2019-2020 Annual Report and Statement of Accounts

CORPORATE GOVERNANCE

The current Committee comprises: • Hilary Hazel, Deputy Chair • Esther Rigobert, Board Member • Edmond Jackson, Board Member

External Auditors An external auditor is appointed by the Board of Directors from a list of auditors approved by the Monetary Council. The selection is done through a process of tendering and due diligence exercises. The auditor serves for a period of three years.

The Monetary Council gave approval for the engagement of the KPMG auditing firm on 25 October 2017. The firm will serve the ECCB up to the financial period 2019/2020.

The external auditor conducts an annual audit to provide the assurance that the financial statements fairly represent the Bank’s financial position. The external auditor further reports to the Board Audit and Risk Committee on its findings and recommendations. Integrity and Financial Reporting Disclosure and Transparency In keeping with international best practices, and in accordance with statutory requirements, the Bank publishes its statement of assets and liabilities on a monthly basis and the audited annual financial statements by the end of June each year.

Compliance with International Financial Reporting (IFR) Standards Effective 1 April 2018, the Bank adopted IFRS 9, Financial Instruments, followed by the adoption of IFRS 16, Leases on 1 April 2019. The Bank continues to stay abreast with changes in IFRS.

Chartered Directors Programme In May 2019, two Appointed Directors completed the Chartered Directors Programme: Dr Aidan Harrigan, Appointed Director for Anguilla and Edmond Jackson Appointed Director for Saint Vincent and the Grenadines. Code of Conduct The Bank’s overriding code of conduct is encapsulated in its value statement as follows: “The Bank values a results-focused approach in delivering timely, relevant and high quality output for the benefit of the people of the ECCU.” The behaviour of management and staff is governed by various policy documents including: 1. The Eastern Caribbean Central Bank Corporate Governance Charter

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| EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020