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This meeting was sparsely attended and went unreported in the media.

It lasted a total of 55 minutes, states The NY Times.

Good governance, in the private and public sphere, is the ability to exercise power, and to make good decisions over time, across a spectrum of economic, social, environmental and other areas.

There are many ways to define good governance, however, there seems to be a general consensus that key factors, as outlined by the OECD programme on Public Management and Governance (PUMA) include: Technical and managerial competence of leadership is an obvious factor of good governance.

In this financial crisis, it is hard not to question the competence of the regulatory bodies responsible for overseeing the financial institutions, and the competence of the financial institutions themselves.

At some level, the leadership at the public and private institutions that has been involved in this crisis are being held accountable – top executives at these banks are being questioned and will be missing out on some of their bonuses; Greenspan is being called into question for his lax oversight of the markets.

But perhaps this call for accountability is a case of too little, too late.

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