promote high impact boards and develop world class directors who are advocates of best practices and excellence in corporate governance. known as the financial institutions directors ’ education program or fide, it is currently the only governance initiative in the region that focuses exclusively on the financial sector and has trained hundreds of directors since its inception. the centre has now been renamed as the iclif leadership and governance centre with an enhanced faculty comprising renowned experts from the world leading institutions. iclif is also currently expanding its outreach beyond the asia pacific, middle east and african regions. these initiatives are based on the conviction that human capital development needs to also include the leadership level. human capital development in general is of strategic importance and is integral to the success of any organisation. building human capital capability has never been more important in today ’ s world. successful businesses of the future will be the bis central bankers ’ speeches ones that are able to fully harness their pool of talent. this more difficult operating environment demands new abilities to manage the new challenges and the new emerging opportunities, and the ability to deal with the high level of unpredictability. the role of leaders in such an environment is to create organisations that are able to effectively respond to the changing environment and at the same time nurture flexibility and innovation. also important is that it is also supported with high values. effective leaders in this era, will be those that can deliver results in this environment. it is all about having clarity of purpose and aligning the entire organisation to achieve these goals. thus, the investment in leadership development is vital to equip leaders and future leaders with the necessary capability to perform their role in the organisation. this brings us to the second part of our event today – the launch of one of iclif ’ s research studies which has been written by mr. rajeev peshwaria, the ceo of iclif, published globally as a book entitled “ too many bosses, too few leaders ” by simon schuster of new york. the book illuminates on what it really takes to be an effective leader. the book extends beyond the advice on the distinct behaviors and attributes required of leaders to providing “ a clear path ”, “ a road map ” to achieving leadership excellence at every level in the organisation. in my own experience, the core foundations to achieve superior performance set out in the book is essential. defining with great clarity the purpose and values of the organisation and articulating it throughout the entire organisation is key towards achieving these desired

the green ecosystem to support the economy's transition. this includes refinements to our regulatory and supervisory approaches, facilitation of products and services, engagement and capacity building as well as efforts to bridge data gaps. we look forward to continuing close collaboration with the financial sector via the joint committee on climate change ( jc3 ) and other key stakeholders to further the climate agenda. finally, i would like to thank aicb and abm for facilitating this important conversation. thank you. 2 / 2 bis - central bankers'speeches