The role and rights of debtholders in corporate governance
This paper provides an overview of developments in non-financial corporate bond markets
over the past two decades with respect to their size and credit quality, as well as
trends related to insolvency and restructuring. It then explores the role of bondholders
in corporate governance, both in normal times and in times of financial distress,
and the governance implications of longstanding increases in bond financing by the
non-financial sector. In particular, challenges related to bondholder rights, corporate
disclosure, the responsibilities of corporate boards, institutional investors and
insolvency are discussed.
Available from September 15, 2022
In series:OECD Corporate Governance Working Papersview more titles