and confidence in organisations by educating, informing, and supporting directors to lead successfully ". successful leadership, strong corporate governance, and information flow build public trust, which is so vitally important to leaders in the public, private and non - profit sectors. but for those whose roles are in the service of the public, that trust element has particular significance. we can only deliver on public expectations if we continue to develop ourselves as leaders through the relentless pursuit of further knowledge and through engaging with and learning from each other. the network that the iod provides is such a valuable platform for this and events such as today's allow us to educate and inform ourselves and to support each other, with the objective of delivering trust and confidence in our organisations. i look forward to the rest of the event. 3 / 4 bis - central bankers'speeches 1 christine lagarde, ecb press conference 2 february 2023 https : / / www. ecb. europa. eu / press / pressconf / 2023 / html / ecb. is230202 ~ 4313651089. en. html 2 with thanks to steven cull for his assistance and advice in preparing this talk. 3'charting the course - leading financial services through complexity and change'remarks by deputy governor sharon donnery at financial services ireland annual dinner - 17 november 2022 4 / 4 bis - central bankers'speeches

the financial system. thirdly, open & engaged. while we have built a lot of public trust in the last decade, we will need to continue to build trust and understanding in the role of the central bank through stronger engagement with the public, stakeholders and peers. 2 / 4 bis - central bankers'speeches finally, transforming. we have identified the need for an ambitious reimagining of how our organisation operates, with an emphasis on effectiveness and increased agility, in a new hybrid - working model. we will transform the organisation into a more agile, resilient, diverse and intelligence - led organisation, building on the progress made over the last decade. if i might finish by mentioning the challenge of the current environment. russia's war against ukraine, the energy crisis, the monetary policy response to tackle inflation, the risk of recession, the state of labour markets and supply chains as well as the ongoing impact of china's approach to managing the pandemic have created a very uncertain economic path. increasing price pressures across the world are putting a squeeze on real incomes and undermining macroeconomic stability. risks from these complex and uncertain economic and geopolitical developments are in turn creating a volatile and uncertain outlook for the financial sector. reflecting on what it means to be a public leader at such a time, i will make two points : firstly, when you enter public service and certainly when you become a public service leader, you don't do so only to carry out your navigation in steady and calm seas. you sign up to contribute to the more significant challenges. and for central bankers, we are faced with a challenge currently. for a range of diverse and complex reasons, we are now in an inflationary environment. such an inflationary environment has high costs for the economy and households. the increased cost of living and erosion of living standards and higher inflation in general means lower investment, with consequences for future economic growth potential. tackling the risks from inflation is absolutely critical. we will be in a much worse place if we don't. there is dedication and commitment to meet our objective of price stability, and to steer a clear course. as ecb president christine lagarde noted at the most recent governing council press conference, " our determination to reach 2 % medium - term should not be doubted. " secondly, there a number of aspects of the institute of directors purpose which are instructive at this time. that purpose is " to instil stakeholder trust