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ISBN92-64-01597-3262004021POECDPrinciplesofCorporateGovernanceOECDPrinciplesofCorporateGovernanceSincetheywereissuedin1999,theOECDPrinciplesofCorporateGovernancehavegainedworldwiderecognitionasaninternationalbenchmarkforgoodcorporategovernance.Theyareactivelyusedbygovernments,regulators,investors,corporationsandstakeholdersinbothOECDandnon-OECDcountriesandhavebeenadoptedbytheFinancialStabilityForumasoneoftheTwelveKeyStandardsforSoundFinancialSystems.ThePrinciplesareintendedtoassistintheevaluationandimprovementofthelegal,institutionalandregulatoryframeworkthatinfluencescorporategovernance.Theyalsoprovideguidanceforstockexchanges,investors,corporations,andothersthathavearoleintheprocessofdevelopinggoodcorporategovernance.ThePrinciplesshouldbeviewedasalivingdocument.Thisrevisedversiontakesintoaccountdevelopmentssince1999andincludesseveralimportantamendments.Therevisionhasbenefitedgreatlyfromextensivepublicconsultations.ThisrevisedversionoftheOECDPrincipleswasagreedbytheOECDmembercountrieson22April2004.Foranycomments,questionsorsuggestionsconcerningtheOECDPrinciplesofCorporateGovernance,pleasecontacttheCorporateAffairsDivisionoftheOECDat:[e-mail]heOECD’sworkintheareaofcorporategovernanceandtheOECDPrinciples,visit::HSTCQE=UVZ^\Z:2004«2004:Industry,ServicesandTradeGovernanceAskyourlibrarianformoredetailsofhowtoaccessOECDbooksonline,[e-mail]©OECD,2004.©Software:1987-1996,AcrobatisatrademarkofADOBE.Allrightsreserved.OECDgrantsyoutherighttouseonecopyofthisProgramforyourpersonaluseonly.Unauthorisedreproduction,lending,hiring,transmissionordistributionofanydataorsoftwareisprohibited.YoumusttreattheProgramandassociatedmaterialsandanyelementsthereoflikeanyothercopyrightedmaterial.Allrequestsshouldbemadeto:HeadofPublicationsService,OECDPublicationsService,2,rueAndré-Pascal,75775ParisCedex16,France.OECDPrinciplesofCorporateGovernance2004ORGANISATIONFORECONOMICCO-OPERATIONANDDEVELOPMENTCover-e.fmPage1Thursday,April29,200411:02AMORGANISATIONFORECONOMICCO-OPERATIONANDDEVELOPMENTPursuanttoArticle1oftheConventionsignedinParison14thDecember1960,andwhichcameintoforceon30thSeptember1961,theOrganisationforEconomicCo-operationandDevelopment(OECD)shallpromotepoliciesdesigned:–toachievethehighestsustainableeconomicgrowthandemploymentandarisingstandardoflivinginmembercountries,whilemaintainingfinancialstability,andthustocontributetothedevelopmentoftheworldeconomy;–tocontributetosoundeconomicexpansioninmemberaswellasnon-membercountriesintheprocessofeconomicdevelopment;and–tocontributetotheexpansionofworldtradeonamultilateral,non-discriminatorybasisinaccordancewithinternationalobligations.TheoriginalmembercountriesoftheOECDareAustria,Belgium,Canada,Denmark,France,Germany,Greece,Iceland,Ireland,Italy,Luxembourg,theNetherlands,Norway,Portugal,Spain,Sweden,Switzerland,Turkey,theUnitedKingdomandtheUnitedStates.Thefollowingcountriesbecamememberssubsequentlythroughaccessionatthedatesindicatedhereafter:Japan(28thApril1964),Finland(28thJanuary1969),Australia(7thJune1971),NewZealand(29thMay1973),Mexico(18thMay1994),theCzechRepublic(21stDecember1995),Hungary(7thMay1996),Poland(22ndNovember1996),Korea(12thDecember1996)andtheSlovakRepublic(14thDecember2000).TheCommissionoftheEuropeanCommunitiestakespartintheworkoftheOECD(Article13oftheOECDConvention).Publiéenfrançaissousletitre:Principesdegouvernementd’entreprisedel’OCDE2004©OECD2004Permissiontoreproduceaportionofthisworkfornon-commercialpurposesorclassroomuseshouldbeobtainedthroughtheCentrefrançaisd’exploitationdudroitdecopie(CFC),20,ruedesGrands-Augustins,75006Paris,France,tel.[phone],fax[phone],foreverycountryexcepttheUnitedStates.IntheUnitedStatespermissionshouldbeobtainedthroughtheCopyrightClearanceCenter,CustomerService,[phone],222RosewoodDrive,Danvers,MA01923USA,orCCCOnline:é-Pascal,75775ParisCedex16,France.Cover-e.fmPage2Thursday,April29,200411:02AM3©OECD2004ForewordTheOECDPrinciplesofCorporateGovernancewereendorsedbyOECDMinistersin1999andhavesincebecomeaninternationalbenchmarkforpolicymakers,investors,corporationsandotherstakeholdersworldwide.TheyhaveadvancedthecorporategovernanceagendaandprovidedspecificguidanceforlegislativeandregulatoryinitiativesinbothOECDandnonOECDcountries.TheFinancialStabilityForumhasdesignatedthePrinciplesasoneofthe12keystandardsforsoundfinancialsystems.ThePrinciplesalsoprovidethebasisforanextensiveprogrammeofco-operationbetweenOECDandnon-OECDcountriesandunderpinthecorporategovernancecomponentofWorldBank/IMFReportsontheObservanceofStandardsandCodes(ROSC).ThePrincipleshavenowbeenthoroughlyreviewedtotakeaccountofrecentdevelopmentsandexperience