The Board of Governors

Hon. Nathaniel R. Patray, III
Executive Governor & Chairman of the Board of Governors


Gov. D. Sheba Brown
Member


Gov. James B. Dennis
Member

 

Gov. Timothy E. Thomas
Member


Gov. A. Richard Dorley
Member

 

BOARD COMMITTEES

 

Audit Committee

The Board Audit Committee (BAC) is appointed by the Board of Governors of the Central Bank of Liberia (CBL) to assist the Board in fulfilling its financial reporting and risk oversight responsibilities. The Committee oversees the work of the Internal Audit Department (IAD), reviews its quarterly reports and recommends to Management the appropriate action to ensure the effective mitigation of risks highlighted therein. The BAC also oversees the competitive recruitment process for the Bank’s external auditors and oversees annual external audits. The BAC may confer with the CBL Management and other employees to the extent it deems necessary to fulfill its duties and is authorized to conduct or authorize investigations into any matters within the Committee's scope of responsibilities.

 

Membership: Mrs. D. Sheba Brown – Chairperson, Mr. James B. Dennis – Member, Mr. A. Richard Dorley  – Member

 

Investment Committee

The Board Investment Committee (BIC) oversees the prudent investment of the CBL’s assets in accordance with the long-term objectives of the Bank. In doing so, the Committee's broad objectives are to: provide oversight of the finance and investment functions of the CBL by establishing guidelines for the investment of the CBL’s assets; determine or approve asset allocations to achieve the CBL’s objectives; and assist the Board in evaluating investment transactions in which the CBL engages as part of its business strategy from time to time and take corrective action when it becomes apparent that objectives and guidelines are not being met.

 

Membership: Mr. A. Richard Dorley – Chairperson, Hon.  Nathaniel R. Patray, III – Executive Governor & Member, Mr. James B. Dennis – Member

 

MANAGEMENT COMMITTEES

Assets and Liabilities Committee

The newly established Assets & Liabilities Committee (ALCO) reports to the Executive Governor, provides oversight of the CBL’s financial assets and liabilities, and ensures that treasury and lending operations comply with CBL’s Risk Management Policy and risk appetite. ALCO also has specific responsibility for managing liquidity risk, interest rate risk, foreign exchange, funding, concentration and counter-party, net interest margin management, financial risk and settlement risks, including maturity mismatch. The Committee’s ultimate objective is to achieve sustainable and appreciable levels of liquidity, increase CBL’s investments and ensure that they match the underlying liabilities.

 

Membership:Hon. Nathaniel R. Patray, III – Executive Governor & Chairman; Ms. Nyemadi D. Pearson, Acting Deputy Governor for Operations – Member; Directors of Departments: Financial Markets, Finance, Banking; the Head of the Treasury Operations Unit

 

Enterprise Risk Management Committee

The Enterprise Risk Management Committee (ERMC) supports Management in maximizing the CBL’s ability to fulfill its mandate by taking a comprehensive approach to anticipate, identify, prioritize, and manage material risks to the Bank’s business objectives. Enterprise risk is defined as any significant event or circumstance that could impact the achievement of the CBL’s business objectives, including strategic, operational, financial, and compliance risks.

 

Membership: Hon. Nathaniel R. Patray, III – Executive Governor & Chairman; Ms. Nyemadi D. Pearson, Acting Deputy Governor for Operations – Member; Directors of Departments: Enterprise Risk Management; Regulation & Supervision; Research, Policy & Planning; Finance; Banking; Payment Systems; Financial Markets.

 

Financial Stability Committee

Chaired by the Deputy Governor for Economic Policy, the Financial Stability Committee (FSC) undertakes economic analysis of the markets, including monitoring and assessing market developments; assessing and measuring systemic risk and other impediments to financial stability; and informing the Executive Governor about relevant micro-prudential trends, potential risks and vulnerabilities. The FSC regularly monitors the functioning of Liberia’s financial system, including the banking, debt, equity, insurance and related markets; deliberates on events, issues and developments with possible cross market and systemic implications; and, where appropriate, formulates and coordinate responses. The FSC reports periodically, and upon request, to the Executive Governor and Members of the Board of Governors.

 

Membership:Dr. Musa Dukuly – Deputy Governor for Economic Policy & Chairman; Ms. Nyemadi D. Pearson, Acting Deputy Governor for Operations – Co-Chairman; Directors of Departments: Enterprise Risk Management; Regulation & Supervision; Research, Policy & Planning; Finance; Banking; Payment Systems; Financial Markets.