Corporate governance

Leaders endorse revised G20/OECD Principles of Corporate Governance to promote corporate sustainability, market confidence and financial stability


11/09/2023 – The revised G20/OECD Principles of Corporate Governance – a joint G20/OECD effort to help companies navigate changing capital markets while promoting market confidence and financial stability – have been endorsed at the G20 Leader’s Summit in New Delhi, India. 

The Principles provide a global benchmark for legal, regulatory and institutional frameworks for corporate governance. The revisions include new and updated guidance on shareholder rights, the role of institutional investors, corporate disclosure and transparency, the responsibilities of boards, and, for the first time, on sustainability and resilience to help companies manage climate-related and other sustainability risks and opportunities.

“The revised Principles mark a significant, renewed international consensus and a strong desire from all OECD and G20 Members to strengthen guidance on companies’ sustainability and resilience, to help them support the green transition and adapt to climate risks,” OECD Secretary-General Mathias Cormann said, presenting the Principles at a launch event today. “They are the result of an intensive, collaborative process to ensure this important instrument remains the global standard for corporate governance, and relevant to advanced and emerging economies alike, by reflecting different capital market trends in different regions.”

“The Principles aim to help companies access financing from capital markets, protect investors, and make companies, and hence our economies, more resilient,” said Japan’s Vice-Minister of Finance for International Affairs Masato Kanda, who chaired the revision. “It was therefore important and timely that we substantially revised them to reflect the many recent evolutions in corporate governance and capital markets.”

To promote sound corporate governance and well-functioning capital markets, key changes include:

  • Promoting disclosure of sustainability-related information, clarifying the responsibilities of boards on sustainability matters, and recommending dialogue between companies and their shareholders and stakeholders on sustainability matters;
  • Addressing the complex range of issues that boards are now expected to manage, including diversity, risk management and the interests of non-shareholder stakeholders;
  • Encouraging the use of digital technologies in corporate governance practices and supervision and highlighting boards’ management of digital risks;
  • Considering the rise in the role of institutional investors through recommendations on stewardship codes and ESG rating and index providers as well as proxy advisors;
  • Reflecting recent developments in ownership concentration, including through recommendations on company groups;
  • Providing new recommendations on bondholder rights and debt contracts to address the increase in corporate debt.

The 2023 edition of the OECD Corporate Governance Factbook, which complements the Principles by tracking how countries implement the Principles, was also launched at the event.

Updated every two years and covering 49 jurisdictions, this edition of the Factbook contains new sections that reflect the revised Principles, highlighting recent developments related to sustainability, digitalisation and company groups. The Factbook shows that most jurisdictions have taken significant steps to promote disclosure of sustainability-related information but that relatively few have regulatory provisions for ESG ratings and index providers. It also shows that most jurisdictions now regulate the conduct of virtual and hybrid shareholder meetings.

For more information, journalists should contact Serdar Celik, Head of the OECD’s Capital Markets and Financial Institutions Division (tel: + 33 1 45 24 79 84), or Spencer Wilson of the OECD Media Office (tel. + 33 1 45 24 81 18).


Working with over 100 countries, the OECD is a global policy forum that promotes policies to preserve individual liberty and improve the economic and social well-being of people around the world.


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