The Euler‐Bernoulli beam model with fully nonconservative boundary conditions of feedback control type is investigated. The output vector (the shear and the moment at the right end) is connected to the observation vector (the velocity and its spatial derivative on the right end) by a 2 × 2 matrix (the boundary control matrix), all entries of which are nonzero real numbers. For any combination of the boundary parameters, the dynamics generator,
, of the model is a non–self‐adjoint matrix differential operator in the state Hilbert space. A set of 4 self‐adjoint operators, defined by the same differential expression as
on different domains, is introduced. It is proven that each of these operators, as well as
, is a finite‐rank perturbation of the same self‐adjoint dynamics generator of a cantilever beam model. It is also shown that the non–self‐adjoint operator,
, shares a number of spectral properties specific to its self‐adjoint counterparts, such as (1) boundary inequalities for the eigenfunctions, (2) the geometric multiplicities of the eigenvalues, and (3) the existence of real eigenvalues. These results are important for our next paper on the spectral asymptotics and stability for the multiparameter beam model.