2016年-FSB全球金融稳定委员会_Thematic_peer_review_on_corporate_governance_–_Summary_Terms_of_Reference_4页_275kb

Thematic Peer Review on Corporate Governance Summary

Core Content

The Financial Stability Board (FSB) launched a thematic peer review in early 2016 to assess the implementation of the G20/OECD Principles of Corporate Governance by FSB member jurisdictions, particularly as they apply to publicly listed financial institutions. This initiative is part of the FSB's broader agenda to build more resilient financial institutions and address vulnerabilities that contributed to the financial crisis. The peer review is intended to complement existing assessments and provide insights into governance practices that impact financial stability.

Main Objectives

The peer review has the following key objectives:

• To evaluate how FSB member jurisdictions have applied the G20/OECD Principles to listed financial institutions, identifying effective practices, progress, and areas of weakness.
• To inform the OECD's ongoing update of its Assessment Methodology for corporate governance, which is used in the World Bank's ROSC initiative.
• To provide input to the FSB's work on conduct in financial institutions, focusing on governance-related aspects.
• To identify potential areas for follow-up or further work to promote effective governance across the sector.

Key Principles and Scope

The peer review focuses on the following Principles, which are deemed most relevant to the FSB's work and the financial stability of listed regulated institutions:

1. Ensuring the basis for an effective corporate governance framework (Chapter I)
2. Disclosure and transparency (Chapter V)
3. The responsibilities of the board (Chapter VI)

The scope of the review is determined by five main criteria:

• Relevance to FSB work: Principles that can contribute to other FSB initiatives.
• Significance for financial stability: Principles that have the most impact on systemic risks.
• New or revised Principles: Principles introduced in the 2015 update that require testing.
• Feasibility of assessment: Principles that can be evaluated through a questionnaire with meaningful responses.
• Specificity and expertise: Principles that are sufficiently detailed and within the expertise of the peer review team.

The review will not cover the corporate governance standards issued by the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS), or the International Organization of Securities Commissioners (IOSCO), although national authorities may provide information on how sector-specific guidance enhances the implementation of the OECD Principles.

Process

The peer review process is structured as follows:

• A questionnaire is developed by the peer review team and agreed upon by the Standing Committee on Standards Implementation (SCSI).
• All FSB member jurisdictions are expected to provide a consolidated national response to the questionnaire, covering all relevant sectors.
• The review team will analyze the responses and may seek further clarification or additional information from individual jurisdictions.
• Public feedback is solicited through the FSB website to ensure transparency and inclusivity.
• The review team engages with financial institutions during the questionnaire drafting and response review to better understand implementation challenges.
• The peer review team collaborates closely with the OECD Corporate Governance Committee and other standard-setting bodies (SSBs) to ensure alignment and share findings for feedback.

Peer Review Report

The peer review report will summarize the practices and experiences of FSB member jurisdictions regarding the implementation of the OECD Principles. It will highlight:

• Good practices and lessons learned.
• Common challenges and inconsistencies in implementation across jurisdictions.
• Material weaknesses that could be addressed through FSB recommendations.

The draft report will be reviewed and approved by the SCSI and the FSB Plenary before being published on the FSB's website. The report aims to provide actionable insights and recommendations to enhance corporate governance in financial institutions.