Resolution No. JPRM-2023-022-A — Appointment of New Members to the Audit Committee of the Central Bank of Ecuador

RESOLUTION NO. JPRM-2023-022-A MONETARY POLICY AND REGULATION BOARD

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador stipulates that public servants and persons acting under state authority shall exercise only the competencies and powers attributed to them in the Constitution and the Law;

That, Article 227 ibidem states that Public Administration constitutes a service to the community governed by the principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others;

That, Article 47.1 of the Organic Code of Monetary and Financial creates the Monetary Policy and Regulation Board as part of the Executive Function, responsible for formulating monetary policy, as the highest governing body of the Central Bank of Ecuador, and determines its composition;

That, paragraphs 15 and 26 of Article 47.6 of the Organic Code of Monetary and Financial, among other functions of the Monetary Policy and Regulation Board, determine: “15. Establish and regulate the functioning of the committees that may be necessary for the functioning of the Bank; (…) 26. Those others conferred by law.”;

That, Article 57.2 of the Organic Code of Monetary and Financial establishes that the Monetary Policy and Regulation Board shall designate and determine the attributes and functions of the Audit Committee that will assist it in the oversight of financial reports, internal audit, external audit, and internal control systems;

That, the “Regulation of the Audit Committee of the Central Bank of Ecuador” approved by the Monetary Policy and Regulation Board, through Resolution No. JPRM-2021-006-A, of December 17, 2021, in its Article 4 establishes that the Audit Committee shall be composed of three members with voice and vote, designated by the Monetary Policy and Regulation Board. Additionally, Article 5 establishes that members shall perform their functions for a period of four years and Article 6 establishes the requirements to be a member of the Audit Committee;

That, Article 7 of the aforementioned Regulation, in its pertinent part, establishes that “(…) In the event of termination of functions or permanent absence of any of the members, the person who replaces them shall exercise the functions for the remaining time to complete the term of the member whose functions ended. In case of termination of functions due to resignation, they must remain in office for a period of one (1) month or until they are legally replaced, whichever occurs first.”;

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That, through Resolution No. JPRM-2022-001-A, of January 10, 2022, the Monetary Policy and Regulation Board designated, as members of the Audit Committee of the Central Bank of Ecuador, for a period of 4 years, Xavier Marino Puebla Puebla, Cristina Alexandra Trujillo Calero, and Guido Gerardo Orrico Real.

That, through a memorandum without number, of October 1, 2023, the authorized public accountant Xavier Puebla presented his resignation from the position of Member of the Audit Committee of the Central Bank of Ecuador;

That, through a memorandum without number, of October 24, 2023, Dr. Guido Orrico presented his resignation from the position of Member of the Audit Committee of the Central Bank of Ecuador;

That, the Monetary Policy and Regulation Board, in ordinary session under mixed modality, on November 20, 2023, received the memoranda of resignation from Xavier Puebla and Guido Orrico for the position on the Audit Committee of the Central Bank of Ecuador;

That, through Memoranda No. BCE-JPRM-2023-0069-M and No. BCE-JPRM-2023-0079-M, of September 27, 2023, and November 14, 2023, respectively, the President of the Monetary Policy and Regulation Board requested the General Manager of the Central Bank of Ecuador as follows: “(…) please have the legal area of the Central Bank of Ecuador prepare the qualification report for the candidates for Members of the Audit Committee (…)”; and,

That, the Monetary Policy and Regulation Board, in ordinary session by virtual modality, on November 20, received the qualification reports sent through Memoranda No. BCE-BCE-2023-0245-M and BCE-BCE-2023-0261-M, of October 25, 2023, and November 17, 2023, respectively, by the General Manager of the Central Bank of Ecuador to the President of the Monetary Policy and Regulation Board, as well as the legal reports No. BCE-CGJ-033-2023 and BCE-CGJ-034-2023, of October 17, 2023, and November 16, 2023, respectively.

In exercise of its functions and in accordance with Article 47.7 of the Organic Code of Monetary and Financial, the Monetary Policy and Regulation Board:

RESOLVES

Article 1.- Designate as a member of the Audit Committee of the Central Bank of Ecuador MOISÉS NIKOLAY TRUJILLO AVILÉS, in replacement of Cristina Alexandra Trujillo Calero, for the remaining time to complete the term for which she was designated.

Article 2.- Designate as a member of the Audit Committee of the Central Bank of Ecuador FAUSTO MARCELO HERRERA TAPIA, in replacement of Xavier Marino Puebla Puebla, for the remaining time to complete the term for which he was designated.

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Article 3.- The remuneration of the members of the Audit Committee of the Central Bank of Ecuador shall be fixed in accordance with what is established by the Ministry of Labor and the applicable regulations.

GENERAL PROVISION.- The General Administrative Financial Coordination of the Central Bank of Ecuador, through its Directorates, shall execute the pertinent administrative actions to implement this resolution.

TRANSITORY PROVISION.- The members of the Audit Committee designated must present a sworn declaration granted before a public notary, in which they declare compliance with the requirements established in Article 6 of the “Regulation of the Audit Committee of the Central Bank of Ecuador”, prior to their assumption of office.

FINAL PROVISION.- This resolution shall enter into force from the present date, without prejudice to its publication in the Official Register.

It is entrusted to its publication on the institutional website of the Central Bank of Ecuador, to the Document Management and Archive Directorate.

COMMUNICATE AND PUBLISH. - Given in the Metropolitan District of Quito, on November 20, 2023.

THE PRESIDENT Dr. TATIANA MARIBEL RODRÍGUEZ CERÓN

The resolution above was signed by Dr. Tatiana Maribel Rodríguez Cerón, in her capacity as President of the Monetary Policy and Regulation Board, in the Metropolitan District of Quito, on November 20, 2023.- I CERTIFY.

ADMINISTRATIVE SECRETARY Attorney MARÍA ALEXANDRA GUERRERO DEL POZO