G20/OECD Principles of Corporate Governance

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Presentation transcript:

G20/OECD Principles of Corporate Governance Austin Tyler Junior Policy Analyst, Corporate Affairs Division Directorate for Financial and Enterprise Affairs OECD Disclaimer: This views expressed in this presentation are those of the presenter and not those of the OECD or OECD member countries.

G20 Leaders endorse G20/OECD Principles of Corporate Governance November 16th, 2015, Antalya, Turkey

A multiple year project First issued in 1999 Revised in 2004 and 2015 One of the FSB’s Key Standards for Sound Financial Systems Adapted to new economic reality of business and finance Can be applied in a world characterized by increased cross border ownership, a changing stock market landscape, longer and more complex investment chains, new investment strategies and trading practices and corporations whose success rely on new organisational structures and forms of capital.

Corporate governance is not an end in itself.

Trust, transparency and accountability Corporate governance is a means to create an environment of Trust, transparency and accountability that promotes corporate access to capital increased investment sustainable growth financial stability

The Principles are also about inclusiveness Millions of households around the globe have their savings in the stock market. That these corporations are well run and that they operate in an environment where they can prosper and develop affects our quality of life. Publicly listed companies provide for more than 200 million jobs.

The revised Principles Ensuring the basis of an effective corporate governance framework II. The rights and equitable treatment of shareholders and key ownership functions III. Institutional investors, stock markets and other intermediaries IV. The role of stakeholders in corporate governance V. Disclosure and transparency VI. The responsibilities of the board

The OECD Corporate Governance Committee Objective contribute to economic efficiency, sustainable growth, and financial stability , by improving corporate governance policies and supporting good corporate practices. Role standard setting, monitoring and implementation assessment, economic analysis, data gathering and information sharing, country support and reform assistance.

The review process 6 Completed Reviews: All G20 countries invited on an equal footing Regional consultations, including in Latin America, Asia and MENA Experts meetings and online public consultation receiving submissions from a great variety of stakeholders 6 Completed Reviews: Supervision and Enforcement in Corporate Governance (2013) Board Practices: Incentives and Governing Risks (2011) ‌ Related Party Transactions and Minority Shareholder Rights (2012) The Role of Institutional Investors in Promoting Good Corporate Governance (2011) Risk Management and Corporate Governance (2014) Board Member Nomination and Election (2013)

Timeline of the latest review Expert consultation & Corporate Governance Committee March 2014 Public consultation (internet) Corporate Governance Committee Nov. 2014 – Jan. 2015 October 2014 Special Session on the Principles Review February 2015 Corporate Governance Committee OECD Council Meeting March 2015 July 2015 September 2015 G20 Finance Ministers & Central Bank Governors Meeting April 2015 G20/OECD Corporate Governance Forum

The new G20/OECD Principles of Corporate Governance have a truely global reach In addition, the new Principles are also backed by empirical research and evaluations of country policies.

Asian roundtable Created in 1999 after the Asian Financial Crisis Annual gathering of senior officials, regulators, and practitioners Evidence-based comparative policy analysis, consensus-building and knowledge-sharing Through peer review and in-depth study by task forces, the Roundtable has supported the advancement of corporate governance policy frameworks in 14 countries across Asia

In November 2015, SEBI Chairman U K Sinha urged Indian companies to adopt the new corporate governance principles on a voluntary-basis. "The feeling I have is that only those corporates will become leaders who adopt many of these developments on voluntary basis," Sinha said. He added that as investors become more informed and smart they would depend not only on financial results but also take a long term view on a company.

Thanks! Austin Tyler Junior Policy Analyst, Corporate Affairs Division Directorate for Financial and Enterprise Affairs OECD