Whilst it is one thing to have in place the best rules and regulations, it is another thing to practice them using common sense. The collapses of large companies abroad, some due to accounting fraud but others due to carelessness and neglect, highlight the need for diligence.
Closer to home, the turn around of the former PNG Banking Corporation, prior to its sale, other financial institutions that we supervise and pension funds (case of NPF) from loss-making institutions to profitable ones in a short space of time was based on one thing alone; the newly appointed Board and management of these institutions ensured that everyone was diligent and followed the established rules and guidelines re-sounding good governance.