. an important regulatory priority for bank negara in this regard is to align incentives with a sound risk culture and ethical conduct, underpinned by effective independent oversight by the board. on this, bank negara recently published several proposals to enhance the corporate governance framework for financial institutions in malaysia to address these issues. while proposals on board composition appear to have generated more attention in the media, the most significant enhancements actually relate to expectations for the board and senior management to set the right “ tone from the top ”, and the explicit responsibilities placed on them to play a more critical role in shaping the core values and culture of the institution. this includes expanded requirements on compensation practices and disclosures to strengthen market discipline. banks must also put in place a transparent whistleblowing policy that enables the escalation of concerns without the risk of reprisal. good governance is ultimately driven by a workforce that is committed to the highest standards of knowledge, competence and conduct. competition for talent in the financial industry has intensified greatly, in an environment where public opinion of banks globally is also at an all - time low following the last crisis. recent trends among graduates of leading business schools worldwide indicate a shift towards other well - paying alternatives to careers in banking, notably to technology and consulting firms. according to the financial times, the popularity of banking as a career has dropped 41 % since 2008. globally, banks ’ reputations have also been dented to varying degrees by poor quality of service, staggering control failures and misconduct. the professionalisation of the banking industry is therefore critical to strengthen the talent pipeline, while restoring and maintaining public trust in the banking industry. an important step in this direction is the transformation of institut bank - bank malaysia ( ibbm ) into the asian institute of chartered bankers ( aicb ) as the professional body for bankers and the asian banking school as the education service provider. the aicb plays a key role in spearheading the vision of professionalising bankers through the development of professional qualifications, a specialised certification track to support continuing professional development and a membership framework that subjects members to a strict code of conduct, professionalism and ethics. the prestigious chartered banker qualification, for example, aims to provide comprehensive education on banking to support sound judgment and decision - making. the industry should therefore take full advantage of these opportunities to build a solid team of professional bankers that are able to perform effectively in a rapidly evolving landscape. fundamental role of banks to support inclusive financial participation for all it is important to bear in mind

. given the high degree of openness of the malaysian economy and the increased integration with the international financial system, external developments have continuously affected our domestic economy. but the economy has been able to weather these challenges and have remained on a steady growth path of 4 to 6 % over the past five years. in recent quarters, economic growth, however, has moderated. this was attributable to a number of external and domestic shocks affecting the economy since late 2014. the major policy reforms such as the implementation of the gst also saw households and businesses adjusting their spending. as we move forward, these shocks will gradually dissipate and growth of the malaysian economy will improve. further support is also forthcoming in the bis central bankers ’ speeches form of government measures to increase disposable income ; thus, facilitating households and firms ’ on - going adjustments. the assessment is therefore for the economy to grow by 4 to 4. 5 % for 2016. importantly, our financial system remains resilient and supportive of the economy. it is important to recognise the underlying reasons for the resilience of the malaysia economy. this resiliency has been as a result of the continued strength of our fundamentals and the successful reforms and structural adjustments we have undertaken over the last decade. three changes to the economy have been particularly instrumental. firstly, the structure of the economy has become more diversified and over - reliance on any particular industry has been mitigated. secondly, growth has also become more balanced, driven by continued private sector activities with imbalances and excesses kept in check through keys measures implemented by the government and bank over several years. this has been complemented by crucial fiscal reforms that, while having short - term costs and being very unpopular, ultimately put the economy on a more sustainable growth path. third, is the continued strength of our external position. this can be seen from our high level of international reserves, the manageable level of external indebtedness and the continued surplus in the current account balance. together with the greater flexibility of our exchange rate, this has strengthened the capacity of our economy to cope with external shocks and ensure that financing to the private sector is not interrupted. going forward, continuity in bank negara malaysia ’ s financial sector policies will be preserved. we will continue to strengthen our prudential regulatory framework in line with global standards, while introducing new developmental initiatives and maintaining a strong focus on the fair treatment of financial consumers. following transformational measures taken in the