ECCB 2021-2022 Annual Report and Statement of Accounts

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Environmental, Social and Corporate Governance

In accordance with Article 13 (1) of the ECCB Agreement Act, the Board of Directors convened the statutory number of meetings as well as a sequence of Special Meetings of the Board and Subcommittees during the calendar year 2021. All meetings were convened virtually using web-based conferencing facilities. Those meetings included the 179 th , 180 th , 181 st and 182 nd along with the first Special Meeting of the Board of Directors; and Regular and Special Meetings of the Board Audit and Risk Committee, Board Budget and Human Resources Committee and Board Investment Committees. RISK MANAGEMENT AND INTERNAL CONTROL The Board Audit and Risk Committee (BARC) provides guidance to the Board of Directors in fulfilling its oversight responsibilities for the financial reporting process. The BARC is also responsible for 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, the Bank’s directors and officers, and the Bank’s Internal Audit Department. The current Committee comprises: (i) John Skerritt, Chairman; (ii) Hilary Hazel, Deputy Chair; (iii) Esther Rigobert, Appointed Director; and (iv) Edmond Jackson, Appointed Director. External Auditors The audit firm KPMG, was re-engaged as the Bank’s external auditor for a three-year period, 2021 - 2023. The external auditor reports to the Board Audit and Risk Committee on its findings and recommendations. 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.

8. Financial Regulations 9. Whistle Blower Policy 10. Code of Conduct Human Resource Management

The Bank is governed by the labour codes and laws of each of its participating member territories. The oversight of the Bank’s human resources is delegated to the Human Resources Department. The management of human resources is informed by polices and guidelines which conform to international conventions and standards pertaining to human rights, equal employment opportunity and working conditions. The Bank’s Internal Audit Department helps to maintain the integrity of the human resource management process by ensuring that the Bank complies with stipulated policies and procedures. RELATIONSHIP WITH STAKEHOLDERS Stakeholder Involvement Due to the ongoing dynamic environment presented by the COVID-19 pandemic, the Bank continued to engage its stakeholders virtually. The anticipated networking and consultative meetings were convened as scheduled. Some of these meetings are held biannually while others are held on an annual basis. The virtual platform created the avenue for a more productive stakeholder engagement, allowing for participation from a wider cross-section of institutions, and presented the opportunity for participants to share their updated responses on measures taken one year into pandemic. The networking and consultative meetings met participants at an individual institution level, allowing for institution-based lessons learnt to be shared; and framed responses that could be used at both the national and regional levels.

Meetings were convened with the following stakeholders in 2021: Consultative Meetings 1. Regulatory Oversight Committee 2. ECCU Financial Secretaries 3. Licensed Financial Institutions 4. Attorneys General and Chief Parliamentary Counsels 5. ECCU Development Banks Networking Meetings 1. Comptrollers of Inland Revenue and Customs 2. ECCU Directors of Social Security Systems 3. Accountants General, Directors of Audit and Directors of Budget 4. ECCU Directors of Statistics

CODE OF CONDUCT The Bank’s overriding code of conduct is encapsulated in its value statement which states: “The Bank values a results- focused approach in delivering timely, relevant and high quality output for the benefit of the people of the ECCU.”

The behaviour of management and staff is governed by various policy documents including the: 1. ECCB Corporate Governance Charter

2. Conflict of Interest Policy 3. Media Relations Policy 4. Information Systems and Security Policy

5. Regional Debt Coordinating Committee 6. ECCU Chief/Commissioners of Police 7. ECCU Heads of Policy and Economic Units

5. Eastern Caribbean Central Bank Staff Regulations 6. The ECCB’s Guide – Protocol, Diplomacy and Etiquette 7. Energy Management Policy

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