If we allow this culture of cynical greed to take root, it will undermine the public trust that is so critical to not just the growth but the viability of financial institutions. The leadership of financial institutions – Boards and senior management – owe a special duty of care to ensure that finance is trustworthy, socially redeeming, and economically purposeful. They must send a clear, unadulterated message, down to the last person in their organisation: “If it is not right, don’t do it. If it is not true, don’t say it.” 26. This is an area that MAS intends to engage the Boards and senior management of financial institutions on. Conclusion 27. We are making good progress in our corporate governance journey. We are now entering a new phase, and must go beyond rule reforms to create the conditions for good governance to flourish – developing a conducive ecosystem for market discipline, building up the competencies of our Board directors, and instilling a culture of ethical conduct and values. 28. I wish you all success in this important new phase of our corporate governance journey. 1  Joseph Barr, “From the Boardroom: The Role of the Professional Director”, Harvard Business Review, May-June 1976. 5. 4  BIS central bankers’ speeches
We faced the challenge to prepare and submit nine new or appropriately adjusted categories of data, out of which seven are within the competence of the NBRM, and two within the competence of the Ministry of Finance:  1/2  BIS central bankers' speeches  -real sector data - statistics of sectoral financial accounts which is actually an overview of the structure of financial assets and liabilities of individual sectors, their mutual exposure, financial flows and, accordingly, possible accumulation of risks;  - financial sector data – statistics of non-bank financial institutions (more detailed data not only for the banking system, but also for the pension funds, insurance companies, investment funds, financial companies, leasing companies), statistics of debt securities and seven financial stability indicators that enable better identification of the risks in the financial system;  - external sector data – data on the currency structure of the foreign reserves, the coordinate direct investment questionnaire and the coordinate portfolio investment questionnaire which provide more detailed findings for cross-border links and the possibility of transfer of the effects from the external shocks to the domestic economy, and  - fiscal sector data – general government statistics and data on gross debt of the general government. Aware of the challenges that the countries faced with and the need for making extremely great efforts to produce them, the IMF allowed, at the time of application for this standard, fulfillment of the dissemination requirements of at least five from the nine mandatory indicators.