Good corporate governance supports market confidence and integrity, sustainable growth and financial stability. Since 2022, many countries worldwide have made important improvements to their corporate governance frameworks to ensure they remain effective and resilient in a rapidly evolving capital market and corporate landscape. The 2025 edition of the OECD Corporate Governance Factbook provides new data and insights on corporate governance frameworks across 52 economies (including all OECD, G20 and Financial Stability Board jurisdictions) and their evolution since 2014.
OECD Corporate Governance Factbook 2025
Introduction
Key figures
44 000
listed companies worldwide, for a market cap of USD 125 trillion
29%
the average percentage of board seats held by women
90%
the share of jurisdictions that require corporate sustainability disclosure
Institutional investors own a growing share of global market capitalisation, leading to changes in regulation
The ownership structure of listed companies worldwide is dominated by institutional investors, who today hold 47% of total equity. As a result, corporate governance frameworks increasingly take their role into consideration. For example, over one-third of jurisdictions now have a stewardship code. A very large number of jurisdictions also require or recommend that institutional investors disclose their voting policies (88%) and address conflicts of interest (98%).
The scope and frequency of national corporate governance reports are increasing
National corporate governance reports support the implementation of corporate governance codes by listed companies. Among the 52 jurisdictions covered in the Factbook, 73% issue a national report on listed companies’ adherence to these codes, which usually cover all code provisions and all listed companies. Since 2014, the number of national reports covering all code provisions and the number of those covering all listed companies both doubled.
Shareholder meetings held remotely have become more widespread, raising new challenges for shareholder rights
Since 2022, the share of jurisdictions allowing both virtual-only and hybrid shareholder meetings increased and now reaches 85% and 94%, respectively. With the growing popularity of remote meeting formats, 83% of jurisdictions now address equal participation of shareholders in their corporate governance framework. However, 42% of jurisdictions lack a framework for managing digital security risks to meetings and 48% lack explicit protection of shareholders in the event of disruptions.
Gender diversity on boards is improving but not at chair level
Many jurisdictions have adopted measures to promote women’s participation on corporate boards and in senior management. These measures include disclosure requirements, mandatory quotas and voluntary targets. Women held 29% of board positions on average in 2024, up from 22% in 2019. While the share of women on boards has been increasing, their representation in board chair positions is lagging. In 2024, only 10% of large listed companies had a female board chair, a small rise from 9% in 2022.
Assurance frameworks are increasingly used to verify the reliability of sustainability-related information
In line with the G20/OECD Principles of Corporate Governance which recommend the phasing in of sustainability assurance frameworks, 60% of jurisdictions have established assurance requirements to strengthen the credibility of sustainability-related information. An additional 17% are undertaking public consultations or actively considering the introduction of a sustainability assurance framework.
What can governments do?
Sustainability-related disclosures that are reviewed by an independent, competent and qualified attestation service provider may enhance investor confidence in the information disclosed. Attestations that are in accordance with high quality internationally recognised assurance standards will allow investors to compare sustainability-related information between companies.
Governments should ensure that companies that conduct general shareholder meetings remotely provide equal access to information and opportunities for participation to all shareholders regardless of whether they participate in person or virtually. With proper guidance and requirements to ensure equal treatment, virtual meeting formats can facilitate shareholders’ participation and engagement while reducing costs.
Country notes
- A - C
- D - I
- J - M
- N - R
- S - T
- U - Z
