The Ministry of Economy informed on Wednesday (27) that the Organization for Economic Co-operation and Development (OECD) has accepted the corporate governance guidelines of state-owned companies of the country adhering to the norms of the organization.
The announcement was made at the inauguration of the 37th meeting of the Working Group on State Property and Privatization Practices (WPSOPP) in the last two days.
“The approval is the result of peer review (peer review, in which a certain policy is analyzed by other countries) conducted by the OECD, under the coordination of the Secretariat for the Coordination and Governance of State Enterprises (SEST) of the Ministry of Economy, 2019 The document represents an acknowledgment of the Brazilian state’s efforts to reform the governance of state-owned companies in pursuit of public policy objectives between 2020 and 2020,” the economy ministry said in a statement.
It is one of 246 standards required by the OECD to accept the inclusion of new member states. Brazil formally expressed its interest in becoming a full member of the organization in 2017. Since then, it has sought to adhere to the standards of the organization. So far, about 100 legal instruments have been followed, representing 40% of the total.
Created in 1961, and headquartered in Paris, the OECD is an international organization formed by 36 countries, including some of the world’s main developed economies, such as the United States, Japan, and the countries of the European Union. It is seen as a “club of the rich”, but its members also include emerging Latin American economies such as Mexico, Chile and Colombia.