T H E   E C C B  C O R P O R A T E    G O V E R N A N C E    C H A R T E R   (PDF document)

Introduction
The Eastern Caribbean Central Bank (the Bank) is one of four multi-state central banks in the
world and serves eight countries in the Eastern Caribbean Currency Union (ECCU)1. The Bank
recognises that corporate governance is critical to achieving its mandate, and maintaining its
credibility and image as a model regional and international institution. This Charter summarises
the corporate governance policies and practices of the Bank. The Bank’s corporate governance
framework reflects current best practices, and incorporates the requirements of the Eastern
Caribbean Central Bank Agreement Act, 1983 (the Agreement) and takes cognizance of the
Corporate Governance Principles for the Organisation of Eastern Caribbean States (OECS) see
appendix I. It takes into account the legal and regulatory framework of the ECCU member
countries and is updated to keep abreast of changes in local and international practices.

“Corporate governance is the system by which companies are directed and managed. It
influences how the objectives of the company are set and achieved, how risk is monitored and
assessed, and how performance is optimised.”2 It may be viewed as the set of processes,
customs, policies and institutions affecting the way an organisation is directed, administered and
controlled.

Corporate governance at the Bank is aimed at encouraging innovation through critical thinking
and development through problem solving, in order to meet the Bank’s objectives and to provide
accountability and control systems commensurate with the risks involved. The Bank’s corporate
governance framework is set by the Agreement, which provides for a Monetary Council (the
highest decision-making body) and Board of Directors (the Board), figure 1.

T H E   E C C B  C O R P O R A T E    G O V E R N A N C E    C H A R T E R   (PDF document)