Eastern Caribbean Central Bank 2024-2025 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2024 - 2025

Environmental, Social and Corporate Governance

The Board of Directors The powers of the Bank are vested in the Board of Directors. The Board of Directors is responsible for the policy and general administration of 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, the Governor is responsible to the Board for the implementation of policies and the day-to-day

The Monetary Council convened the following meetings in 2024: ; 108 th Meeting of the Monetary Council and Ceremony to Mark the Change in Chairmanship of the Council - 19 July 2024, Anguilla; ; 109 th Meeting of the Monetary Council, 18 October 2024 - Virtual Transmission; and ; 110 th Meeting of the Monetary Council, 14 February 2025 - Saint Christopher (St Kitts) and Nevis. The Ministerial Subcommittee on Insurance, a subcommittee within the ECCB Monetary Council, is chaired by Honourable Gaston A Browne, Prime Minister and Minister for Finance, Antigua and Barbuda. The Chair is supported by Honourable Dr Irving McIntyre, Minister for Finance, Commonwealth of Dominica; and Honourable Camillo Gonsalves, Minister for Finance, Saint Vincent and the Grenadines. The Ministerial Subcommittee guides the work of the Monetary Council on policy matters affecting the insurance sector. The Committee oversees the implementation of the decisions taken by the Monetary Council pertinent to the regulation, supervision and rationalisation of the insurance sector. Ministerial Subcommittee on Insurance Meetings

Meetings are convened on a calendar-year basis.

In 2024, the Subcommittee met virtually on 4 April and 26 July.

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