Our summary
The G20/OECD Principles of Corporate Governance are the main international benchmark for good corporate governance. They were first issued in 1999. The current edition was revised in 2023, adopted by OECD Ministers in June 2023, endorsed by G20 Leaders in September 2023, and published on 11 September 2023. The full text can be read and downloaded free from the OECD page.
The Principles help policy makers assess and improve the legal and regulatory framework for corporate governance. They also give guidance to stock exchanges, investors and companies. They cover the basis for an effective governance framework, shareholder rights, institutional investors and markets, disclosure and transparency, and the responsibilities of the board. The 2023 revision added a new chapter on sustainability and resilience.
How auditors use it: Use the board responsibilities and disclosure sections as a benchmark when you review governance, the audit committee and board oversight of risk and internal control. It also helps explain to boards where local governance rules come from, and what international good practice expects.