The reforms in 2000 involved the following: Banking sector – strengthening governance of banks with prudent management standards and guidelines Superannuation funds – introduce voluntary superannuation and increase wider participation by the workforce (reduce employees to 10 from 15) Life Insurance – introduced good governance and management practice standards and guidelines Savings and loan societies – enhance market-oriented institutions and improved management (reduced from 100 to 21) Major legislations enacted were: a.
Central Banking Act 2000 making the Central Bank Independent;  b.