ANNEX

[MANAGING AUTHORITY OF MEMBER STATE PARTICIPATING IN THE SME INITIATIVE]

and

[EUROPEAN INVESTMENT FUND]/[EUROPEAN INVESTMENT BANK]

MODEL FUNDING AGREEMENT

Governance
Article 10
1. The implementation of the Dedicated Window[s] by the EIF shall be supervised by an investors' board (the ‘
Investors' Board
’). The Investors' Board consists of [4] duly empowered members appointed by, and representing the Managing Authority, [1] member appointed by the EIF, [1] observer appointed by the EIB and [2] observers appointed by the European Commission.
2. The Investors' Board shall:
  1. approve the Terms of Reference and where necessary of any amendments or revisions thereof and review calls for proposals submitted by the EIF before their publication;
  2. review the progress in the implementation of the Dedicated Window[s], including achievement of Milestones and pipeline for new Operations;
  3. review and issue opinions on strategic and policy issues relating to the Dedicated Window[s];
  4. give guidance on questions of interpretation of eligibility criteria set out in Articles 3.1 to 3.4;
  5. review the annual reports of the Dedicated Window[s] referred to in Article 16;
  6. review terms of reference for Evaluations and review Evaluation reports, if any, of the Dedicated Window[s];
  7. review proposed adjustments of the Dedicated Window[s] following Evaluation reports referred to in Article 18;
  8. propose amendments to this Funding Agreement, if appropriate;
  9. [other tasks]. [Further conditions may be contractually specified if necessary]
3. The Investors' Board shall act by consensus and in no circumstance shall undermine any decision taken on the implementation of the overall strategy of the [COSME Financial Instruments] [AND/OR] [H2020 Financial Instruments] by the relevant steering committee foreseen in the respective Delegation Agreement[s].
4. The Investors' Board shall elect its Chairperson. The Chairperson shall be a representative of the Managing Authority.
The Investors' Board shall convene at the request of any of its members, but shall meet at least [•] a year. Meetings of the Investors' Board shall be organised by its Secretariat.
5. The Investors' Board shall adopt its rules of procedure upon a proposal of the Secretariat.
6. Attendance to the meetings of the Investors' Board shall not be remunerated. The entity that has nominated the member shall bear all costs incurred by the member in relation to travelling to and attending any meetings of the Investors' Board.
7. The EIF shall provide the Secretariat in accordance with this Funding Agreement.
The Secretariat shall carry out, inter alia, the following tasks:
  1. organisation of Investors' Board meetings, including drawing up and distribution of Investors' Board documents, agenda and minutes;
  2. any other tasks [as defined in this Funding Agreement] or by the Investors' Board.
  3. communications related to the activities of the Investors' Board shall be channelled through the Secretariat.
Decision revoked in part (31.12.2020) by The European Structural and Investment Funds Common Provisions Rules etc. (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/783), reg. 10(c); 2020 c. 1, Sch. 5 para. 1(1)