ECCB 2020-2021 Annual Report and Statement of Accounts

CORPORATE GOVERNANCE

The Deputy Governor The Deputy Governor gives support to the Governor in his duties, and exercises the powers, duties and responsibilities of the office during the absence of the Governor.

Newly Appointed Director to the Board During the financial year, the Bank welcomed the following Appointed Directors to the Board:

• Denise Edwards, Appointed Director for the Government of the Commonwealth of Dominica was appointed, in the first instance, for the period 1 June 2020 to 3 July 2020 to serve the incomplete tenure of the previous Board Member, Rosamund Edwards who was seconded to the IMF. Subsequently, Denise Edwards was appointed effective 4 July 2020 to 3 July 2023 and is expected to serve her 3-year term. Ms Edwards is the Financial Secretary, Ministry of Finance, Commonwealth of Dominica. • Kathleen Rogers, Appointed Director for the Government of Anguilla was appointed effective 1 February 2021 and is expected to serve her term of office not exceeding three years. Ms Rogers currently holds the title of Permanent Secretary, Ministry of Finance, Anguilla. She replaced Dr Aidan Harrigan whose term on the Board of Directors naturally terminated on 31 January 2021. 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 calendar months. During any given year, the Board convenes five meetings. Five Directors at any meeting constitutes a quorum.

Within the governance framework, six (6) subcommittees assist with the work of the Board: 1. Board Audit and Risk Committee 2. Board Investment Committee 3. Board Budget and Human Resources Committee

4. Pension Fund Trustees Committee 5. Pension Fund Investment Committee 6. Joint Pension Fund and Investment Committee

In keeping with Article 13 (1) of the ECCB Agreement Act, the Board of Directors convened the following meetings during the calendar year 2020: 1. 175 th Meeting of the Board of Directors with the listed subcommittee meetings: Board Audit and Risk Committee; Board Budget and Human Resources Committee; Board Investment Committee – 23 and 24 January 2020 via Zoom platform. 2. 176 th Meeting of the Board of Directors with the Meeting of the Board Audit and Risk Committee – 27 March 2020 via Zoom platform. 3. 177 th Meeting of the Board of Directors – 11 and 12 June 2020 via Zoom platform. 4. 178 th Meeting of the Board of Directors with the following subcommittee meetings: Meeting of the Board Audit and Risk Committee; Meeting of the Board Investment Committee – 10 and 11 September 2020 via Zoom platform.

The Board also convened special meetings in 2020 namely: Special Meeting of the Board Audit and Risk Committee and the 1 st Special Meeting of the Board of Directors for 2020. The special meetings were held on 19 June 2020.

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EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021