EUROFIMA has a non-profit mission to support the development of public passenger rail transportation in Europe and to support the railway bodies which are its shareholders in renewing and modernizing their equipment.


EUROFIMA was established on November 20, 1956, based on an international treaty (the “Convention”) between 14 sovereign States.

Today it is composed of 25 member states and 26 shareholders.

It was originally founded for a period of 50 years. On February 1, 1984, the extraordinary General Assembly made the decision to extend this period for an additional 50 years, until 2056.


22.60% Deutsche Bahn AG
22.60% SNCF
13.50% Ferrovie dello Stato Italiane S.p.A.
9.80% SNCB
5.80% NV Nederlandse Spoorwegen
5.22% RENFE Operadora
5.00% Swiss Federal Railways
2.00% Luxembourg National Railways
2.00% CP-Comboios de Portugal, E.P.E.
2.00% ÖBB-Holding AG
2.00% Hellenic Railways
2.00% Näringsdepartementet, Sweden
1.08% Akcionarsko društvo Železnice Srbije
1.00% České dráhy, a.s.
0.82% HŽ Putnički prijevoz d.o.o.
0.70% Hungarian State Railways Ltd.
0.51% Javno preduzeće Željeznice Federacije Bosna i Hercegovina d.o.o.
0.50% Železničná spoločnost’ Slovensko, a.s.
0.42% Slovenske železnice d.o.o.
0.20% Holding BalgarskiDarzhavni Zheleznitsi EAD
0.09% Javno pretprijatie Makedonski Železnici-Infrastruktura
0.06% Željeznički Prevoz Crne Gore AD
0.04% TCDD Taşımacılık A.Ş.
0.02% Železnici na Republika Severna Makedonija Transport AD - Skopje
0.02% Danish State Railways
0.02% Vy Group

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Working at EUROFIMA

EUROFIMA currently employs 28 staff members, highly educated, qualified and motivated professionals who actively contribute to the organisation’s success. It is our goal to provide a sustainable, diverse and rewarding working environment that fosters competence, commitment and cooperation.

Our staff are one of our most important assets and we support our employees by providing them with various training opportunities, seminars and conferences to help them advance in their roles and personal growth (the average training days/year/employee are 5 days). We aim to increase the training volume to an average of 10 working days/year gradually over the next 5 years. Further, we encourage our employees to take part in job rotation possibilities across the company’s different units through cross functional moves. This is how we further support employees career development and widen their scope of knowledge, while at the same time developing a strong base to ensure coverage at an event of labor shortages.

The table below provides an overview of the human development measures and targets:

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EUROFIMA supports job specific learning programs for all its employees. Programs that are regularly taken include, but are not limited to CFA Program, Certificate in ESG Investing, ICMA training and conferences, and other relevant conferences to ensure staff stay up-to-date on relevant market developments in their specific fields. Individual training plans are monitored on an individual basis as part of the performance review (at least twice a year) and coordinated with the Management Committee and Human Resources to ensure the best outcome according to the needs of the employees and the company. Furthermore, managerial and leadership development is adapted to the individual needs and trainings focusing on internal upward mobility.

All EUROFIMA staff have access to a wide range of learnings in various areas. The range of learnings covers a variety of topics, from the Ethical Standard, Health and Safety, Code of Conduct and Diversity to legal topics such as Anti-Money Laundering, Anti-Bribery & Corruption and ESG risks. Furthermore, EUROFIMA employees, and especially IT staff, receive regular training on cybersecurity measures. Regular IT audits ensure the professional implementation and control of cybersecurity measures. The IT employees in particular receive ongoing training in the area of cybersecurity.

EUROFIMA is constantly working on increasing the involvement and satisfaction of employees. An anonymous employee satisfaction survey conducted every second year, is used as a mechanism to examine the experiences and expectations of our employees and serves as a tool to further shape our practices. The last survey, conducted in 2021 through Great Place to Work, showed an average Trust index of 83% and an overall satisfaction of 83%. According to the analysis conducted by Great Place to Work, these results are comparable to the best performing small firms in Switzerland.

At EUROFIMA we are committed to promoting fair and equal treatment of all our staff aiming for a balanced diversity, supporting a working place where all employees are treated with dignity and respect. We strive to prevent discrimination and harassment. The foundation of these values are set out in our Code of Conduct and our Staff Regulations.


EUROFIMA Organization Chart

Corporate Governance


As a public international body, EUROFIMA is governed first by its constitutive documents and only subsidiarily by Swiss law. Its constitutive documents are the Convention, the Statutes and the Basic Agreement. The organization’s legal framework sets out the structure for EUROFIMA’s governance. In addition to the constitutive documents, EUROFIMA’s activities are governed by a set of policies, guidelines and rules of procedures adopted by the General Assembly, the Board of Directors or the Management. As a supranational organization, EUROFIMA is not subject to any national or international regulatory authority.

The member States have reserved extensive corporate governance rights over EUROFIMA. The following changes to EUROFIMA’s organization require the consent of the member States: head office, objective, duration, conditions for admission of shareholders, quorums applicable to important shareholders’ resolutions, equal voting rights of directors, all terms dealing with the shareholders’ liability and the establishment of branches.

EUROFIMA has to report annually on its development and its financial position to its member States. Such reporting is done through the International Transport Forum, an intergovernmental organization within the OECD family.

EUROFIMA is managed and administered by the General Assembly, the Board of Directors and the Management.



The General Assembly convenes at least once annually. It approves the annual report of the Board of Directors, the audited financial statements, the appropriation of the annual surplus, the discharge of the acts of the Management and the Board of Directors, and it appoints the External Auditor. It also approves the maximum amount of borrowings and the organization regulations.

Decisions are taken by the majority of votes of the shares represented. However, in order to amend the Statutes, to reduce or to increase the subscribed share capital, to transfer shares and subscription rights, to dissolve the organization, to appoint liquidators, and to extend the organization’s duration, a supermajority representing at least seven-tenths of the subscribed share capital is required. The General Assembly decides upon any other questions which are submitted to it by the Board of Directors.


The Board of Directors is responsible for EUROFIMA’s strategy and its financial success. It sets the overall direction and assumes supervision and control of the organization and its Management.

It meets at least once quarterly. Each director has one vote. A majority of directors present or represented constitute a quorum. Decisions are taken on the basis of the majority of the directors present or represented except for the conclusion of borrowings where a three-fourths majority is required. In urgent cases, decisions may be reached according to a written procedure.

With the exception of certain reserved powers, the Board of Directors is authorized to entrust all or part of the management of the institution to one or several of its members (“representatives”) or third persons who need not necessarily be directors (“members of the Management”). As a result, the executive management is delegated to members of the Management. In this regard, the General Assembly has established organization regulations determining the rights and responsibilities of the Board of Directors and the Management.

The Board of Directors authorizes all equipment financing contracts and all borrowings within the limits laid down by the General Assembly. It is responsible for the financial statements as well as the existence and maintenance of the internal control system on financial reporting. The Board of Directors is the competent body to call-in the not paid-in share capital.

The Board members, including the Chairman and Vice-Chairmen, are appointed by the General Assembly, with one member for each shareholder holding at least 2% of the share capital. They are appointed for a period of three years and are eligible for re-election. As of January 1, 2017 the Board of Directors consisted of 12 members.

The Chairman calls the Board meetings with sufficient notice and draws up the agenda. Any other Board member has the right to call an additional meeting, if deemed necessary. Minutes are kept of the proceedings and decisions of the Board of Directors.

In order to ensure an efficient interaction with the Board of Directors, the meetings are also attended by the Management. The Chairman works with the Management in between the meetings.

The Board of Directors established two advisory bodies: the Audit and Risk Committee and the Human Resource Committee.

The Audit and Risk Committee supports the Board of Directors in its comprehensive supervisory role with respect to financial control, risk control, audit and compliance management. In this respect, it oversees the activities of both Internal and External Audit. It consists of at least three Board members.

Subject to the powers and duties of the Board, the mandate of the Human Resource Committee is to review, report on and, if required, make recommendations to the Board on matters relating to human resources and compensation policy, and to establish a plan of continuity and development of management for EUROFIMA. It reviews and makes recommendations on changes of the internal organization of EUROFIMA upon proposal by the management or based on external consultancy. Such changes can involve changes in the position of the members of the management. The Human Resource Committee consists of five members of the Board of Directors, these are the Chairman of the Board and four other members of the Board as appointed by the Chairman of the Board.



Under the authority of the Chief Executive Officer and the supervision of the Board of Directors, the Management is responsible for managing the business, overseeing the day-to-day operations of the organization, and preparing decisions for the Board of Directors. The Management consists of the Chief Executive Officer and the Chief Financial Officer. The Management meets as and when required by the operations of the organization.


Rail Working Group
International Transport Forum
Allianz pro Schiene

Constitutive documents


The Convention is an international treaty signed by the company's member States. It is available in its two original versions which are French and German, and also as an English translation.


The Statutes set the company's corporate governance. They are available in its two original versions which are French and German, and also as an English translation.


The Basic Agreement among the shareholder railways determines the company's general principles of operation. It is available in its two original versions which are French and German, and also as an English translation.

Get in touch


  • What is EUROFIMA?

    EUROFIMA European Company for the Financing of Railroad Rolling Stock is a supranational organization located in Basel, Switzerland. It was established in 1956 based on an international treaty signed by 25 European sovereign States so far.

  • Who are EUROFIMA's Member States?
    • Germany
    • France
    • Italy
    • Belgium
    • Netherlands
    • Spain
    • Switzerland
    • Luxembourg
    • Portugal
    • Austria
    • Greece
    • Sweden
    • Serbia
    • Czech Republic
    • Croatia
    • Hungary
    • Bosnia and Herzegovina
    • Slovakia
    • Slovenia
    • Bulgaria
    • North Macedonia
    • Montenegro
    • Turkey
    • Denmark
    • Norway
  • Who are EUROFIMA's shareholders?

    Deutsche Bahn AG
    SNCF Mobilités
    Ferrovie dello Stato Italiane S.p.A.
    NV Nederlandse Spoorwegen
    RENFE Operadora
    Swiss Federal Railways
    Luxembourg National Railways
    CP-Comboios de Portugal, E.P.E.
    ÖBB-Holding AG
    Hellenic Railways
    Näringsdepartementet, Sweden
    Akcionarsko društvo Železnice Srbije
    České dráhy, a.s.
    HŽ Putnički prijevoz d.o.o.
    Hungarian State Railways Ltd.
    Javno preduzeće Željeznice Federacije
    Bosna i Hercegovina d.o.o.
    Železničná spoločnost’ Slovensko, a.s.
    Slovenske železnice d.o.o.
    Holding BalgarskiDarzhavni Zheleznitsi EAD
    Javno pretprijatie Makedonski Železnici-Infrastruktura
    Željeznički Prevoz Crne Gore AD
    TCDD Taşımacılık A.Ş.
    Železnici na Republika Severna Makedonija Transport AD - Skopje
    Danish State Railways
    Norwegian State Railways

  • Who does Eurofima finance?

    Eurofima finances railroad rolling stock for public passenger transport services. For Eurofima rolling stock means wagons, locomotives and multiple units. Eurofima supports its shareholder railways as well as other railway bodies in renewing and modernizing their equipment.

  • Is EUROFIMA a bank?

    Eurofima is not a bank. It is a supranational organization that fulfils a non-profit maximizing mission to support the development of rail transportation in Europe.

  • I would like to have more information about EUROFIMA, who can I contact?

    Harry Müller
    Chief Executive Officer
    Tel: +41 61 287 33 18
    E-mail: harry.mueller@eurofima.org

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