The Organization for Economic Cooperation and Development has completed a draft of international guidelines for good corporate governance that emphasizes, among other things, promotion and protection of shareholders' rights.
The draft, obtained Thursday by The Japan Times, also stresses the need for companies to promote information disclosure for investors and enhance the accountability of the board to shareholders. The 29-nation OECD, the Paris-based body often dubbed the "club of the richest," will submit the guidelines to an annual ministerial meeting of member countries in May, though some amendments are expected through further discussions.
At their last meeting in April, OECD ministers called on the organization to develop a set of standards and guidelines for good corporate governance and submit a draft for final approval this year. The OECD set up an ad hoc task force to meet the request.