The OECD revised its internationally-recognised corporate governance standards - the G20/OECD Principles of Corporate Governance (2023) (the Principles), and the OECD Guidelines on Corporate Governance of State-Owned Enterprises (2024) (the Guidelines).

Sustainability, economic security and resilience are key themes in the revised Principles and Guidelines, reinforcing the responsibility of state-owned enterprises (SOEs) to maintain a global level playing field and high standards of integrity and business conduct.

The two instruments show an international desire to strengthen the governance of SOEs to improve sustainability and resilience. The OECD has aimed to reflect current global trends across different regions.

The key changes made to the Guidelines include:

• the integration of sustainability objectives including climate, resource use and social impact. The guidelines aim to make SOEs more competitive, efficient and transparent.
• strengthening the independence and competence of capital companies' councils and enhancing transparency, integrity and accountability. The largest companies have to publish detailed sustainability reports as of 2025.
• that selection of council members of SOEs should be based on professional criteria, mitigating political influence and promoting the involvement of independent experts.

Other revisions include new and updated guidance on shareholder rights, the role of institutional investors, corporate disclosure and transparency and the responsibilities of boards.

The OECD published an accompanying report in October 2024, Ownership and Governance of State-Owned Enterprises 2024, setting out key statistics, metrics, achievements and areas for improvement for SOEs.

For more information see our previous article on the revisions to the Principles:

• OECD to revise corporate governance guidance for SOEs