TUAC Marked-Up Proposals of the OECD Principles of Corporate Governance



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Ahead of a consultation with the OECD Committee on Corporate Governance on 17 March 2014, the TUAC issued a submission on the review of the OECD Principles of Corporate Governance. The TUAC disputed the suggestion that the Principles had “stood the test of time” and therefore that a limited review would be appropriate. The submission further outlined five areas priorities of the review process in order to raise the ambition of the Principles:

  • Raising the voice of workers in the firm;
  • Accountability along the investment chain;
  • Responsible use of shareholder rights;
  • Reinforcing board accountability; and
  • Reining in executive pay.

This attached Annex to the submission includes concrete proposals of amendment to the Principles to help address the above priorities. Where appropriate, the amendments also reproduce some of the proposals made by the OECD Secretariat to the Committee meeting on 18-19 March in closed sessions.