The Euler–Bernoulli beam model with non-dissipative boundary conditions of feedback control type is investigated. Components of the two-dimensional input vector are shear and moment at the right end, and components of the observation vector are time derivatives of displacement and slope at the right end. The codiagonal matrix depending on two control parameters relates input and observation. The paper contains five results. First, asymptotic approximation for eigenmodes is derived. Second, ‘the main identity’ is established. It provides a relation between mode shapes of two systems: one with non-zero control parameters and the other one with zero control parameters. Third, when one control parameter is positive and the other one is zero, ‘the main identity’ yields stability of all eigenmodes (though the system is non-dissipative). Fourth, the stability of eigenmodes is extended to the case when one control parameter is positive, and the other one is sufficiently small. Finally, existence and properties of ‘deadbeat’ modes are investigated.