Professor Philip Lane:

That is a fair question. Looking to the future, the good news is we have a concrete example from next door because it was introduced in the UK two or three years ago. There was a question of whether it was necessary or a good idea and what consequences it might have. We think we can see concrete changes in how UK firms behave and how their executives accept this elevated degree of responsibility. This was also part of our submission to the Law Reform Commission earlier this year. I will ask Ms Rowland to speak about it.