ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

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