institutions. one example is the pra and fca ’ s senior managers regime ( smr ) which will come into force in march 2016. the smr intends to create stronger incentives for senior individuals to run institutions prudently and to take greater responsibility for their actions. the pra has also recently published a consultation on its expectations of the collective responsibilities shared by board members which will complement the smr. the pra published its consultation paper “ corporate governance : board responsibilities ” in may 2015, available at : http : / / www. bankofengland. co. uk / pra / documents / publications / cp / 2015 / cp1815. pdf. bis central bankers ’ speeches ultimately, wider society, helping central banks meet their objectives. let me mention three areas in particular : executive remuneration and accountability ; control rights ; and company law. executive remuneration and accountability historically, perhaps the most commonly - pursued approach to tackling corporate finance problems has been to adjust managerial compensation practices – for example, the shift to equity - based compensation practices in the 1980s. this shift worsened incentive problems elsewhere within firms. in response, attention more recently has switched to paying executives in debt, rather than equity. the aim here is to align managerial incentives with those of wider stakeholders, specifically creditors, so mitigating risk - shifting incentives. this is not a new idea. in their original paper on risk - shifting, jensen and meckling proposed structuring a ceo ’ s compensation such that it was aligned with the firms ’ debt - toequity ratio. in practice, companies in general, and financial firms in particular, have fallen well short of that objective. fewer than 1 % of bank ceos have been found to have remuneration packages with debt - to - equity ratios greater than their firms. 22 the new eu bonus cap rules also arguably weaken the link between performance and compensation as they shrink the proportion of variable pay and make it harder to cut back total remuneration. 23 since the crisis, consideration has been given by both academics and policymakers to switching remuneration practices towards debt - like instruments ( for example, becht, bolton and roell ( 2011 ), pcbs ( 2013 ) ). this appears to have had some policy impact. for example in europe, payment in debt instruments is now permitted under the new capital requirements directive iv ( crd iv ). to date, however, there are only limited signs of remuneration practices

us $ 10 to send money from the us to philippines but cost us $ 30 to send the same money to the pacific. in my view, there is no basis of these high charges. we are in the process of collecting information on these charges and we intend to publish them for general information. we are also exploring alternative ways of sending money to fiji at a more reasonable charge. we are also keen to mount an awareness program to educate our people that are leaving for work overseas and also the fiji communities abroad on cheaper ways to send money to fiji. conclusion let me end by getting back to the business at hand. it is always pleasing to witness another branch of a bank opening for business in fiji. it is an impressive achievement for bsp to open a second branch in nadi today after opening their first branch in suva in december 2006. i congratulate greg and the bsp team on the opening of the nadi branch and wish them all the best in their future endeavours. i would like to thank greg for his kind invitation today. official opening i now have much pleasure in declaring this nadi branch of bank south pacific open. thank you.