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eeef Annual Report 2014

The Fund’s Setup Geographic Scope eeef targets investments in the Member States of the European Union, currently: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom. Operational Structure The Fund’s shareholders are represented by the Management Board, which oversees eeef’s activities and is responsible for strategic decisions. The Management Board is the legal representative of the Fund, with the exclusive power to administer and manage the Fund. The Management Board appoints the Investment Committee, which reviews the investment deci- sions proposed by the Investment Manager and provides recommendations to the Management Board. It has an advisory role for investments, divestments and other management decisions. The Investment Manager conducts the Fund’s business on behalf of the Management Board. The Investment Manager also manages the EC TA Facility as well as eeef’s own TA Facility. The Supervisory Board controls the manage- ment of the Fund and provides strategic advice to the Management Board regarding the overall development of eeef’s activities. 28Target Countries The European Energy Efficiency Fund at a glance 11