Hector Sants spoke on the action that is needed to deliver effective corporate governance. He spoke about FSA’s Significant Influence Function (SIF) interview process but stressed FSA is not trying to be gate-keeper to everyone. He said its focus is on those holding particular functions, and it will not normally interview non-executives except where they will hold a senior role. He encouraged diverse boards and reiterated his discouragement of reward structures that encourage excessive risk-taking. He said history has shown credible enforcement is necessary to require individuals to be driven by principles rather than commercial reward. (Source: Delivering Effective Corporate Governance: the Financial Regulator’s Role)