The Convergence of corporate governance in MERCOSUR countries towards the OECD principles

Abstract

Good corporate governance practices are recognized around the world as essential tools for building a safe and reliable business environment, both for investors and other stakeholders. Its application is even more relevant in developing countries, such as those that make up Mercosur. The historical context of regional integration in Latin America, the attempts to harmonize national norms and policies of the States that are part of the bloc, and the result of the analysis of normative evolution and private codes of corporate governance in Mercosur countries, indicate a trend towards adoption of the OECD Principles of Corporate Governance in their constructions. Thus, it is necessary to answer the following research question: are the Mercosur countries converging towards the adoption of good corporate governance practices based on the OECD's Corporate Governance Principles? The research is qualitative hypothetical-deductive, exploratory in nature, based on bibliographic and documentary research. The study carried out suggests that there is a trend in the adoption of the OECD Principles of Corporate Governance by the Mercosur countries in the construction of their internal regulations, but that it would be premature to speak of convergence, as the most likely, in this scenario, is that the countries of the bloc begin to coexist and create hybrid systems of governance.