The Eastern Caribbean Central Bank (ECCB) recognise the importance of good corporate governance and is committed to ensuring that this attribute is preserved in its operations.
The Bank’s Corporate Governance Framework is upheld by the following pillars:
The Corporate Governance Framework is guided by the following:
The framework seeks to promote accountability; ensure that appropriate control systems are developed and are operationalised to address associated risks; and to foster innovation through critical thinking and problem solving in pursuit of the Bank’s objectives.
Article 7 (2) of the ECCB Agreement states, “The Council shall meet not less than twice each [calendar] year to receive from the Governor the Bank’s report on monetary and credit conditions and to provide directives and guidelines on matters of monetary and credit policy to the Bank and for such other purposes as are prescribed under this Agreement.”
The Board is required to meet as often as the business of the Bank may require; but not less than once every three (3) calendar months. During any given year, the Board convenes four (4) meetings. Five Directors at any meeting constitutes a quorum.
Within the governance framework, six (6) subcommittees assist with the work of the Board:
The ECCB also engages its stakeholders through Consultative and Networking meetings. Some Networking and Consultative meetings are held biannually while others are held on an annual basis. The meetings are at an individual institution level allowing for institution-based lessons learnt to be shared; and framed responses that could be used at both the national and regional levels.