Eastern Caribbean Central Bank 2024-2025 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2024 - 2025

Environmental, Social and Corporate Governance

The Bank is guided by best practices of corporate governance and as such, 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 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 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. Administration and Management Monetary Council The Monetary Council is the highest decision

making body of the Bank and constitutes the eight Ministers with responsibility for the Ministries 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 said Council Member.

Chairmanship of the Monetary Council

The Chairmanship of the Monetary Council is held for one year and is rotated among Participating Member Governments in alphabetical order. Cora Ri chardson -Hodge , Minister for Finance and Monetary Council Member for Anguilla, currently serves as the Chairman of the Honourable

Chairman ECCB Monetary Council Hon Cora Richardson-Hodge Minister for Finance and Monetary Council Member for Anguilla

Monetary Council and assumed the position in February 2025 post general elections in Anguilla. The Chair was held by previous Premier and Minister for Finance, Government of Anguilla, Honourable Ellis Webster from July 2024 until he demitted office in February 2025. New Monetary Council Members Honourable Reuben T Meade was appointed as Premier and Minister for Finance, Government of Montserrat in October 2024. In February 2025, HonourableCoraRichardson-Hodgewas appointed

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