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

59 Director, Dr. DeLisle Worrell, became director of research and information, with oversight for Research, MIS and Bank Supervision. 37 It was decided, as well, that the Exchange Control Department and Internal Audit section would report directly to the governor, while the general manager would be responsible for the ECG Department. Simultaneously, Marion Williams, assistant manager, Banking and Currency Department, was appointed to the newly-created post of adviser (planning and development). In order to strengthen their management skills, both divisional directors, the new adviser and the bank secretary were sent on training courses overseas. By the end of 1986 the profile of the divisional directors was enhanced inasmuch as they were being invited to attend regular meetings of the Board. A Senior Management Group (SMG) was then created, comprising the governor, general manager, divisional directors, advisers and the bank secretary. The SMG met once a week, with a meeting of the full management team occurring once every month. With the Board being required to take decisions on an ever- increasing number of issues, there was a serious attempt to keep Board members as fully informed as possible and Board Papers were prepared on a wider range of issues. With the passage of time, in addition to the divisional directors, senior economists and senior staff from other departments were requested to attend Board meetings and make the chart or verbal presentations on matters before the Board. Several strategies were employed during this period to strengthen the Bank's management capability and efficiency. Resort was made to introspection and self-examination, an example of which was the first management retreat in 1978, which reviewed the Bank’s operations and made plans for the future. In the following year, the Bank hired Dr. Edmund Molloy, an industrial psychologist, to advise on management development and reorganisation. By 1979 as well, a number of management committees had been created to deal with investment, the formulation of economic policy, strategic planning and financial markets. A strategic planning session was held at Rockley Resort in early 1983 to discuss a five-year plan and soon after the governor met with the staff over a four-day period to discuss several issues of an external and internal nature. Chapter 3: Consolidation: 1976 to 1986