24 March 2009

OECD consults on corporate governance and the financial crisis

The consultation provides input to a set of recommendations relating to the Principles of Corporate Governance in the light of the financial crisis that the OECD will issue later this year. It will identify the most urgent areas for reform.

The consultation provides input to a set of recommendations relating to the Principles of Corporate Governance in the light of the financial crisis, that the OECD will issue later this year. It will also help to guide the medium term orientation of OECD’s corporate governance work and facilitate co-ordination among different organisations and institutions that are active in the area of corporate governance.

 

The discussion aims to address the role of corporate governance in the financial crisis at two levels:

Ø       Monitoring, implementation and enforcement. The question is, how implementation of existing standards and codes can be more effective. How can we ensure that the desired outcomes in terms of responsibility, transparency and equitable treatment are achieved, rather than just formal compliance? Second, the consultation will discuss

Ø       Specific areas for improvement. The OECD Steering Group on Corporate Governance has identified four areas for such a review: board practices; effective implementation of risk management; governance of the remuneration process and the exercise of shareholder rights.

 

Deadline for response is 16 April 2009

 

Consultation paper

 

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