2  BIS Review 1/2005  Another factor that needs to be reminded is that most tasks in the Central Bank are the outcome of teamwork. I have found instances where teamwork has been poor with only a few persons doing the bulk of work. It is necessary to build positive team relationships within the Bank and encourage co-operation between individuals and functional areas to achieve team goals. One of the intentions of sending the senior and middle management of the Central Bank on “Outward Bound” leadership training programmes was to promote the team building capabilities among the management and to expose the participating officers to situations which require strategic planning on a team level. I am sure those who participated in the “Outward Bound” programmes would agree that they have gained new insights on working as teams through their participation. We intend to send staff at all levels on such programmes in the future. I also wish to request all Trade Unions of the Bank to extend their fullest co-operation to the management to create a stimulating work environment in which employees would be able to advance in knowledge and acquire the necessary skills to meet challenges and effectively fulfill their responsibilities thereby transforming the Bank into a center for excellence with enhanced productivity and staffed with competent professionals. Towards this end, I would encourage the staff to have better exposure to the developments in the real sector. I have also reiterated the importance of dealing with the employees in a fair and equitable manner.

The quality of the indicators and the assessment of investments will further improve as more and better data sources become available. 5  See ESMA (2023). Progress Report on Greenwashing. May. 5  Several regulatory initiatives in the European Union will make new data available as a result of new climate and sustainability reporting requirements for financial and non-financial institutions. Currently we have the Sustainable Finance Disclosure Regulation (SFDR), that sets mandatory environmental, social and governance (ESG) disclosure obligations for financial markets participants, and the Corporate Sustainability Reporting Directive (CSRD). With regard to the latter, the European Financial Reporting Advisory Group (EFRAG) is working on the details of the thematic standards for collecting information on ESG aspects, trying to reconcile CSRD with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the work of the International Sustainability Standards Board (ISSB). As you know the TCFD issued a set of recommendations to disclose climate-related risks and opportunities, grouped into four categories: i) governance, ii) strategy, iii) risk management and iv) metrics and targets, but again they are voluntary. The ISSB is working on a global framework for sustainability but it has a different approach from EFRAG. For example, the ISSB considers single materiality while EFRAG considers double materiality. As you can see we have an alphabet soup to negotiate in the drive for transparency. In reality, there is as yet no global standard for disclosure, and it will take several years to achieve a complete framework.