G20/OECD’s Corporate Governance Principles, 2023
Ankit Singh Mehar, Executive | corplaw@vinodkothari.com
The G20 leaders in the recent G20 Summit held on 8th -10th September, 2023, endorsed the revised ‘G20/OECD Principles of Corporate Governance’ (‘Revised Principles’). The Revised Principles replace the extant set of principles released in 2015 in light of the evolution in capital markets and global economy, following a review of the erstwhile principles over a period from 2021-2023.
As stated in the Summit Declaration, the Revised Principles have been endorsed by the G20 leaders “with the aim to strengthen policy and regulatory frameworks for corporate governance that support sustainability and access to finance from capital markets, which in turn can contribute to the resilience of the broader economy.”
The Revised Principles, besides making alterations to the existing principles, also introduce two new chapters, viz.,
Chapter III – ‘Institutional investors, stock markets, and other intermediaries’ focussing on engagement of institutional investors with the investee company, essential disclosure requirement and management of conflict of interest pursuant to exercise of their key ownership rights.
Chapter VI – ‘Sustainability and resilience’ focussing on corporate governance policies for managing the risks and opportunities of sustainability and resilience
Below we summarise the key highlights of the Revised Principles.
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