ECCB 2018-2019 Annual Report and Statement of Accounts

CORPORATE GOVERNANCE

The Eastern Caribbean Central Bank (ECCB) continues to recognise the importance of good corporate governance and is committed to ensuring that this attribute is preserved in its operations.

The Bank’s Corporate Governance Framework is upheld by the following pillars: 1. Firm foundation for management and oversight; 2. Proactive and sound risk management and internal control; 3. Integrity in financial reporting; 4. Code of Conduct that endorses ethical values; and 5. Reciprocal relationship with stakeholders.

The Corporate Governance Framework is guided by the following: 1. The ECCB Agreement Act, 1983 (as amended) and the Banking Act, 2015; 2. The corporate governance principles for the Organisation of Eastern Caribbean States (OECS); 3. The legal and regulatory framework of the ECCU member countries; and 4. Best practices in the local and international arena.

ECCB Monetary Council and Governor of the ECCB (center, first row) at 91 st Monetary Council Meeting and Handing-Over Ceremony, 27 July 2018, Grenada

The framework seeks to promote accountability; ensure that appropriate control systems are developed and are operationalised to address associated risks; and to foster innovation through critical thinking and problem solving in pursuit of the Bank’s objectives. Administration and Management Monetary Council The Monetary Council comprises the eight Ministers for Finance of the ECCB Participating Governments and is the highest decision-making organ of the Bank. Provision is made in the ECCB Agreement, Article 7 (1) for each Minister to designate an Alternate, who shall also be a minister of government, to serve on the Council in his/her absence. Chairmanship of the Monetary Council The tenure of the Chair of the Monetary Council is for a one-year duration and is rotated among member countries in alphabetical order. The current Chairman, Dr the Right Honourable Keith C. Mitchell, Council Member for Grenada, assumed the Chairmanship on 27 July 2018 following the Ceremony to Mark the Change in the Chairmanship of the Monetary Council in Grenada. Prime Minister Mitchell will hand over the Chairmanship of the Monetary Council to the Council Member for Montserrat on 26 July 2019.

Section of the audience at the Handing-Over Ceremony 27 July 2018, Grenada

40 | EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2018/2019