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Corporate governance involves a set of relationships between a company’s management, its board, its
shareholders and other stakeholders. Corporate governance also provides the structure through which
the objectives of the company are set, and the means of attaining those objectives and monitoring
performance are determined.
First released in 1999 originally developed in response to a call by the OECD Council Meeting at
Ministerial level on 27-28 April 1998, to develop, in conjunction with national governments, other
relevant international organisations and the private sector, a set of corporate governance standards and
guidelines.
first initiative by an inter-governmental organisation to develop the core elements of a good corporate
governance regime
The OECD Principles of Corporate Governance form part of a broader international effort to promote
increased transparency, integrity and the rule of law
business ethics and corporate awareness of the environmental and societal interest of the communities
in which they operate can have an impact on the reputation and long-term performance of
corporations.
The Principles are non-binding and do not aim at detailed prescriptions for national legislation. Their
purpose is to serve as a reference point. They can be used by policy makers, as they examine and
develop their legal and regulatory frameworks for corporate governance that reflect their own
economic, social, legal and cultural circumstances, and by market participants as they develop their own
practices.
The Principles are evolutionary in nature and should be reviewed in light of significant changes in
circumstances. To remain competitive in a changing world, corporations must innovate and adapt their
corporate governance practices so that they can meet new demands and grasp new opportunities.
# main points:
1. Principles not meant to be binding and regulatory, only serve as reference point.
2. Principles are dynamic, must adjust to changes and trends
3. Borderless economy