There is no conflict in Governor of the Central Bank of Barbados sitting on the board of the African Export-Import Bank (Afreximbank).
In a statement yesterday, the Central Bank said it was clarifying recent inquiries regarding Governor Dr Kevin Greenidge’s role as an independent director on the board of Afreximbank.
“The Governor’s appointment to the Afreximbank board fully complies with the Central Bank of Barbados Act, 2020-30, and poses no conflict of interest with his responsibilities as Governor.
“In accordance with the Act, the Governor may accept external appointments with the approval of the Central Bank’s board of directors. This appointment has received such approval, and importantly, the Governor receives no remuneration for his service on the Afreximbank board. His work on the board of the multilateral is pro bono,” it stated.
Afreximbank is a multilateral
financial institution that operates outside the regulatory jurisdiction of the bank which regulates and supervises domestic financial institutions in Barbados and not international multilateral development banks, the Central Bank explained.
“The bank views the Governor’s service on Afreximbank’s board as an opportunity to deepen Barbados’ international financial relationships and enhance the bank’s own strategic perspective through global engagement. Moreover, this appointment aligns with established international practice, as evidenced by the participation of central bank governors from three other jurisdictions, as well as a deputy and a sub governor, also serving on the Afreximbank board,” the bank added. ( AC/PR)
