# Decision of the Board of Governors of 20 January 2016 on the Amendments to the Rules of Procedure of the EIB to reflect the Strengthening of the EIB Governance [2016/772], Article 25

Extent: E+W+S+N.I.

1. The Committee shall hold a meeting at least once a year with the Management Committee in order to discuss the results of its work during the preceding financial year as well as its work programme for the current financial year.
2. At the end of each financial year and not later than 2 weeks before the submission to the Board of Governors, the Committee must receive the draft annual report of the Board of Directors, containing the draft financial statements.
3. Within 3 weeks of receiving these documents, the Committee, having carried out the tasks deemed necessary, having received assurance from the Management Committee concerning the effectiveness of the internal control systems, risk management and internal administration, and after having examined the report of the external auditors, must forward to the President of the Bank a statement confirming that, to the best of its knowledge and judgement:
the activities of the Bank are conducted in a proper manner, in particular with regard to risk management and monitoring,
the Committee has verified that the operations of the Bank have been conducted and its books kept in a proper manner and that, to this end, it has verified that the Bank's operations have been carried out in compliance with the formalities and procedures laid down by the Statute and the Rules of Procedure,
the Committee confirms that the financial statements, as well as any other financial information contained in the annual accounts drawn up by the Board of Directors, 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. It shall provide the same confirmation in respect of the consolidated version of the financial statements.
4. Should the Committee consider that it is unable to confirm the foregoing, it must deliver to the President of the Bank within the same time limit a statement containing a reasoned explanation.
5. The Committee's statement shall be communicated to the Board of Governors as an annex to the annual report of the Board of Directors.
6. The Committee shall address to the Board of Governors a detailed report on the results of its work during the preceding financial year, including verification that the activities of the Bank conform to best banking practice applicable to it, a copy of which shall be sent to the members of the Board of Directors and the Management Committee. The Committee's report shall be sent to the Board of Governors together with the annual report of the Board of Directors.

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Source: https://www.legislation.gov.uk/eudn/2016/772/annex/article/25 (the official version)
Page: https://openlegislation.uk/eu-decision-2016-772/annex/article-25
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.