EFSI Governance

Sub title

Text image


Managing Director and Deputy Managing Director

The Managing Director is responsible for EFSI’s day-to-day management and for the preparation and chairing of the meetings of the Investment Committee. The Managing Director is also a voting member of the Investment Committee.

A Deputy Managing Director assists the Managing Director in his tasks and replaces him in his absence. As part of his role, the Managing Director reports to the EFSI Steering Board on the activities of EFSI on a quarterly basis. The Managing Director and the Deputy Managing Director also participate in the meetings of the Steering Board as observers.

In addition, the Managing Director is responsible for the approval of new products entrusted to the EIF, together with the EFSI Steering Board in consultation with the Investment Committee. Following an open and transparent selection process and with the endorsement of the European Parliament at the proposal of the EFSI Steering Board, the EIB President appointed:

Their mandate was renewed in October 2018 until 31 December 2020.

Both managers were chosen based on their competences and suitability for the posts. They are required to respect the EIB staff Code of Conduct, including the handling of conflicts of interest.

Steering Board

The EFSI Steering Board governs the implementation of EFSI to ensure the appropriate use of the Guarantee. In accordance with EU Regulation 2017/2396, it determines the strategic orientation of EFSI, including its risk profile, the operating policies and procedures necessary for its functioning and operations with investment platforms, national promotional banks or institutions (NPBIs).  

In determining the strategic orientation of EFSI and overseeing its implementation, the EFSI Steering Board also regularly consults relevant stakeholders, considered as strategic partners providing expert views and recommendations on EFSI matters.

The Steering Board comprises five members, three appointed by the EU Commission, one appointed by the EIB and one expert appointed as a non-voting member by the European Parliament. The Steering Board members elect their Chairman among their voting members for a fixed term of three years, renewable once.

The decision-making process within the Steering Board is by consensus, or if that cannot be attained, by unanimous vote among its voting members.


Steering Board members


Alternate members


Steering Board meetings – Minutes

In accordance with Article 7 of the EFSI Regulation, the minutes of the Steering Board meetings are published as soon as they are approved by the Steering Board. In addition, the Steering Board is pleased to disclose strategic documents approved during its meetings.







Meetings with stakeholders

Investment Committee

The EFSI Investment Committee is responsible for approving the use of the EU guarantee for EIB operations supporting strategic investments throughout the EU under the Infrastructure and Innovation Window (IIW), in line with EFSI investment policies and the requirements of EU Regulation 2017/2396.

The Investment Committee comprises the Managing Director and eight independent experts. The Steering Board appoints the latter, following an open and transparent selection procedure, for a fixed term of up to three years, renewable up to a maximum term of six years.

As per EFSI Regulation, the Investment Committee is gender-balanced and diversified; experts have a high level of market experience in project structuring and financing, as well as micro- and macro-economic expertise in one or more of the key fields covered by EFSI, amongst them research and innovation, transport, renewable energy, education and health.

Investment Committee decisions are taken by a simple majority, independently and individually, with each of the members of the Investment Committee having one vote, including the Managing Director.

Decisions approving the use of the EU guarantee are made public, and - since 2018 - also the rationale behind the decisions.

The Investment Committee is accountable to the EFSI Steering Board.


Investment Committee members


Decisions and Rationales of the Investment Committee

Investment Committee decisions approving the use of the EU guarantee for EIB operations, including the rationales of the Investment Committee for these decisions, are made publicly available, except for projects subject to a confidentiality agreement between the EIB and the promoters. In line with article 30 of the EFSI Agreement and the Transparency Policy of the Bank, Investment Committee decisions for such cases will be disclosed at a later stage by including them in a list of Investment Committee decisions and rationales taken throughout the year and published, in general, twice a year. This is after the projects have been signed or if these projects are not subject to a confidentiality agreement between the EIB and the promoters anymore.







Documents related to EFSI

In accordance with Article 7 of the EFSI Regulation, documents related to the European Fund for Strategic Investments (EFSI) are made publicly available.

Steering board documents

EFSI implementation under SMEW

EFSI implementation reports

Legal documents

EFSI Impact

  • Last modified-on: 19-02-2021