ECCB 2021-2022 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2021/2022 16

Environmental, Social and Corporate Governance

Monetary Council Policy Sessions To further sustain the work of the Monetary Council and given the significant challenges facing the ECCU region, the Council introduced a series of monthly Monetary Council Policy Sessions in 2021. The sessions were convened in an effort to provide detailed context and to create an avenue for in-depth discussion and deliberation on specific focal areas of critical importance to the region. They also allowed for the deepening of collaboration with the OECS Authority and the OECS Commission on matters of similar regional interest. Each of the seven sessions held in 2021 focused on a specific regional issue. The first two sessions focused on a Review of the Fiscal Anchor. The subsequent sessions examined: (i) Tourism, (ii) Renewable Energy, (iii) Food and Nutrition Security, (iv) Digital Transformation, and (v) Social Security. 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; and interest rates for temporary advances to participating governments. Appointed Directors are required to consider the interests of all the participating governments 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 re-appointment. The Governor and the Deputy Governor are appointed by the Monetary Council for a period not exceeding five years and are eligible for re-appointment. The Governor The Governor serves as chairman of the Board of Directors. As Chief ExecutiveOfficer of the Bank, the Governor is responsible to the Board for the implementation of policies and the day-to-day management of the Bank. The Governor 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. The Deputy Governor The Deputy Governor provides support to the Governor in his duties, and exercises the powers, duties and responsibilities of the office during the absence of the Governor. The Deputy Governor also serves on the Board of Directors.

In July 2021, the Monetary Council announced the selection of Dr Valda F Henry as the new Deputy Governor of the Eastern Caribbean Central Bank. Dr Henry is the first woman to assume the position and will serve as the third Deputy Governor of the ECCB. Her five-year term began in September 2021. Dr Henry replaced Mr Trevor Brathwaite who demited office on 15 September 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 four meetings. Five Directors at any meeting constitute a quorum.

Within the Governance Framework, six 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

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2021/2022 16