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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.
Angel Gurría, Secretary-General of the OECD, and Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), will open the OECD Global Forum on Competition and hold a news briefing on competition policy and the economic crisis on Thursday 19 February 2009.
Experts from the IMF, the OECD, and the World Bank met on 4 February in Paris to exchange views and co ordinate responses to the global economic crisis.
According to the new OECD Private Pensions Outlook workers are rightly worried about the fall in the value of the private pension savings and there is growing pressure on governments to act. The OECD estimates that the loss in private pension assets in the year to December 2008 has increased to US$ 5.4 trillion, up from US$ 5 trillion until October. The average pension fund had a negative rate of return of 23 percent over the year.
Private Pensions Outlook 2008 focuses on the implications for pensions and private pensions policy of the financial crisis, in-depth, international analyses of private pension arrangements across OECD and selected non-OECD countries, the role of pension funds and public pension reserve funds which complement the financing of social security systems.
This database presents the bodies (Committees, sub-committees, working parties, etc.) established by the Council. Some 40,000 senior officials from national administrations come to OECD committee meetings each year to request, review and contribute to work undertaken by the OECD secretariat.
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.
Investment Compact for South East Europe (South East Europe Compact for Reform, Investment, Integrity and Growth) is a leading programme designed to improve the investment climate and to encourage private sector development in South East Europe (SEE).
The MENA-OECD Investment Programme seeks to mobilise investment—foreign, regional and domestic—as a driving force for growth, stability and prosperity throughout the Middle East and North Africa (MENA) region. This programme is part of the MENA-OECD Initiative on Governance and Investment for Development (www.oecd.org/mena).
Policy makers are now facing the challenge of providing a short-term response to the crisis without losing sight of the longer-term structural reforms needed to put pension and healthcare systems on a solid footing in light of population ageing. According to Mr. Gurría, we need pension funds to be more transparent and better regulated but we also need structural reforms in the public pension policies and health care systems.