ECCB
ANNUAL REPORT 2014/2015
35
EASTERN CARIBBEAN CENTRAL BANK
CORPORATE GOVERNANCE FRAMEWORK
Good Corporate Governance is pivotal to the success
of any institution, and the Eastern Caribbean Central
Bank (ECCB) recognises this quality as the critical
factor in achieving the Bank’s mandate and maintaining
regional and international credibility.
The Bank’s corporate governance framework is built
on the following pillars:
1. Solid foundation for management and oversight;
2. Sound risk management and internal control;
3. Integrity in financial reporting;
4. Ethical conduct; and
5. 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 encourage innovation through
critical thinking and development through problem
solving, to meet the Bank’s objectives and to provide
accountability and control systems commensurate with
the associated risks.
M
anagement
and
O
versight
In accordance with the ECCB Agreement 1983, the
Monetary Council and the Board of Directors are the
highest decision-making bodies 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 to serve on the
Council in his absence.
The Chairmanship of the Council is rotated annually
among member countries in alphabetical order.
The current Chairman is Dr The Honourable Ralph
Gonsalves, Council Member for St Vincent and the
Grenadines. He assumed office on 25 July 2014
following the Handing Over Ceremony. Prime
Minister Gonsalves will transfer the chairmanship of
the Council to the Member for Anguilla in July 2015.
During the year, three new members were appointed
to the Council:
1. The Honourable Gaston Browne – Antigua and
Barbuda
2. The Honourable Donaldson Romeo –
Montserrat
3. Dr The Honourable Timothy Harris – St Kitts
and Nevis
Incoming Chairman of the ECCB Monetary Council
delivers Incoming Speech during the Handing Over Ceremony
in St Vincent and the Grenadines on 25 July 2014
