any specific
requests for information on particular EIA/EIS-related issues and documents. The EIB requires
promoters to make EIA-related documents available to the public in an appropriate location and
form, and also encourages them to make public any additional environmental and social
information related to the project.

5.3 After signature, projects summaries are accessible through the list of financed projects.




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6. Intermediated loans

6.1 Intermediated loans are published on the Project List on the Bank’s website. In addition, the
Bank releases, on request, aggregate data on intermediated loan financing, including country and
sector breakdowns.


7. Press releases

7.1 EIB issues press releases on newsworthy projects, usually at the time of loan signature.




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Annex 2 - Documentation produced during the project cycle

Each project generates its own unique collection of documentation and communications, which
can change over time either in format or naming. Certain key stages within the life cycle of a
project can be distinguished when essential information is collected and evaluated. The Bank’s
appraisal process may generate the following documents that play a key role in its internal
decision making processes:

Appraisal Authorisation
Request for Opinion of European Commission and EU Member State(s)
European Commission’s opinion
Member State opinion
Proposal to negotiate the operation, including opinions from EIB’s various services
Proposal from the Management Committee to the Board of Directors for financing a project
Formal financing request from the project promoter
Finance Contract


                    EIB Project cycle




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European Investment Bank                                                           EIB Transparency Policy



Annex 3 – Sources of information


1. EIB documents in the public domain can be freely reproduced, if:

1.1 the source and the date of publication are mentioned; and
1.2 the information is not modified; and
1.3 the information is not used for commercial purposes (which would require the EIB’s
approval); and
1.4 the rights of third parties in the field of copyright are respected.

1.5 Certain statutory documents and decisions of the Bank are published in the Official Journal of
the European Union.


2. Website

2.1 The EIB website is the main platform for disseminating information to the public on the Bank’s
role and activities. It is a key authoritative source of information on the Bank.

2.2 All documentation published by the EIB is either posted or listed on its website.

2.3 The Bank is committed to a policy of constant improvement in the content and facilities of the
website to enhance rapid and easy access to its information. The website is currently available in
English, French, and German.

2.4 Sub-sites of the Bank’s website focus on particular sectors of EIB activity, like:

• Countries in accession to the European Union;
• Mediterranean Partner Countries;
• Asian and Latin American Countries;
• Russia and the Eastern neighbours;
• African, Caribbean and Pacific Countries;
• Economic and social cohesion;
• Small and Medium sized Enterprises;
• Knowledge Economy;
• Environment;
• Energy;
• Capital Markets;
• Corporate Responsibility;
• Civil Society;
• Jobs - on current employment opportunities at the EIB.

2.5 EIB’s website is also accessible through the portal site of the European Union server
(www.europa.eu) and is included in numerous public websites dealing with EU affairs.


3. InfoDesk

3.1 The InfoDesk can be addressed for all requests for information and documents or any other
enquiry concerning the EIB’s role and activities. The InfoDesk team can also be reached by
telephone.


4. Relations with the press and other news media

4.1 In general the Media Relations Division, Communication Department, manages relations with
the news media. The Investor Relations Division in the Capital Markets Department manages
relations with specialised capital market press.




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4.2 Press activities are focused on:
• Press conferences, organised by the Bank, among which the main annual press conferences in
Luxembourg and Brussels presenting the Bank’s results in the previous financial year and, if
required, the press conference after the Board of Governors Annual Meeting.
• Press contacts, ranging from briefings and interviews to background information meetings.
• Press releases, mostly for newsworthy loan signatures. Other topics covered include high profile
borrowing operations, new EU policy initiatives involving the Bank, and appointments to the EIB's
decision-making bodies and senior management. Press releases are posted on EIB’s website and
circulated to those on the press release mailing list.
• Articles for specialised publications.
• Corporate and market-oriented advertisements – limited in scope.


5. Civil society relations

5.1 The role of the Civil Society Unit, Communication Department, is to manage relations with
Non-Governmental Organisations (NGOs) and other Civil Society Organisations (CSOs). The Unit
acts as an interface with civil society, in particular in coordinating replies to enquiries and requests
for information and organising meetings and workshops with interested organisations.

5.2 Local and regional contacts. Bank staff correspond and meet with local CSOs, notably when
there is a particular interest among the local population in an EIB-financed project. Whenever
appropriate, operational staff is included in such meetings, with the Civil Society Unit having a
coordinating and facilitating role.

5.3 Other events. EIB staff also participates in CSO-organised events.

5.4 Civil Society Homepage on EIB relations with Civil Society www.eib.org/civilsociety




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DOCUMENT INFO