ECCB 2016/2017 Annual Report

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ECCB ANNUAL REPORT 2016/2017

Article 7 (2) of the ECCB Agreement states, “The Council shall meet not less than twice each year to receive from the Governor the Bank’s report on monetary and credit conditions and to provide directives and guidelines on matters of monetary and credit policy to the Bank and for such other purposes as are prescribed under this Agreement.” During the financial year, the Council convened three regular meetings: •  • 85 th Meeting of the Monetary Council 22 July 2016; •  • 86 th Meeting of the Monetary Council 21 October 2016; and •  • 87 th Meeting of the Monetary Council 2 March 2017. Board of Directors The Board of Directors is responsible for the policy and general administration of the Bank. According to the ECCB Agreement Act, “The Board shall 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 suchmatters 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 Board consists of 10 Directors. Eight are appointed by the Monetary Council upon the recommendation of the respective Participating Governments. These Directors are appointed for a three-year term and are eligible for re-appointment in accordance with Article 9 (2) of the ECCB Agreement.

The other two members of the Board are Executive Directors. They are the Governor, who serves as Chairman, and the Deputy Governor. The Executive Directors are appointed for a five-year term and are eligible for re-appointment. During the financial year, two new members were welcomed to the Board of Directors: Mr John Skerritt of Montserrat to serve from August 2016 and Ms Cointha Thomas of Saint Lucia to serve from October 2016. The Board meets at least once every quarter in a calendar year. During the year, the Board convened fivemeetings. Five Directors at any meeting constitutes a quorum. Three subcommittees assist with the work of the Board: 1. Board Audit and Risk Committee; 2. Board Investment Committee; and 3. Board Budget and Human Resources Committee. The Governor The Governor serves as chairman of the Board of Directors. As Chief Executive Officer 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.