The Board of Governors is the highest policy making body of CDB and meets once a year in one of the member countries of CDB. All of the powers of CDB are in the hands of the Board of Governors, which can delegate its powers to the Board of Directors except on certain matters such as:
- the admission of new members
- change in capital stock
- election of Directors and the President
- amendment of the Charter and
- termination of the operations of CDB
Each member country nominates one Governor and one Alternate Governor. Each Governor casts the votes of the member territory which he/she represents. The British overseas territories of Anguilla, British Virgin Islands, Cayman Islands, Montserrat and Turks and Caicos Islands are regarded as one member.
The current Chairman of the Board is the Hon. Dr. Kenny D. Anthony, Prime Minister and Minister for Finance, St. Lucia and the two Vice-Chairpersons are the Hon. John Baird, Minister of Foreign Affairs, Department of Foreign Affairs and International Trade, Canada and Mr. Luis Videgaray Caso, Secretary of Finance and Public Credit, Secretariat of Finance and Public Credit, Mexico.