ECCB
ANNUAL REPORT 2014/2015
37
EASTERN CARIBBEAN CENTRAL BANK
for a period not exceeding five years and are eligible
for re-appointment. During the year, Mr Francis
Fontenelle was appointed as the new Board Member
for Saint Lucia.
The Board meets at least once every quarter in
a calendar year. Five appointed Directors at any
meeting constitute a quorum. During the year, the
Board convened for five meetings.
Four subcommittees assist with the work of the Board.
They are the:
•
•
Board Audit Committee;
•
•
Board Investment Committee;
•
•
Budget and Personnel Committee; and
•
•
Monetary Policy and Fiscal Coordination.
The Governor
The Governor serves as chairman of the Board
of Directors. As chief executive of the Bank, he is
responsible to the Board for the implementation of the
Bank’s policies and the day to day management of the
institution. He attends all meetings of the Monetary
Council.
The Governor has the authority to act, contract and
sign instruments and documents on behalf of the Bank,
and may by resolution of, and to the extent deemed
appropriate by the Board, delegate such authority to
other officers.
The Deputy Governor
The Deputy Governor supports the Governor in
his duties, and exercises the powers, duties and
responsibilities of the office during the absence or
disability of the Governor.
R
isk managment
and
I
nternal
C
ontrol
The BoardAudit Committee, chaired byHis Excellency
Wendell Lawrence, Board Member for St Kitts and
Nevis, plays a major role in the management of risk
and internal controls. In fulfilling its mandate the
Committee consults with the Bank’s officers, external
auditor or outside counsel as it deems necessary.
The Executive Committee, which comprises the
Governor, Deputy Governor and the Managing
Director, has the overall responsibility for the internal
controls and risk management of the Bank. This
Committee guides the system of internal control and
ensures that the Bank’s policies are carried out by the
various departments, each of which is headed by a
senior director or a director.
Three senior directors and 10 directors head the 13
departments of the Bank, and they are responsible for
ensuring that the departmental objectives are met and
that the Bank’s policies and procedures are executed
efficiently and effectively.
The Internal Audit Department is critical to the Bank’s
management of risks; it monitors continuously, the
operations of high-risk areas in the Bank. The Director
of the Internal Audit Department is required to report
any deficiencies in the Bank’s system to the Board
Audit Committee and to make recommendations to the
Executive Committee and Heads of Department for
the protection of the resources and the reputation of
the Bank.
