We have seen similar examples of corporate governance and risk management failures contributing to financial system distress in a number of advanced economies, including much of Scandinavia in the 1980s and, of course, New Zealand and Australia in the late 1980s and early 1990s.
And I hardly need to draw your attention to the much more recent high profile corporate governance failures in the United States, United Kingdom and elsewhere. In order to address these kinds of problems, and to reduce the risk of future corporate governance failures, much activity has been underway, globally and at the domestic level.