ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

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T he ECCB is cognisant that Good Corporate Governance is critical to the success of any organisation. The Bank is committed to ensuring that this attribute is enshrined in the conduct of its operations. The Bank’s corporate governance framework is upheld by the following pillars: •  • Firm foundation formanagement and oversight; •  • Proactive and sound risk management and internal control; •  • Integrity in financial reporting; •  • Code of Conduct that endorses ethical values; and •  • 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 promote accountability, ensure that appropriate control systems are in place to treat with associated risks, and fosters innovation through critical thinking and development through problem solving. MANAGEMENT AND OVERSIGHT In accordance with the ECCB Agreement 1983, the Monetary Council is the highest decision-making body of the Bank. 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, who shall also be a minister of government, to serve on the Council in his/ her absence. The Chairmanship of the Council is rotated annually among member countries in alphabetical order. The current Chairman, the Honourable Gaston Browne,

Council Member for Antigua and Barbuda, assumed the chairmanship on 22 July 2016 following the Handing Over Ceremony to Mark the Change in the Chairmanship of the Monetary Council. Prime Minister Browne will transfer the chairmanship of the Monetary Council to the Council Member for the Commonwealth of Dominica on 21 July 2017.

Members of ECCB Monetary Council and Governor Antoine at Handing Over Ceremony to mark change in Chairmanship of Council, Sandals Grande, Antigua Resort and Spa - 22 July 2016