ECCB 2020-2021 Annual Report and Statement of Accounts

CORPORATE GOVERNANCE

During the calendar year 2020, the Monetary Council convened its requisite three meetings: • 95 th Meeting of the Monetary Council on 14 February 2020 in Saint Christopher (St Kitts) and Nevis; • 96 th Meeting of the Monetary Council on 24 July 2020 via Zoom Meeting and Zoom Webinar platforms; and • 97 th Meeting of the Monetary Council held on 23 October 2020 using the virtual platform Zoom Meetings.

The Monetary Council is supported by the Ministerial Subcommittee on Insurance which held its meeting in December 2020 under the Chairmanship of Gaston Browne, Honourable Prime Minister and Minister for Finance, Antigua and Barbuda. The other members of the Subcommittee are: Roosevelt Skerritt, Honourable Prime Minister and Minister for Finance, Commonwealth of Dominica; and Camillo Gonsalves, Honour- able Minister for Finance, Saint Vincent and the Grenadines.

With the onset of COVID-19 in the region, the Monetary Council also convened its 1 st Special Meeting for 2020 on 3 April 2020 via virtual platform Zoom.

The Monetary Council saw the following new appointments during the financial year: • At its 96 th meeting in July 2020, the Council welcomed the Honourable Premier and Minister for Finance - Dr Ellis Webster, as the new Monetary Council Member representing Anguilla. Honourable Premier Webster, whose appointment to the Council became effective 30 June 2020. • The Monetary Council welcomed the Honourable Minister for Finance - Gregory Bowen, as the new Monetary Council Member representing the member country, Grenada. Honourable Minister Bowen was received in October 2020 during the 97 th Meeting of the Monetary Council. He was appointed to the Council effective 5 October 2020 following the reshuffle of the Cabinet of Grenada. The Board of Directors The powers of the Bank are vested in the Board of Directors. The Board of Directors is responsible for the policy and general administration of the Bank. According to the ECCB Agreement Act Article 8 (2), “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.” The Board of Directors is responsible for submitting recommendations to the Monetary Council on such matters 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. Appointed Directors are required to consider the interests of all the members of the ECCU in their decision-making process. Composition of the Board of Directors 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 reappointment. The Governor and the Deputy Governor are appointed by the Monetary Council for a period not exceeding five years and are eligible for reappointment. The Governor The Governor serves as chairman of the Board of 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.

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EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021