ECCB 2020-2021 Annual Report and Statement of Accounts

CORPORATE GOVERNANCE

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; and to provide a system of internal control, risk management, and compliance monitoring with laws and regulations, and the code of conduct. Specific to the work of the Committee, consultations are conducted as deemed necessary with the external auditors, Bank’s directors and officers, and the Internal Audit Department. The current Committee comprises: 1. John Skerritt, Chairman 2. Hilary Hazel, Deputy Chair External Auditors The Monetary Council gave approval for the engagement of the KPMG auditing firm on 25 October 2017 for a period of three years. The firm served the ECCB over the financial period 2017/2018 to 2019/2020. At the end of the initial engagement period, the KPMG auditing firm was further contracted on 5 June 2020 to serve as the Bank’s external auditors for 2020/2021 to 2022/2023. The external auditor conducts an annual audit to provide the assurance that the financial statements fairly represent the Bank’s financial position. The external auditor further reports to the Board Audit and Risk Committee on its findings and recommendations. Following the application of signatures to the engagement letter, KPMG was expected to complete the 2020/2021 audit of the Bank. Integrity and Financial Reporting Disclosure and Transparency In keeping with international best practices, and in accordance with statutory requirements, the Bank publishes its statement of assets and liabilities on a monthly basis and the audited annual financial statements by the end of June each year. 3. Esther Rigobert, Board Member 4. Edmond Jackson, Board Member

Compliance with International Financial Reporting (IFR) Standards Effective 1 April 2018, the Bank adopted IFRS 9, Financial Instruments, followed by the adoption of IFRS 16, Leases on 1 April 2019. The Bank continues to stay abreast with changes in IFRS.

Ongoing Training for Appointed Directors For the Financial Year 2020, Denise Edwards participated in the Chartered Director Program facilitated by the Caribbean Governance Training Institute (CGTI) from 8 to 24 February 2021. Appointed Director for Montserrat, John Skerritt and Appointed Director Hilary Hazel for Saint Christopher (St Kitts) and Nevis attended the Institute of Internal Auditors (IIA) GAM Conference from 16 to 18 March 2021. All programmes were conducted virtually.

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EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021