G20 Leaders endorsed the revised G20/OECD Principles of Corporate Governance at the G20 Summit on 9-10 September 2023. In the Summit Declaration, Leaders endorsed the revised Principles "with the aim to strengthen policy and regulatory frameworks for corporate governance that support sustainability and access to finance from capital markets, which in turn can contribute to the resilience of the broader economy”.

Previously, OECD Ministers adopted the revised G20/OECD Principles of Corporate Governance at the annual OECD Ministerial Council Meeting on 7-8 June 2023. In the ministerial statement adopting the Principles, Ministers recognised the contribution of the revised Principles “to the resilience and sustainability of our economies”. 

The Principles were revised in light of recent evolutions in capital markets and corporate governance policies and practices, and to ensure their continued standing as the leading international standard for corporate governance. 

An overarching goal of the revision was to promote corporate governance policies that support the sustainability and resilience of corporations which, in turn, can contribute to the sustainability and resilience of the broader economy. Another main goal was to support national efforts to improve companies’ access to finance from capital markets. 

The revised Principles include a new chapter on “Sustainability and resilience” which provides recommendations to support companies in managing the risks and opportunities of the climate transition and other sustainability challenges. 

The revised Principles also reflect recent evolutions in, among others, corporate ownership and concentration, the growing role of institutional investors and stewardship, the increasing complexity of the risks corporations face, and the impact of digitalisation.

The review of the Principles was undertaken by the OECD Corporate Governance Committee between November 2021 and March 2023. OECD, G20 and Financial Stability Board members participated in the review, as well as OECD membership candidates and additional countries through the Committee’s regional roundtables in Asia and Latin America.

The Corporate Governance Committee conducted a public consultation on draft revisions to the Principles in September-October 2022. All contributions can be found here.

The following publications informed the revisions to the Principles.

Reports

• Climate Change and Corporate Governance
• The Future of Corporate Governance in Capital Markets Following the COVID-19 Crisis
• OECD Corporate Governance Factbook (see the 2023 edition published in September 2023)

Working Papers

• Corporate ownership and concentration
• Gender diversity on company boards and in senior management
• The role of board-level committees in corporate governance
• Digitalisation and corporate governance
• Institutional investors and stewardship
• The role and rights of debtholders in corporate governance

Contact

For further information on the review, please contact [email protected], Head of the Capital Markets and Financial Institutions Division.