This report provides an evidence-based overview of developments in capital markets globally leading up to the COVID-19 crisis. It then documents the impact of the crisis on the use of capital markets and the introduction of temporary corporate governance measures.
Although the structural effects of the crisis on capital markets and its interplay with corporate governance remain to be fully understood, this report presents trends that can be used to shape policies that will support the recovery and formulates key policy messages that will guide the upcoming review of the G20/OECD Principles of Corporate Governance.
The report emphasises that the road to recovery will require well-functioning capital markets that can allocate substantial financial resources for long-term investments. It also highlights the need to adapt corporate governance rules and practices to the post-COVID-19 reality, particularly in areas such as increased ownership concentration; environmental, social, and governance (ESG) risk management; digitalisation; insolvency; audit quality, and creditor rights.
The OECD has also published the Corporate Governance Factbook – 2021, which provides easily accessible and up-to-date information about the institutional, legal, and regulatory frameworks for corporate governance across 50 jurisdictions worldwide. The Factbook complements the G20/OECD Principles of Corporate Governance and can be used by governments, regulators, and the private sector to compare their own frameworks with those of other countries and also to get information on practices in specific jurisdictions. The 2021 edition of the Factbook will be an important reference for the upcoming review of the G20/OECD Principles of Corporate Governance.
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