Another issue that the Review Panel discussed was the management of Board members' potential conflicts of interest. Before speaking about this, I want to note that the Panel did not hear any evidence of problems in this area and I know from first-hand experience that the Board members take their responsibilities very seriously.
Nevertheless, the Board has reviewed the Code of Conduct and agreed to strengthen the already strong standards by making it crystal clear that members, and entities they control, are prohibited from transacting in interest rate and foreign exchange derivatives and from active trading in financial instruments. These same restrictions already apply to the Bank's staff.