Resolution No. JPRM-2024-027-A Designating Economist Katia Paulina Garzón Alvear as Member and President of the Audit Committee of the Central Bank of Ecuador

RESOLUTION NO. JPRM-2024-027-A THE MONETARY AND REGULATORY POLICY BOARD

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador prescribes that public servants and persons acting by virtue of a state power shall exercise only the competencies and faculties 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 Law creates the Monetary and Regulatory Policy Board as part of the Executive Function, responsible for the formulation of monetary policy, the highest governing body of the Central Bank of Ecuador, and determines its composition;

That, numerals 15 and 26 of Article 47.6 of the Organic Code of Monetary and Financial Law, among other functions of the Monetary and Regulatory Policy 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 47.7 of the Code ibidem states: “The acts of the Monetary and Regulatory Policy Board enjoy the presumption of legality and shall be expressed through resolutions that shall have mandatory force (…)”;

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

That, the Regulations of the Audit Committee of the Central Bank of Ecuador, approved by the Monetary and Regulatory Policy Board, through Resolution No. JPRM-2021-006-A, of December 17, 2021, and reformed through resolutions No. JPRM-2022-030-A, of December 19, 2022, No. JPRM-2024-012-M, of July 10, 2024, No. JPRM-2024-016-A, of August 26, 2024, and JPRM-2024-024-A of November 18, 2024, in its Article 4 establishes that “The Audit Committee of the Central Bank of Ecuador shall be composed of three members with voice and vote, designated by the Monetary and Regulatory Policy Board, at least two (2) of whom shall have relevant experience in accounting or auditing, and one (1) of whom may be a member of the Monetary and Regulatory Policy Board (…)”;

That, Article 5 of the aforementioned Regulations of the Audit Committee of the Central Bank of Ecuador, in its pertinent part, establishes that “(…) The member belonging to the Monetary and Regulatory Policy Board while in office of said body, shall be part of the Audit Committee”;

That, Article 10 of the aforementioned regulations determines that “In the event that a member of the Monetary and Regulatory Policy Board is designated as a member of the Audit Committee, this person shall act as President of the Audit Committee of the Central Bank of Ecuador (…)”;

That, the Monetary and Regulatory Policy Board resolved to terminate the designation of Master Moisés Nikolay Trujillo Avilés, as an external member of the Audit Committee of the Central Bank of Ecuador;

That, the Monetary and Regulatory Policy Board in ordinary session with mixed modality, on December 12, 2024, reviewed the nomination of Economist Katia Paulina Garzón Alvear, to integrate the Audit Committee of the Central Bank of Ecuador; and,

In exercise of its functions and in attention to Article 47.7 of the Organic Code of Monetary and Financial Law, the Monetary and Regulatory Policy Board:

RESOLVES

Article 1.- Designate as a member of the Audit Committee of the Central Bank of Ecuador the economist Katia Paulina Garzón Alvear, who shall exercise the presidency of the aforementioned committee, in accordance with what is established in the Regulations of the Audit Committee of the Central Bank of Ecuador.

The economist Katia Paulina Garzón Alvear shall act as a member of the Audit Committee of the Central Bank of Ecuador while she is in office as a member of the Monetary and Regulatory Policy Board.

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

Entrust its publication to the institutional website, to the General Secretariat of the Central Bank of Ecuador.

COMMUNICATE AND PUBLISH.- Given in the Metropolitan District of Quito, on December 12, 2024.

That, through Resolution No. JPRM-2024-26-A of December 12, 2024, the Board of

RESOLUTION NO. JPRM-2024-027-A Page | 3

---

THE PRESIDENT Dr. TATIANA MARIBEL RODRÍGUEZ CERÓN

The resolution preceding this was signed by Doctor Tatiana Maribel Rodríguez Cerón - President of the Monetary and Regulatory Policy Board, in the Metropolitan District of Quito, on December 12, 2024.- I CERTIFY.

ADMINISTRATIVE SECRETARY Attorney MARÍA ALEXANDRA GUERRERO DEL POZO