OECD acronym for Organization for Economic Co-operation and Development is a global body established in September, 1961 with

a motive to encourage economic advancement, world trade and free market system. It is an association of 34 countries all over the world providing a platform to discuss issues related to equality and market economy, to evaluate policy experiences, to look for a common solution to the problems, and synchronize policies and practices both at domestic as well as at international level. It was initially formed as Organization for European Economic Co-operation (OEEC) in 1948 to formulate strategies for restructuring Europe after World War II. OECD includes representatives mostly developed countries like Europe, Japan, US, Australia etc. with high economic growth. OECD is headquartered in Paris, France. The main objective of the organization is to promote shared understanding and addressing of sensitive and important global challenges. It aims to encourage economic growth, environmental stability and egalitarianism in its member countries. To meet this purpose OECD gathers, analyzes and publishes data from developed and developing countries to address long term challenges and give suggestions. These recommendations are then reviewed by respective governments in order deal with problems and foster sustainable growth. OECD collaborates with various financial bodies, companies and other organizations of civil society to implement soft law and achieve the following: To attain economic and financial stability and improve the living standard through increased employment opportunities of its member countries. To add value to the global market economy and promote quality practices for economic expansion in member countries. To promote world trade curbing discriminatory practices and in accord with internationally committed rules.

OECD, therefore, analyzes statistics drawn and exerts pressure on governments through recommendations. It seeks to influence financial policies of the countries to foster corporate responsibility and economic growth sustainably without affecting the opportunities for future generations.