What in your view are the challenges of transparency - the potential costs as well as the business benefits?

1. It is a truism that it is easier to bring in new rules than to make them work. This is not just an issue of needing more enforcement. It is also about the way in which the rules are designed. Some governance best practices--primarily those relating to board independence. Unless the rules are well crafted, with a clear sense of how they will be robust and effective, the end result is likely to be disappointing. …

…and corrupt tax officials). 3. Modern governance rules are also being overlaid undeveloped legal systems and often-outdated company and securities law. This also raises multiple issues: Can regulators expect "the market" to help enforce the rules (i.e., "private enforcement") when the cards are so clearly stacked against investors? Examples: no class action; loser-pays legal systems; procedural and financial obstructions to bringing a law suit; company articles of association clearly designed to benefit the majority owner.