Board of directors – twenty-eight members (one nominated by each member state and one by the European Commission).[17]:13–14 There are eighteen alternates,[17]:13–14 meaning that some of these positions are shared by groups of states.[18] The board also co-opts a maximum of six experts (three directors and three alternates),[17]:13–14 who participate in the Board meetings in an advisory capacity, without voting rights. The Board has sole power to take decisions in respect of loans, guarantees and borrowings.