In 1996, Ira Millstein received a phone call from Paris. It came from the Organization for Economic Co-operation and Development (OECD) asking him to head a small international group of distinguished businesspeople, including Sir Adrian Cadbury. Their assignment would be to provide economists and policy makers with advice for future work in the area of corporate governance. At the time, the topic was little understood among policy makers and its wider economic implications were rarely discussed. But OECD, already well known for its analysis of both macroeconomics and structural policies, wanted to change that. They looked at corporate governance as an increasingly important field of economic reform and believed that the experiences of business, legal scholars and economists could help in shaping better policies and advice.
Serdar Çelik & Mats Isaksson,
Adapting Global Standards to a Changing World,
Available at: https://scholarship.law.columbia.edu/global_markets_corporate_ownership/30