OECD has long been actively involved in promoting an international dialogue on privatisation and corporate governance of state-owned enterprises. Representatives from both OECD and non-member countries participate in the Global Network which provides a structured environment for initiatives to support improvements in the governance of SOEs and, where governments decide to privatise, ensure that it is done effectively.
Latin America has a major role to play in building a new international financial and economic system, since it has accumulated substantial experience in managing financial crises and recovery programs, according to the OECD Secretary-General.
El papel de América Latina en la construcción de un nuevo sistema financiero y económico internacional tiene que ser relevante. La experiencia acumulada en la gestión de crisis financieras y programas de recuperación en la región es importante, según el Secretario general de la OCDE.
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The Report examines the experience of a number of financial institutions and concludes that the financial crisis can be to an important extent attributed to failures and weaknesses in corporate governance arrangements. The risk management systems have failed in many cases due to corporate governance procedures rather than technical problems. Remuneration systems have amplified such risk management weaknesses. The responsibility for
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.
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.
At a meeting with Slovak Economists, Mr. Gurría underlined that the OECD has developed a strategic response to deal with the current situation, while at the same time addressing the interaction between different policy actions in our economies.
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.
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.
Angel Gurría shares his views about issues on the 2009 Davos agenda. Beyond short-term expediency, politicians must figure out how to set a long-term course for the global economy. Along with more effective regulation, we need fairer social policies and an end to the bottlenecks that block competition and innovation and hamper sustainable growth. We must also find ways for governments to exit from their massive emergency interventions