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1. The Executive Board shall:

(a) decide on those matters provided for in the financial rules adopted pursuant to Article 42 that are not reserved to the Management Board by this Regulation;

(b) ensure adequate follow up to the findings and recommendations stemming from internal or external audit reports and evaluations, and from investigations by OLAF and by EPPO, as referred to in Article 48;

(c) without prejudice to the responsibilities of the Executive Director, set out in Article 30, monitor and supervise the implementation of the decisions of the Management Board, with a view to reinforcing supervision of administrative and budgetary management.

2. Where necessary, because of urgency, the Executive Board may take certain provisional decisions instead of the Management Board, in particular on administrative management matters, including the suspension of the delegation of the appointing authority powers and budgetary matters. The conditions for taking such provisional decisions shall be set out in the rules of procedure of the Management Board.

3. The Executive Board shall be composed of the Chairperson and the Deputy Chairperson of the Management Board, two other members appointed by the Management Board from among its members with the right to vote and the two representatives of the Commission to the Management Board. The Chairperson of the Management Board shall also be the Chairperson of the Executive Board. The Executive Director shall take part in the meetings of the Executive Board as an observer. The Executive Board may invite other observers to attend its meetings.

4. The term of office of members of the Executive Board shall be four years. Their term of office may be renewed once. If, however, their membership of the Management Board ends at any time during their term of office, their term of office in the Executive Board shall automatically expire on that date.

5. The Executive Board shall hold at least two ordinary meetings a year. In addition, it shall meet on the initiative of its Chairperson or at the request of its members.

6. The Executive Board shall take its decision by consensus among its members. If the Executive Board is not in a position to take a decision by consensus, the matter shall be referred to the Management Board.

7. The Management Board shall lay down the rules of procedure of the Executive Board.