ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

G ood corporate governance is one of the pillars that sits at the helm of the ECCB’s operations. As such, the Bank is committed to ensuring that ths attribute is preserved in its procedures and processes. The Bank’s Corporate Governance Framework is supported by the following: 1. Firm foundation for management and oversight; 2. Proactive and sound risk management and internal control; 3. Integrity in financial reporting; 4. Code of Conduct that endorses ethical values; and 5. Reciprocal relationship with stakeholders. The Corporate Governance Framework is guided by: 1. The ECCB Agreement Act, 1983 (as amended) and the Banking Act, 2015; 2. The corporate governance principles for the Organisation of Eastern Caribbean States (OECS); 3. The legal and regulatory framework of the ECCB member countries; and 4. Best practices in the local and international arena. The framework promotes accountability; ensures that appropriate control systems are developed and are operationalised to address associated risks; and fosters innovation through critical thinking and problem solving in pursuit of the Bank’s objectives. Administration and Management Monetary Council The Monetary Council comprises the eight Ministers for Finance of the ECCB Participating Governments and is the highest decision-making body of the Bank. Provision is made in the ECCB Agreement, Article 7 (1) for each Minister to designate an Alternate, who must also be a minister of government, to serve on the

Chairman, ECCB Monetary Council - Member for Saint Lucia, the Honourable Prime Minister and Minister for Finance, Philip J Pierre

Council in his/her absence.

Chairmanship of the Monetary Council The tenure of the Chairmanship of the Monetary Council is one year and it is rotated among member countries in alphabetical order. The current Chairman is the Member for Saint Lucia, the Honourable Prime Minister and Minister for Finance, Philip J Pierre. Prime Minister Pierre assumed the Chairmanship on 22 July 2022. The Ceremony to Mark the Change in Chairmanship was held at the Harbor Club, Rodney Bay, Saint Lucia. The Honourable Prime Minister and Monetary Council Member for Saint Lucia will hand-over the Chairmanship to the Council Member for Saint Vincent and the Grenadines in July 2023. New Monetary Council Members In 2022, the ECCB Monetary Council welcomed three new members: z Honourable Prime Minister and Minister for Finance - Grenada, Dickon Mitchell, was appointed effective June 2022; z Honourable Prime Minister and Minister for Finance – Saint Christopher (St Kitts) and Nevis, Dr Terrance M Drew, was appointed effective

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