##rations at this conference will advance the debate on the role that your noble profession can play in enhancing good governance in the period ahead. work on the redesign of the global financial architecture and inclusive governance of world affairs is in progress at various fora, including at the world economic forum, g20 and at specialised professional bodies such as the botswana institute of accountants. a common theme running through the various efforts that are expected to eventually coalesce is that “ governance beyond the financial crisis ” should, at a minimum, enhance transparency of institutional functioning at board and management levels, as well as at operational and technical levels. furthermore, accountability should be the order of the day and, in particular, the hierarchy of responsibilities and roles of institutional structures should be clearly defined. this arrangement should eventually reinforce checks and balances as part of risk mitigation ; it should prevent a potential conflict of interests, while ensuring fulfillment of fiduciary responsibilities and avoiding dereliction of duty. in the end, however, transparency and accountability must be buttressed by a set of institutional values and ethical codes of conduct, such as honesty, selflessness and integrity of the highest order. the importance of this conference and its theme lie in the fact that they are part of the bigger picture of national and international efforts towards putting in place a new and more robust global financial architecture. i have no doubt that you will share views on how you can become agents of transformation. at national and international levels, each one of you is called upon to meet high standards of technical competence. you are called upon to adhere to strict and uncompromising ethical standards, adopt a broad institutional and / or corporate perspective in your work, advise on policy and operational issues, and play custodial and trusteeship roles that demand moral courage. you are challenged to be world class technical experts in financial analysis and to communicate your findings and their implications. you are also challenged to keep abreast with changes in your profession, such as the international accounting and financial reporting standards, and advise your principals in a timely manner. the benchmarks for excellence in all these areas are set by international technical standards and evolving best practices. of all the professions, yours is no stranger to the need for lifelong learning as you update your professional skills. you are more keenly aware than most of yesterday ’ s expertise and knowledge is today ’ s ignorance. going forward, you are called upon to get more involved in cross - cutting issues of good governance and economic development. distinguished ladies

respective institutions, therefore, represents an undertaking to collectively safeguard the continuing soundness and integrity of the financial system. moreover, going forward, it also facilitates the development of mechanisms and channels for sharing of data and consultation. the thought process for establishment of a financial stability council also involves consideration of a robust legislative backing for the work of the council and this will accordingly be facilitated in the revised bank of botswana act ; consultations between the bank and mfed on the review are at an advanced stage. colleagues, before concluding let me highlight the more urgent work programme for the council in the short to medium term. first, is publication of the financial stability report, as an anchor publication, providing accountability in the areas of assessment of financial stability risks and mitigation measures. second is agreement on a macroprudential policy framework that is relevant for botswana, in terms of risk mitigation, as well as recognising the gaps in financial inclusion and development. third, there is a specific need to address the challenges arising from implementation of the anti - money laundering and combatting the financing of terrorism protocols and requirements. fourth and related, thereto, is the requirement to decisively address the incipient misconduct and governance challenges in the financial sector, deriving from greed and / or misunderstanding or incompetence with respect to fiduciary responsibilities, as well as opportunistic crime and fraud. fifth, consultation during 2019 will also involve consideration of a deposit protection scheme for the country, to guarantee access to deposits up to a specified threshold, in the event of bank failure. lastly, cooperation and collaboration among the council members would be critical in the timely update and renewal of legislation and policies to retain and improve effectiveness of supervision, monitoring and guidance for the financial sector. i thank you for your attention and i now call upon council members to comment, before we proceed to sign the mou.