below:

two alternates nominated by the Federal Republic of Germany,
two alternates nominated by the French Republic,
two alternates nominated by the Italian Republic,
two alternates nominated by the United Kingdom of Great Britain and Northern  Ireland,
one alternate nominated by common accord of the Kingdom of Spain and the  Portuguese Republic,
one alternate nominated by common accord of the Benelux countries,
one alternate nominated by common accord of the Kingdom of Denmark, the   Hellenic Republic and Ireland,
one alternate nominated by common accord of the Republic of Austria, the  Republic of Finland and the Kingdom of Sweden,
one alternate nominated by the Commission. ( * )

( * ) Second and third subparagraphs of paragraph 2 as amended by Article 4 of  Protocol No 1 annexed to the AA A/FIN/SWE in the version resulting from  Article 44 of AD AA A/FIN/SWE.

The appointments of the directors and the alternates shall be renewable. ( * )

( * ) Fourth and fifth subparagraphs of paragraph 2 as amended by Article 6 of  Protocol No 1 annexed to the AA DK/IRL/UK in the version resulting from Article  37 of the AD AA DK/IRL/UK.

Alternates may take part in the meeting of the Board of Directors. Alternates   nominated by a State, or by common accord of several States, or by the Commission,  may replace directors nominated by that State, by one of those States or by the  Commission respectively. Alternates shall have no right of vote except where they  replace one director or more than one director or where they have been delegated  for this purpose in accordance with Article 12(1). ( * )

( * ) Fourth and fifth subparagraphs of paragraph 2 as amended by Article 6 of  Protocol No 1 annexed to the AA DK/IRL/UK in the version resulting from Article  37 of the AD AA DK/IRL/UK.

The President of the Management Committee or, in his absence, one of the Vice  Presidents, shall preside over meetings of the Board of Directors but shall not vote.

Members of the Board of Directors shall be chosen from persons whose  independence and competence are beyond doubt; they shall be responsible only to  the Bank.

3. A director may be compulsorily retired by the Board of Governors only if he no  longer fulfils the conditions required for the performance of his duties; the Board  must act by a qualified majority.

If the annual report is not approved, the Board of Directors shall resign.

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