# 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 27

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

1. The members of the Committee shall be appointed by the Board of Governors. Their appointment shall be for 6 consecutive financial years and shall not be renewable. One member of the Committee shall be replaced each year.
2. Members shall be chosen from persons having independence, competence and integrity. Members shall possess financial, audit or banking supervisory expertise in the private or public sector, and among themselves should cover the whole range of expertise.
3. The terms of office of the members of the Committee shall expire at the end of the day either of the Annual Meeting of the Board of Governors referred to in Article 2(2) of these Rules or of the approval of the financial statements, whichever is the later. The term of office of new members shall commence the following day.
4. The Board of Governors, acting by a qualified majority, may compulsorily retire a member of the Committee, if it considers that he is no longer able to discharge his duties.
5. The office of Chairman of the Committee shall be held for 1 year in rotation by the member whose appointment is to come to an end at the end of the day either of the Annual Meeting of the Board of Governors referred to in Article 2(2) or of the approval of the financial statements, whichever is the later.
6. The Board of Governors, on a joint proposal from the President of the Bank and the Chairman of the Audit Committee, may appoint a maximum of three observers for a non-renewable 6-year term. They shall be appointed on the basis of their particular qualifications, especially with regard to banking supervision. They shall assist the Committee in the execution of its tasks and responsibilities, by participating in its work. The full members of the Committee may entrust the observers with certain specific tasks, in particular studies in preparation for the meetings of the Committee.

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Source: https://www.legislation.gov.uk/eudn/2016/772/annex/article/27 (the official version)
Page: https://openlegislation.uk/eu-decision-2016-772/annex/article-27
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.