Turkish Deputy Prime Minister Cevdet Yilmaz joined with Organization for Economic Cooperation and Development Secretary-General Angel Gurria to present the newly revised G20 Principles of Corporate Governance on Saturday.
Corporate governance is a set of rules to ensure that companies are run fairly and equitably.
Speaking in Ankara at the presentation of the rules on Saturday, Yilmaz said: "The demands of investors on companies are quite rational: More transparency, more accountability and more effective corporate governance!"
Yilmaz added: "Speaking as the G20 Chair this year [under the Turkish presidency of the G20], the G20/OECD Principles of Corporate Governance will provide a significant contribution to the G20 priority of facilitating the companies' access to finance through capital markets and thus supporting investment as a powerful driver of growth."
G20 finance ministers have already endorsed the new set of corporate governance principles. In a statement accompanying the announcement, the G20 Finance Ministers said: "Sound corporate governance is seen as an essential element for promoting capital-market based financing and unlocking investment, which are keys to boosting long-term economic growth."
"In today's global and highly interconnected world of business and finance, creating trust is something that we need to do together," OECD Secretary-General Angel Gurría said. "The new G20/OECD Principles represent a shared understanding of what constitutes good corporate governance. Now the priority is to put the Principles to good use and ensure better functioning financial markets."