This has made financial reporting a complex process. However, looking at the upside of it, these disclosure requirements will empower the stakeholders in making relevant decisions. The BSP believes that this uncovering of more information, will help us realize our vision of full transparency, which is one of the pillars of good corporate governance.
Indeed, the decision to switch towards the enlarged composition of the G20 (as opposed to the G7) and the parallel broader country representation in the FSB are themselves an acknowledgement of the forces of globalisation and financial integration.