Corporate governance principles

The review process for the OECD Principles of Corporate Governance


Following concerns about maintaining financial market integrity, OECD Ministers in 2002 called for an assessment of the OECD Principles of Corporate Governance by 2004. 

In the interest of broadening the opportunity to participate, the OECD Steering Group on Corporate Governance , charged with the assessment, asked for public comment on the draft text of the revised Principles.   This was an opportunity for a broader segment of the public to comment and participate in the review process.

Download the comments received  were received from more than 70 individuals, national and international organisations, including the International Corporate Governance Network, Standard and Poors, the International Federation of Accountants, Institutes of Internal Auditors, and others. The comment period is now over.

The Principles build upon recent experience not only in the OECD area but also in non-OECD countries, especially those which have participated in the Regional Corporate Governance Roundtables  that the OECD organises in Russia, Asia, South East Europe, Latin America and Eurasia in co-operation with the World Bank. During the development of the revised Principles, the Steering Group undertook comprehensive consultations.  These consultations included experts from a large number of the Roundtable countries and other non-OECD countries as well as a wide range of interested parties such as the business sector, professional groups at national and international level, trade unions, civil society organisations and international standard setting bodies.

The review of the principles was supported by a survey (version française) of corporate governance developments in OECD countries, which was carried out in 2002-2003. In addition, the OECD has released a synthesis of experiences  gained from the Regional Corporate Governance Roundtables.

The original principles, one of the 12 key standards for international financial stability of the Financial Stability Forum (FSF), were released in May 1999 in response to the growing awareness of the importance of good corporate governance for investor confidence and national economic performance.  In conjunction with their original release, Ministers noted that the Principles were evolutionary in nature and should be reviewed in light of national experiences and changes in circumstance.

Download the comments received