OECD’s Gurría welcomes G7 move to establish set of ethical principles on global business

OECD Secretary-General Angel Gurría has welcomed the decision by G7 Finance Ministers to work towards setting up a set of common principles on integrity, transparency and propriety in global financial and business transactions.

The need for a global standard

In his remarks delivered in Rome, Angel Gurría has welcomed the decision by G7 Finance Ministers to work towards setting up a set of common principles on integrity, transparency and propriety in global financial and business transactions.

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• OECD’s Gurría welcomes G7 move to establish set of ethical principles on global business

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Asian Roundtable Task Force on Related Party Transactions

This meeting focused on finding solutions for detecting and curbing abusive related party transactions – one of the most serious corporate governances failures. Participants discussed policy options, including assessing strengths and weaknesses of various regulatory approaches, tightening enforcement and facilitating a change in culture and practice, particularly in the boardroom.

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According to Mr. Gurría, the crisis has led to some major new thinking, about regulation and markets, about accountability and ethics, and about the kind of economy we need to build. Our strategy is about devising better policies, better regulations and better institutional frameworks that enable businesses to flourish and public interests to be safeguarded in a stronger, cleaner and fairer world economy.

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• to be changed

The world needs to rewrite the rules of finance and global business

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