TABLE OF CONTENTS
DIRECTORS’ REPORT
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 to December 31, 2020.
2) Review of the Bank’s By-Law
DIRECTORSHIP The members of the Board of Directors are now serving the second year of their three-year term which will culminate at the Annual General Meeting of the Shareholders in 2022. The Directors on the Board as at December 31, 2020 were:
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Mr. Maurice Edwards – Chairman Sir Errol Allen Mrs. Judith Veira Mrs. Saibrina Brewster- Dickson Mr. Omar Davis Mr. Medford Francis Mr. Lennox Bowman Mr. Lennox Timm Dr. Timothy Providence
GOVERNANCE The Board is responsible for the development of adequate policies and controls and ensures that the activities of the Bank comply with these policies and procedures, the Bank’s Articles of Association and all relevant laws and regulatory requirements. Amidst the challenges of 2020, the Board of Directors was committed to staying on course and continued to provide strategic guidance to the Management. Significant areas of oversight for the 2020 financial year included: 1) On-going implementation of the Strategic Plan The 2018 -2020 Strategic Plan was scheduled to culminate at the end of 2020. However, given the setbacks during the 2020 financial year occasioned by the COVID-19 Pandemic, there were items on the Plan that were not completed. As such, a sub-committee of the Board and Management met in November 2020 to discuss the 2021 budget and an extension of the current Plan to the end of 2021. The proposals from the subcommittee was subsequently approved by the Board and incorporated in the work programme for 2021.
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BOSVG ANNUAL REPORT 2020
Bank of St. Vincent and the Grenadines Ltd. has gone through several stages of development over the years. These include: change to the Bank’s name from National Commercial Bank (SVG)Ltd. to Bank of St. Vincent and the Grenadines Ltd; divestment of the Bank’s shares to local and regional institutions and to the public and; listing of the Bank on the Eastern Caribbean Securities Exchange. The Board of Directors and Management recognized the importance of aligning the Bank’s By-Law to reflect these changes and for it to be relevant for future developments. Consequently, having considered the various options, in March 2021, the Board passed resolutions for amendment to the By-laws. These resolutions will be tabled at the Special Shareholders Meeting on July 29, 2021 for approval.
3) Reorganization of the Organisational Structure resulting from the Job Evaluation and Reclassification Exercise conducted in 2019 through the Human Resources Committee
The main goal of the Human Resources Committee is to enable the Bank to attract, retain and motivate highly qualified management and staff and to provide compensation that is reasonable in light of the Company’s objectives, compensation for similar personnel in other companies, and other relevant factors.
In January 2020, the new organisational structurewith revised management and non-management grades and scales was implemented following the approval of the Board of Directors via the Human Resources Committee.
