Hydroxyaromatic compounds such as phenol are converted to diaryl carbonates by reaction with oxygen and carbon monoxide in the presence of a catalyst package which typically comprises a group VIIIB metal or compound thereof, an inorganic cocatalyst, an organic cocatalyst and a hexaalkylguanidinium bromide or chloride, preferably bromide. The use of the hexaalkylguanidinium salt causes an increase in the yield of diaryl carbonate without a decrease in selectivity.