that the firm is taking the matter seriously ; proportionate consequences for the individual, including some form of disciplinary warning and possibly some impact on remuneration ; and a wider review of lessons learned if there was any evidence that there was a systemic problem. see page 16, financial reporting council ( frc ), “ corporate culture and the role of boards : report of observations ”, july 2016. see footnote 7 for details. with appropriate modifications to reflect the fact that it has a very different range of functions to a commercial bank and is accountable to a different range of stakeholders, including parliament. for further details see : www. bankofengland. co. uk / about / documents / smr. pdf all speeches are available online at www. bankofengland. co. uk / speeches now consider the bank ’ s response to charlotte hogg ’ s case : she was formally warned in the strongest – and most public – of terms. there were consequences for her compensation. while she couldn ’ t forfeit a bonus as bank of england governors cannot receive one, she waived her salary increase this year. court reassigned her coo responsibilities. court reconfigured reporting lines and internal structures in order to improve governance, compliance and disciplinary processes, including reassigning the smr responsibility for implementing our code. and, on the basis of this one incident, the independent directors of court have initiated a widespread review that will draw on the expertise of the independent evaluation office, internal audit and the national audit office. its results will be made public. in other words, consistent with our higher standards, the bank planned a tougher response than we would expect in the private sector, but one that, in our judgement, was still proportionate to an honest mistake that was freely and transparently admitted. the treasury select committee ( tsc ) reached its own judgement, which in turn triggered charlotte hogg ’ s decision to resign. i fully respect both the tsc ’ s judgement and her decision. i wanted to speak to this, not to continue the debate about the rights and wrongs of this case, but instead to highlight some of the lessons that the bank and industry might draw from it. in particular, i want to dispel the urban myth that has developed around these events. while the prudential regulation authority ( pra ) can impose financial penalties and suspension under the smr, we do not run for our regulated entities a disproportionate

##s has recently made headway in sustainable finance through an inaugural issuance of sustainability sukuk. the sukuk has been well received by the market, oversubscribed by more than 3 times, with the proceeds going towards supporting the government ’ s sustainability goals by financing smes involved in green projects identified under the green technology master plan malaysia. other dfis are also preparing to issue more sustainability sukuk which will also deepen the sustainability bond market in malaysia. this development augurs well for the creation of a vibrant fundraising market that will better support the economic recovery and financing of sustainable and impact projects. frameworks are in place to facilitate the adoption of sustainable finance by fis ( climate change and principle - based taxonomy, performance measurement framework ( pmf ) and value - based intermediation ( vbi ) ) my third point is that various frameworks are now being put in place to empower dfis in sustainable finance, and dfis can already step up efforts in this space. for example, bnm ’ s climate change and principle - based taxonomy facilitates all fis to be part of the driving force that promotes orderly transition towards a low - carbon future. other frameworks focus on creating incentives that would shape dfis ’ behaviour to be more in tune with their developmental roles. the adage “ what gets measured gets managed ” reflects the 3 / 5 bis central bankers'speeches importance of building a structured and holistic measurement framework for dfis. this will support dfis to pursue national economic and social well - being while simultaneously support an orderly transition of the economy towards achieving sustainability goals. in this, it is particularly pertinent for dfis to advocate accountability, transparency and efficiency since dfis are also public institutions. towards this, dfis that are part of the value based intermediation or vbi community are encouraged to apply impact - based disclosure on value - based practices and financial solutions contributing to the triple bottom line ( people, planet and prosperity ). institutions are required to disclose an optimal set of information to stakeholders with an objective to generate intended market discipline and promote stakeholder activism. similarly, the performance measurement framework or pmf is anchored on the concept of additionality creation by dfis. additionality is defined as the positive impact attributable to dfis beyond purely commercially - driven considerations, and this resonates well with the intent of sustainable finance. under the framework, an achieving dfi