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1. In ensuring the management of the EFSD+, the Commission shall be advised by a strategic board (the ‘EFSD+ strategic board’), except in the case of the operations covering the Western Balkans’ beneficiaries listed in the relevant Annex to the IPA III Regulation, which shall have its specific strategic board.

2. The EFSD+ strategic board shall advise the Commission on the strategic orientation and priorities of External Action Guarantee investments under the EFSD+, including for the investment windows referred to in Article 36, and contribute to their alignment with the guiding principles and objectives of the Union’s external action, development policy, European Neighbourhood Policy, as well as with the objectives set out in Article 3 and the purpose of the EFSD+ as set out in Article 31. The EFSD+ strategic board shall also support the Commission in setting overall investment goals as regards the use of the External Action Guarantee to support EFSD+ operations and monitor an appropriate and diversified geographical and thematic coverage for investment windows.

3. The EFSD+ strategic board shall also support overall coordination, complementarity, and coherence between the regional investment platforms, between the three pillars of the External Investment Plan, between the External Investment Plan and the Union’s other efforts on migration and on the implementation of the 2030 Agenda, including the fight against climate change, as well as with Union external programmes and financing instruments.

4. The EFSD+ strategic board shall be composed of representatives of the Commission and of the High Representative, of all Member States and of the EIB. The European Parliament shall have observer status. Contributors, eligible counterparts, partner countries, relevant regional organisations and other stakeholders may be given observer status, where appropriate. The EFSD+ strategic board shall be consulted prior to the inclusion of any new observer. The EFSD+ strategic board shall be co-chaired by the Commission and the High Representative.

5. The EFSD+ strategic board shall meet at least twice a year and, when possible, adopt opinions by consensus. Additional meetings may be organised at any time by the chair or at the request of one third of its members. Where consensus cannot be reached, the voting rights as agreed during the first meeting of the EFSD+ strategic board and laid down in its rules of procedure shall apply. The rules of procedure shall set out the framework regarding the role of observers. The minutes and agendas of the meetings of the EFSD+ strategic board shall, following their adoption, be made public.

6. The Commission shall report annually to the EFSD+ strategic board about the progress made in respect of the implementation of the EFSD+. The strategic board covering the Western Balkans shall inform on progress made on the implementation of the guarantee instrument for that region to complement the abovementioned reporting. The strategic boards shall examine the evaluation reports referred to in Article 42(5) and shall take them into account. The EFSD+ strategic board shall regularly organise a consultation of relevant stakeholders on the strategic orientation and implementation of the EFSD+.

7. The existence of the EFSD+ strategic board and the strategic board covering the Western Balkans shall not influence the need to have a single, unified EFSD+ risk management framework.

8. The risk management function for guarantees under the EFSD+ shall take into account the objectives and principles of the Instrument. Risk assessment and remuneration methodologies under EFSD+ shall be consistently applied to all investment windows, including those referred to in Article 36. A technical risk assessment group shall be established by the Commission. The Commission shall ensure an independent, impartial and inclusive high-quality function of the technical risk assessment group. The Commission shall also ensure that information and analysis are shared in a timely, transparent and inclusive manner with all Member States, with due regard to confidentiality. The composition, rules of procedure and working methods of the technical risk assessment group shall be inclusive, open to experts from the EIB, other eligible counterparts and interested Member States, and shall be presented to the EFSD+ strategic board. The Commission shall disclose to the European Parliament and the Council the composition, terms of reference and rules of procedure of the technical risk assessment group and ensure the impartiality and absence of conflict of interest of its members.

9. During the application period of the EFSD+, the EFSD+ strategic board shall, as soon as possible, adopt and publish guidelines setting out how conformity of EFSD+ operations with the purpose, objectives and eligibility criteria set out in Articles 31 and 35 is to be ensured.