Mr. Derek Moran:

I went through all 50 recommendations of the Wright report, Regling-Watson and the Governor and so on. They're not really very specific about that; they're more about the things that need to be done in a broader context and a lot of that has been delivered. I think that the spirit of virtually everything has been implemented. We've sort of gone for a much more professional HR regime, we've a huge learning development capacity, we've brought in a much greater number of professional people, all of those things. We have huge steps towards codification of our governance arrangements and clarity around that. We look at the ways in which we communicate and so on, so, I'm fairly well satisfied that, you know, we've pretty much implemented them all.

But I go back to my statement: my view is that this is never a finished project. You need to keep doing more and more and more and to the extent possible, benchmark what you're doing against best practice elsewhere. And just recently, we launched a learning development strategy, which is hugely important in terms of keeping the skills levels and so on, at the appropriate level. And we went up, we benchmarked that against industry and out of whatever number of entrants across 250 companies, we came in the top three. So we know we're going in the right direction. Previously we benchmarked tax policy practices in an Oxford study against what other countries did - I'm not sure that was ever completed by the academics doing it but we did participate. And I think that's hugely important. So it's, it's not a fixed exercise, and we keep, we need to do more and more, but it needs to keep relevant and you need to keep it effective and that changes over time.