on The South East Asian Central Banks (SEACEN) Research and Training Centre dated 3 February 1982. Under the
Agreement, the SEACEN Board of Governors (BOG) is the supreme decision-maker regarding SEACEN. SEACEN shall exercise its powers and discharge its duties under the direction and supervision of, and in consultation with the BOG. Accordingly, SEACEN’s policies, budget, and work programme shall require the approval of the BOG.
With a view to enhance the effectiveness of the SEACEN’s operations, a comprehensive strategic review was initiated
at the 18th BOG Meeting in Seoul in 1999. The strategic review, which was conducted by external consultants and
which received inputs from SEACEN’s strategic partners, namely the IMF and BIS, covered a wide range of issues
of strategic importance, including governance structure of SEACEN. One of the major recommendations that was
presented and discussed at the 21st BOG Meeting in Singapore is the proposal to modify the governing structure of
SEACEN by establishing an Executive Committee (EXCO) to act on behalf of the BOG. After deliberations, the BOG
agreed in principle to establish the EXCO and delegate to the EXCO most of the detailed supervision of SEACEN. This
will enable the BOG to concentrate their deliberations at the annual Meeting on international economic and financial
developments and policy issues of strategic importance to SEACEN.
in Singapore on 9 November 2001 and 12 March 2002 to discuss issues relating to the formation of the EXCO. At
the 21st BOG Meeting in Mongolia in June 2002, the BOG approved the recommendations of these Meetings on the
formation of the EXCO and its Terms of Reference. The current governing structure of SEACEN is presented below: