PUBLIC DISCLOSURE POLICY
20 October 2005
(Work in progress)
I. Introduction 3
II. Policy principles 3
• EIB principles of transparency
• The EIB Public Disclosure Policy
• The European Investment Fund
III. Policy framework 5
• EU institutional set-up
• Working with banking and financial sectors
• Policy enforcement and evaluation
IV. Disclosure of information 6
• Project List (Pipeline)
• Confidential business information (Box)
• Project Summaries
• Other project details
• Project documents (Box)
• Global loans
• Evaluation Reports
• Provisions for complaints
ANNEX I - Rules on Public Access to Documents 10
ANNEX II - Sources of EIB information 13
• Key publications
• Borrowing activity
• Lending activity
• Relations with the press and other news media
• Civil society relations
• Conferences and exhibitions
• Audio-visual materials and library facilities
• EIB historical archives
1. Improvement in the transparency of its institutions, is a key European Union policy aimed at
bringing them closer to the publics they serve, highlighting their relevance in contributing to
Europe’s social and economic cohesion and sustainable development. The European
Parliament, Council and Commission have called on all the institutions and bodies of the
European Union to adopt rules on public access documents that take into account the
principles and limits laid down in the Regulation 1049/2001.
2. The European Investment Bank, as the European Union’s principal lending body, is committed
to achieving the highest possible level of transparency in all its activities. Ensuring
transparency is therefore a core EIB objective in the Bank’s rolling three-year Corporate
Operational Plan. The EIB’s Public Disclosure Policy forms a crucial reference for implementing
this transparency policy.
3. As a public institution, openness and transparency on how the Bank makes decisions, works
and implements EU policies, strengthen its credibility and its accountability to Europe’s citizens.
II. Policy principles
EIB principles of transparency
4. The European Investment Bank’s Public Disclosure Policy is founded on a presumption of
disclosure of information. All information held by the Bank is subject to disclosure upon
request, unless there is a compelling reason for non-disclosure.
5. Exceptions to disclosure are covered by the Bank’s “Rules on Public Access to Documents”
(Annex I below).
6. When considering a request for information, the Bank does not discriminate or give special
privileged access to information. As an EU body it applies equal treatment towards enquiries
from the public, whether from individual citizens and legal persons or special interest groups.
7. The framework for application of these principles is set out in two documents: “Rules on Public
Access to Documents” - part of the Public Disclosure Policy - and the “Code of Good
Administrative Behaviour for the staff of the European Investment Bank in its relations with the
public”. The Code of Good Administrative Behaviour sets out the standards, which the public is
entitled to expect when requesting information or documents.
8. The EIB believes that openness and transparency help promote public confidence in its
activities and decision-making processes. They also contribute to increasing the efficiency and
sustainability of its operations, reducing the risks of corruption, and enhancing staff relations
with external stakeholders.
9. The EIB’s “Statement on Corporate Social Responsibility” explains that in its financing
operations the Bank gives recognition to the rights, interests and responsibilities of
stakeholders to achieve sustainable outcomes.
10. The “Guidelines on Fighting Corruption and Fraud” bring together the main elements of the
Bank’s approach to fighting corruption, drawing on the Bank’s Codes of Conduct, Guide to
Procurement, and internal guidelines and charters, including conditions introduced into its
finance contracts. This also provides for the fair treatment and protection of “whistleblowers”.
The European Parliament and Council have adopted Regulation No. 1049/2001 to give the public the fullest rights to access
documents of the Parliament, Council and Commission.
11. The EIB is fully committed to transparency towards capital markets. The EIB’s disclosure
requirements and limitations, vary depending on the legal and regulatory regimes of markets
where the Bank’s securities are offered. The Bank seeks to avoid selective disclosure to
ensure all parties have a fair access to its information.
The EIB Public Disclosure Policy
12. The Public Disclosure Policy provides a framework for making the Bank’s activities more visible
and accessible. The Bank regards the Public Disclosure Policy as an evolving and flexible
instrument, subject to a continuous process of internal evaluation and quality assessment and
responsive to public comment.
13. The EIB first published an “Information Policy” in June 1997, which was revised in October
2002. Since then the Bank has widened the policy’s focus and content and increased its
openness, as outlined in the Transparency Policy approved by its Board of Directors and
published in June 2004.
14. A second review of what is now known as the EIB Public Disclosure Policy, in 2005, was
subject to public consultation, allowing stakeholders to submit comments through a web-based
consultation and at workshops. The EIB also maintains a dedicated mailbox on its website
(email@example.com) to receive comments throughout the year. Formal reviews of the policy will
take place on a three-year basis.
15. In addition, the EIB continuously reviews legal and regulatory disclosure requirements
applicable to the international capital markets.
16. The Public Disclosure Policy is outlined in three sections and two annexes:
o Policy principles
o Policy framework
o Disclosure of information
o Annex I: “Rules on Public Access to Documents”
o Annex II: Sources of information on the EIB
17. The Public Disclosure Policy is one of many policies and codes that have been drawn up to
cover all aspects of EIB activities. Of particular relevance when considering the Policy are
those covering the management of environmental and social issues, corporate social
responsibility, and issues of governance, such as anti-corruption and fraud. They can all be
found on the EIB website.
The European Investment Fund
18. The general policy principles apply to the whole EIB Group, which consists of the EIB and the
“European Investment Fund” (www.eif.org). The EIF is the Group’s venture capital and small
and medium sized enterprise guarantee vehicle. As the EIB and EIF have different tasks and
products, there are differences in the detailed application of public access to information. To
avoid confusion specific rules on public access to EIF documents are drawn up and published
“Rules on Public Access to Documents”
19. As soon as the “European Parliament and Council Regulation 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 EC institutions and bodies” will be
adopted by the EU’s legislators, the EIB Rules on Public Access to Documents will be
III. Policy framework
EU institutional set-up
20. The EIB’s Statute, defining the Bank’s role, scope of activities and its governance structures, is
a Protocol attached to the Treaty of Rome. The Statute establishes the EU Member States as
the EIB’s shareholders. Through the EU governments, the Bank is accountable to EU citizens.
The Member States are represented on the Bank’s principal decision-making bodies, the Board
of Governors, Board of Directors and the Management Committee. The Bank also has an
extensive control and accounting structure with an independent Audit Committee appointed by
and reporting directly to the Board of Governors, as well as international external auditors,
internal audit and evaluation functions under the Inspector General, and the Group Chief
21. The EIB is policy-driven, continuously adapting its activity to EU policy development. The
European Council and the EU Council of Ministers regularly call on the Bank to support new
EU policies and initiatives. The EIB’s Board of Governors adapts EIB lending policies by
adopting new credit directives and opening up new areas of activities for the Bank in support of
22. The Bank ensures that its activities support the implementation of EU policies and laws.
Examples relevant for its Public Disclosure Policy, include EU decisions on environmental
issues such as Environmental Impact Assessments (EIAs), human rights, democracy, and rule
of law in countries and regions in which the Bank operates, to help meet the challenges of
achieving sustainable development.
23. The EIB has close institutional and operational links with the European Commission. Under the
terms of the EIB Statute, the Commission nominates a Member to the Bank’s Board of
Directors. All applications for loans are submitted to the Commission for an opinion on the
investment’s conformity with EU policies, before financing approval by the Board of Directors.
24. The Bank has also close relationships with other EU institutions. The EIB maintains a regular
dialogue with the European Parliament on the Bank’s activities in support of EU objectives.
This dialogue ranges from addressing plenary sessions to briefings for committees and
individual Members of Parliament.
25. In addition, the Bank is forging closer links with the European Economic and Social Committee
(EESC). The EU Treaty of Nice (2000) reinforced the EESC’s role, which includes acting as an
interface between the EU institutions and civil society. As part of the EU institutional
framework, the Bank is subject to the jurisdiction of the Court of Justice of the EU. The
European Court of Auditors examines the use of EU funds managed by the Bank. The EIB
works closely with OLAF (the European Anti-Fraud Office), and is subject to the remit of the
Working with banking and financial sectors
26. The EIB has a legal obligation to respect business confidentiality. The EU Treaty and the
Bank’s Statute provide the EIB with operational and financial autonomy to enable it to perform
effectively as a financial institution.
27. The EIB is an important partner in the financial sector, especially when borrowing on the capital
markets and financing projects. In conducting its business operations, it is natural that the EIB
must ensure mutual trust in its activities by respecting banking secrecy and the confidentiality
of market sensitive information in compliance with European and national regulations and
banking sector standards.
28. The EIB uses the policies and legislation of the EU as the best reference available for
measuring most of its activities. In its day-to-day operations it takes into account other
standards and practices applied by the banking and financial community, particularly where
these are not covered directly by EU law.
29. In the area of transparency, the Bank also uses as a reference international developments, in
particular those of the International Financing Institutions and Multilateral Development Banks.
These are important partners for the EIB, in particular when it operates in the framework of the
development aid and external co-operation policies of the EU.
30. This current Public Disclosure Policy establishes a balance between the Bank’s duty to protect
business confidentiality with its commitment to transparency. Reasons for protecting
confidentiality of information are set out in Article 4 of the “Rules on Public Access to
Documents”. A non-exhaustive list of categories of documents that cannot be released for
reasons of confidentiality are listed in a Box below.
Policy enforcement and evaluation
31. The public can follow the extent to which the EIB achieves its objectives in areas such as
transparency in its strategic “Corporate Operation Plan” (COP).
(http://www.eib.org/about/objective/) as well as in other key documents such as the EIB Annual
Report and the annual Corporate Governance Statement (see Annex II Sources of information
on the EIB).
32. As staff support and commitment is indispensable for the successful implementation of its
transparency policy, the Bank runs awareness-building sessions for staff members on
transparency and disclosure issues, dialogue with stakeholders, Corporate Social
Responsibility and other related topics, as part of its wider training programme.
33. The EIB will open up further public consultation on selected policies, essentially through the
website (Transparency Policy report, June 2004). The public has been consulted in the latest
review and contributions are reflected in this current EIB Public Disclosure Policy.
IV. Disclosure of information
34. This section deals with disclosure of information in areas of EIB lending and borrowing
activities based on the above principles. Most EIB policies and strategies are regularly
published on its website.
35. The Bank disseminates a wide variety of information about its business operations. Key project
related information sources include the Annual Report and its Activity Report, Project
Summaries, project information provided on request, Evaluation Reports, and press releases.
36. Project List (Pipeline)
The Bank publishes advance information on projects it considers for financing in the form of a
Project List and associated Project Summaries on its website. Projects are introduced onto the
list before consideration by the EIB’s Board of Directors, unless compelling reasons would
justify a later release.
37. The “trigger point” for posting a Project Summary is when the Bank requests the opinions of the
Member State(s) concerned and the European Commission, as required under Article 21 of the
EIB Statute. This is considered to be the most suitable point for the first public official statement
that the Bank has reached a sufficiently advanced stage in discussions with a project promoter
to be reasonably confident of a loan proposal going to the Board of Directors. The Board’s
approval gives EIB staff the go-ahead for further talks with the promoter and other parties. The
Bank’s commitment to financing the project in question comes only with the signing of the
38. The Project List contains all public sector projects irrespective of their geographical location, all
projects for which calls for tender have been published in the Official Journal of the European
Union or where an EIA is required according to EIB policy.
In the case of private sector projects within the EU that require an EIA, the Bank's
Management Committee may, in exceptional cases, decide on non-disclosure prior to approval
by the Board of Directors, where such an announcement may adversely affect the promoter's
39. Confidential business information
Reasons for exceptions to disclosure of information are explicit and explained in the Bank’s
“Rules on Public Access to Documents”.
Examples of the main kind of information on projects held in EIB files that, in whole or in part,
have to be kept confidential include:
o Correspondence with promoters, borrowers, co-financing institutions within the (pre-)
appraisal and negotiation process
o Financing and guarantee contracts and related correspondence
o Legal opinions
o Financial information on promoters, borrowers and co-financing parties
o EIB’s internal analysis and comments on such data
o Procurement documents.
40. Project Summaries include the name of the project; the project promoter or financial
intermediary (for global 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 (“under
appraisal”, “approved” or “signed”). Projects remain on the list for six months following
41. If applicable, the Project Summary includes either an electronic version or links to the Non-
Technical Summary (NTS) of an Environmental Impact Assessment (EIA) and, outside the EU,
the NTS along with the Environmental Impact Statement (EIS). The EIB also provides links to
relevant procurement notices.
Other project details
42. The EIB will provide details, on request, on public sector projects after approval for financing by
the Board of Directors. This will be based on non-confidential information in the Board Project
Report. For private sector projects, information from the Board Project Report will not be made
available. However, the Bank will consider providing further information, where possible, in
response to specific questions.
43. On request the Bank will release information from its own environmental and social impact
appraisal reports, as well as from mission reports.
44. In cases where projects raise considerable public interest, the EIB may publish further project
details on its website in the section “Topical Project Briefs”.
45. The EIB issues press releases on newsworthy projects, usually at the time of loan signature.
The brochure “Projects financed and statistics”, which is published as part of the EIB’s Annual
Report, provides 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.
46. Project documents
Each project generates its own unique collection of documentation and communications. Certain key
stages within the life cycle of a project at the Bank can however be distinguished when essential
information is collected and evaluated.
The Bank’s appraisal process may generate the following internal confidential documents that play a
key role in its internal decision making:
o Project Information Note
o Proposal to authorise appraisal
o Request for Opinion of European Commission and EU Member State(s)
o European Commission’s opinion
o Member State(s)’ opinion
o Proposal to negotiate the operation, including opinions from EIB’s various services
o Board Project Report
Then there are documents forming part of the confidential relationship with its clients, for example:
o Formal financing request from the project promoter
o Finance Contract.
The Bank does not object in principle to project promoters, borrowers, or other competent parties
making information available on their relationship and arrangements with the Bank. Business partners
are also made aware at an early stage in discussions of the EIB’s Public Disclosure Policy.
47. Global loan operations are published on the Project List on the Bank’s website. In addition, the
Bank releases, on request, aggregate data on global loan financing, including country and
sector breakdowns. Information on individual global loan allocations is the competence of the
intermediary bank, as this falls within the normal business relationship between a bank and its
customers. The EIB has no objection to the intermediary bank making available information
covering its relationship with the Bank. (The EIB has no contractual relationship with final
beneficiaries of global loans. The intermediary bank is the beneficiary’s business partner,
carrying the project’s commercial risks and signing the financing contract).
48. Operations Evaluation activities are carried out within the Inspector General’s Department.
Operations Evaluation prepares independent ex-post thematic, sector and regional/country
evaluations of EIB’s financing operations. These are published on the Website after discussion
by the Board of Directors.
49. Information on the EIB’s approach to borrowing activities is outlined in the Bank’s Corporate
Operational Plan, which also indicates expected funding volume.
50. Information on public bond issuance is disclosed through the main news channels (e.g.
Bloomberg, Reuters). Documentation (Offering Circulars, Prospectus and/or Programmes) for
public bond issues is available upon request. Publicity is restricted for Private issuance for
confidentiality reasons. Information on the main communication means for the Bank’s activities
on capital markets can be found in Annex II.
51. Disclosures on EIB borrowing activities are also routinely made by financial intermediaries.
52. The Bank publishes on its website all Codes of Conduct applicable to the Board of Directors,
the Management Committee and the Audit Committee. The Bank also publishes detailed
information on the remunerations and other benefits applicable to the members of the decision-
making bodies – and supervisory bodies as well as staff.
53. The members of the Board of Directors sign a personal statement on the other offices or
positions they hold, which are published on the EIB website. Details of abstentions from voting
in cases of conflict of interest are made public as well. An annual calendar of Board meetings is
available on the Bank’s website. The agenda of the Board’s monthly meeting, their minutes and
voting records are confidential as provided for by the “Rules on Public Access to Documents”.
54. The members of the Management Committee sign a declaration of financial interests similar to
that applicable to members of the European Commission. Their declarations are posted on the
55. A Group Chief Compliance Officer ensures observance of the Bank’s statutory provisions,
applicable rules, Codes of Conduct and professional standards, to prevent risks that might
arise through failures by the Bank, its decision-making bodies or members of staff, in the
discharge of their obligations.
Provisions for complaints
56. Members of the public who feel that a request for information or documents was not dealt with
according to the standards and procedures formally adopted by the Bank may lodge a formal
complaint with the EIB’s Secretary General. This is outlined in the Bank’s Code of Good
57. The public can also refer their complaint to the independent European Ombudsman. The
Ombudsman has been set up to examine complaints about mal-administration in the activities
of EU institutions and bodies. The Ombudsman reports to the European Parliament, and
considers representations from EU citizens or any natural or legal person residing or having its
registered office in a EU Member State. The Ombudsman may also be prepared, on an “own
initiative” basis, to consider complaints about EU institutions and bodies from citizens or
residents in non-EU countries.
58. For cases where the citizens or residents from non-EU countries wish to appeal against non-
disclosure of information, and whose cases are not being handled by the Ombudsman, the
Bank’s Inspector General will investigate the cases. The Inspector General directly reports to
the President of the Bank.
RULES ON PUBLIC ACCESS TO DOCUMENTS
[The “Whereas” section has been suppressed as a repetition of the principles and policies stated
earlier in this document.
As mentioned, once the enacting legislation for the principles of the Aarhus Convention is ratified, the
EIB will review these Rules on Public Access to Documents.]
In application of the principles it has adopted regarding disclosure and information, the
Management Committee of the Bank has issued the following rules for the attention of its
Article 1 – Scope
1. Members of the public shall have access to the documents of the Bank in accordance with the
principles, on the conditions and within the limits laid down in this decision.
2. “Member of the public” shall mean any citizen of the Union or any natural or legal person
residing or having its statutory registered office in a Member State of the European Union or in
a State in which the Bank conducts its activities.
3. “Document” shall mean any content drawn up or received by the Bank concerning a matter
relating to policies, activities or decisions falling within its sphere of responsibility.
4. “Third party” shall mean any natural or legal person or any entity outside the Bank, including
the Member States, other Community or non-Community institutions and bodies and third
Article 2 – Applications
1. Applications for access shall be made in any written form, including electronic form.
They shall be addressed to:
Communication & Information Department
European Investment Bank
or to: firstname.lastname@example.org.
2. Applications for access shall be processed in accordance with the conditions and deadlines
laid down in the Code of good administrative behaviour.
3. The applicant shall not be obliged to state reasons for the application. If any application is not
sufficiently precise or if it does not enable the document or information sought to be identified,
the Bank shall ask the applicant to clarify the application.
4. The Bank shall nevertheless retain the possibility of refusing to follow up any application of an
excessive or patently disproportionate nature.
Article 3 – Third-party documents
Where the Bank is approached with an application in respect of a document in its possession
received from a third party, it shall consult the third party concerned for agreement, save where it
results clearly from examination of the document in the light of this decision that it must or must not
Article 4 – Exceptions
1. Access to all or part of a document shall be refused where its disclosure would undermine the
protection of :
(i) the public interest as regards international relations or the financial, monetary or economic
policy of the Community, its institutions and bodies or a Member State;
(ii) privacy and the integrity of the individual, notably with respect to human resources, in
particular in accordance with Community legislation regarding the protection of personal
(iii) court proceedings;
(iv) legal advice;
(v) the purpose of inspections, investigations and audits;
(vi) commercial interests of a natural or legal person, including intellectual property;
(vii) the obligation of professional secrecy where such disclosure were to be contrary to
professional ethics, rules and practices applicable in the banking and financial sector.
2. Access to all or part of a document drawn up by the Bank for internal use or received by it,
which relates to a matter where the decision has not been taken by it, shall be refused if
disclosure of the document would undermine the Bank’s decision-making process. Access to a
document containing opinions for internal use as part of deliberations and preliminary
consultations within the Bank shall be refused even after the decision has been taken if
disclosure of the document would undermine the Bank’s decision-making process.
3. Any document or part of a document containing information about third parties shall not be
disclosed, where the information has been identified to the Bank as being confidential, or is
covered by an undertaking of confidentiality made by the Bank, or where the information is
otherwise of such a nature that it is subject to the Bank’s duty of confidentiality toward third
4. An exception to the rules laid down in the preceding paragraph shall be possible with the
written authorisation of the person or entity protected by the confidentiality of the information in
5. The exceptions as laid down in the preceding paragraphs shall only apply for the period during
which protection is justified on the basis of the content of the document. The exceptions may
generally apply for a maximum period of 30 years. In the case of documents covered by the
exceptions relating to privacy, commercial interests or internal management powers, the
exceptions may, if necessary, continue to apply after this period.
Article 5 – Access following an application
1. The applicant shall have access to documents either by consulting them on the spot or by
receiving a copy, in electronic form where available.
2. Documents shall be supplied in an existing version and format.
3. If a document has already been released, either by the Bank or by a third party, the Bank shall
reply to the application for access by informing the applicant how to obtain the requested
Article 6 – Reproduction
This decision shall be without prejudice to any existing rules on copyright, including that of the
Bank, which may limit a third party’s right to reproduce or exploit released documents.
Article 7 – Costs
An applicant may be charged a fee to cover the costs arising from the making available of
Article 8 – Recourse
Failing a reply within the deadline prescribed in Article 13 of the Code of good administrative
behaviour or in the event of a total or partial refusal following a complaint, the applicant shall be
free to contact the European Ombudsman in accordance with Article 195 of the Treaty.
Article 9 – Final provisions
This decision annuls and replaces the decision adopted by the Management Committee on 26
This decision is supplemented by the provisions of the Code of good administrative behaviour.
The Secretary General of the Bank may, in consultation with the departments concerned, set in
place the arrangements for applying these rules.
SOURCES OF INFORMATION ON THE EIB
59. The EIB Website is the main platform for disseminating information on the Bank’s role and
activities to the public. It is a key authoritative source of information on the Bank.
60. All documentation published by the EIB is either posted or listed on its website. The website
contains the full range of information on the Bank’s governance and transparency, decision-
making structure, as well as information on its project lending and its borrowing activities.
61. 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.
62. Sub-sites of the Bank’s website focus on particular lending and borrowing objectives or other
sectors of EIB activity. Presently, sub-sites exist for the following:
o Accession Countries
o Mediterranean Partner Countries
o African, Caribbean and Pacific Countries
o The Western Balkans
o Asian and Latin American Countries
o Innovation 2010 Initiative
o Capital Markets
o Jobs - on current employment opportunities at the EIB
o Economic and Financial Studies - gives access to research papers
63. EIB’s website is also accessible through the portal site of the European Union server
(www.europa.eu.int) and included in numerous public websites dealing with EU affairs, as well
as in the main internet search engines.
64. The InfoDesk (email@example.com) 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 be also be reached by telephone – see contact details below.
65. A complete and up-to-date list of EIB-publications is available on the Bank’s website
(http://www.eib.org/publications/). A search machine helps to find publications. Certain
statutory documents and decisions are also published in the Official Journal of the European
66. A selection of key EIB-publications is listed below.
67. EIB Statute - sets out the institutional, legal and governance framework for the Bank’s
68. Rules of Procedure
69. EIB Annual Report - is made up of three separate publications:
o EIB Group Financial Report – EIB’s statutory and reference publication, including its
financial statement, governance and a summary of EIB and EIF activities.
Both EIB and EIB Group consolidated financial statements are included in the EIB
Group Financial Report. The consolidated financial statements of the EIB Group are
drawn up in accordance with International Financial Reporting Standards (IFRS).
EIB’s unconsolidated accounts are drawn up in accordance with the European
Council Directive 86/635/EEC on the annual accounts and consolidated accounts of
banks and other financial institutions.
EIB’s Financial Report includes extensive information on credit, operational and risk
The Bank also publishes half-yearly consolidated accounts (unaudited).
o EIB Group Activity Report – highlights the Group’s key activities in the previous
financial year, both within and outside the European Union.
o Projects financed and statistics – includes lists of all loan contracts signed and funds
raised in the reference year, as well as statistical analyses covering the last five
Corporate Strategy, Policies and Procedures
70. The EIB issues a number of documents relating to its operational strategy, internal policies and
procedures in support of its activity. These are published on the Bank’s website.
71. The “Corporate Operational Plan” (COP) is the EIB’s strategic document setting operational
priorities and defining 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 in subsequently published EIB Annual Reports.
72. Transparency is one of the Bank’s main strategic corporate objectives, reflecting its role as the
EU’s policy-driven bank. The policy is spelled out in “Transparency – Report and Proposals”
(June 2004), and covers a wide range of actions in the areas of corporate governance, ethics
and remuneration; financial reporting and controls and evaluation; and banking activity. The
policy also mentions opening further public consultation on selected policies, essentially
through the website, and the introduction of reporting on the EIB’s Corporate Responsibility
Statement on Governance
73. The Statement 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.
Statement on Corporate Social Responsibility (CSR)
74. The CSR Statement presents a declaration of broad principles (High Level Policy), which are
seen as the core of CSR, together with commitments towards the implementation of those
principles. This High Level Policy will constitute the basis for the establishment of detailed
guidelines and for future reporting.
75. Furthermore the Statement describes the principles that guide the EIB in integrating social and
environmental concerns into its business operations. It summarises the existing elements of a
CSR policy. It reports compliance with legal requirements as well as voluntary actions, policies,
standards and procedures that the EIB carries out in order to reach out to society at large.
76. Aspects regarding the Bank’s staff and other internal issues will be included at a later stage.
77. Guidelines on Anti-corruption and Fraud bring together the main elements of the Bank’s
present approach, drawing on the Bank’s Codes of Conduct, Guide to Procurement, and
internal guidelines and charters, including conditions introduced into its finance contracts
Environmental and social policies, strategies and procedures
78. The “Environmental Statement” and “Environmental Procedures” cover policy and internal
guidelines, standards, procedures and organisation in the field of the environment, describing
how the EIB assesses environmental and related 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
79. The environmental documents are complemented by “The Social Assessment of Projects in
Developing Countries: The Approach of the European Investment Bank” and documents on the
EIB’s approach towards “Sustainable Development” and “Climate Change” and its policy on for
example “Renewable Energy” and “Urban Development”.
80. The main means of communication include:
o For the disclosure of information on borrowing activities there are the key financial news
services, notably Bloomberg and Reuters, the Bank’s website and a Regulatory
o The Capital Markets 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.
o Regulatory filings that are made available to the public.
o The EIB Group Annual Report Group includes the Financial Report, which provides an
annual overview of borrowing activities, treasury and liquidity management. Among the
Annual Report documents is the Projects and Statistics supplement, which contains a list
of bond operations carried out in the capital markets.
o Presentation documents
o Periodical investor newsletters
o Press releases on borrowing activities, which are considered particularly newsworthy or
respond to disclosure requirements.
o Other specialised information materials on the Bank’s activities in the capital markets.
o Queries related to the Bank’s activities in the capital markets can initially be addressed to
the Investor Relations Division (firstname.lastname@example.org).
81. The EIB also has direct contacts with sections of the investment community in meetings
(including road-shows, teleconferences and conferences).
82. The “Eligibility Guidelines” explain the legal basis under which the EIB selects the projects it
decides to finance within the European Union 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.
83. The brochure “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 then tailored to the specific characteristics of each
project for which a loan is requested.
84. The “Guide to Procurement” provides promoters of projects financed by the EIB and their
suppliers with information on the Bank’s policy, the applicable legal framework and the
arrangements to be made for procuring required works, goods and services for projects
financed by the EIB. It also details the respective roles of the EIB and promoters of projects
Relations with the press and other new media
85. In general the Media Relations Division, Communication and Information Department,
manages relations with the news media. The Investor Relations Division in the Capital Markets
Department manages relations with specialised capital market press.
86. Press activities are focused on:
o Press conferences, organised by the Bank, among which the annual press conferences
in Luxembourg and Brussels (in February) presenting the Bank’s results in the previous
financial year and, if required, the press conference after the Board of Governors Annual
Meeting (in June).
o Press contacts, ranging from briefings and interviews to background information
o 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 interested on the press
release mailing list.
o Articles for specialised publications
o Corporate and market-oriented advertisements – limited in scope.
Civil society relations
87. The Civil Society Unit, Communication and Information Department, manages relations with
civil society organisations (CSOs), including NGOs. The Unit acts as an interface with civil
society, in particular in coordinating replies to enquiries and requests for information and
meetings and workshops with interested organisations. Its activities include:
o Regular Workshops. EIB holds Workshops for CSOs on topics of common interest, in
principle twice a year, mainly on a regional basis, inside and outside the EU. Workshops
are brought to the attention of CSOs by announcing the event on the Bank’s website. The
agenda for these Workshops is drawn up in co-operation with interested CSOs.
o Local and regional contacts. In addition, the Bank’s staff corresponds and meets with
local CSOs, notably when there is a particular interest among the local population and
NGOs in an EIB-financed project. Whenever appropriate, operational staff is also
included in such meetings, with the Civil Society Unit having a coordinating and
o Other events. EIB staff also participates in CSO organized events (the list of events is
posted in the Information Policy section on the Bank’s website).
Conferences and exhibitions
88. The Bank organises a number of external conferences and events as well as participates in
conferences and events organized by third parties. It publishes speeches and statements by
EIB senior management on its website.
89. The annual EIB Forum and other occasional conferences gather together experts on important
90. EIB holds seminars, roundtables and workshops with stakeholders on topics of mutual interest,
in particular for business partners.
91. EIB staff participate in external events to promote a professional debate on topics of interest for
EIB and others.
92. EIB staff make presentations to visitor groups having a political, professional or academic
interest in the Bank’s role and activities.
93. EIB is frequently present at major conferences, trade fairs and exhibitions of special interest to
it, in particular those aiming at establishing and extending relations with, for example, the
banking sector, public and private economic operators, civil society, and the media, and also at
recruitment fairs which present an opportunity to contact potential employees.
Audio-visual materials and library facilities
94. Video films, explaining the EIB's role and activities are freely available on VHS PAL standard,
and BETACAM standard for professional use.
95. The EIB has a small film library for professional use containing "dossiers" of film material,
illustrating aspects of EIB activities and its decision-making structure.
96. The EIB has a small photograph library on EIB activities and personalities which may be
consulted by third parties on request.
97. The EIB may provide a restricted access to its Library facilities. This is mainly limited to
elements such as its inventory of official EIB texts, and a bibliographic selection of works
about the EIB. Consultation of the library facilities is by appointment and subject to staff
EIB historical archives
98. The EIB is establishing a declassification policy. In principle, documents of historic value will be
gradually released from the Bank’s archives and made available to the interested public. The
Bank’s historical Archives are kept, together with those of other EU institutions, in the
University Institute in Florence.
99. To promote the accessibility of information, the Bank is committed to a language regime that
responds to public needs. EIB’s statutory documents are available in all official EU languages.
Other key documents with a particular importance for the public at large, such as “Codes of
Conduct”, 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. The EIB requires its staff members to ensure, as
far as possible, that citizens writing to the Bank in one of the EU languages receive a reply in
the same language.
100 To include:
Civil Society team