Governance structure
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governance structure
The ECAMC was established by virtue of the Eastern Caribbean Asset Management Corporation Act (the “ECAMC Act”) which was passed between November 2015 and April 2017 in each of the eight territories comprising the ECCU. The eight ECCU territories are Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Federation of St. Christopher and Nevis, Grenada, Montserrat, Saint Lucia and St. Vincent and the Grenadines.
MONETARY COUNCIL
The Monetary Council is the highest decision-making authority of the Eastern Caribbean Central Bank (the “Central Bank”) and is comprised of the Ministers of Finance from each of the eight member states of the ECCU. The Monetary Council meets three times a year.
Pursuant to Article 82 of the Eastern Caribbean Asset Management Agreement (the “ECAMC Agreement”), the Board of Directors is required to submit the ECAMC’s annual audit report to the Monetary Council, and Article 87 requires the Board of Directors to submit quarterly reports of its activities and accounts to the Monetary Council or any other sub-committee of the Monetary Council within thirty days of the end of the quarter.
Article 87 of the ECAMC Agreement requires the Monetary Council to cause an independent review to be conducted annually to assess the extent to which the Corporation has made progress towards achieving its overall objectives; and decide whether continuation of the Corporation’s operations is necessary having regard to the purposes of the Corporation. Pursuant to Article 91 of the ECAMC Agreement, the on the fifth anniversary of the Corporation, the Monetary Council shall undertake a review to determine whether the Corporation has fulfilled its purposes and terminate the Corporation; or extend the Corporation for a term not exceeding five years.
BOARD OF DIRECTORS OF THE ECAMC
The Board of Directors (“Board”) is the governing body of the ECAMC and is charged among other things, with ensuring that the functions of the Corporation are performed effectively and efficiently. The principal functions of the Board are prescribed by Article 65 of the ECAMC Agreement.
Pursuant to Article 64 of ECAMC Agreement the Board comprises eight members, one Director appointed by each of the participating Governments. The ECAMC’s Chief Executive Officer is an ex-officio member of the Board. In accordance with Article 70 of the ECAMC Agreement, the Chairman and Deputy Chairman of the Board are appointed by the Monetary Council from among the members.
Article 66 of the ECAMC Agreement, as amended at the 100th meeting of the Monetary Council, permits a Director appointed to the Board to serve for three terms, each not exceeding three years.
SUB-COMMITTEES OF THE BOARD
In furtherance of effectively governing the Corporation, the Board has established the following statutory committees in accordance with Articles 80 and 81 of the ECAMC Agreement, respectively:
- i. Executive Committee
- ii. Audit Committee
Pursuant to Article 79 of the ECAMC Agreement the Board has also established the following Sub-Committees:
- i. Risk and Compliance Committee
- ii. Human Resources Committee
- iii. Credit Committee
The Board and its sub-committees carry out their respective functions in accordance with their approved charters.
CHIEF EXECUTIVE OFFICER AND EXECUTIVE MANAGEMENT
The Executive Management of the ECAMC comprises the Chief Executive Officer, Chief Financial Officer, the Manager – asset acquisition, management and recoveries and the Legal Counsel. The Executive Management’s responsibilities include overall conduct of the business of the ECAMC and all operational matters, organisation of the ECAMC as well as allocation of resources, implementation of Board approved strategies and policies, and ensuring timely reporting and provision of information to the Board.
The Chief Executive Officer is an ex-officio member of the Board of Directors and is responsible to the Board of Directors for the day-to-day administration of the affairs of the ECAMC. The statutory functions of the Chief Executive Officer are outlined under Article 73 of the ECAMC Agreement. The Chief Financial Officer is responsible for the planning, implementation, managing and running of all the finance activities of the ECAMC, including budgeting and forecasting. The manager – asset acquisition, Management and recoveries is responsible for developing strategic and systematic plans to support the efficient acquisition, management and resolution of assets by the ECAMC. The Legal Counsel provides with legal guidance on issues which may impact the business of the ECAMC, in addition to serving as Corporate secretary to the Board of Directors. The Executive Management team and the Board of Directors are supported by the Chief Internal Auditor who seeks to determine that the organisation is being managed effectively on behalf of their stakeholders. The Executive Management team along with the Chief Internal Auditor form the Management Team of the ECAMC.
Whitfield Harris
Deputy Chairman
Shavon Douglas
Director
Denise Edwards
Director
Chester Hinkson
director
edmond jackson
director
Rhina Meade
director
John Skerritt
Director
THE MANAGERS
Aiandra E. Knights
Chief Executive Officer
LL.B(Hons.) U.W.I., TEP, Acc.Dir.
Crystal Ann Harper
Legal Services/Corporate Secretary
LL.M., EMBA, LLB (Hons), LEC
Merlyn Pelle
Chief Financial Officer
CPA, CGA, BSc. Accounting (Hons.)
Patricia Etienne
Manager, Asset Acquisition Management and Recoveries
BSc, CBA
Sherry Kissoon
Chief Internal Auditor
MBA, CIA, ACCA