in actual transactions wherever possible, the fsb report recommended that the reliability and robustness of existing major benchmarks such as tibor and euribor, as well as libor, be improved by minimizing the opportunities for market manipulation. moreover, to respond to the need for benchmark rates without bank credit risk, the report encouraged the development of alternative, nearly risk - free rates that do not include bank credit risk, thereby enabling market participants to choose libor or other benchmark rates depending on the purpose of that use. this policy is called the " multiple - rate approach " because it is intended to allow users to choose from more than one interest rate benchmark and select one that best fits their purpose. japan has also been affected by libor reform since libor is also calculated for jpy. there has been a need for tibor reform and discussions on risk - free rates for jpy. thus, in response to international discussions, interest rate benchmark reform has become an important and unavoidable issue for japan. ii. initiatives for interest rate benchmark reform i would now like to explain the initiatives for interest rate benchmark reform that have been taken to date by dividing them into two phases. first phase in response to international discussions, each jurisdiction has proceeded with reforming existing benchmarks such as libor, tibor, and euribor, and the use of risk - free rates to be calculated based on the actual transaction rates for overnight fund transactions has been discussed. this was the first phase of the interest rate benchmark reform. the first reform implemented in japan was the reform of tibor, which was widely used as the interest rate benchmark for domestic loan transactions and other transactions. tibor used to be published by the japanese bankers association, but the jba tibor administration was established in april 2014 to develop a more independent and neutral administration framework for tibor and it took over the calculation and publication of tibor. moreover, in may 2015, it became apparent that tibor was subject to regulations of the japan financial services agency ( jfsa ) as a specified financial benchmark under the financial instruments and exchange act. in july 2017, the rates to be submitted started to be calculated in accordance with a standardized and clarified calculation and determination process. at the same time, discussions on the jpy risk - free rate were held by the study group on riskfree reference rates, which was launched in april 2015. in december 2016, the study group identified the

connected. to facilitate networking opportunities, a special section has been created on iclif ’ s website to cater for the activities of the alumni association. this would include the facility to disseminate information among its membership, including the publication of an alumni directory, highlights of important events and latest developments that may be of interest to its members. the centre will serve as the secretariat to support all activities undertaken by the alumni association. as we advance forward, the reputation, image and stature of the centre will depend on the performance of its participants and their contributions to the environment and the organisations they represent. iclif regards its alumni members as important and looks forward to your continuous support to building iclif into a regional centre of excellence for leadership development in financial services. while iclif has put in great efforts in working with leading international consultants and the best schools in the design and delivery of its leadership development programmes, we see this as an evolving process. in this context, we see alumni members as an important sounding board in providing feedback to enhance the relevance and effectiveness of iclif ’ s programmes. as beneficiaries of iclif ’ s programmes, the alumni members are the best intermediaries in making iclif better known to the industry. ladies and gentlemen, iclif leadership competency model one of the first initiatives by iclif upon its inception is to develop a unique leadership competency model that will analyse and enhance the understanding of what makes for great corporate leaders in the regional context. the competency model was developed through a participatory process involving strategic insights by industry leaders in the country and the region. this was achieved through behavioural - event interviews as well as benchmarking exercises based on literature research and the database of leadership competency models of world class companies. the preliminary model was further refined in a validation seminar attended by visionary and prominent leaders with proven track record of business performance excellence from both the private and public sectors. the model forms the foundation to guide the philosophy and drive the design and delivery of iclif ’ s leadership development programmes. i wish to take this opportunity to express our appreciation to the industry luminaries who have given so much of their time in participating in the validation seminar for the iclif leadership competency model. let me share with you some of the interesting findings of the consultants in assessing our leaders based on the competencies identified in the model. among the positive findings of the exercise was the observation by