Editing European Investment Bank (section)

=== Accountability ===

==== Internal control bodies ====
The EIB has four statutory bodies; the audit committee, the board of governors, the board of directors and the management committee.<ref name=":2">{{Cite book|title=The Governance of the European Investment Bank|url=https://www.eib.org/en/publications/governance-of-the-eib|access-date=2021-04-28|website=European Investment Bank|year=2015|doi=10.2867/533383|language=en|author1=European Investment Bank|publisher=Publications Office of the European Union|isbn=978-92-861-2354-2}}</ref>

The audit committee functions as an independent control body and verifies the bank's operations and the validity of its accounts. Its six independent members are appointed for a non-renewable term of office of six consecutive financial years by the board of governors. It issues a report on the bank's financial statements at the time of approval of the financial statements by the board of directors. The audit committee directly reports to the board of governors.<ref>{{Cite web|title=Audit Committee|url=https://www.eib.org/en/about/governance-and-structure/statutory-bodies/audit-committee/index.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref>

The audit committee appoints the external auditors of the EIB and evaluates their independence and investigates potential conflicts of interest. In recent years, [[KPMG]] has functioned as the EIB's external auditor.<ref>{{Cite web|title=External Auditors|url=https://www.eib.org/en/about/governance-and-structure/control-evaluation/external-auditors.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref><ref>{{Cite book|title=Audit Committee Annual Reports for the year 2019|url=https://www.eib.org/en/publications/audit-committee-annual-reports-2019|access-date=2021-04-28|date=4 August 2020|publisher=European Investment Bank |language=en |last1=Bank |first1=European Investment }}</ref><ref>{{Cite book|title=Audit Committee Annual Reports for the year 2018|url=https://www.eib.org/en/publications/audit-committee-annual-reports-2018|access-date=2021-04-28|date=29 July 2019|publisher=European Investment Bank |language=en}}</ref>

Other internal organisational provisions such as Financial Control or Internal Audit make recommendations regarding the effectiveness of the bank's governance, risk management or internal control and express their opinion on certain aspects of the EIB's financial policies and their implementation.<ref>{{Cite web|title=Internal Audit|url=https://www.eib.org/en/about/governance-and-structure/control-evaluation/internal-audit.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref><ref>{{Cite web|title=Financial Control|url=https://www.eib.org/en/about/governance-and-structure/control-evaluation/financial-control.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref>

The EIB Compliance Function is responsible for ensuring that all of the bank's activities are in line with its standards of integrity. Its tasks include combating money laundering and the financing of terrorism, and supporting a corporate culture that is based on ethical values and professional conduct.<ref>{{Cite web|title=Compliance|url=https://www.eib.org/en/about/compliance/index.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref>

==== External control bodies ====
The EIB also cooperates with independent control bodies: the [[European Court of Auditors]], the [[European Anti-Fraud Office]] (OLAF) and the [[European Ombudsman]].<ref name="auto"/><ref name="Governance and structure"/> According to Article 287(3) of the [[Treaty on the Functioning of the European Union|Treaty on the Functioning of the EU]] (TFEU), the European Court of Auditors has access to information required for the audit of the European Union's expenditure and revenue managed by the EIB.<ref>{{Cite web|title=C_2016202EN.01017001.xml|url=https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:12016E287&from=EN|access-date=2021-04-28|website=eur-lex.europa.eu}}</ref> This means that the Court of Auditors is authorised to audit loan operations that are under the mandate conferred by the EU or that are guaranteed by the general EU budget and administered by the EIB.<ref>{{Cite web|title=European Court of Auditors|url=https://www.eib.org/en/about/eu-family/eca.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref> The bank further collaborates with the European Anti-Fraud Office ([[European Anti-Fraud Office|OLAF]]) to combat fraud and corruption within European Institutions.<ref>{{Cite web|title=European Anti-Fraud Office|url=https://www.eib.org/en/about/governance-and-structure/control-evaluation/olaf.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref><ref>{{Cite web|title=European Anti-Fraud Office|url=https://ec.europa.eu/anti-fraud/home_en|access-date=2021-04-28|website=European Anti-Fraud Office – European Commission|language=en}}</ref> Based on a [[memorandum of understanding]] between the European Investment Bank and the European Ombudsman, EU citizens can escalate their concerns regarding an EIB project, policy or activity to the European Ombudsman if the outcome of the EIB's Complaints Mechanism is not satisfactory.<ref>{{Cite web|title=European Ombudsman|url=https://www.eib.org/en/about/governance-and-structure/control-evaluation/ombudsman.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref>

==== Transparency ====
Complaints can range from environmental degradation or threats to community health and safety to involuntary resettlement.<ref>{{Cite web|title=What we do – Complaints Mechanism|url=https://www.eib.org/en/about/accountability/complaints/what-we-do/index.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref> The Complaints Mechanism team examines whether the EIB Group has failed to comply with internal policies, standards or procedures or with applicable legislation and offers mediation to solve conflicts between the complainant and an EIB project or activity. It monitors closed complaints to ensure that agreed measures are implemented. Improvements to the EIB policy framework that are identified during complaints processes are given to the senior management.<ref>{{Cite book|title=EIB Group Complaints Mechanism Policy|url=https://www.eib.org/en/publications/complaints-mechanism-policy|access-date=2021-04-28|date=13 November 2018|publisher=European Investment Bank |language=en}}</ref>

The EIB's Project Procurements Complaints Committee (PCC) deals with projects procurement complaints, e.g. objections arising from tendering of EIB-financed contracts for goods, works and consultant services.<ref>{{Cite web|title=Project Procurement complaints|url=https://www.eib.org/en/about/accountability/project-procurement-complaints/index.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref> The Fraud Investigations Division investigates allegations, verifies the existence of a robust anti-fraud policy framework, proactively identifies actual or potential vulnerabilities and trains staff on fraud awareness.<ref>{{Cite web|title=Investigating Prohibited Conduct|url=https://www.eib.org/en/about/accountability/anti-fraud/index.htm|access-date=2021-04-28|website=EIB.org}}</ref>

The bank publishes documents related to its role, governance, accountability, policies and operations. Project-related information usually include a summary of the investment project, the loans obtained through financial intermediaries, environmental and social information, and project briefs. Key figures and information on the EIB's lending activities are published in the EIB Activity Reports (yearly figures) and the Statistical Reports (summary tables). As part of the Bank's Transparency policy the EIB does not publish information that may harm legitimate interests of clients and project partners. It refuses to disclose, for example, personal data, commercial interests such as patents, and information related to on-going investigations. In 2014, the EIB set up a public register to increase transparency and to allow citizens to browse the bank's publications or to request documents.<ref>{{Cite web|title=Public register|url=https://www.eib.org/en/registers/index.htm|access-date=2021-04-28|website=EIB.org}}</ref><ref>{{Cite web|title=EIB transparency and access to information|url=https://www.eib.org/en/about/partners/cso/access-information/index.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref><ref>{{Cite web|last=Taylor|first=Kira|date=2021-01-28|title=European investment bank loses landmark case on 'green' scrutiny|url=https://www.euractiv.com/section/energy-environment/news/european-investment-bank-loses-landmark-case-on-green-scrutiny/|access-date=2021-04-28|website=www.euractiv.com|language=en-GB}}</ref>

==== Communication and outreach ====
The EIB Complaints Mechanism organises events to inform the general public and members of Civil Society Organisations (CSOs) of the mandate of the mechanism, the admissibility criteria and the methodological approach.<ref>{{Cite web|title=Communication and outreach – Complaints Mechanism|url=https://www.eib.org/en/about/accountability/complaints/what-we-do/communication-outreach.htm|access-date=2021-04-28|website=EIB.org}}</ref> In addition, the European Investment Bank holds formal public consultations to demonstrate transparency and accountability and to benefit from the participants' expertise.<ref>{{Cite web|title=Public consultations|url=https://www.eib.org/en/about/partners/cso/consultations/index.htm|access-date=2021-04-28|website=EIB.org|language=en}}</ref>