The Basel Committee on Banking Supervision emphasizes that since banks have an important financial intermediation role in the economy, the public and the market must be highly sensitive to any difficulties potentially arising from any corporate governance shortcomings in banks.11 Clearly, the financial industry thrives on public trust to sustain resiliency.
But I believe these principles are true not just for the banking sector but for all commercial endeavors as well. We should also recognize that SMEs make significant contributions to regional growth. Thus, they should be included in our continuing transformation process. This transformation should also not leave consumer protection behind. Ladies and gentlemen, governance must be inclusive.