In the wake of the crisis, greater expectations are being placed on the board and senior management to have more effective leadership and oversight roles. These expectations have in certain jurisdictions been translated into responses that have included intrusive approaches to appointments of directors and key personnel of financial institutions, while at the international level it has resulted in substantial enhancements to existing international supervisory standards on corporate governance. In the process, we are seeing renewed debate and dialogue on how fundamental precepts of governance should be best operationalised to achieve their substance over form, including the notion of separation between oversight and management, the determination of the relevant board competencies in today's environment and the appropriate role of the board, the management and the supervisor in reinforcing sound governance practices. It is thus important for a continuous process of renewal of established practices to preserve the foundation for financial stability. Scope for greater collaboration In a world that is highly interconnected, the scope for supervisory cooperation and collaboration for the effective conduct of financial stability policies is now already expanding. The regional cooperation among central banks and supervisory agencies in Asia itself has advanced in many areas, particularly in the aftermath of the Asian Financial crisis. The focus of cooperation has gone beyond the traditional areas of financial stability, financial markets and payment and settlement systems to cover the more technical policies and the forward looking issues.

•  Secondly, integrate tenets of good corporate citizenship into corporate structures and processes, create innovative and proactive Corporate Social Responsibility solutions, and collaborate with internal and external stakeholders on social challenges, and report and account for performance in this area. •  Thirdly, Corporate Social Responsibility awards can be introduced to acknowledge the works of those that make considerable effort and impact. This can help to act as an incentive to motivate employees and managers to advance Corporate Social Responsibility. The recognition can take place at different levels such as those of the project team, corporate management, company, specific industry sector, etc. •  Finally, companies can also have their managers and employees participate in networks and multi-partner organizations that aim to advance responsible business practices for the benefit of business and society. The partners can include other businesses, government, civil society, labour unions, investor groups, etc. As earlier alluded to, one of the tenets of good corporate citizenship is transparency and accountability. On the part of the Councils, the major challenge they face in this regard is the delivery of quality service to their clients, which is underpinned by better management of resources. 2  BIS Review 28/2006  In conclusion, Chairperson, Ladies and Gentlemen, in the interest of enhancing the competitiveness of business and maximise the value of wealth creation in Mufulira District in particular and Zambia as a whole, companies are urged to make social responsibility an integral part of the wealth creation process.