risk assessments performed, statement of compliance etc. ) as this will assist the bank further in its supervisory task. to keep up with worldwide corporate governance developments, the bank is continuously enhancing its risk - based supervision framework. its corporate governance notes ( which date back to 2001 ) are currently being updated to reflect the tasks and responsibilities of the supervisory board more clearly. with actualization of the national ordinance on the supervision of banking and credit institutions at the end of 2015, the supervisory framework of the bank was further strengthened allowing it to impose fines and penalties in case of non - compliance with our laws and regulations. with the institution of the conduct supervision department, more emphasis is being placed by the bank on the supervision of the behavior of the institutions boards in the execution of their responsibilities. i hereby conclude my introductory remarks and pass the word now to mrs. mayesi hammoud who will elaborate further on corporate governance aspects as established by the corporate law of curacao. i wish you further a pleasant stay on our island and hope that the discussions of this morning will be very fruitful.

of water and electricity. this task is now being fulfilled by the bureau of telecommunications and post ( bt & p ). bis central bankers ’ speeches ladies and gentlemen, i would like to turn now to the best practices that have evolved during the last several years. for effectively regulating the water and energy infrastructure services some form of regulation is needed. best practices in recent years point at the creation of autonomous and independent institutions. this is only possible if there is a political commitment to facilitate this development as the regulatory decision making powers are transferred from the government ( minister ) to an independent regulator, sourced out through a regulatory contract or to an expert panel. the commitment of the government should be shaped in a constitutional and legislative framework. the aim of establishing an independent regulatory board is to encourage efficient, low - cost, reliable service provision, to ensure financial viability and to facilitate new investments. furthermore, it will insulate tariff setting from political opportunism and make decisions more transparent and predictable. one of the constraints of setting up independent regulatory agencies is the institutional capacity. it is often difficult to find a competent institution and staff. in this and next sheet, i will give an overview of the status of energy policies in selected caribbean countries. a number of caribbean islands already have depoliticized the decision making process and instituted regulators. bis central bankers ’ speeches in barbados – we often mirror ourselves against this caribbean island – a regulatory body exists since the middle of last century. from 1955 till 2001 the public utilities board was responsible for regulation. on january 2nd, 2001, the fair trading commission was established with a much broader mandate than its predecessor. its duties include among other things : determining principles, rates and standards of service for regulated service providers ; monitoring general business conduct ; investigating possible breaches of the acts that it administers ; educating and informing businesses and consumers about the requirements of these acts ; and taking enforcement action when needed. ladies and gentlemen, choosing a regulatory framework for curacao ’ s energy and water sector is not an easy task. however, we can draw upon international best practices and the experiences of our neighboring caribbean islands to help us making the right decisions. we must keep in mind though that best practices do not mean that we should simply apply these concepts to our environment. we have to adapt them to our own specific circumstances. thank you for your attention. bis central bankers ’ speeches