Bucharest, 7 December 2022 – The Financial Supervisory Authority (ASF) participated in the G20/OECD Corporate Governance Committee (CGC) meeting, which took place at the end of November this year in Paris, where the review of the G20/OECD corporate governance principles was discussed in the current context of capital market developments.
The CGC identified a number of priority areas for consideration during the review, including environmental, social and governance risk management, digitalisation, corporate ownership and concentration, institutional investors and governance issues.
This review aims to support the resilience of the corporate sector and improve companies’ access to capital market financing. The review process, launched in November 2021, is expected to be completed in 2023.
The G20/OECD Principles of Corporate Governance help policy makers assess and improve the legal, regulatory and institutional framework for corporate governance to support economic efficiency, sustainable growth and financial stability.
The Romanian delegation to the CGC included representatives of the Financial Supervisory Authority, the General Secretariat of the Government and the Romanian Embassy in France.
At the same time, the members of the Romanian delegation to the CGC meeting also participated in a series of working meetings with OECD representatives, where issues related to the Capital Market Strategy project, developed by ASF together with OECD, were discussed. Discussions were also held on the next specific steps in the process of Romania’s accession to the OECD; in this regard, issues related to corporate governance reform of public enterprises in Romania were discussed in an applied manner.
About the Financial Supervisory Authority
The Financial Supervisory Authority is the national authority, established in 2013 by GEO 93/2012 approved by Law 113/2013, for the regulation and supervision of the insurance, private pension and capital markets. The FSA contributes to strengthening the integrated framework for the functioning of the three sectors, which together account for more than 10 million participants. More information can be found at www.asfromania.ro .