While the EIB is ostensibly a public institution - it is “owned” by the 25 EU member countries who are the bank’s shareholders – it has decision-making autonomy within the European Community. Its operations are overseen by both a Board of Governors and a Board of Directors - not to the EU itself.
The Board of Governors consists of 25 ministers from the EU member states, usually finance ministers, and plays a limited role in the actual day-to-day operations of the Bank. According to the EIB website, in addition to appointing members of the Board of Directors, the Board “lays down credit policy guidelines, approves the annual accounts and balance sheet, decides on the Bank’s participation in financing operations outside the European Union as well as on capital increases.” Most decisions of the Board of Governors require approval by at least half of its members representing at least 50 percent of subscribed capital.
The Board of Directors, on the other hand, is responsible for approving loans. There are 26 directors, one nominated from each member state and an additional member representing the European Commission. The Board generally only requires one-third of members representing at least 50 percent of the subscribed capital to approve operations. The Board of Directors is required to meet at least 6 times per year, and its fiscal year runs from January 1 to December 31.