ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 - 2024

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 for temporary advances to participating governments and interest rates. Appointed Directors are required to consider the interests of all the members of the ECCU in their decision-making process. Composition of the Board of Directors The Board consists of the Governor, Deputy Governor and one Appointed Director endorsed by each participating government. Appointed Directors are recommended for terms not exceeding three years and are eligible for re- appointment. Recommendations of individuals to serve on the Board are presented to the Monetary Council for ratification. 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 Executive Officer of the Bank, he is responsible to the Board for the implementation of policies, the day-to-day management of the Bank and is required to attend all meetings of the Monetary Council.

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 In accordance with the ECCB Agreement, “During the absence or disability of the Governor or during any vacancy in the office of the Governor, the Deputy Governor shall exercise the powers and duties of that office. The Board shall make provision for the simultaneous absence or disability of the Governor and the Deputy Governor.” Like the Governor, the Deputy Governor is to devote the whole of his/ her professional time to the service of the Bank while holding office. 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 calendar year, the Board convenes four meetings. Five Appointed Directors at any meeting constitute a quorum. Six subcommittees assist with the execution of the mandate 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; and 6. Joint Pension Fund Trustees 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 2023.

The Governor has the authority to act, contract and sign instruments and documents on behalf

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