In February 2015 G20 Finance Ministers and Central Bank Governors asked the FSB, together with the IMF, OECD, BIS, IOSCO and WBG, to present a report on the factors that shape the liability structure of corporates focusing on the implications for financial stability. This report presented to G20 Finance Ministers and Central Bank Governors in September 2015 highlights the growth of non-financial corporate debt in many countries over the past 15 years, including an acceleration in emerging markets since the financial crisis. The report proposes that further work in 2016 could include: further data analysis on economic factors driving corporate liability decisions and whether any financial stability risks arise; case studies on countries’ actions to address the debt-equity tax bias; and sharing country experiences on the use of macro-prudential tools to counter these risks.