In late 1974, central bankers from Canada, Japan, the US and 9 European countries founded a new body at the Bank for International Settlements in Basel, which became later known as the Basel Committee on Banking Supervision.
Currently the PAS makes no meaningful distinction between individuals for identifying or deploying talent, skills and / or specialisation; nor does it guide determining compensation. The system needs reshaping so as to serve as the mainstay for evaluating employees’ performance, assessing compensation and developing leadership.