ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 - 2024

T he Eastern Caribbean Central Bank (ECCB) is guided by best practices of corporate governance and the Bank is committed to ensuring that this attribute is preserved in its operational procedures and processes. The ECCB’s Corporate Governance Framework is reinforced by the following pillars: 1. Firm foundation for management and oversight; 2. Proactive and sound risk management and internal controls; 3. Integrity in financial reporting; 4. Code of Conduct that endorses ethical values; and 5. Reciprocal relationship with stakeholders. The Corporate Governance Framework is directed 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 related risks; and fosters innovation through critical thinking and problem solving in pursuit of the Bank’s objectives. A dministration and M anagement Monetary Council TThe Monetary Council is the highest decision- making body of the Bank and constitutes

Chairman, ECCB Monetary Council, Member for Saint Vincent and the Grenadines, the Hon Minister for Finance, Camillo Gonsalves

the eight Ministers with responsibility for the Ministry of Finance within the ECCB Participating Member Governments. The ECCB Agreement, Article 7 (1) allows for each Minister to designate an Alternate, who must also be a minister of government, to serve in his/her stead during the absence of the Council Member. Chairmanship of the Monetary Council The Chairmanship of the Monetary Council is held for one year and is rotated among Participating Member in alphabetical order. Honourable Camillo Gonsalves, Minister for Finance and Member for Saint Vincent and the Grenadines, is the current Chairman and assumed the position on 21 July 2023. The Ceremony to Mark the Change in Chairmanship, during which Minister Gonsalves was recognised as the new Chair of the Council, was held in person at the Beachcombers Resort and Spa, Saint Vincent and the Grenadines. Following the Ceremony, the 105 th Meeting of the Monetary Council convened at the Sun Set Shores

32