CHAPTER IIFINANCING OF INVESTMENTS
Article 11Operation of the Investment Committee
1
The Investment Committee shall meet twice a year, at the latest by 15 July and 15 December. The secretariat of the Investment Committee shall communicate the date of the meeting to the Member States as soon as that date becomes available.
2
Unless the Committee issues a recommendation in accordance with the first and second sentence of the second subparagraph of Article 10d(7) of Directive 2003/87/EC, it shall be quorate if at least half of the representatives of the beneficiary Member States, all representatives of the non-beneficiary Member States and the representatives of the Commission and of the EIB are present.
3
The non-beneficiary Member States shall elect three representatives in the Investment Committee in a vote comprising all candidates. Each non-beneficiary Member State may propose one candidate. The three candidates who received the largest numbers of votes shall be elected. If two or more candidates obtained the same number of votes and as a result, more than three candidates would be elected, the vote shall be resumed, comprising all candidates, except for the candidate(s) who received the highest number of votes, and if appropriate, the second highest number of votes.
4
The members of the Investment Committee may not have financial or other interests in industries which qualify for the Modernisation Fund support, whether direct or indirect, which could affect their impartiality or may objectively be perceived as such. They shall act in the public interest and in an independent manner. They shall make a declaration of interests prior to taking up function in the Investment Committee, and they shall update their declarations whenever a relevant change occurs.
5
The EIB shall provide administrative and logistic support to the Investment Committee (the secretariat), including support with the administration of a website dedicated to the Modernisation Fund.
6
On a proposal from the competent Commission department, the Investment Committee shall establish its rules of procedure which shall, in particular, lay down procedures for the following:
a
appointment of members and observers to the Investment Committee, and their alternates;
b
organisation of the meetings of the Investment Committee;
c
detailed rules regarding conflict of interest, including the model declaration of interests.
7
Members of the Investment Committee shall not receive any remuneration or reimbursement of costs for their participation in the activities of the Committee.