the industry are taking in order to manage their own exposures. the fsf takes an active interest in this area. its interest is not just to the narrow question of determining which data items to disclose but in the whole process of information disclosure. the fsf is promoting the development of high standards for accounting and auditing, the establishment of public - interest bodies to oversee the standardsetters'work, and the development and adoption of best - practice disclosure. let me elaborate a little on the fsf's interest in the transparency and disclosure practices of the reinsurance sector. after the events of september 11, 2001, and the significant downturn in global equity markets in 2001 - 02, questions arose whether reinsurance capital might erode to the point that primary insurance capacity would deteriorate. also at that time anecdotal reports of the industry's growing involvement in credit risk transfer activities, both as investors and as sellers of credit protection, led to concern that such involvement increased the risk that reinsurance difficulties could have wider implications in the financial system. the fsf found that the absence of adequate information at the time made it difficult to assess the knock - on effects of potential difficulties in the sector on primary insurance and on other areas of the financial system. as a result, the fsf encouraged and supported efforts by the iais and its working groups ( task force re and the reinsurance transparency group ) to shed light on these issues. the first and second global reinsurance market reports have since been released and have been well received by fsf members and other users of information. despite limitations arising, in part, from different accounting conventions, the reports provide analysis that enables stakeholders to gain deeper insight into the structure and profile of the reinsurance industry and its links with other sectors of the wider financial system. forum members have expressed an ongoing interest in further information on the reinsurance industry's systemic links. in this regard, i would also like to welcome the recent work by the g30 on the reinsurance sector and international financial markets. contained in the g30 report is a chapter on transparency that sets out a framework to improve the disclosure of risk information by reinsurers. with financial markets and product offerings constantly evolving, firms and the industry must release timely, comprehensive, and meaningful information to enable counterparties, investors, and regulators to do their evaluation and analysis. early and continuous dialogue about regulatory developments one area that is now receiving attention in both the private and the official communities

their approach. ” and we know that strategy formulation is the first step to good governance. 6 also, as shown in an adb study7, plcs have begun to voluntarily adopt best practices. there is greater appreciation that a balanced scorecard can generate firm - level paraphrasing an idea in adam smith ’ s the theory of moral sentiments ( 1759 ). “ robert s. kaplan and david p. norton, the strategy focused organization : how a balanced scorecard companies thrive in the new business environment. ” 2001 harvard business school publishing corporation, p. 8. http : / / www. oecd. org / daf / ca / corporategovernanceprinciples / 43654500. pdf. the tangible benefits of good governance. last accessed 11 november 2015. oecd. ibid. ibid. improving board governance : mckinsey global survey results. august 2013. available at http : / / www. mckinsey. com / insights / strategy / improving _ board _ governance _ mckinsey _ global _ survey _ r esults last accessed 12 november 2015. asian development bank, asean corporate governance scorecard, country reports and assessments, 2013 – 2014. bis central bankers ’ speeches governance improvements8 and attract foreign investments. ultimately, these enhance the region ’ s visibility, integrity and “ branding ” as an asset class. the impact of good corporate governance is not just on the micro. it is also on the macro. there is evidence that improvements in corporate governance of firms positively affect aggregate economic activities at the country, and in our case, regional levels. studies show this is especially so when firms improve transparency. when firms are better governed, interests of the firm and of stakeholders are more closely aligned. this gives firms stronger incentives to achieve high productivity and efficiency, thereby raising “ economy - wide ” productivity growth. 9 success inspires more success and good governance results in the whole being greater than the sum of its parts. in terms of corporate governance, asean has certainly come a long way since the 1997 financial crisis. oecd reports that many key financial and corporate institutional reforms here have translated to “ stronger regulation, better resourced regulators, new institutions and an increasingly involved shareholder base. ” a key facet of this positive development is corporate governance reform. 10 moreover, as the acmf effort has reached its fourth year, we have a better understanding of corporate governance standards across the region. as regulators, we now have