That said, our local financial crisis carries clear lessons, some of which are: •  First, that to effectively manage a modern financial system, you need state-of-theart legislation, with penalties and a regime to ensure compliance. •  Second, that good governance structures are an indispensable part of the efficient management of financial institutions.
Boards of Directors must understand their fiduciary responsibilities and must see protecting depositors or policy-holders as a major part of their responsibility.