The OECD Guidelines on Corporate Governance of State-Owned Enterprises (the Guidelines) are the leading international standard for the corporate governance of state-owned enterprises (SOEs). They provide guidance to help policy makers evaluate and improve the legal, regulatory and institutional frameworks for the ownership and governance of SOEs. They identify the key building blocks to ensure professionalised ownership and governance, and offer practical guidance for implementation at the national level.
First adopted in 2005 and revised in 2015, the Guidelines were revised again in 2024 in light of recent evolutions in corporate governance and reflecting the latest OECD standards and best practices. The revised Guidelines were adopted by the OECD Council at Ministerial level in May 2024 (the Guidelines are embodied in the OECD Recommendation on Corporate Governance of State-Owned Enterprises [OECD/LEGAL/0414]). They complement the G20/OECD Principles of Corporate Governance, and the OECD Guidelines on Anti-Corruption and Integrity in State-Owned Enterprises.
The revised Guidelines aim to ensure that SOEs contribute to sustainability, economic security and resilience, by maintaining a global level playing field and high standards of integrity and business conduct. They include a new Chapter on “State-owned enterprises and sustainability” which provides recommendations on how SOEs and their owners can lead by example by taking into account climate-related and other sustainability opportunities and risks. This new Chapter also incorporates Chapter V on “Stakeholder relations and responsible business” of the previous version of the Guidelines. A significant amount of new recommendations have also been integrated within the existing chapters of the Guidelines, whose structure remains otherwise unchanged. Moreover, the “Applicability and Definitions” section further clarifies key concepts and definitions relevant for the implementation of the Guidelines.
The 2024 revision of the Guidelines was undertaken by the OECD Working Party on State Ownership and Privatisation Practices, chaired by Mr. Charles Donald. OECD Member and Partner countries actively contributed to an inclusive and transparent review process. Important contributions were received from the OECD’s regional SOE roundtables in Asia and Latin America, and from Business at OECD (BIAC) and the Trade Union Advisory Committee (TUAC). The review also benefitted from inputs of a broad set of stakeholders and policy communities. An online public consultation and hybrid stakeholder consultation were held, and the review involved experts from relevant international organisations, notably the International Monetary Fund, the World Bank Group, and the European Bank for Reconstruction and Development.
The OECD and relevant stakeholders will now endeavour to promote and monitor the effective implementation of the revised Guidelines globally. This will include promoting policy dialogue on their implementation, conducting country and peer reviews, and regularly publishing the report Ownership and Governance of State-Owned Enterprises which assesses implementation of the Guidelines in a large number of countries.