ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

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 accordance with Article 13 (1) of the ECCB Agreement Act, the Board of Directors convened the statutory number of meetings during the calendar year 2022. All meetings were convened virtually using web-based conferencing facilities. Special Meetings of the Board of Directors Provision is also made for the Board of Directors to convene special meetings to address the matters of the Bank. On 15 February 2022, a Special Meeting of the Board Audit and Risk Committee was convened to receive updates on the implementation of the Bank’s digital currency - DCash. 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 external auditors, Heads of Departments and officers, and the Internal Audit Department. The BARC comprises the following appointed Directors: 1. John Skerritt, Chairman - Appointed Director for Montserrat 2. Hilary Hazel, Deputy Chair - Appointed Director for Saint Christopher (St Kitts) and Nevis 3. Francis Fontenelle - Appointed Director for Saint Lucia 4. Edmond Jackson - Appointed Director for Saint Vincent and the Grenadines

External Auditors PricewaterhouseCoopers (PwC) was contracted to serve the ECCB as the Bank’s External Auditors for the period 2023 - 2026. PwC will provide audit services for the financial periods: 2022-2023; 2023-2024 and 2024-2025. The function of the external auditor is to conduct an annual audit of the Bank 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. 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. Compliance with International Financial Reporting (IFR) Standards Effective 1 April 2018, the Bank became IFRS 9 compliant and continues to stay abreast with changes in these standards. Code of Conduct The Bank’s overriding code of conduct is encapsulated in its value statement as follows: “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: 1. The Eastern Caribbean Central Bank Corporate Governance Charter 2. Conflict of Interest Policy 3. Media Relations Policy 4. Information Systems and Security Policy 5. Eastern Caribbean Central Bank Staff Regulations

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