The Organisation for Economic Co-operation and Development (OECD) has published a report on best practice principles for regulatory policy on the governance of regulators.
The report sets out the key principles, that should be taken as informal guidance, for establishing and operating regulatory agencies consistent with the recommendations it published in 2012. It is intended that these principles will provide a framework to assist countries in developing a policy to ensure that their regulatory systems are efficient and effective. The report includes seven principles for the governance of regulators, namely:
- role clarity;
- preventing undue influence and maintaining trust;
- decision making and governing body structure for independent regulators;
- accountability and transparency;
- funding; and
- performance evaluation.