However, regulation  8  Chris Razook, Corporate Governance Challenges Facing Southeast Asia, The Ethical Boardroom, Spring 2015. In www.ifc.org last accessed 11 November 2015. 9  Gianni De Nicolò, Luc Laeven, and Kenichi Ueda, Corporate Governance Quality: Trends and Real Effects IMF Working Paper Series WP/06/293. December 2006.
10  OECD, Reform Priorities in Corporate Governance in Asia: Taking Corporate Governance to a Higher Level (2011), http://www.oecd.org/corporate/ca/49801431.pdf last accessed 11 November 2015. 2  BIS central bankers’ speeches  alone is not enough. A culture that induces appropriate/proper behavior, even when nobody is watching, is needed. Ladies and gentlemen, the scope of governance must be broad.