World Bank Group

10/02/2024 | Press release | Distributed by Public on 09/30/2024 18:03

G20/OECD Principles of Corporate Governance (2023) (Principles), and the OECD Guidelines on Corporate Governance of State-Owned Enterprises (2024) (Guidelines)

On October 2, 2024 the World Bank Group (WBG) will host a Joint High-Level Event in collaboration with the Organisation for Economic Cooperation and Development (OECD), and the International Monetary Fund (IMF) to discuss insights into how OECD standards inform corporate governance reforms and other relevant work supported globally by the IMF and the World Bank Group

During 2023-2024, the OECD has revised its foundational set of internationally-recognised corporate governance standards - the G20/OECD Principles of Corporate Governance (2023) (Principles), and the OECD Guidelines on Corporate Governance of State-Owned Enterprises (2024) (Guidelines). Both instruments mark a significant and renewed international consensus reflecting OECD and partner countries' desire to strengthen guidance on companies' sustainability and resilience. They are a result of a collaborative process to ensure OECD corporate governance standards remain the global standard for corporate governance, reflecting current global trends and realities across different regions.

The Principles provide a benchmark for legal, regulatory and institutional frameworks for corporate governance of publicly listed companies. The revisions include new and updated guidance on shareholder rights, the role of institutional investors, corporate disclosure and transparency, the responsibilities of boards, and, for the first time, on sustainability and resilience to help companies manage climate-related and other sustainability risks and opportunities.

The Guidelines provide a benchmark for policy makers to design effective ownership and corporate governance frameworks for state-owned enterprises (SOEs). Complementary to the Principles, they aim to address the unique challenges and opportunities faced by state ownership in view of fostering transparency, accountability, integrity and efficiency within the state-owned sector. The revisions reflect recent evolutions in the global marketplace to ensure that SOEs contribute to these objectives and to sustainability and economic security.

The OECD has been invited to present the main changes introduced to the revised Principles and Guidelines and key trends that are relevant for their implementation. The IMF and the World Bank participate as observers in the OECD Corporate Governance Committee and the Working Party on State Ownership and Privatisation Practices, and have contributed to the latest revisions based on their perspective of supporting corporate governance reforms implementation. Following the OECD presentation, a panel discussion will offer insights into how OECD standards inform corporate governance reforms and other relevant work supported globally by the IMF and the World Bank Group.

The target audience includes the IMF and the World Bank Group (World Bank, IFC, MIGA) staff engaged in different aspects of corporate governance and SOE reforms. This by-invitation event, also engages other Washington-based stakeholders, and relevant think tanks.

Date and Time: Wednesday, October 2, 2024, 2:00 pm- 4:30 pm (followed by a reception/cocktail)

2:00 - 2:10 PM Opening Remarks
  • Arturo Herrera Gutierrez, Global Director for Governance in the Prosperity vertical, World Bank Group
  • Yan Liu, Deputy Director, Acting General Counsel and Director of the Legal Department, IMF
2:10 - 2:45 PM Keynote Presentation
  • Carmine Di Noia, Director for Financial and Enterprise Affairs, OECD

Overview of the revised G20/OECD Principles of Corporate Governance and OECD Guidelines on Corporate Governance of State-Owned Enterprises, highlighting key revisions and global trends relevant for their implementation.

2:45 - 3:30 PM Panel Discussion 1: Raising the bar on corporate governance standards: main drivers

Moderator: Saskia de Vries, Practice Manager, World Bank

  • Alexander Berg, Senior Financial Sector Specialist, World Bank
  • Charles (Chuck) Canfield, Principal Corporate Governance Officer, Acting Corporate Governance Manager, IFC
  • Aldona Jociene, Senior Financial Sector Expert, IMF Monetary and Capital Markets Department

The panel will discuss how the key revisions to the G20/OECD Principles of Corporate Governance, have implications for the private and financial sector in emerging and developing economies and their expected impact. Additionally, the panel will discuss how the World Bank, IFC and IMF support the implementation of good corporate governance standards for listed and private companies through their programs.

The panel discussion will include a 10 minute Q&A session.

3:30 - 4:15 PM Panel Discussion 2: Advancing SOE corporate governance reforms: from principles to practice

Moderator: Carolina Renteria, Division Chief, Fiscal Affairs Department, IMF

  • Sarah Cuttaree, Corporate Governance Officer, Co-Chair of WBG SOE Community of Practice, IFC
  • Natalie Manuilova, Senior Economist, Fiscal Affairs Department, IMF
  • Ron Snipeliski, Senior Counsel, Legal Department, IMF
  • Immanuel Steinhilper, Senior Governance Specialist, World Bank

The Panel will discuss the implications of the key revisions to the Guidelines on emerging and developing economies and corresponding reforms, and how these are supported by the World Bank, IFC and the IMF.

The panel discussion will include a 10 minute Q&A session.

4:15 - 4:30 PM

Concluding Remarks

  • Katherine Baer, Deputy Director, Fiscal Affairs Department, IMF
  • Carmine Di Noia, Director for Financial and Enterprise Affairs, OECD
  • Arturo Herrera Gutierrez, Global Director for Governance in the Prosperity vertical, World Bank Group