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The Audit Committee

The Audit Committee is an independent body answerable directly to the Board of Governors and responsible for verifying that the operations of the Bank have been conducted and its books kept in a proper manner. At the time of approval of the financial statements by the Board of Directors, the Audit Committee issues its statements thereon. The reports of the Audit Committee on the results of its work during the preceding year are sent to the Board of Governors together with the annual report of the Board of Directors. The Audit Committee is composed of six Members, appointed by the Board of Governors for a non-renewable term of office of six consecutive financial years.

As the Audit Committee is non-resident, members do not receive a remuneration from the Bank. For each meeting day of the Committee (normally ten per year) in which they participate Members and Observers of the Audit Committee receive an indemnity of EUR 1050. In addition the Bank pays a per diem of EUR 200 as a lump-sum reimbursement for hotel and related expenses to be covered by individual Committee Members and reimburses travel expenses.

Date of situation: 08/06/2010


Chairman

Gerard SMYTH
Gerard SMYTH


Members

Éric MATHAY
Éric MATHAY
José RODRIGUES DE JESUS
José RODRIGUES DE JESUS
Danièle NOUY
Danièle NOUY
Joseph G. GALEA
Joseph G. GALEA

Madis ÜÜRIKE
Madis ÜÜRIKE



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