OVERVIEW

The Caribbean Development Bank is headed by the Board of Governors. This Board delegates oversight of Bank operations to the Board of Directors, which is chaired by the President. The President is appointed by the Board of Governors and is responsible for the day-to-day business of the Bank. He is assisted by two Vice-Presidents and an Advisory Management Team.

Leadership

BOARD OF GOVERNORS

The Board of Governors is the highest policy-making body of CDB and meets once a year in one of the member countries of the Bank. All of the powers of CDB are in the hands of the Board of Governors, which can delegate its powers to the Board of Directors except on certain matters such as:

  • The admission of new members
  • Change in capital stock
  • Election of Directors and the President
  • Amendment of the Charter
  • Termination of the operations of CDB

Each member country nominates one Governor and one Alternate Governor. Each Governor casts the votes of the member territory which he/she represents. The British overseas territories of Anguilla, British Virgin Islands, Cayman Islands, Montserrat and Turks and Caicos Islands are regarded as one member.

Board of Directors

The Board of Directors is responsible for the general policy and direction of the operations of the Caribbean Development Bank. The Board takes decisions concerning loans, guarantees and other investments by CDB, borrowing programmes, technical assistance and other operations of the Bank. It also approves the administrative budget of the Bank and submits accounts for each financial year for approval by the Board of Governors. It appoints the Oversight and Assurance Committee, consisting of five of its members, for a term of two years, with the option to renew for a further two years. The Board comprises 14 Directors who represent the Regional Members of CDB and five who represent the Non-Regional members.

Directors hold office for a term of two years and are eligible for selection for a further term or terms of office. Each Director appoints an Alternate Director, who acts on his/her behalf when the Director is not present.

President

The President is Chairman of the Board of Directors and Chief Executive Officer of the Bank. He conducts, under the direction of the Board of Directors, the current business of the Bank. The Internal Audit Division, Office of Integrity, Compliance and Accountability, Office of Independent Evaluation and Office of Risk Management are attached to the Office of the President.

Office of Integrity, Compliance and Accountability

The Office of Integrity, Compliance and Accountability (ICA) is an operationally independent office, and reports administratively to the President and functionally to the Board of Directors through its Oversight and Assurance Committee. ICA is mandated to operationalise, manage and refine the Strategic Framework for Integrity, Compliance and Accountability. The Framework articulates a comprehensive strategy for institutional integrity (fraud and corruption), ethics, whistleblowing, anti-money laundering, countering the financing of terrorism, monitoring of financial sanctions, and accountability for environmental and social harm caused or likely to be caused by projects financed by the Bank.

Legal Department

The Legal Department provides legal services, advice and counsel so that CDB, in the conduct of its affairs, is in compliance with its Charter and international and municipal law. It is also responsible for ensuring that the negotiations and drafting of all Bank agreements are in compliance with relevant law. The Department also provides advice and counsel to ensure the Bank’s activities are conducted in accordance with existing policies, rules and procedures.

Office of Independent Evaluation

The Office of Independent Evaluation reports to the Board of Directors and administratively to the President. The Office independently evaluates CDB’s policies, strategies, projects, technical assistance and performance. It contributes to the Bank’s development effectiveness by assessing internal processes and procedures, and providing lessons learnt and recommendations for improvement.

Internal Audit Division

The Internal Audit Division is an independent and objective assurance and advisory function designed to enhance and protect organisational value by improving the operations of CDB.

It assists CDB in accomplishing its objectives by improving the effectiveness of the Bank’s governance framework, risk management, and control processes.  The Division’s work is carried out in accordance with the Institute of Internal Auditors International Professional Practices Framework (Standards). The Internal Audit Division reports administratively to the President and functionally to the Oversight and Assurance Committee of the Bank.

Function
The scope of work of IAD includes the examination and assessment of:

  • the adequacy and effectiveness of the Bank’s processes for governance, risk management, and internal controls
  • the quality of performance in carrying out assigned responsibilities to achieve the Bank’s stated goals and objectives

 

Office of Risk Management

The Office of Risk Management (ORM) is an independent - but integral part of Bank’s activities - dynamic, strategic and responsive office leading CDB’s second line function, fully supporting the President, the Senior Management Team and the Board of Directors in the management of all core, non-core and emerging risks across the organization. The ORM, headed by a Chief Risk Officer (CRO), implements, monitors, and maintains an efficient and effective Enterprise Risk Management Framework, supporting CDB’s strategic vision and mandate.

CORPORATE

VICE-PRESIDENT FINANCE AND CORPORATE SERVICES

The Vice-President Finance and Corporate Services is responsible for the effective planning, development and provision of advice and services relating to Finance Department, Information and Technology Solutions Department, Human Resources and Administration, Communications and Corporate Affairs Department and Content Management and Disclosure Unit.

FINANCE DEPARTMENT

The Finance Department is responsible for the effective planning and management of the financial operations of CDB, encompassing capital markets, treasury and accounting activities.

INFORMATION AND TECHNOLOGY SOLUTIONS DEPARTMENT

The Information and Technology Solutions Department is responsible for the strategic planning and provision of advice and services relating to the management and use of information and technology in the Bank’s operations, and in support of the Bank’s project financing and technical assistance activities. It advises on managerial processes, analyses business processes and evaluates the impact on organization structure.

HUMAN RESOURCES AND ADMINISTRATION

Human Resources and Administration provides advice; programmes and services relating to strategic human resources planning and management; the Bank’s organisational structure; and a wide range of administrative services, including communications, property management and maintenance, cost-effective procurement of goods and services, printing and reproduction.

COMMUNICATIONS AND CORPORATE AFFAIRS DEPARTMENT

The Communications and Corporate Affairs Department portfolio includes corporate communications, corporate social responsibility (CSR), corporate events, media and other stakeholder relations, protocol and supporting the advocacy work of the Bank. The Department shapes CDB's internal and external voice and amplifies its impact through effective partnerships, high-impact thought leadership, and institutional storytelling.

CONTENT MANAGEMENT AND DISCLOSURE UNIT

This Unit is responsible for information disclosure, research and reference, information and records management, current awareness, outreach and knowledge management. These services are provided to internal and external stakeholders including Bank Staff, consultants, regional and international organisations, academic institutions, and government agencies.

OPERATIONS

VICE-PRESIDENT (OPERATIONS)

The Vice-President (Operations) oversees the operation of CDB’s lending and related economic activities. This Office is responsible for the Corporate Strategy Division, Department of Economics, Projects Department, and the Renewable Energy / Energy Efficiency Unit.

SUSTAINABLE ENERGY UNIT

The Sustainable Energy Unit provides an integrated approach and strategic leadership of renewable energy and energy efficiency initiatives, and is responsible for operationalising CDB’s Energy Sector Policy and Strategy.

INFRASTRUCTURE PARTNERSHIPS

This area coordinates and implements the United Kingdom Caribbean Infrastructure Partnership Fund.

PROJECTS DEPARTMENT

The Projects Department identifies, appraises and supervises all capital and Technical Assistance projects, as well as sector loans intended for and/or included in the Bank’s portfolio. Monitoring and evaluating the Bank’s loan portfolio, preparation of sector analyses/policy papers for external training, and the provision of assistance to micro and small enterprises are also within its purview.

DIVISIONS & UNITS
  • Procurement Policy Unit
  • Private Sector Division
  • Environmental Sustainability Unit
  • Social Sector Division
  • Economic Infrastructure Division
  • Regional Cooperation and Integration Unit 
CORPORATE STRATEGY DIVISION

The Corporate Strategy Division develops and coordinates CDB’s strategic planning process, including the preparation of the Annual Work Programme and Budget.

DEPARTMENT OF ECONOMICS

The Economics Department provides analysis, policy advice and macroeconomic management support to the Bank’s Borrowing Member Countries. The Department manages the provision of technical assistance for various aspects of economic management in BMCs, and provides such assistance directly, through staff visits. It maintains working relationships with the economics departments of other multilateral agencies, and participates in joint surveillance and direct assistance missions to BMCs with regional and extra-regional institutions.