Just a quick thought.
Am I wrong to assume that economic condition took a downturn previously due to having a board of directors with unimportant roles and directors with all the wrong skills?
So why the sudden shift (or need) to tighten the governance of banks since they’re actually doing really good financially?
Um, it makes sense, cos they work with money, so they MUST know how to make money work.
Anyway, so MAS has proposed measures to improve governance at local banks and insurers in view of the conomic crisis around the world. (Lehman or Greece anyone?)
I wonder, if I had called the shots, and since they’re focusing on something like a headhunt, there’s probably only two things I would do:
- Have kids run the business: They don’t take risks — they probably don’t know what risk means anyway; or..
- Have kids run the business: Cos when they make mistakes, and which everyone does anyway, kids stand a better chance of being forgiven.
Thankfully, I’m not the one in charge.