take for the succeeding chapters. capital market development : the overarching objective ladies and gentlemen, while we have already covered much ground, there is still much more that needs to be done. in the end though, all our actions towards protecting minority shareholders nurture a culture of cooperation and symbiotic partnership among stakeholders. in turn, all that will eventually converge to the development of our capital market. this is explicit in sharephil ’ s vision and it remains one of the country ’ s overarching priorities. but, if we look inwards objectively, it will become clear that there remain key challenges ahead of us as we reach for the goal of a more developed capital market. capital market actions require “ big ” changes whose ramifications are even “ bigger ” and more widespread. the “ big change ” here is that we are looking out for those who participate in this market but who will otherwise not have the collective position to instigate needed corporate reforms. this is about molding the corporate culture so that it is not about the majority versus the minority, but one of collective action on what needs to be done. “ faith to the investor ”. this is your core value. this is what makes sharephil a market mover – one who is willing to work with others while at the same time be passionate in pursuing and enacting change when and where needed. thank you very much and good afternoon. bis central bankers ’ speeches

we traveled the countryside to visit my maternal grandparents, who lived in one of the poorest states in the country. i would spend my summer with my grandparents since both my parents worked. my grandfather, who had to leave high school as a teenager to help his widowed mother raise his five siblings, would take us to his dairy farm at four o'clock in the morning to help milk the cows and put the milk in stainless steel tanks. traveling the unpaved roads into town, we would then stop at various stores to sell the milk. but my grandpa's day was just getting started, because he was also the mayor of his town, and every morning, he would open his office and deal with the business of being mayor. while my grandpa never graduated from high school, he was an autodidact, and he worked hard to put all his siblings and his six children through college, and he saw serving as mayor as a way to help his neighbors. the memories of my grandfather overcoming many obstacles but also devoting his life to helping others were certainly an inspiration and remain a source of motivation for me even today. in fact, i remember going back to visit my grandparents over the years, summer after summer, and seeing the new roads that had been paved and the improved school and health clinic in the town and seeing how a life devoted to public service can improve lives. so when going to college, while not totally definite about what to study, i found that the memories from my childhood and the desire to find ways to address poverty guided my decision to gravitate toward economics and political science, and i figured the best path for me was to work in public policy. in particular, i discovered that economics was a science that would allow me to better combine my interest in math with my desire to help address poverty, so i moved in that direction, pursuing a phd. i want to emphasize that my career was not linear or perfectly planned, but rather i have chosen to take detours. and, importantly, i have chosen to take risks along the way. yet what was always a constant was my commitment to use my technical expertise to tackle poverty and social challenges. but i also could have never imagined that some of the detours i took would actually help me down the road in preparing me for my current role. 2 / 4 bis - central bankers'speeches as an undergrad, i decided to apply out of the blue for an internship with the junior senator from maryland at the