Remuneration of Members of the Board of Directors, Audit Board and Senior Management

Members of the Board of Directors

Article 15 of EIF's Rules of Procedure specifies: “The General Meeting shall determine the amount of the attendance allowance payable to members of the Board of Directors and to alternates. Members of the Board of Directors and their alternates shall be entitled to the reimbursement of travel expenses and to a subsistence allowance when attending on-site meetings of the Board of Directors.”

Accordingly, by decision dated 5 December 2016, the General Meeting approved the following terms, which are applicable for members and alternate members of the Board of Directors: an attendance fee of EUR 300 net per day of attendance, with a maximum of two daily fees per meeting, and a EUR 220 daily allowance to cover expenses if they have to stay overnight at the place of the meeting. The EIF also reimburses the travel expenses incurred by members and alternate members of the Board of Directors.

The members of the Board of Directors do not receive a bonus and are not paid for preparation time between Board meetings or in connection with documents submitted for decision by written procedure.

Members of the Audit Board

Article 22 of  EIF's Rules of Procedure specifies: “The General Meeting shall determine the emoluments of the members of the Audit Board, who shall be entitled to an attendance allowance and to the reimbursement of travel expenses and to a subsistence allowance when attending on-site meetings of the Audit Board.”

With effect as of 27 September 2022, the General Meeting approved the following terms, which are applicable for the members and alternate member of the Audit Board: an attendance fee of EUR 1,500 net per meeting day and a EUR 220 subsistence allowance payable per period of 24 hours (or parts thereof) for on-site attendance at meetings. The EIF also reimburses the travel expenses incurred by the members and alternate member of the Audit Board.

Senior Management

Together with the Board of Directors and members of the Audit Board, EIF Senior Management is defined as "Key Management Personnel".

The annual remuneration of EIF Senior management, including short-term benefits (salaries, allowances, performance awards and social security contributions) and post-employment benefits (pensions and expenses for post-employment health insurance) is disclosed in the EIF Annual Report (see chapter 9, Financial Statements 2015, section 7.6. General administrative expenses).