These tests sometimes hinge on delicate considerations. Is, say, Mr X, who threatened a traffic warden after receiving a traffic fine, still a fit and proper director? And how do you deal with the director who, whether or not intentionally, fails to report previous offences on his integrity form. Openness plays an important role in such decisions.
As this distinguished audience is aware, there is broad consensus and unanimity now among all key stakeholders that it was the unsustainable “financial sector-real sector imbalance” due to certain financial innovations that was the real cause of the last global financial crisis. Generic financial innovation has typically evolved in the form of both on-balance sheet and off-balance sheet derivative instruments.