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OECD Standards
The Declaration on Propriety, Integrity and Transparency in the Conduct of International Business and Finance

The "PIT" Declaration sets out political commitments of Adherents to promote a clean, fair and transparent global economy and financial markets.

Context

The good functioning of markets and hence of the world economy depends on propriety, integrity and transparency in the conduct of business. Countries around the globe have a shared interest in strong, clean and fair markets and in ensuring they deliver sustainable growth and development.

The OECD has worked for many years on developing standards and tools for a stronger, cleaner and fairer economy. The PIT Declaration brings together under the same umbrella key instruments and tools developed by the OECD in the areas of competition, corporate governance, investment and responsible business conduct, tax co-operation, anticorruption, interaction between government and business, quality of regulation and financial literacy and consumer protection.

Impact

The OECD contributed to the elaboration of the Lecce Framework adopted by the G8 finance Ministers in Lecce in June 2009. This ultimately resulted in the adoption by OECD countries as well as Brazil and Russia at the 2010 OECD Council Ministerial Meeting, under Italian chairmanship, of the PIT Declaration. 

Since its adoption, the PIT Declaration continues to offer a coherent response to constant challenges in the world economy, by giving impulse for OECD bodies to develop and update their work for clean, fair and efficient markets, as well as to enhance their co-operation with other relevant actors. The attractiveness of this instrument is further evidenced by the adherence of Colombia, Morocco and Tunisia on the occasion of the 2012 OECD Ministerial Meeting, followed by Costa Rica, Croatia, Kazakhstan, and Peru, enlarging the scope of the Declaration further beyond OECD borders.

Updates on Implementation

2012 update on implementation

This update presents the main progress achieved in the areas covered by the PIT Declaration since the 2011 MCM: competition, corporate governance, investment and responsible business conduct, tax co-operation, anticorruption, interaction between business and government, quality of regulation and financial education.

Read the Update
2011 update on implementation
Read the Update