introduction of a regulatory framework for the introduction of a credit reference bureau ; ( v ) development and issuance of anti money laundering guidelines and the establishment of a financial intelligence unit ; bis central bankers ’ speeches ( vi ) development and issuance of the corporate governance guidelines by the regulators ; and, ( vii ) strengthening the autonomy and enhancing the supervisory capacities of the three financial sector regulatory authorities. through the fsdp, the boz is also working with stakeholders like the institute of directors ( iod ) in enhancing corporate governance among various stakeholders within the financial sector. under the first phase of the fsdp, iod conducted seminars on core principles of corporate governance targeted at executives and senior officials in the financial and business sector. in addition, the iod provided input into the corporate governance model board charter which has been developed with technical expertise from mtn special engagements led by ms mary ncube. the outcome of this work is what will be presented to you today. the presentation will focus on the significant position that boards of directors occupy in the whole corporate governance process and how their role, functions and operations may be reduced into a charter that might guide their work., including ; powers, functions and delegations of the board ; board composition and mix – and the challenge in state - owned institutions ; the chairperson and ceo – and whether they should be different persons and why ; rights and duties of directors – and that ultimately the buck stops here ; the role of the board secretary – and how they can help drive the right agenda ; disclosure of conflict of interest and the challenge of ethical standards ; members ’ remuneration and expenses – and what is morally right? corporate social responsibility ; and, evaluation of the board ’ s performance, etc. but why do we need a board charter one may be tempted to ask? i think it is correct to say that second only to the articles of association, a board charter is probably the most important corporate governance policy document which defines the respective roles, responsibilities and authorities of the board and management in setting the direction, the management and control of an organisation. it is a document that is useful to both old and new directors, particularly those who may not be familiar with how a company conducts its business and what is expected of them as directors. in this respect, the charter serves the following functions among many ; one - source reference – a board charter is a one - source document which clearly sets out how the board and directors are to perform their roles. as an induction

unchanged. we expect them to remain at their present or lower levels until we have seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2 per cent within our projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics. we will continue to conduct net asset purchases under the pandemic emergency purchase programme ( pepp ) with a total envelope of €1, 850 billion until at least the end of march 2022 and, in any case, until the governing council judges that the coronavirus crisis phase is over. based on a joint assessment of financing conditions and the inflation outlook, the governing council expects net purchases under the pepp over the coming quarter to continue to be conducted at a significantly higher pace than during the first months of the year. we will purchase flexibly according to market conditions and with a view to preventing a tightening of financing conditions that is inconsistent with countering the downward impact of the pandemic on the projected path of inflation. in addition, the flexibility of purchases over time, across asset classes and among jurisdictions will continue to support the smooth transmission 1 / 4 bis central bankers'speeches of monetary policy. if favourable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the pepp, the envelope need not be used in full. equally, the envelope can be recalibrated if required to maintain favourable financing conditions to help counter the negative pandemic shock to the path of inflation. we will continue to reinvest the principal payments from maturing securities purchased under the pepp until at least the end of 2023. in any case, the future roll - off of the pepp portfolio will be managed to avoid interference with the appropriate monetary policy stance. net purchases under our asset purchase programme ( app ) will continue at a monthly pace of €20 billion. we continue to expect monthly net asset purchases under the app to run for as long as necessary to reinforce the accommodative impact of our policy rates, and to end shortly before we start raising the key ecb interest rates. we also intend to continue reinvesting, in full, the principal payments from maturing securities purchased under the app for an extended period of time past the date when we start raising the key ecb interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. finally, we will continue to provide ample liquid