TUAC Roundtable on corporate governance and capital market regulation - Recreating the Public Mission of the private Corporation
11/10/2005
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OECD Headquarters, Paris, 11 October 2005 (Room 4 – 10 a.m. to 12:30 a.m.)
Properly regulated and governed, the private corporation can be
a powerful institution for the creation of wealth that benefits
society at large. That public mission has been subverted by recent
corporate scandals and major capital market downturns, across the
OECD, developing and transition countries. In response a renewed
public policy debate has emerged, focussing on the conceptual
foundations of corporate governance and capital market regulation,
whose new ideas challenge the very foundations of the “shareholder
value” model. The international labour movement has participated
actively in the OECD work on corporate governance, with a view to
promoting these new ideas, and to rehabilitate the public mission
of the corporation. Corporate governance must go beyond merely
“aligning the interests of managers and shareholders”, to include
defining the rights and responsibilities of all internal corporate
constituents. It must also include a re-thinking of the role and
functioning of modern day capital markets.
This half-day will bring together key OECD Secretariat and Member
government officials and TUAC representatives to exchange views on
the matter.
Chaired by Ron Blackwell, AFL-CIO
Panel discussion, including:
- Mats Isaksson, Head of the Corporate Affairs Division, OECD Secretariat (DAFFE),
- Juan Yermo, Administrator, Financial Affairs Division, OECD Secretariat (DAFFE),
- Charles Oman, Senior Economist, OECD Development Centre
- Michel Aglietta & Antoine Rebérioux, Université de Paris-X Nanterre, Coauthors of “Corporate Governance Adrift: A Critique of Shareholder Value”, ed. Cheltenham: Edward Elgar, 2005
Concluding remarks by Veronique Ingram, Chair of the OECD Steering Group on Corporate Governance, Ambassador, Australian Delegation to the OECD