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ASSIGNMENT
TOPIC- CORPORATE GOVERNANCE AND OECD
GUIDE- DR. NAVED JAMAL
ASSISTANT PROFESSOR,
DEPT. OF POLITICAL SCIENCE
JAMIA MILIA ISLAMIA
SUBMITTED BY
BUSHRA
M.A. PUBLIC ADMINISTRATION, 4th SEMESTER

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CONTENTS
 Introduction……………………………………………………………………………………………….3
 Background……………………………………………………………………………………..……..3-4
 Mission and Functions……………………………………………….…………………………...4-5
 Corporate governance & OECD……………………………………………………………….5-7
 OECD Principles on CG……………………………………………………………………..…….7-9
 OECD and India…………………………………………………………………………………....9-13
 Conclusion …………………………………………………………………………………….....13-14
 Bibliography……………………………………………………………………………………….…..15

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Introduction
The OECD is variously referred to as a think tank or monitoring group. Its stated goals include
fostering economic development and cooperation; fighting poverty; and ensuring the
environmental impact of growth and social development is always considered. Over the years, it
has dealt with a range of issues, including raising the standard of living in member countries,
contributing to the expansion of world trade and promoting economic stability.
The Organisation for Economic Co-operation and Development (OECD) is a group of
34 member countries that discuss and develop economic and social policy. OECD members are
democratic countries that support free market economies
The OECD was established on Dec. 14, 1960, by 18 European nations plus the United States and
Canada. It has expanded over time to include members from South America and the Asia-Pacific
region. It includes most of the highly developed economies. The Organization for Economic
Cooperation and Development (OECD) is a unique forum where the governments of 34
democracies with market economies work with each other, as well as with more than 70 non-
member economies to promote economic growth, prosperity, and sustainable development.1
The Organization provides a setting where governments can compare policy experiences, seek
answers to common problems, identify good practice and coordinate domestic and international
policies.
Over the past decade, the OECD has further deepened its engagement with business, trade unions
and other representatives of civil society.
Today, OECD member countries account for 63 percent of world GDP, three-quarters of world
trade, 95 percent of world official development assistance, over half of the world‟s energy
consumption, and 18 percent of the world‟s population. Together with its sister agencies,
the International Energy Agency (IEA)and Nuclear Energy Agency (NEA), the OECD helps
countries – both members and non-members – reap the benefits and confront the challenges of a
global economy by promoting sound energy policies that further: economic growth; energy
security; free markets; the increasingly safe, clean, and efficient use of resources to reduce
environmental impacts and preserve our climate; and science and technology innovation.
1
http://www.oecd.org/about/

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Background
In 1948, in the aftermath of World War II, the Organisation for European Economic Co-
operation (OEEC) was established to administer the predominantly U.S.-funded Marshall
Plan for post-war reconstruction on the continent. The group emphasized the importance of
working together for economic development, with the goal of avoiding more decades of
European warfare. The OEEC was instrumental in helping the European Economic Community
(EEC), which has since evolved into the European Union (EU), to establish a European Free
Trade Area.2
In 1961, the United States and Canada joined the OEEC, which changed its name to OECD to
reflect the broader membership. Fourteen other countries have joined since then as of 2016. It is
headquartered in the Chateau de la Muette in Paris, France.
Mission and function
The mission of the Organisation for Economic Co-operation and Development (OECD) is to
promote policies that will improve the economic and social well-being of people around the
world.
The OECD provides a forum in which governments can work together to share experiences and
seek solutions to common problems. OECD work with governments to understand what drives
economic, social and environmental change. It measures productivity and global flows of trade
and investment. It also analyses and compares data to predict future trends and set international
standards on a wide range of things, from agriculture and tax to the safety of chemicals.
OECD also look at issues that directly affect everyone‟s daily life, like how much people pay in
taxes and social security, and how much leisure time they can take and compare how different
countries‟ school systems are readying their young people for modern life, and how different
countries‟ pension systems will look after their citizens in old age.3
Drawing on facts and real-life experience, OECD recommend policies designed to improve the
quality of people's lives. It works with business, through the Business and Industry Advisory
Committee to the OECD (BIAC), and with labour, through the Trade Union Advisory
Committee (TUAC).It has active contacts as well with other civil society organisations. The
common thread of its work is a shared commitment to market economies backed by democratic
institutions and focused on the wellbeing of all citizens. Along the way, it also set out to make
2
https://academic.oup.com/idpl/article/1/1/6/759637 (The history, achievement and future of the 1980 OECD
guidelines on privacy)
3
Principles of Corporate Governance: the OECD Perspective1 By Louis Bouchez .pdf

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life harder for the terrorists, tax dodgers, crooked businessmen and others whose actions
undermine a fair and open society.
OECD focused on helping governments around the world to:
 Restore confidence in markets and the institutions that make them function.
 Re-establish healthy public finances as a basis for future sustainable economic growth.
 Foster and support new sources of growth through innovation, environmentally friendly
„green growth‟ strategies and the development of emerging economies.
 Ensure that people of all ages can develop the skills to work productively and satisfyingly
in the jobs of tomorrow.
Corporate governance and OECD
Corporate governance is not just a business matter. It concerns the well-being of whole
economies and populations too, and is a partnership question par excellence.
Most of us, when we hear corporate governance, tend to think of codes, like the well-known
Cadbury Code, that have emerged over the past few years. These governance codes usually
recommend that companies change their board structures and procedures to make the company
more accountable to shareholders. Often they suggest increasing the number of independent
directors on boards, separating the position of chairman and chief executive officer, introducing
new board committees – such as the audit committee – and so on.4
If this were all that corporate governance was about, then one could legitimately ask, why the
OECD, an intergovernmental organisation whose mandate is to advise on public policy matters,
is interested in the topic at all. Isn‟t corporate governance something that should be handled by
corporations, as the name implies?
No. Governance is more than just board processes and procedures. It involves the full set of
relationships between a company‟s management, its board, its shareholders and its other
stakeholders, such as its employees and the community in which it is located. The quality of
governance is directly linked to the policy framework. Governments play a central role in
shaping the legal, institutional and regulatory framework within which governance systems are
developed. If the framework conditions are not in order, the governance regime is unlikely to be
either.
4
http://iica.in/images/Evolution_of_Corporate_Governance_in_India.pdf

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The policy framework covers considerations such as the legal rights of shareholders and their
ability to obtain redress in case their rights are violated. The framework includes the protection
of shareholders through regulation and through requirements for full disclosure of risks. These
are just two examples. There are a great number of other factors that impact the way the
company is controlled, managed and held accountable, and many of these factors fall squarely in
the realm of policymakers.
The root of a crisis
Why should we care about the quality of governance? There are several reasons. An immediate
one is that poor governance can harm national economic performance and ultimately global
financial stability. The financial crises in Asia, Russia and elsewhere have demonstrated this
beyond question. Though circumstances differed, what crisis countries all had in common was
distorted governance structures that led to inefficient economic decision-making. When
imbalances became too large to be ignored, they prompted a rout in financial markets, setting
back the development efforts of entire countries and regions.
Problems specific to each country were important too. In Asian countries, interest groups linked
to large financial institutions, even to the state, ran vast conglomerates under conditions that
prevented external scrutiny. Because of their high-level connections and the perception of
implicit government guarantees, these conglomerates had easy access to external debt and equity
finance without having to go through the appropriate controls. However, minority shareholders –
domestic and foreign – as well as creditors, were given neither the information nor the authority
to monitor corporate operations. Lack of transparency and accountability led, in turn, to distorted
incentive structures, over-investment and dangerously high corporate indebtedness. Poor
disclosure and audit procedures only made the situation worse by preventing early warning of the
deteriorating financial conditions of corporations.
In the context of countries making the transition from centrally -planned to market economies,
corporate governance must respond to the needs of the different stages of reform. In many
transition countries, weak corporate governance has been blamed for the delay in restructuring
after privatization. In other words, while privatization succeeded in transferring ownership of
enterprises from public to private hands, ambiguous property rights and an inadequate regulatory
and institutional framework resulted in unchecked control by corporate insiders and opaque
ownership and control structures. In many cases the rights of minority shareholders were very
poorly protected indeed. At the end of the day, this poor governance undermined confidence in
the markets and held the whole financial system hostage.5
It is also worth noting that the challenge to improve governance is not limited to emerging
market and transition economies. All countries stand to gain from improving the way their
enterprises operate. Even the most advanced economies are discussing, questioning and working
5
Amindav, G. and Papaioannou, E. (2016), Corporate Control Around the World, NBER Working Paper
Series, Working Paper 23010, http://www.nber.org/papers/w23010

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towards better practices. In the United States the separation of the chairman and chief executive
– preferred by many investors – is unusual. European countries face mounting calls for better
treatment of minority shareholders and greater transparency in mergers and acquisitions. In
Japan, efforts to rekindle economic dynamism clearly require improvements in areas such as
information disclosure and board practices. In Australia, the United Kingdom, France, Germany
and Sweden, important long-term efforts have been undertaken in the area of company law and
the regulation of take-overs.
Impatient capital
One of the implications of the communications revolution and the increasingly integrated global
economy is that, unfortunately, capital is rarely “patient”. In their constant search for investment
opportunities, investors will not hesitate to take their money around the globe. If companies are
to attract and retain long-term capital from a large pool of investors, they need credible and
recognisable corporate governance arrangements. Companies and governments have to respond.
Of course, governance is not simply an issue relevant to foreign investors. Yes, it is true that they
often sound the initial warning. However, by far the most investment in almost all countries
comes from home-grown sources. Strengthening domestic confidence in a country‟s own
corporations and stock markets matters greatly to the long-term competitiveness of businesses
and to the overall health and vitality of national economies. It should not be surprising that
studies have shown that countries with weaker investor protection tend to have smaller, less
liquid, capital markets.
OECD principles on Corporate Governance
It is in the context of growing awareness of the importance of good corporate governance that the
OECD has developed a set of Principles of Corporate Governance. The results represent a
collective view of the most important core elements of a good corporate governance framework.
They are designed to leave adequate flexibility for implementation according to specific
circumstances, cultures and traditions in different countries. The Principles are non-binding.
They are intended to serve as a reference point for governments as they review and refine their
frameworks for corporate governance. They also provide guidance for stock exchanges,
investors, private corporations and national commissions on corporate governance as they
elaborate best practices, listing requirements and codes of conduct.
The Principles were originally developed by the OECD in 1999 and last updated in 2004. The
2015 version addresses developments in corporate governance and the rapidly changing
corporate and financial landscape.
To get to the heart of the matter, the Principles can be summarised in terms of four values. These
are
 Equitable treatment

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 Responsibility
 Transparency
 Accountability
The OECD Principles cover five main areas:6
 the rights of shareholders and their protection;
 the equitable treatment of all categories of shareholders;
 the role of employees and other stakeholders;
 timely disclosure and transparency of corporate structures and operations;
 the responsibilities of the board towards the company, shareholders and other
stakeholders.
Principle 1
The corporate governance framework should promote transparent and fair markets, and the
efficient allocation of resources. It should be consistent with the rule of law and support effective
supervision and enforcement.
Principle 2
The corporate governance framework should protect and facilitate the exercise of shareholders‟
rights and ensure the equitable treatment of all shareholders, including minority and foreign
shareholders. All shareholders should have the opportunity to obtain effective redress for
violation of their rights.
Principle 3
The corporate governance framework should provide sound incentives throughout the investment
chain and provide for stock markets to function in a way that contributes to good corporate
governance.
Principle 4
The corporate governance framework should recognise the rights of stakeholders established by
law or through mutual agreements and encourage active co-operation between corporations and
stakeholders in creating wealth, jobs, and the sustainability of financially sound enterprises.
Principle 5
6
OECD (2015), Principles of Corporate Governance: 2015 Edition www.oecd.org/daf/ca/

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The corporate governance framework should ensure that timely and accurate disclosure is made
on all material matters regarding the corporation, including the financial situation, performance,
ownership, and governance of the company.
Principle 6
The corporate governance framework should ensure the strategic guidance of the company, the
effective monitoring of management by the board, and the board‟s accountability to the company
and the shareholders.
The Principles identify those core values or principles that we feel hold true in all countries –
principles that underpin the development of a strong governance framework which, in turn,
supports the development of a sound capital market.
These values also link corporate governance to other important elements of governance in a
broader sense: the battle against bribery and corruption; corporate responsibility and ethics;
public sector governance; and regulatory reform. The pursuit of good governance requires co-
ordinated efforts in all of these interconnected areas, so that nations can reap the full benefits of
the globalising economy.
OECD and India
. India is one of the many non-member economies with which the OECD has working
relationships in addition to its member countries.The OECD has been co-operating with India
since 1995. The OECD Council at Ministerial level adopted a resolution on 16 May 2007 to
strengthen the co-operation with India, as well as with Brazil, China, Indonesia and South Africa,
through a programme of enhanced engagement. It also called for the expansion of the OECD's
relations with Southeast Asia. While enhanced engagement is distinct from accession to the
OECD, it has the potential in the future to lead to membership.
India values the opportunity to discuss major policy issues and challenges and to learn from the
experiences of OECD countries facing similar challenges. The relationship also benefits OECD
Members and non-OECD economies, who are increasingly engaged with India through trade and
investment, and who have gained a better understanding of India as it has become a major actor
in the globalised economy. The OECD‟s Global Relations secretariat develops and oversees the
strategic orientation of this relationship and ensures that the dialogue remains focused, forward-
looking and mutually beneficial.7
7
Active with India report: http://www.oecd.org/global-relations/Active_with_India.pdf

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The OECD‟s first Economic Survey of India was released in 2007. India also participates in
various policy areas including trade, investment, policies for small and medium-sized
enterprises, development and steel.
India is on the Governing Board of the OECD‟s Development Centre and it also participates as
an observer in some OECD Committees and various working groups and various working
groups. Indian ministers have also attended a number of Ministerial Council Meeting dialogue
sessions with non-OECD countries since 2002. India also supports the OECD regionally-focused
activities in Asia, hosting regional forums and workshops on issues including investment,
taxation, financial education, private pensions, and development.
OECD and its role in improving Corporate governance in India
With the passing of the Companies Act in 2013, India has increased the efficiency of its
corporate governance frameworks by advocating the independence of directors and audit
committees, providing more stringent rules on the approval of related-party transactions,
mandating corporate social responsibility and raising the bar for transparency and gender
diversity on boards. Enforcement and actual practices at the company level are key to ensuring
real progress.
The OECD and India have closely collaborated to develop better global standards of corporate
governance, with India participating as an Associate – on equal footing with OECD Member
countries – in the 2015 review of the G20/ OECD Principles of Corporate Governance. These are
one of the key standards for sound financial systems used by the Financial Stability Board and
form the basis of the corporate governance component of the World Bank Report on the
Observance of Standards and Codes.
The 2015 edition of The OECD Corporate Governance Factbook tracks how countries are
actually implementing the Principles and highlights several of India‟s corporate governance laws
and practices.
India regularly attends the meetings of the OECD Corporate Governance Committee, and Indian
officials have actively participated in OECD Peer Reviews of other countries in the Committee.
Indian corporate governance regulations were also formally assessed by the Committee in 2012.
“OECD provides a forum which nurtures and fosters the development of world economy through
its unprecedented efforts in building impeccable value system, ethics and integrity in the
corporate world. The revised G/20 OECD Principles of corporate governance are a benchmark
for assessing and improving corporate governance around the globe.

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Institute of Company Secretaries of India being a front runner of good corporate governance in
India has been collaborating with OECD to foster mutual learning and discuss issues and
implementation challenges in seamless jurisdictions. This mutual relationship will help us all
better understand the global challenges and its impact,” said Mamta Binani, President of the
Institute of Company Secretaries of India (ICSI)8
The OECD and India launched the India-OECD Corporate Governance Policy Dialogue in 2011
to support policy makers in India by assessing market practices and offering recommendations
based on a comparative analysis.
Under the auspices of this programme a policy dialogue was co-organised with the Securities and
Exchange Board of India (SEBI) in New Delhi in 2013 and a report on Improving Corporate
Governance in India – Related Party Transactions and Minority Shareholder Protection was
published in August 2014. The meeting of the India-OECD Corporate Governance Policy
Dialogue in December 2016, also hosted by SEBI in Mumbai, focused on issues relating to board
evaluation of listed companies.
The OECD also engages with Indian policy makers and regulators through other national
institutions and regional activities. The Chairman of the Institute of Company Secretaries of
India (ICSI), Ms Mamta Binani, participated in the OECD Conference on improving women‟s
access to leadership, held in Paris in March 2016.
The OECD presented the OECD Principles at the Roundtable Conference on Corporate
Governance organised by the ICSI in New Delhi in April 2016. Furthermore, SEBI co-hosted the
OECD-Asian Roundtable on Corporate Governance in Mumbai in 2014, which led to the
adoption of a guide to strengthen corporate governance through effective public enforcement in
Asia, the first of its kind elaborated at a regional level
Raising the bar on Public Sector Enterprises
State-owned enterprises (SOEs) have played an important role in providing essential services to
the population in India. The OECD works with countries to help make SOEs more transparent
and accountable to the general public. The OECD engages closely with India to support the
country‟s efforts to effectively manage its SOEs. Indian officials regularly attend and actively
participate in the meetings and work of the Working Party on State Ownership and Privatisation
Practices.
India‟s experience in listing SOEs in comparison with other countries‟ approaches is analysed in
the OECD report Broadening the Ownership of State-Owned Enterprises: A Comparison of
8
CORPORATE GOVERNANCE IN Asian Roundtable on Corporate Governance Asia
https://www.oecd.org/corporate/48806174.pdf

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Governance Practice, published in February 2016. The report shows that mixed ownership can
improve enterprise governance and performance. The 2015 OECD publication State-Owned
Enterprises in the Development Process features a chapter on the role of SOEs in Indian
economic development. The report highlights the need to assign clear roles to SOEs in the
beginning of the development process, to appropriately establish institutions and formulate and
promote industrial policy
The OECD Guidelines on Corporate Governance of State-Owned Enterprises serve as an
important reference for this work. The Guidelines help governments organise their ownership
and regulatory roles as well as the governance of individual SOEs. The Guidelines were revised
in 2015 to better reflect the experiences of the growing number of countries that have taken steps
to implement them and developments since their adoption in 2005.
Fighting corruption and enhancing the integrity
Recent initiatives in India aim to tackle corruption and bribery through improved transparency
measures, such as setting up online platforms for transactions. Effectively combating
transnational bribery could enhance India‟s fast-growing outbound investment. OECD-India
joint work on combating corruption and bribery and setting standards on the issue has
progressively expanded over the past decade, including under the auspices of the G20.
Pursuant to the G20 Anti-Corruption Action Plan for 2015-2016, India participates in the
meetings of the G20 Anti-Corruption Working Group to explore its possible adherence to the
OECD Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions (Anti-Bribery Convention). India was also included in the G20 Self-Assessment
Report on Combating the Bribery of Foreign Public Officials. Accession to the Convention
would help enhance India‟s enforcement of transnational bribery and facilitate stronger
international co-operation.
More recently, Secretary Sanjay Kothari from the Department of Personnel and Training
participated in the OECD Anti-Bribery Ministerial Meeting in March 2016 in Paris, France. As
part of the Ministerial Meeting, India joined 50 other countries in adopting a Ministerial
Declaration of the OECD Anti-Bribery Ministerial Meeting, which reaffirms states‟
commitments to fight foreign bribery and corruption. India and the OECD engage together
through active dialogue and regional activities on anti-corruption. Since 2009, Indian officials
attend the meetings of the OECD Working Group on Bribery, which monitors the
implementation of the AntiBribery Convention.
The OECD has conducted numerous visits to India to discuss the Anti-Bribery Convention and
India‟s engagement with the OECD Working Group on Bribery. The Organisation has also
successfully co-organised several foreign bribery awareness-raising events in India with the

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FICCI in 2011 and 2012 and with the CII in 2013 and 2015 to encourage Indian companies to
support the passage of a foreign bribery bill in India, and help put in place effective internal
controls, ethics and compliance measures for preventing and detecting the bribery of foreign
public officials.
India has also been a member of the OECD Anti Corruption Initiative for Asia and the Pacific
since 2001, and has endorsed the ADB/OECD Anti-Corruption Action Plan for Asia and the
Pacific. This is a three pillar plan for fostering integrity in the public service, private sector, and
through civil society involvement and is implemented through policy dialogue, analysis, and
capacity building.9
Roadmap for improving corporate governance infrastructure and Conclusion
Public and private sector institutions should continue to make the business case for the value of
good corporate governance among companies, board members, gatekeepers, shareholders and
other interested parties, such as professional associations. All jurisdictions should strive for
active, visible and effective enforcement of corporate governance laws and regulations.
Regulatory, investigative and enforcement institutions should be adequately resourced, credible
and accountable, and work closely and effectively with other domestic and external institutions
and they should be supported by a credible and efficient judicial system. Along with it the
quality of disclosure should be enhanced and made in a timely and transparent manner and
jurisdictions should promote the adoption of emerging good practices for non-financial
disclosure.
Asian Roundtable jurisdictions should continue the process of full convergence with
international standards and practices for accounting and audit. The implementation and
monitoring of audit and accounting standards should be overseen by bodies independent of the
profession. Also, the board performance needs to be improved by appropriate further training
and board evaluations. The board nomination process should be transparent and include full
disclosure about prospective board members, including their qualifications, with emphasis on the
selection of qualified candidates. Boards of directors must improve their participation in strategic
planning, monitoring of internal control and risk oversight systems and should ensure
independent reviews of transactions involving managers, directors, controlling shareholders and
other insiders. 10
9
Active with India report: http://www.oecd.org/global-relations/Active_with_India.pdf
10 G20/OECD Principles of Corporate Governance By OECD Publishing, 2015, 57 pages

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The legal and regulatory framework should ensure that non-controlling shareholders are
adequately protected from expropriation by insiders and controlling shareholders. Gatekeepers
such as external auditors, rating agencies, advisors, and intermediaries should be able to inform
and advise shareholders free of conflicts of interest. Shareholder engagement should be
encouraged and facilitated, in particular by institutional investors.
At present, the main task for the OECD is to encourage a process of examination, dialogue and
ultimately change. OECD has to promote governance reforms in close co-operation with other
international organisations, in particular, under a joint programme with the World Bank, and
with the participation of the IMF, the regional development banks and other bilateral partners.
The OECD‟s main responsibility within the context of this co-operative effort is to organise a set
of regional corporate governance roundtables, bringing together senior policymakers, regulators
and market participants from the region in order to improve their understanding of governance
and help them develop reasoned, robust policy. Roundtables are now in operation for Asia, Latin
America, and Russia and further roundtables are planned for Eurasia, which is basically the CIS
countries – except Russia – plus Mongolia and Africa.
In the 21st century, stability and prosperity will depend on the strengthening of capital markets
and the creation of strong corporate governance systems. While it is encouraging to see emerging
economies rebound from the traumatic financial crises of the last several years, it is important
that the momentum for reform of corporate governance regimes be maintained. The OECD can
work alongside governments, stock exchanges and other private parties around the world to
assist them in their own efforts to strengthen their economies. The Principles of Corporate
Governance can help in the process too. They might not be able to prevent shocks from
occurring completely, but if adhered to, they could prevent a shock from becoming a crisis.

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 Principles of Corporate governance
https://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=C/MIN(99)6&docLan
guage=En
 Using the OECD Principles of Corporate Governance
https://www.oecd.org/corporate/ca/corporategovernanceprinciples/40823806.pdf
 CORPORATE GOVERNANCE IN Asian Roundtable on Corporate Governance Asia
https://www.oecd.org/corporate/48806174.pdf
 Amindav, G. and Papaioannou, E. (2016), Corporate Control Around the World, NBER Working
Paper Series, Working Paper 23010, http://www.nber.org/papers/w23010
 OECD (2015), Principles of Corporate Governance: 2015 Edition www.oecd.org/daf/ca/.
 http://www.oecd.org/about/
 Active with India report: http://www.oecd.org/global-relations/Active_with_India.pdf
 OECD Principles of Corporate Governance 2004 By OECD Publishing, 2004, 68 pages
 G20/OECD Principles of Corporate Governance By OECD Publishing, 2015, 57 pages
 https://www.kvdl.nl/wp-content/uploads/2013/01/Louis-Bouchez-Principles-of-corporate-
governance1.pdf Principles of Corporate Governance: the OECD Perspective1 B Y L O U I S B
O U C H E Z ,
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e_Governance_and_their_Relevance_to_Non-OECD_Countries
 The Revised OECD Principles of Corporate Governance and their Relevance to Non-OECD
Countries