That movement is strong and growing. Earlier this year, the Network for Greening the Financial System (NGFS), a group of 90 central banks and supervisors which the Bank helped to found, published a  17  https://www.parisalignedinvestment.org/media/2021/03/PAII-Net-Zero-Investment-Framework_Implementation-Guide.pdf; https://www.unepfi.org/net-zero-alliance/resources/alliance-2025-target-setting-protocol/; https://sciencebasedtargets.org/sectors/financial-institutions 9  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  9  menu of practical options for central banks looking to green their monetary policy operations.18 The recent podcast by ECB Executive Board members Isabel Schnabel and Frank Elderson makes very similar points to my speech today.19 And in the private and non-profit sectors, comprehensive frameworks for investment strategies to support net zero have been developed by owners and managers of assets worth tens of trillions of dollars (Table 2). Now that is real money. We’ve drawn heavily on this thinking in designing our own framework. We hope our approach can, in turn, influence, encourage and promote the efforts of others. Turning our words into action: greening the CBPS  So what are we going to do? Our proposed framework is made up of four key tools: targets; tilts; eligibility; and escalation (Table 3). Let me describe each briefly Table 3: Proposed tools for greening the CBPS  18  ngfs_monetary_policy_operations_final.pdf Tackling climate change as a central bank: Between motivation, obligation and limitation (europa.eu). See also François Villeroy de Galhau: The role of central banks in the greening of the economy (bis.org) and Speech Klaas Knot - “Getting the Green Deal done: how to mobilize sustainable finance” (dnb.nl) for other recent examples.

Bwalya K E Ng’andu: Enhancing corporate governance among various stakeholders within the financial sector Opening remarks by Dr Bwalya K E Ng’andu, Deputy Governor (Operations) of the Bank of Zambia, to the Financial Sector Development Programme (FSDP) presentation of corporate governance model board charter to financial sector stakeholders, Lusaka, 25 October 2011. *  *  *  Chief executive officers and senior management of financial institutions Members of the FSDP Secretariat and Working groups Distinguished participants Ladies and Gentlemen Let me start by thanking the organisers of this meeting for inviting me to make opening remarks at the presentation of the corporate governance model board charter. As you are aware, corporate governance has been identified as one of the most important components of the Financial Sector Development Programme (FSDP). The reason for this is not difficult to discern. The relationship between financial institutions and the public is premised on trust. Loss of confidence and trust in even one financial institution can threaten the stability of the entire financial sector because feelings about one erring institution can be extended to other institutions. This fiduciary responsibility that financial institutions carry requires that all players in the financial sector are subjected to elaborate oversight. In this regard, the Boards of Directors are one organ that is vested with this responsibility of oversight.