While we have proposed that most MRAs and MRIAs be addressed in the first instance to management and not to the board, the board would continue to receive MRAs where board practices are at issue or where management has failed to promptly and adequately take the required actions.
In the case of the US, normalisation is generally taken to mean that the Federal Reserve (Fed) will stabilise the size of their balance sheet, raise the Federal Funds rate and allow the yield on US treasury bonds to move more freely.