Established in 1961 as the successor to the Organisation for European Economic Cooperation (OEEC), the OECD is sometimes called a rich-country club because its members account for more than 70 per cent of global output. Its objectives are: (a) to achieve the highest sustainable economic growth and employment, and a rising standard of living in member countries, while maintaining financial stability, and thus to contribute to the development of the world economy; (b) to contribute to sound economic expansion in member as well as in non-member countries in the process of economic development; and (c) to contribute to the expansion of world trade on a multilateral, non- discriminatory basis in accordance with international obligations. The OECD can point to considerable achievements in the trade and economic fields, assisted to some extent by the homogeneous nature of its membership, over the last 30 years. Membership consists of Australia, Austria, Belgium, Canada, Czech Republic, Denmark, European Communities, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Republic of Korea, Luxembourg, Mexico, The Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, United Kingdom and the United States. The highest OECD body is the annual Ministerial Council Meeting, usually held in May or June. The OECD secretariat is located in Paris. See: OECD Guidelines for Multinational Enterprises