However, this will count for nothing if directors do not and cannot adapt to the dynamic nature of the banking and economic environments. It is for this reason that Bank Negara Malaysia, in collaboration with Perbadanan Insurans Deposit Malaysia, introduced in 2008 the Financial Institutions’ Directors Education Programme or better known as the FIDE programme. Since its inception, the FIDE Programme now offered under the ICLIF Centre for Governance and Leadership has  4  BIS central bankers’ speeches  provided customised training on corporate governance practices to more than 500 directors of financial institutions in Malaysia. This programme has had an important role in catalysing positive changes in how boards and senior management function and interact, thereby improving the overall quality of financial institutions’ governance. It is also through this programme that a directors’ network has emerged, enabling peer learning, and the sharing and exchange of experiences among financial institutions directors. Role of stakeholders In elevating the standards of corporate governance in the financial services industry, shareholders play an important role to engage boards and hold them to account. Demands for improvements in corporate governance could be driven by the institutional investors and minority shareholders. But for this to happen, they require relevant information on the financial institutions performance and operations. In this context, the Bank has outlined proposals in the Financial Sector Blueprint to require periodic audits of corporate and Shariah governance to help investors better understand whether disclosed governance arrangements are reflected in actual practice.
•  Trade between ASEAN and China is at a record $ billion. •  This large and growing cross border trade will fuel greater RMB trade settlement activity in Singapore over time. The RMB clearing bank will be an important channel for RMB liquidity to circulate between Singapore and China. 4. Singapore’s deep and liquid capital markets will be able to support RMB financing needs in the region. We have already seen companies here issuing RMB-denominated bonds. The Singapore Exchange has announced that it is ready to quote, trade, clear and settle RMB-denominated securities. We can expect the range of RMB-denominated product offerings to expand, as regional corporates raise RMB financing through bond issuances and equity listings, to tap on the strong investor base in the region. 5. There will also be strong and growing demand for RMB trade services. There is a critical mass of international trading companies based in Singapore that will demand such services. With the new RMB clearing arrangements, we can expect financial institutions based in Singapore to reach out to local and regional corporates and investors, and encourage greater participation in the offshore RMB market. 6. MAS is delighted to have ICBC Singapore as our RMB clearing bank. ICBC Singapore has considerable experience in RMB business and is well placed to launch a reliable and efficient RMB clearing service. With the QFB privileges it now enjoys, ICBC is committed to growing its business in Singapore.