Despite its simplicity, this policy rule fits the data remarkably well; it described a period of generally successful policymaking; and it adhered to the Taylor principle of adjusting the nominal rate more than one-for-one with changes in the inflation rate, so it provided a plausible template for future success.
As a result, three new non-executive directors will be elected by shareholders at this OGM. There are currently four vacancies for non-executive directors appointed by Government. Once all these appointments have been made, the Board will comprise a significant proportion of new members.