The updated Principles were launched at the meeting of G20 Finance Ministers and Central Bank Governors in Ankara on 4-5 September 2015.
05/09/2015 - Transcript of the speech by Angel Gurría
5 September 2015 (from left) - OECD Secretary-General Angel Gurría and Turkish Deputy Prime Minister Cevdet Yilmaz at the launch of the G20/OECD Principles of Corporate Governance, Ankara, Turkey.
About the Principles
Good corporate governance is not an end in itself. It is a means to support economic efficiency, sustainable growth and financial stability. It facilitates companies' access to capital for long-term investment and helps ensure that shareholders and other stakeholders who contribute to the success of the corporation are treated fairly.
The review of the Principles ensures their continuing high quality, relevance and usefulness, taking into account recent developments in the corporate sector and capital markets.
The updated Principles were adopted by the OECD in July 2015 as part of a Recommmendation of the Council.
Corporate governance and the financial crisis - The financial crisis revealed severe shortcomings in corporate governance. When most needed, existing standards failed to provide the checks and balances that companies need in order to cultivate sound business practices. The OECD launched an ambitious action plan to develop a set of recommendations for improvements in priority areas such as remuneration, risk management, board practices and the exercise of shareholder rights. This work was published in 3 phases.
Peer reviews - In response to the corporate governance challenges that came into focus in the wake of the financial crisis, the Corporate Governance Committee launched a thematic review process designed to facilitate the effective implementation of the OECD Principles and to assist market participants and policy makers to respond to emerging corporate governance risks. These peer reviews provided valuable background support to the review:
Corporate governance, value creation and growth - This initiative was launched in 2013 by the OECD Corporate Governance Committee to address how better corporate governance policies can support corporate access to capital, value creation and economic growth. The fact-based analytical approach of the initiative provided significant input to the 2015 revision of the Principles of Corporate Governance: