Corporate Governance: Improving Competitiveness and Access to Capital in Global Markets : a Report to the OECD by the Business Sector Advisory Group on Corporate Governance

Through its impact on corporate competitiveness and access to global capital markets, corporate governance plays an increasingly important role for entrepreneurship, economic growth and employment. In its report to the OECD, the Business Sector Advisory Group on Corporate Governance emphasizes that while corporate governance should remain primarily a private sector prerogative, governments have a distinct and important responsibility in providing a regulatory framework that allows investors and enterprises to adapt corporate governance practices to rapidly changing circumstances. There is no static or final structure in corporate governance that every country or corporation should emulate: experimentation and variety should be expected and encouraged within the limits of credible regulations emphasizing fairness, transparency, accountability and responsibility. Within this framework, the Advisory Group presents the perspectives that it believes should guide public policies related to corporate governance, suggests areas for private sector voluntary action and recommends further actions by the OECD to help articulate a set of common principles guiding national policy reviews and reforms. Read more... Letter from the Chairman by Ira M. Millstein -- Chapter 1. Overview, Public Policy Perspectives, and Recommendations to the OECD -- Chapter 2. Defining the Mission of the Corporation in the Modern Economy -- Chapter 3. Ensuring Adaptability of Corporate Governance Arrangements -- Chapter 4. Protecting Shareholder Rights -- Chapter 5. Enabling Active Investing -- Chapter 6. Aligning the Interests of Shareholders and Other Stakeholders -- Chapter 7. Recognising Societal Interests -- Annex 1a. Refport from the OECD Business Sector Colloquium on Corporate Governance -- Annex 1b. OECD Business Sector Colloquium on Corporate Governance: Programme -- Annex 1c. OECD Business Sector Colloquium on Corporate Governance: List of Participants -- Annex 2. Partial Listing of Corporate Governance Guidelines and Codes of "Best Practice. In this report, it is emphasized that while corporate governance should remain primarily a private sector perogative, governments are responsible for providing a regulatory framework that allows investors and enterprises to adapt corporate governance practices to rapidly changing circumstances.