Leading US and Canadian businesses including pension funds and fund managers endorsed a set of corporate governance principles. The open letter was signed by business leaders including Jamie Dimon (chairman and CEO) and Larry Fink (chairman and CEO, Blackrock) and endorses governance principles such as the separation of chair and CEO, independent directors, board diversity among others. July 2016.

In this submission, IFAC commends the OECD’s development and revision of guidelines on insurer governance. The sector is a vital part of the global financial system, and governance guidelines and high-level principles for insurers will help support robust performance and market and public credibility.  We note that guidelines are vital, but they cannot alone ensure governance practices are implemented, or that ethical behavior will result. Effective guideline implementation will require careful consideration and support for their promotion and use.