Both Sides of The Coin: The Story of The Central Bank of Barbados 1972-2017

24 authority, under the provisions of Section 16 (1) of the Central Bank Act, which dealt with the appointment of staff. On November 2, the governor reported that the attorney-general had advised that the Board could delegate its powers to appoint and employ staff. The correspondence from the attorney-general pointed out that such delegation could be made in accordance with Section 10(4), which stated that the Board may make by-laws and regulations to allow the Bank’s business to be conducted. The governor noted that delegation was a fundamental principle of modern management. Accordingly, the Board agreed that the governor could appoint, and delegate the appointment of, persons to posts below the rank of deputy head but that the Board should be informed accordingly. The history of delegation by the Board essentially dates from this decision. During the next few years the Board delegated authority to the governor in several additional areas. In 1973 the Financial Rules were the focus of attention and authority was delegated in relation to exceeding budget allocations, signing cheques and the Annual Financial Statements as well as approving the purchase of goods and services. During the following year, the Board delegated authority for critical aspects of the terms and conditions of employment, in particular the exercise of disciplinary powers, including powers of dismissal over all employees; however, any decision by the governor could be appealed to the Board. Authority in respect of the management of loans to staff was also given to the governor. The delegations during 1975 were mainly related to the conduct of the Board’s work: arranging meetings, setting the agenda and making a determination regarding the attendance of Bank staff at Board meetings. The actions of these early directors were crucial to the Bank’s later successes. By delegating authority for the day-to-day management of the Bank to the governor, the directors gave the institution a degree of operational autonomy which is still hard to find in other statutory bodies. It was this ability to quickly take important decisions that allowed the Bank to be creative, to operate efficiently and to maintain its integrity. The delegation of authority was but one example of how the Board strove for greater efficiency in the conduct of its business. The