Approved by the OECD’s 30 member countries and the International Federation of Accountants, they also say that the board of directors should effectively oversee the financial reporting function and ensure that appropriate systems are in place.
Not surprisingly, the principles urge greater transparency and disclosure to protect investors and strengthen capital markets – the OECD has been at the forefront of the campaign to improve transparency in so-called tax havens, and has set up a blacklist of those territories that do not comply.
IFAC president Rene Ricol said: ‘The OECD Principles of Corporate Governance are an extremely important element of the international financial system.’
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements