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19/06/2003 - New OECD-backed proposals for improving corporate governance in South Eastern Europe call for increased protection for minority shareholders, an expanded role for boards of directors, and a continued shift toward international standards of accounting, auditing and transparency.
Those are some of the primary recommendations in the 95-page White Paper on Corporate Governance in South Eastern Europe, which was drafted by the OECD with input from regulators, business leaders, policy makers and other experts from seven countries in the region. The white paper calls for increased enforcement of existing regulations. It also recommends strong private sector commitment to further reforms, as well as training for those who play important roles in governance, such as accountants, auditors, judges and board members.
While countries in the region have made significant progress in corporate governance in recent years, further steps are needed to reassure the international financial community that reforms are irreversibly shifting towards global standards. The goal is to help create a favourable environment for both international and regional investment.
The White Paper recommendations, which were drafted by consensus among participants to the South Eastern Europe Corporate Governance Roundtable, are a tool for promoting improved corporate governance in the region, as well as for assessing progress by individual countries. They are designed to provide guidance for countries as they develop new rules and initiate other steps to improve corporate governance. The White Paper reflects the discussions and recommendations of the Roundtable meetings that took place in the region beginning in 2001. Building on the OECD Principles of Corporate Governance, the recommendations take into account the region's legal, cultural and economic diversity.
The Roundtable on Corporate Governance is an initiative of the Investment Compact for South East Europe, whose aim is to improve the region's economic and business environment.
For further information about the White Paper's content, journalists can contact Mathilde Mesnard (tel.- +33 1 49 10 43 41) or David Robinett (tel. +33 1 49 10 42 92) of the Corporate Affairs Division.
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