ECCB 2017-2018 Annual Report and Statement of Accounts

ECCB ANNUAL REPORT 2017/2018

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is responsible for submitting 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 the Governor, Deputy Governor and one Director appointed by each participating government. The appointed directors are installed for terms not exceeding three years and are eligible for re-appointment. The Governor and the Deputy Governor are appointed by the Monetary Council for a period not exceeding five years and are eligible for re-appointment. The Board welcomed two new members during the financial year: Edmond Jackson from St Vincent and the Grenadines, effective 1 July 2017, and Dr Aidan Harrigan from Anguilla, from 1 February 2018. The Board is required to meet as often as the business of the Bank may require; but not less than once every three calendar months. During any given year, the Board convenes five meetings. Five appointed Directors at any meeting constitutes a quorum. Three subcommittees assist the Board with the core work of the Bank: (1) Board Audit and Risk Committee; (2) Board Investment Committee; and (3) Board Budget and Human Resources Committee. The Pension Fund Trustees Committee; Pension Fund Investment Committee; and Joint Pension Fund and Investment Committee assist the Board with matters related to staff and pensions.

Directors. As Chief Executive Officer of the Bank, the Governor is responsible to the Board for the implementation of policies and the day-to-day management of the Bank. He is required to attend 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 in the simultaneous absence of the Governor and Deputy Governor. 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 of the Governor pursuant to Article 10 (1) of the ECCB Agreement. Risk Management and Internal Control The Board Audit and Risk Committee (BARC) provides guidance to the Board of Directors in fulfilling its oversight responsibilities for the financial reporting process; the system of internal control; risk management, the monitoring of compliance with laws, regulations and the code of conduct. Specific to the work of the Committee, consultations are conducted with the external auditors, ECCB’s Heads of Departments and officers and the Internal Audit Department, as is deemed necessary. The current BARC comprises: •  • John Skerritt, Chairman •  • Hilary Hazel, Deputy Chair; •  • Cointha Thomas; and •  • Edmond Jackson.

The Governor The Governor serves as chairman of the Board of