ECCB 2014-2015 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK

CORPORATE GOVERNANCE FRAMEWORK Good Corporate Governance is pivotal to the success of any institution, and the Eastern Caribbean Central Bank (ECCB) recognises this quality as the critical factor in achieving the Bank’s mandate and maintaining regional and international credibility. Monetary Council The Monetary Council comprises the eight Ministers for Finance of the ECCB Participating Governments. Provision is made in the ECCB Agreement for each minister to designate an Alternate to serve on the Council in his absence.

The Bank’s corporate governance framework is built on the following pillars: 1. Solid foundation for management and oversight; 2. Sound risk management and internal control; 3. Integrity in financial reporting; 4. Ethical conduct; and 5. Reciprocal relationship with stakeholders. The corporate governance framework is guided by the following: •  • The ECCB Agreement, 1983; •  • The corporate governance principles for the Organisation of Eastern Caribbean States (OECS); •  • The legal and regulatory framework of the ECCU member countries; and •  • Changes in local and international practices. The framework seeks to encourage innovation through critical thinking and development through problem solving, to meet the Bank’s objectives and to provide accountability and control systems commensurate with the associated risks. M anagement and O versight In accordance with the ECCB Agreement 1983, the Monetary Council and the Board of Directors are the highest decision-making bodies of the Bank.

The Chairmanship of the Council is rotated annually among member countries in alphabetical order. The current Chairman is Dr The Honourable Ralph Gonsalves, Council Member for St Vincent and the Grenadines. He assumed office on 25 July 2014 following the Handing Over Ceremony. Prime Minister Gonsalves will transfer the chairmanship of the Council to the Member for Anguilla in July 2015. During the year, three new members were appointed to the Council: 1. The Honourable Gaston Browne – Antigua and Barbuda 2. The Honourable Donaldson Romeo – Montserrat 3. Dr The Honourable Timothy Harris – St Kitts and Nevis

Incoming Chairman of the ECCB Monetary Council delivers Incoming Speech during the Handing Over Ceremony in St Vincent and the Grenadines on 25 July 2014

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ECCB ANNUAL REPORT 2014/2015