, academics, lawyers, other advocacy groups and the general public – all can contribute to raising of industry - wide cg standards through their reports and research. done well, these can also augment market discipline by promoting debates on important cg issues and in educating investors to be discerning. in sum, building a strong cg ecosystem is most effective when there is collective effort involving multiple gatekeepers – beyond the regulators and the boards of companies. to end my remarks, let me also acknowledge, as this forum demonstrates, that many companies have and do take good cg seriously. the care and vigilance put into this effort must continue. i am sure the boards and management of all the firms present here will not rest on your laurels either. and i trust that from your examples as good cg stewards, others will follow likewise. 4 / 4 bis central bankers'speeches

not hesitate to charge the perpetrators involved. we also supervise regulated financial institutions on a regular basis and will take enforcement actions against an institution that has fallen short of our regulatory requirements. but enforcement actions cannot operate in isolation. no amount of rules can stop someone who is intent on gaming the system or breaking the law. our capital market works best in a regime where all stakeholders share some responsibility in holding the line against any mismanagement or misconduct, analogous to community policing. the statutory and market regulators can work closely with the industry, investors, industry associations and other groups to co - create a fair and orderly capital market. this will engender confidence and trust, and allow market discipline to thrive. this brings me to the important role of market discipline. as our capital markets develop, we can and should expect market discipline to increasingly feature. it is the process by which market participants themselves exercise oversight over companies and call out what may be possible transgressions or dubious practices. the fact that we have indeed seen more of such commentaries and reports in recent years need not be interpreted as a sign of weakness but of strength arising from a more mature capital marketplace. for market discipline to work, it is essential that companies provide relevant and meaningful disclosures. investors, in turn, can play an important role by scrutinising disclosures and providing relevant feedback to companies where boilerplate disclosures are ambiguous or unhelpful. companies must similarly play their part to engage their stakeholders proactively. the engagement between companies and shareholders should be conducted responsibly by both parties. companies should avoid taking an overly - legalistic approach in their dealings with shareholder queries as that can only engender distrust. rather, they can have more regular dialogues with their investors to facilitate understanding with their investors, and to build a strong relationship that is based on openness and mutual respect. the rights of all shareholders should be respected. investors in turn should engage companies in a constructive manner, and avoid unfounded allegations or speculative attacks. industry associations are another key enabler group to foster strong market discipline. the singapore institute of directors, as the national association of directors, advocates good governance practices through its conferences, training sessions and publications. the securities investors association ( singapore ) also serves to connect and empower minority shareholders, through efforts such as its initiative to raise the standards of queries at agms. 3 / 4 bis central bankers'speeches other players in the cg ecosystem matter too. journalists, analysts