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Good point Holger - industry consolidation will likely have implications for culture and approaches on governance matters, as will the growing hold on reserves of SOEs.  We are already seeing a retreat to OECD-based investments, so what reassurance will firms seek to venture back out to newer producer contexts?

Thanks Michael, will be interesting to see whether at the other end of the slump we'll be talking to very different companies, whether newcomers or radically transformed former giants.  Will they have very different views of what good governance means for them?

This looks very like a promising. This was an issue discussed lengthily at the PDAC convention a few weeks back. Can´t wait to read your next blog entry.