interest of the financial companies. to address this issue, the guideline recommends that incentives be designed to discourage such practices and remuneration for executives, directors and key personnel be fair and reasonable. the bank of mauritius will ensure that the provisions of this guideline are being complied with. in fact, compliance thereto will be factored in the computation of the camel ratings of banks which are published on the bank ’ s website since 2011. the camel ratings comprise an assessment of the following components : capital, asset quality, management, earnings and liquidity. four of the five components, namely the capital, asset quality, earnings and liquidity, are based on objective criteria, i. e. data submitted by banks in their returns to the bank of mauritius, whereas the management component is based on subjective criteria many of which are contained in the guideline on corporate governance. the bank therefore, expects financial institutions to comply with the provisions of the guidelines, as noncompliance thereto will have a bearing on the management component in the camel rating of banks. on this note, may i conclude by commending the initiative of the miod to organize this workshop and assist stakeholders to better understand the bank ’ s guideline on corporate governance. i am confident that participants will benefit from it. may i also congratulate the institute for its relentless efforts to improve professionalism and ethics in our corporate entities. i thank you very much for your kind attention. bis central bankers ’ speeches

remarkable. over the six - year period to december 2013, your assets have risen 35 times, your deposits 38 times, and your loan book more than 40 times. we shall soon be opening the club of dsib ’ s – domestic systemically important banks. in july last, we issued the conditions of membership by way of a guideline. your explosive growth would appear to qualify you for membership of this exclusive club. you will then be held to even higher standards of behaviour and compliance. this is a matter that we shall be discussing with your management and your board of directors in the coming months. concluding remarks let me conclude. the banking industry is in transition. banking and financial services can no longer be conducted according to a model where customers are the ones who have to adapt to the banking products on offer. the shoe is on the other foot : it is the product which must be designed around the customer. we are in a futuristic setting. afrasia ’ s new branch, with its pioneering digital features, promises what is, for now, the ultimate client experience. the customer has access to a range of information on markets and rates at his finger tips, and he can conduct banking transactions by a simple click of the mouse, or a tap of his finger on the smart screen. as we look around us this evening, we are left wondering what the banking landscape of the future will look like? will there be fewer branches? will they be fully digital? how do we retain the personal touch? we cannot halt the march of technology and its impact on so many areas of human activity. in banking, are we looking at a branchless, paperless, contactless banking? how distant is the prospect of a cashless society? such questions, i am sure, must be exercising the minds of many bankers, their technology providers, and their potential competitors. what we are witnessing today is the strategic orientation of one bank which is already projecting itself in the future. i congratulate the management and board of afrasia for undertaking this first minitransformation which will take it nearer to a more digitalised bank. i wish you all the best as you branch out in this new direction. thank you for your attention. bis central bankers ’ speeches