29/10/2015 - As part of continuing efforts to support market confidence and business integrity, the OECD has launched in Asia a new set of corporate governance principles that were endorsed at the G20 Finance Ministers meeting in September 2015.
The G20/OECD Principles of Corporate Governance provide recommendations for national policymakers on key corporate governance issues, such as shareholder rights, executive remuneration, financial disclosure, the behaviour of institutional investors, boardroom practices and the functioning of stock markets. Sound corporate governance is an essential element for promoting capital-market based financing and unlocking investment that boosts long-term economic growth.
“Implementing the Principles will help corporations to access capital and unlock corporate investment in Asia. In today’s global and highly interconnected world of business and finance, creating the right environment of trust and accountability, is something that we need to do together,” said Mats Isaksson, OECD Head of Corporate Affairs presenting the new Principles at the Asian Corporate Governance Roundtable in Bangkok on 29 October 2015. “The new Principles are particularly relevant for Asian growth companies that compete for funding in national and global capital markets”.
Rapee Sucharitakul, Secretary-General of the Securities and Exchange Commission, Thailand (SEC) said, “The SEC Thailand welcomes the launch of the new set of Principles by OECD at this Asian Roundtable in Bangkok. Capital market regulators in Asia have continuously placed importance on the implementation of OECD Principles to reinforce good corporate governance in our markets. On Thailand side, the SEC and all related parties jointly put efforts in developing a better environment to foster the creation of good corporate governance, thereby enhancing confidence and capacity in sustainably creating business value of listed companies and the Thai capital market as a whole. We trust that the revised Principles will help strengthen good corporate governance development in our market.”
Originally developed by the OECD in 1999, the Principles have become the international benchmark. They have been adopted as one of the Financial Stability Board’s (FSB) key standards for sound financial systems and serve as a standard for governments and regulators worldwide.
Over the last two years, the OECD conducted an ambitious and inclusive review of the Principles, with all G20 countries invited to participate on an equal footing. The review also benefitted from extensive public consultations and the participation of key international institutions - notably the Basel Committee, the FSB and the World Bank, leading to the G20 agreement in Ankara.
Information on the OECD work on corporate governance in Asia can be found at : http://www.oecd.org/corporate/corporategovernanceinasia.htm.
For more information, journalists should contact the OECD Media Division (tel. + 33 1 45 24 97 00).
Working with over 100 countries, the OECD is a global policy forum that promotes policies to improve the economic and social well-being of people around the world.