ECCB 2015/2016 Annual Report

EASTERN CARIBBEAN CENTRAL BANK

The Governor The Governor serves as chairman of the Board of Directors. As chief executive of the Bank, he is responsible to the Board for the implementation of the Bank’s policies and the day to day management of the institution. He attends all meetings of the Monetary Council. The Governor has the authority to act, contract and sign instruments and documents on behalf of the Bank, and may by resolution of, and to the extent deemed appropriate by the Board, delegate such authority to other officers. Mr Timothy N. J. Antoine assumed duties as Governor of the Bank on 1 February 2016. Former Governor, the Honourable Sir K. Dwight Venner retired on 30 November 2015 after 26 years of service. The Deputy Governor The Deputy Governor supports the Governor in his duties, and exercises the powers, duties and responsibilities of the office during the absence or disability of the Governor. R isk managment and I nternal C ontrol The Board Audit Committee is fundamental to the management of risk and internal controls within the Bank. In fulfilling its mandate the Committee consults with the Bank’s officers, external auditor or outside counsel as it deems necessary. The Committee is currently chaired by Mr Francis Fontenelle, Board Member for Saint Lucia.

have power to make, alter or revoke regulations, notices and orders for the purpose of giving effect to the provisions of this Agreement.” It makes recommendations to the Monetary Council on such matters as the external value of the EC dollar; the denomination, composition, form and design of the currency to be issued; the terms and conditions for temporary advances to participating governments; and interest rates. The Directors are required to consider the interests of all the members of the ECCU in their decision-making process. The Board consists of ten Directors. Eight of the Directors, one from each of the eight territories, are appointed by the Monetary Council on the recommendation of the respective Participating Government. They are appointed for terms not exceeding three years and are eligible for re- appointment in accordance with Article 9 (2) of the ECCB Agreement. The Governor and the Deputy Governor are Executive Directors. They are appointed for a period not exceeding five years and are eligible for re-appointment. Dr Wayne Sandiford replaced Timothy N. J. Antoine as the Director for Grenada with effect from 1 February 2016. The Board meets at least once every quarter in a calendar year. Five appointed Directors at any meeting constitute a quorum. During the year, the Board convened for five meetings. Three subcommittees assist with the work of the Board. They are the: •  • Board Audit Committee;

•  • Board Investment Committee; and •  • Budget and Personnel Committee.

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ECCB A nnual R eport 2015/2016