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OECD to unveil a road map on good governance

Letter to the Financial Times

15 October 2008

Letter to the Financial Times

From Mr Marcello Bianchi

Richard Tudway (Letters, October 10) is correct in linking the current financial crisis to failures in corporate governance. And weak oversight by boards is certainly part of it. Against this background, the secretary-general of the Organisation for Economic Co-operation and Development, Angel Gurría, recently launched a global drive to improve corporate governance.

The initiative will build on the OECD principles of corporate governance and also engage international organisations, business associations and other key stakeholders. The task is to address immediate reactions to present malpractices and to establish a longer-term road map for effective implementation and monitoring.

The OECD will make a statement on its findings and recommendations about the corporate governance lessons from the financial crisis following the next meeting of the OECD steering group on corporate governance, on November 19-20.

Through this effort, the OECD will play an important role in fostering a sound business culture and rebuilding confidence discredited by bad corporate governance practices in individual companies.

Marcello Bianchi

Chairman, OECD Steering Group on Corporate Governance

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