The financial crisis revealed severe shortcomings in corporate governance. When most needed, existing standards failed to provide the checks and balances that companies need in order to cultivate sound business practices.
Towards better corporate governance
In 2008, the OECD launched an ambitious action plan to develop a set of recommendations for improvements in priority areas such as remuneration, risk management, board practices and the exercise of shareholder rights. These recommendations also address how the implementation of already-agreed standards can be improved.
This work was published in 3 phases:
Engaging and seeking advice from key stakeholders was an important part of developing these recommendations. Representatives from governments, the private sector, trade unions and civil society participated in a global consultation to provide input to the recommendations and to help guide OECD’s work in the area of corporate governance.
An online public consultation invited comments from the public on corporate governance and the financial crisis.
This work contributed to the OECD’s strategic response to the financial crisis. It was carried out in co-operation with non-OECD countries and other partner organisations within the Financial Stability Board.
Board Practices: Incentives and Governing Risks, August 2011
Enhancing the role of the boards of directors of state-owned enterprises, May 2011
The Financial Crisis: Reform and Exit Strategies, September 2009
Mats Isaksson, Head of Corporate Affairs, talks about the corporate governance failures, 2009
Business ethics and OECD principles: What can be done to avoid another crisis?, 2009
G20/OECD Principles of Corporate Governance
Methodology for assessing the implementation of the OECD Principles of Corporate Governance