The European Corporate Governance Institute has compiled a source of the codes and principles of corporate governance of almost every country in the world. For access to these documents please click here
- The Financial Services Authority (FSA)
The FSA is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. They The FSA has an online Handbook which presents the regulations and guidance as set out by the Financial Services Authority in the United Kingdom.
http://www.fsa.gov.uk/Pages/handbook
In 2004 the Organization for Economic Co-operation and Development released a set of corporate governance standards and guidelines. It is intended to assist governments in their efforts to evaluate and improve the legal, institutional and regulatory framework in their countries, and to provide guidance and suggestions for stock exchanges, investors, corporations and other parties that have a role in the process of developing good corporate governance.
As indicated on their website, the International Federation of Accountants (IFAC) views the OECD principles as an extremely important element of the international financial system. IFAC agrees with the OECD's assertion that corporate governance is a key element of improving economic efficiency and growth, and strongly supports the position that corporate governance practices internationally should be based on the principles. They further point out that convergence to a common set of principles benefits investors and other stakeholders.
The OECD principles also emphasise that auditors should be accountable to shareholders, not management, and that boards of directors should effectively oversee the financial reporting function, ensuring that appropriate systems of control are in place. The OECD document also identifies the need to ensure audit competence in all countries. IFAC supports this and consequently issued new and strengthened quality control standards addressing both audit firms and individual audit engagements.
The revised principles are the result of a consultation process involving representatives of OECD and non-OECD governments, international standard-setting bodies, including IFAC, as well as businesses, professional bodies, trade unions and civil society organisations.
The OECD principles recognise the responsibilities of boards of directors and management and endorse two concepts strongly espoused by IFAC: transparency and accountability in all disclosures." The OECD principles may also be accessed on www.ecg.org/codes.
The content of the OECD principles include the following:
Part One
The OECD Principles of Corporate Governance
I. Ensuring the Basis for an Effective Corporate Governance Framework
II. The Rights of Shareholders and Key Ownership Functions
III. The Equitable Treatment of Shareholders
IV. The Role of Stakeholders in Corporate Governance
V. Disclosure and Transparency
VI. The Responsibilities of the Board
Part Two
Annotations to the OECD Principles of Corporate Governance
I. Ensuring the Basis for an Effective Corporate Governance Framework
II. The Rights of Shareholders and Key Ownership Functions
III. The Equitable Treatment of Shareholders
IV. The Role of Stakeholders in Corporate Governance
V. Disclosure and Transparency
VI. The Responsibilities of the Board
