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International standards

The EBRD endorses international standards, developed by international financial institutions to promote transparent and efficient capital markets and sound corporate governance practices.

The 12 Key Standards for Sound Financial Systems

In October 1998 the Ministers of Finance and the Governors of the Central Banks of the G 7 countries requested Mr Hans Tietmeyer, at that time President of the Deutsche Bundesbank, to start consultation and to propose a series of recommendations, aimed to promote stability in the international financial system and to improve the cooperation between national and international supervisory bodies and international financial institutions.

In February 1999, the Tietmeyer Report led to the creation of the Financial Stability Forum, which has designated 12 key standards for sound financial systems, broadly accepted as representing minimum requirements for good practice.

The 12 Key Standards for Sound Financial Systems are:

  1. Code of Good Practices on Transparency in Monetary and Financial Policies (IMF)
  2. Code of Good Practices in Fiscal Transparency (IMF);
  3. Special Data Dissemination Standard/General Data Dissemination System (IMF);
  4. Principles and Guidelines for Effective Insolvency and Creditor Rights Systems (World Bank);
  5. Principles of Corporate Governance (OECD);
  6. International Accounting Standards;
  7. International Standards on Auditing;
  8. Core Principles for Systemically Important Payment Systems (CPSS) and Recommendations for Securities Settlement Systems (CPSS-IOSCO);
  9. The Forty Recommendations of the Financial Action Task Force and Nine Special Recommendations on Terrorist Financing (FATF);
  10. Core Principles for Effective Banking Supervision (BCBS);
  11. Objectives and Principles of Securities Regulation (IOSCO);
  12. Insurance Core Principles (IAIS).

Successful implementation of international standards strengthens domestic financial systems and encourages sound regulation and supervision, greater transparency, efficient institutions, markets, and infrastructure.

Corporate Governance

The Principles of Corporate Governance published by the Organisation for Economic Co-operation and Development (OECD) were originally issued in 1999 and are considered the international benchmark for corporate governance. The Principles were revised in 2003 to take into account developments since 1999. The new Principles were agreed by OECD governments in April 2004. They cover six key areas – (i) ensuring the basis for an effective corporate governance framework; (ii) the rights of shareholders; (iii) the equitable treatment of shareholders; (iv) the role of stakeholders in corporate governance; (v) disclosure and transparency and (vi) the responsibilities of the board. There are explanatory annotations for each area that also indicate the range of policy measures which have proved useful in achieving the new Principles.

The EBRD is using the OECD Principles as a benchmark for its corporate governance assessment and legal indicator survey.

Apart from the OECD Principles, the following documentation provides useful reference for setting good corporate governance standards:

 Further reading:

 


Last updated 29 September 2010