The Financial Stability Board on Friday published a peer review on corporate governance that examines how various jurisdictions have implemented the G20/OECD corporate governance principles for publicly listed, regulated financial institutions.

Strengthening industry governance was one of the policymakers’ primary objectives in the wake of the global financial crisis.

Among other things, the reviews finds that a jurisdiction’s comprehensive corporate governance framework “effectiveness can be impacted if the division of responsibility among financial sector authorities is unclear or if the various requirements overlap, leave unwarranted gaps, or are otherwise not well aligned with each other.”

The review notes that corporate governance frameworks could also do a better job of ensuring proportionality. While these frameworks often consider the size and complexity of firms, other factors “such as ownership and control structure, geographical presence and stage of development could also be considered,” the FSB says in a statement.

The review provides12 recommendations for both policymakers and financial firms on ways to improve governance. The recommendations include measures to address gaps in governance, boost supervisory enforcement powers, enhance disclosure, bolster shareholder rights, and ensure effective whistleblower regimes.

“Effective corporate governance is essential for fostering a culture that supports sound risk management, fair dealing with customers, and proper market conduct. The recommendations offered in the peer review will assist the FSB in its work to strengthen corporate governance practices in financial institutions,” says Ravi Menon, chairman of the FSB’s standing committee on standards implementation, and managing director of the Monetary Authority of Singapore, in a statement.