Basseterre, St Kitts, 1 December 2008
The Monetary Council at its 63rd meeting held in October 2008 approved the OECS Corporate Governance Principles for adoption by the member countries.
The OECS Corporate Governance Principles which were developed through a process of broad based national consultations in the member countries involved stakeholders from a wide cross section of the financial, legal, banking and corporate sectors. The Principles which focus on publicly held companies also are intended to serve as guiding principles to improve corporate governance in privately held, family and state owned enterprises.
The Principles are consistent with the OECD Principles of Corporate Governance and reflect international best practices. The Principles offer broad guidance for governments and regulators in reviewing their governance framework.
The Principles are intended to serve as a reference tool in developing national/and or sector specific codes in enhancing the legal and regulatory systems within member countries. Although the Principles are consistent with emerging global trends in corporate governance they take into consideration the unique economic, social, legal and cultural circumstances in the OECS member countries. The Principles are non-binding and non-prescriptive so that they retain relevance in varying legal, economic and social contexts.
Policy makers are encouraged to develop their governance framework with an informed view of the positive impact of good governance on overall economic performance, market integrity, efficiency transparency and the incentives it creates for market participants.
The Corporate Governance Principles can be accessed at the ECCB