The Belgian State has given BIO a clear and well-defined role, governed by an Investment Charter that requires strict criteria in terms of geographical targets, financing tools and, above all, impact on development. Furthermore, various control levels and processes ensure the efficient and correct use of its investment resources and the smooth implementation of its mission.
1. The Board of Directors
The BIO Board of Directors includes 14 members, of whom 10 are appointed by the State and 4 by SBI (Société belge d'Investissement international).
The Board of Directors carries out a rigorous internal control based on regular reporting. It oversees the implementation of BIO’s mandate and has the final word on all investment projects.
2. The Investment Committee
The Investment Committee includes 4 members and the CEO. It is responsible for the following activities:
- Advice on investment decisions
- Approval on admissibility of projects
- Analysis and follow-up of the deal flow
- Monitoring of the financial situation
3. External control
The funds entrusted to BIO by the Belgian government are subject to a particular scrutiny.
- BIO is supervised by 2 Government Commissioners, one appointed by the Minister for Development Cooperation and the other by the Minister for the Budget.
- The Belgian Court of Audit conducts an annual financial audit and checks that public money has been spent correctly.
- BIO accounts are certified annually by an external auditor.
- The Government has provided for a comprehensive assessment of BIO on a triennial basis by a special assessor. The first evaluation took place in 2007.