What is G20 ?
G-20 is the group of 20 major economies i.e bloc of 20 major developing economies like China,India,Russia,France,UK,US etc; formed as an international forum for the governments and central bank governors from major economies. G-20 is founded in 1999.
The aim of G20 is to study,review, and to promote high-level discussions about policy issues with respect to the promotion of international financial stability.
What is OECD?
- OECD stands for Organisation for Economic Co-operation and Development.
- It is an international economic organisation consisting 34 countries.
- It is founded in 1961
- This committee acts as a platform to compare different kind of policies of economies, and their experiences regarding policies,seeking the solutions to common problems,identify good practices and coordinate National and International policies of its members.
The G-20 Antalya summit 2015 will be the tenth annual meeting of the G-20 heads of government. It will be held in Antalya, Turkey, a southwestern city, which is the most visited destination in Turkey and the tenth in the world, on 15-16 November 2015.
Host Leader : Ahmet Davutoğlu
New Corporate Governance code:
G20 and OECD announced new Corporate Governance Principles to listed companies(Companies whose shares are traded on an official stock exchange) and regulators in all member countries including India.
The objectives of announcing New Corporate Governance Principles is to protect the interests of shareholders and to promote capital market(part of financial system which consists of shares, bonds, and other long-term investments) as a platform to raise funds.
With respect to the new global principles regulators and policymakers across the world including Sebi will update their regulations for the listed firms in line with new code.
Some of the Key concepts of New Code includes:
- Enhancing the cross-border cooperation among regulators through bilateral and multilateral arrangements for exchange of information
- Eliminating the hindrances involving in cross-border voting by shareholders
- Recommendations for financial disclosures by the companies, behaviour of large institutional investors and recommendations regarding the functions of stock markets.
- Promoting fund raising through Capital markets.
- Recommendations to governments on issues like shareholder rights, executive remuneration, financial disclosure, the behaviour of institutional investors and functions of stock market.