The Financial Stability Board (FSB) is to take stock of how nations around the world have implemented the OECD’s principles for corporate governance.
The review will look at how the principles have been applied to publicly listed and financial institutions and will seek examples of best practice as well as weaknesses.
A statement from the FSB — currently chaired by Bank of England governor Mark Carney and set up in the wake of the 2008 financial crisis by the G20 group of nations — said: “The FSB places great importance on effective corporate governance as evidenced by the fact that the principles have been designated as one of the FSB key standards for sound financial systems.
“The principles cover a range of areas, including governance frameworks, disclosure and transparency, and responsibilities of the board, to name just a few.”
The FSB added: “Recent experience has provided ample evidence of the impact that corporate governance failures can have on financial institutions and markets.”
The assessment will be peer reviewed by financial institutions, industry and consumer associations.