ECCB 2018-2019 Annual Report and Statement of Accounts

CORPORATE GOVERNANCE

Meetings of the Board of Directors The Board is required to meet as often as the business of the Bank may require; but not less than once every three (3) calendar months. During any given year, the Board convenes five meetings. Five Directors at any meeting constitutes a quorum.

In keeping with Article 13 (1) of the ECCB Agreement Act, the Board of Directors convened the following meetings during the calendar year 2018: ƒ ƒ 165 th Meeting of the Board of Directors – 26 January 2018 via videoconference ƒ ƒ 166 th Meeting of the Board of Directors – 27 March 2018 in St Kitts and Nevis ƒ ƒ 167 th Meeting of the Board of Directors – 7 and 8 June 2018 in St Kitts and Nevis ƒ ƒ 168 th Meeting of the Board of Directors – 28 September 2018 via videoconference ƒ ƒ 169 th Meeting of the Board of Directors – 23 November 2018 via videoconference

Six subcommittees assist with the work of the Board. They are: ƒ ƒ Board Audit and Risk Committee ƒ ƒ Board Investment Committee ƒ ƒ Board Budget and Human Resources Committee

ƒ ƒ Pension Fund Trustees Committee ƒ ƒ Pension Fund Investment Committee ƒ ƒ Joint Pension Fund and Investment Committee

Risk Management and Internal Control The Board Audit and Risk Committee (BARC) continues to provide guidance to the Board of Directors in fulfilling its oversight responsibilities for the financial reporting process; the system of internal control; risk management and monitoring compliance with laws and regulations and the code of conduct. Specific to the work of the Committee, consultations are conducted with the external auditors, Bank’s directors and officers and with the Internal Audit Department as deemed necessary. The current Committee comprises: ƒ ƒ John Skerritt, Chairman ƒ ƒ Hilary Hazel, Deputy Chair

ƒ ƒ Cointha Thomas ƒ ƒ Edmond Jackson

42 | EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2018/2019