2019-2020 Annual Report and Statement of Accounts

CORPORATE GOVERNANCE

Newly Appointed Director to the Board The Bank welcomed Esther Rigobert, Appointed Director for the Government of Saint Lucia, to the Board of Directors during the financial year. Ms Rigobert was appointed effective 1 February 2020 on the commencement of pre-retirement leave of Cointha Thomas (former Appointed Director), and is expected to serve her term of office not exceeding three years. She currently serves as Director of Finance at the Ministry of Finance. Meetings of the Board of Directors The Board is required to meet as often as the business of the Bank may require; but not less than once every three calendar months. During any given year, the Board convenes five meetings. Five Directors at any meeting constitutes a quorum.

In keeping with Article 13 (1) of the ECCB Agreement Act, the Board of Directors convened the following meetings during the calendar year 2019: 1. 170 th Meeting of the Board of Directors – 24 and 25 January 2019 in Saint Christopher (St Kitts) and Nevis 2. 171 st Meeting of the Board of Directors – 29 March 2019 in Saint Christopher (St Kitts) and Nevis

3. 172 nd Meeting of the Board of Directors – 12 and 18 June 2019 via videoconference 4. 173 rd Meeting of the Board of Directors – 13 September 2019 via videoconference 5. 174 th Meeting of the Board of Directors – 15 November 2019 via videoconference 6. 175 th Meeting of the Board of Directors - 24 January 2020 via videoconference 7. 176 th Meeting of the Board of Directors - 27 March 2020 via viedoconference

Six subcommittees assist with the work of the Board. They are: 1. Board Audit and Risk Committee 2. Board Investment Committee 3. Board Budget and Human Resources Committee 4. Pension Fund Trustees Committee 5. Pension Fund Investment Committee 6. Joint Pension Fund and Investment Committee Risk Management and Internal Control

The Board Audit and Risk Committee (BARC) continues to provide guidance to the Board of Directors in fulfilling its oversight responsibilities for the financial reporting process; and to provide a system of internal control, risk management, and compliance monitoring with laws and regulations and the Code of Conduct. Specific to the work of the Committee, consultations are conducted as deemed necessary with the external auditors, Bank’s directors and officers, and the Internal Audit Department.

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| EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020