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A complementary instrument to the OECD Principles of Corporate Governance
After almost two years of far-reaching consultations with SOE managers and owners, state audit bodies, parliamentarians and civil society representatives from both OECD and non OECD countries, including a call for public comments via the website, the OECD Guidelines on Corporate of State-Owned Enterprises have now been adopted by the OECD Council. These new Guidelines are also based on a comparative survey of SOE corporate governance practice in OECD countries. The Guidelines are based on and fully compatible with the Principles, but are explicitly oriented to issues that are specific to the corporate governance of SOEs. The Guidelines were adopted by the OECD in April 2005.
The OECD Guidelines represent the first international benchmark to assist governments in improving the corporate governance of SOEs and how they evaluate and improve the way they perform their ownership function. The OECD Guidelines address the State as an owner, and represent what OECD governments agree are the core elements of a good corporate governance regime for SOEs. They provide standards and good practices, as well as guidance on implementation, and should be adapted to the specific circumstances of individual countries and regions.
A number of OECD governments have undertaken significant reforms in the way they fulfil this role vis-à-vis SOEs as globalisation, technological changes and liberalisation have made it necessary to readjust and/or restructure the state-owned sector. Many non-OECD countries are also looking towards the OECD experience to guide their own reforms in this regard as they have significant state sectors.
The Guidelines were published in September 2005.
See also, Corporate Governance of State-Owned Enterprises: A Survey of OECD Countries.
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