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50
ECCB ANNUAL REPORT 2016/2017
T
he ECCB is cognisant that Good Corporate
Governance is critical to the success of any
organisation. The Bank is committed to ensuring
that this attribute is enshrined in the conduct of its
operations.
The Bank’s corporate governance framework is upheld
by the following pillars:
•
•
Firm foundation formanagement and oversight;
•
•
Proactive and sound risk management and
internal control;
•
•
Integrity in financial reporting;
•
•
Code of Conduct that endorses ethical values;
and
•
•
Reciprocal relationship with stakeholders.
The Corporate Governance Framework is guided by
the following:
•
•
The ECCB Agreement, 1983;
•
•
The Corporate Governance Principles for the
Organisation of Eastern Caribbean States
(OECS);
•
•
The Legal and Regulatory Framework of the
ECCU Member Countries; and
•
•
Changes in local and international practices.
The framework seeks to promote accountability,
ensure that appropriate control systems are in place
to treat with associated risks, and fosters innovation
through critical thinking and development through
problem solving.
MANAGEMENT AND OVERSIGHT
In accordance with the ECCB Agreement 1983, the
Monetary Council is the highest decision-making body
of the Bank.
Monetary Council
The Monetary Council comprises the eight Ministers
for Finance of the ECCB Participating Governments.
Provision is made in the ECCB Agreement for each
minister to designate an Alternate, who shall also be a
minister of government, to serve on the Council in his/
her absence.
The Chairmanship of the Council is rotated annually
among member countries in alphabetical order. The
current Chairman, the Honourable Gaston Browne,
Council Member for Antigua
and Barbuda, assumed the
chairmanship on 22 July
2016 following the Handing
Over Ceremony to Mark the
Change in the Chairmanship
of the Monetary Council.
Prime Minister Browne will
transfer the chairmanship
of the Monetary Council to
the Council Member for the
Commonwealth of Dominica
on 21 July 2017.
Members of ECCB Monetary Council and Governor Antoine at Handing Over Ceremony to mark
change in Chairmanship of Council, Sandals Grande, Antigua Resort and Spa - 22 July 2016