Nominations and Remuneration

In line with Article 11(2) of the Bank's Statute, nominations to the Board of Directors of the Bank are made by each Member State and, for one position, by the European Commission. The Statute also defines how alternate directors and the non-voting experts on the Board of Directors are nominated and appointed.

The Statute defines that members of the Board of Directors shall be chosen from persons whose independence and competence are beyond doubt; they shall be responsible only to the Bank.

The conditions under which a director may be retired or should resign are also stipulated in the Statute - Article 11(3).

In line with Article 13(1) of the Bank's Statute, nominations for members of the Management Committee are made by the Board of Directors for appointment by the Board of Governors.

The conditions under which a member of the Management Committee may be retired or should resign are also stipulated in the Statute - Article 13(2).

The remuneration of the members of the Board of Directors and of the Management Committee is determined by the Board of Governors as defined in the Statute.

The regulations concerning the staff of the Bank are prescribed by the Board of Directors in accordance with Article 29 of the Rules of Procedure.

The appointment of staff to the Senior Management Cadre (i.e. Directors General, Directors and Associate Directors) is made by the President in accordance with Article 13(7) of the Statute and Article 21 of the Rules of Procedure.

The Human Resources department is responsible for ensuring consistency in the recruitment procedure in accordance with Article 13(7) of the Statute.

The remuneration of staff in the Senior Management Cadre is disclosed on the page "Remuneration and terms of employment of EIB Staff". Salary negotiations and contracts of appointment are the responsibility of the Human Resources department.

The above processes maintain objectivity and independence in the appointment and removal of members of the Board of Directors and Management Committee and staff in the Senior Management Cadre, and in the setting of their remuneration and therefore satisfy the roles typically assigned to a Nominations Committee and to a Remuneration Committee.