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is comfortably above the regulatory requirement of
from 2016 Annual Report
by BOSVG
Bank Of St. Vincent And The Grenadines Ltd
Annual Report 2016
PROFILE OF DIRECTORS PROFILE OF DIRECTORS
A LegAcy of PLAnning
A Future of Growth fuelled by Positive Performance
NAME:
Sir. Errol Allen PROFESSION: Economist - Retired
SUBSTANTIVE POSITION: Chairman of the Board of Directors (BOSVG) Chairman of Credit Committee REAPPOINTED: June 21, 2016 APPOINTED BY: East Caribbean Financial Holdings Company Ltd.
QUALIFICATION:
NAME:
Mrs. Judith Veira PROFESSION: Consulting Actuary
QUALIFICATION:
BA Hons. Actuarial Science Fellow of the Society of Actuaries
NAME:
Dr. Timothy Providence PROFESSION: Medical Doctor
SUBSTANTIVE POSITION: Director of the Board (BOSVG) Member of the Credit Committee REELECTED: June 21, 2016 ELECTED BY: The Public QUALIFICATION: MBBS , MRCOG ,FRCOG
NAME:
Mr. Godwin Daniel PROFESSION: Agricultural Economist - Retired
SUBSTANTIVE POSITION: Director of the Board (BOSVG) Chairman of the Audit Committee REAPPOINTED: June 21, 2016 APPOINTED BY: St. Vincent and the Grenadines National Insurance Services
QUALIFICATION:
NAME:
Mr. Andre Iton PROFESSION: Financial Consultant
SUBSTANTIVE POSITION: Director of the Board
(BOSVG)
QUALIFICATION:
BSc. Economics
NAME:
Mr. Andre Chastanet PROFESSION: Retired Business Executive/Chartered Accountant
SUBSTANTIVE POSITION: Director of the Board
(BOSVG)
APPOINTED: November 17, 2016 APPOINTED BY: East Caribbean Financial Holdings Company Ltd. QUALIFICATION: FCCA
NAME:
Mr. Lennox Bowman PROFESSION: Chief Executive Officer
SUBSTANTIVE POSITION: Director of the Board (BOSVG) Member of the Credit Committee Member of the Audit Committee Member ECFH Board Risk Committee – BOSVG Representative
REAPPOINTED:
June 21, 2016
APPOINTED BY:
QUALIFICATION:
MAAT, ACIB
NAME:
Mr. Omar Davis PROFESSION: Financial & Management Consultant
SUBSTANTIVE POSITION: Director of the Board (BOSVG) Member of the Audit Committee Member ECFH Governance Committee – BOSVG Representative
REAPPOINTED:
June 21, 2016
APPOINTED BY: QUALIFICATION:
East Caribbean Financial Holding Company Ltd ACCA
BAnk OF St. Vincent And the GrenAdineS Ltd
Annual Report 2016
A LegAcy of PLAnning
A Future of Growth fuelled by Positive Performance
Bank Of St. Vincent And The Grenadines Ltd
Annual Report 2016
PROFILE OF EXECUTIVE MANAGEMENT
NAME: Bernard Hamilton POSITION: Country Manager QUALIFICATION: MBA, MSc. Economics APPOINTED: May 2016
NAME:
Bennie Stapleton POSITION: Chief Financial Officer QUALIFICATION: Certified Internal Auditor, FCCA, BSc. Accounting APPOINTED: September 2009
NAME: Cerlian Russell POSITION: Senior Manager Business and Operations QUALIFICATION: MBA- General Management, Certified Mortgage Residential Underwriter APPOINTED: March 2010
NAME: Nandi Williams-Morgan POSITION: Corporate Secretary QUALIFICATION: GDL, LLM International Trade Law, BSc. Economics with Law APPOINTED: December 2004
NAME: La Fleur Hall POSITION: Manager Risk and Compliance QUALIFICATION: CAMS, MSc. Audit Management and Consultancy, CFFA APPOINTED: February 2011 Bernard Hamilton Bennie Stapleton
Cerlian Russell Nandi Williams-Morgan La Fleur Hall
A LegAcy of PLAnning
A Future of Growth fuelled by Positive Performance
Bank Of St. Vincent And The Grenadines Ltd
Annual Report 2016
PROFILE OF SENIOR MANAGEMENT
NAME: Kenroy Alexander POSITION: Branch Manager Operations QUALIFICATION: ICA International Diploma in Financial Crime Prevention APPOINTED: July 1, 2013
NAME: Joanne Ballantyne POSITION: Manager Central Services Unit QUALIFICATION: Certificates – Institute of Canadian Bankers APPOINTED: July 1, 2013
NAME: Lisa Henry POSITION: Senior Human Resources Officer QUALIFICATION: BSC Accounting Special Diploma in Counselling Certificate in Business Administration APPOINTED: December 1, 2013
NAME: Nicole Fernandez POSITION: Senior Information Technology Officer QUALIFICATION: Executive Diploma in Information Technology APPOINTED: January 3, 2006
NAME: Celestine Jackson POSITION: Senior Accountant QUALIFICATION: Certified Accounting Technician, BSc (Hons) Applied Accounting, ACCA APPOINTED: October 1, 2009
NAME:
Irvia Haynes POSITION: Senior Audit Officer QUALIFICATION: Bachelor in Business Administration APPOINTED: September 15, 2009
NAME: Patricia John POSITION: Sales and Service Manager QUALIFICATION: Certificate – Eastern Caribbean Securities Market Representative Representative Licence - Eastern Caribbean Securities Regulatory Commission APPOINTED: July 1, 2013
NAME: Andrene Hazell POSITION: Sales and Service Manager QUALIFICATION: Executive Diploma- General Management APPOINTED: July 1, 2013
NAME:
Monifa Latham POSITION: Senior Officer Treasury and Investment QUALIFICATION: BSc Economics, Principal Licence – Eastern Caribbean Securities Regulatory Commission APPOINTED: October 1, 2010
A LegAcy of PLAnning
A Future of Growth fuelled by Positive Performance
Joanne Ballantyne Irvia Haynes Lisa Henry Kenroy Alexander Celestine Jackson
Patricia John Monifa Latham Nicole Fernandez Andrene Hazell
BANK OF ST. VINCENT AND THE GRENADINES LTD
Annual Report 2016
DIRECTORS’ REPORT
A LegAcy of PLAnning
A Future of Growth fuelled by Positive Performance
GOVERNANCE
The Directors of the Bank of St. Vincent and the Grenadines Ltd. (BOSVG) are pleased to present the report of the Directors for the period January 1, 2016 to December 31, 2016:
DIRECTORS
During the financial year January 2016 to December 2016, four directors ceased to hold office, two were appointed and seven Directors were re-appointed/re-elected. Mrs. Esther Browne Weekes on April 15, 2016 ceased to be a member of the Board; Derry Williams ceased to be Managing Director and an ex-officio member of the Board on May 1, 2016 and; Mr. Lisle Chase ceased to be a member on May 25, 2016. On June 13, 2016 Mr. Andre Iton was appointed by East Caribbean Financial Holding Company Limited (ECFH) to hold office of director. On June 21, 2016, the Company held its Annual General Meeting and the following directors were re- appointed /re-elected to the Board:
• Sir Errol Allen – ECFH appointee • Mr. Omar Davis – ECFH appointee • Mr. Andre Iton – ECFH appointee • Mrs. Judith Veira – Government of St. Vincent and the Grenadines appointee • Mr. Lennox Bowman – St. Vincent and the
Grenadines National Insurance Services appointee • Mr. Godwin Daniel – St. Vincent and the Grenadines
National Insurance Services appointee • Dr. Timothy Providence – Re-elected by the Public
Mr. Gordon Cochrane who was alternate director ceased to hold office on June 21, 2016. Mr. Andre Chastanet was also appointed to the Board on November 17, 2016. In accordance with the policy on Directors appointment, there is one vacancy to be filled by the ECFH. The policy which was approved by the shareholders on July 25, 2013 states that each ordinary shareholder of the Bank of St. Vincent and the Grenadines Ltd. who holds 10% of the issued ordinary shares of the company shall be entitled to appoint one (1) director for each 10% of the issued ordinary shares of the company held. As at December 31, 2016 there were eight (8) directors on the Board of Directors and one vacancy on the Board to be filled by ECFH.
DIRECTORS’ INTEREST
Directors’ interest in the ordinary shares of BOSVG as at December 2016 were as follows:
Director Beneficial Interest
Errol Allen - 3,550 Judith Veira - 31,000 Timothy Providence - 60,000 Godwin Daniel - 3,500 Omar Davis - 3,110
There was no contract of significance subsisting during or at the end of the financial year in which a director was materially interested directly or indirectly. However, we disclose that BOSVG contracted Trinity Consulting Limited owned and operated by Director Judith Veira -Consulting Actuary during the financial year to provide Actuarial services for the review of BOSVG’s Pension Fund for the financial years ending December 31, 2013 to December 31, 2015. This was not a contract of significance. The Board of Directors – The Board meets every other month, however it met eight (8) times for 2016. It is noted that in addition to the BOSVG scheduled Board meetings, Joint Board of Directors Meetings between ECFH, Bank of Saint Lucia Limited and BOSVG were also held as a mechanism to expedite decisions regarding integration /amalgamation. There were seven Joint Board meetings chaired by ECFH for 2016.
The Credit Committee – The Committee’s Charter provides for a minimum of three members and a maximum of five members. As at December 2016 there were three Committee members as Mrs. Esther Browne-Weekes ceased to hold office as noted above. There were no replacements. The Committee should meet at times necessary to perform its duties and functions and should meet at least four times a year. The Committee met four times for 2016. The Credit Committee members are Directors Errol Allen (Chairman), Lennox Bowman and Timothy Providence
The Audit Committee - The composition of this committee is a minimum of three members and a maximum of six. The Audit Committee currently has four members. The Audit Committee should meet at least once per quarter (4 times per year) and also when deemed necessary. The Committee met four times in 2016. The majority of members constitute a quorum. The members of the Audit Committee are Directors Godwin Daniel, Lennox Bowman, Judith Veira and Omar Davis.
The ECFH Board Risk Committee - Director Lennox Bowman is BOSVG’s representative on the Board Risk Committee. The Committee is required to meet at least quarterly and the Committee met four times for the year. assist the three Boards in achieving the plan of integration of their regulated entities. BOSVG’s representatives on this Committee are Chairman Errol Allen and Director Judith Veira. The Committee was mandated to meet bi-monthly and at such other times and through such methods as determined by the Chair of the Committee. The Committee met three times for 2016.
SUBSTANITAL INTEREST IN SHARE CAPITAL AS AT DECEMBER 31, 2016
The substantial shareholders of the company as at December 31, 2016 were:
SHAREHOLDER NO. OF COMMON SHARES PERCENTAGE
East Caribbean Financial Holding Company Ltd. The National Insurance Services 5,100,000 51%
2,000,000 20%
The Public inclusive of employees of the Bank Government of St. Vincent and the Grenadines 1,687,185 16.87%
1,212,815 12.13%
SIGNIFICANT TRANSACTIONS
There were no significant transactions for the period under review.
The ECFH Governance Committee - Director Omar Davis represents both BOSVG and ECFH on this Committee. The Committee is required to meet at least twice annually and the Committee met four times for the year.
Integration Governance Committee (IGC) - This is a joint Committee of Directors from ECFH, Bank of Saint Lucia Limited (BOSL) and BOSVG. This Committee was set up to
