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Friday, June 19, 2009
Corporate Governance Workshop
Yerevan, Armenia
On Friday, June 19, 2009 NASDAQ OMX Armenia and the PFS Program held a Regional Workshop on Corporate Governance. The Workshop took place on the premises of NASDAQ OMX Armenia in Yerevan.
The audience of 21 persons was composed of Armenian capital market participants, financial journalists and regulatory authorities as well as professor from Tbilisi, Georgia.
At the outset of the workshop, PFS Program Director Geoffrey Mazullo presented a case study demonstrating the negative impacts of poor governance on a large listed company. Participants analyzed the legal and self-regulatory framework for disclosure in the market where the company is listed, and then discussed the consequences of the company’s governance failures. They differentiated between the roles of shareholders and stakeholders in governance. In conclusion, they summarized the internal versus the external impacts of governance on the company over the long term.
After a coffee break, the PFS Program delivered a presentation designed to assist financial journalists in reporting on corporate governance. It covered the following topics: corporate governance models (including the Anglo-US, German and Japanese models as well as corporate governance in transition economies); ownership structures; disclosure regimes; the legal and self-regulatory framework for corporate governance; the rights and responsibilities of corporate organs, including management and the board; shareholders’ rights; and the use of governance information by shareholders and stakeholders. During the final component of the presentation Mr. Mazullo outlined a brief primer for financial journalists, with a checklist of recommendations for reporting on corporate governance.
To download the workshop agenda, presentations and speaker biographies (in Armenian and English) as well as a list of participants, please click on the links below. The PFS Program would like to thank NASDAQ OMX Armenia for translating the materials into Armenian.
 | Agenda - Corporate Governance Workshop - Yerevan, Armenia - June 19, 2009 - AM.pdf - 172 KB |
| Agenda - Corporate Governance Workshop - Yerevan, Armenia - June 19, 2009 - EN.pdf - 198 KB |
| Session 1 - Case Study - CG Workshop - June 19, 2009 - EN.pdf - 340 KB |
| Session 1 - Handout - CG Workshop - June 19 2009 - AM.pdf - 38 KB |
| Session 1 - Handout - CG Workshop - June 19, 2009 - EN.pdf - 14 KB |
| Session 2 - Reporting on Corporate Governance - CG Workshop - June 19 2009 - AM.pdf - 1,175 KB |
| Session 2 - Reporting on Corporate Governance - CG Workshop - June 19, 2009 - EN.pdf - 208 KB |
| About the Speakers - CG Workshop - June 19, 2009 - AM.pdf - 193 KB |
| About the Speakers - CG Workshop - June 19, 2009 - EN.pdf - 257 KB |
| List of participants - Corporate Governance Workshop - Yerevan, Armenia - June 19, 2009.pdf - 35 KB |
Wednesday, June 17, 2009
Investor Relations Seminar
Yerevan, Armenia
On Wednesday, June 17, 2009 NASDAQ OMX Armenia and the PFS Program organized an Investor Relations Seminar in Yerevan, Armenia. The event was notable in several ways: First, this was the first seminar in Armenia dedicated solely to the topic of investor relations. Second, during the seminar the PFS Program presented its inaugural survey of websites of 20 Armenian companies admitted to trading and listed on NASDAQ OMX Armenia. Third, the seminar represented the expansion of the PFS Program’s ongoing investor relations initiative to Armenia and the Caucasus.
During an opening presentation, the PFS Program explained in practical terms why investor relations is important. Following an analysis of developments and trends in investor relations during the past two decades, the presentation ended with an examination of the internal and external benefits of good corporate governance as well as an effective investor relations program.
The above-mentioned overview was immediately complemented by the insights of a practitioner. Agnieszka Solarz-Jedrych, Investor Relations Department, BRE Bank SA, addressed an audience in Armenia for the first time. She presented a broad range of practical information about her institution’s investor relations program, focusing on communicating with shareholders. She described in detail the channels employed and tools used to manage relationships with shareholders.
Thereafter, a representative of the Central Bank of Armenia delivered a presentation outlining the disclosure regime in the Armenian securities market.
In a final session before lunch, the PFS Program presented the results of its inaugural survey: Investor Relations Online – Survey of Websites of 20 Armenian Companies Admitted to Trading and Listed on NASDAQ OMX Armenia. In addition to analyzing the online disclosures of Armenian companies and identifying several examples of best practice, the survey also compared the investor relations disclosures of Armenian companies with peers in 11 Central and Eastern European (CEE) countries, Macedonia, BRIC (Brazil Russia, India and China) as well as Ukraine. This component of the seminar was designed to motivate management of Armenian companies to benchmark their investor relations disclosures with Armenian peers and with peers in other emerging markets.
During an afternoon session the PFS Program presented several case studies regarding best practice in investor relations, from a diverse number of companies (both large cap and small cap) recognized for their investor relations programs, including several CEE companies. The PFS Program also presented selected data from its semi-annual surveys: Investor Relations Online and Survey of Reporting on CSR by the Largest Listed Companies in 11 CEE countries; BRIC and Ukraine. In addition to analyzing corporate websites in detail, the presentation also examined other investor relations mechanisms, including the annual general meeting of shareholders, annual report, conference calls, press releases and roadshows.
In a final session, Andrus Alber, Chairman of the Management Board, NASDAQ OMX Tallinn delivered a presentation describing the Baltic Markets Awards. In it he explained both the philosophy behind recognizing investor relations best practice with awards and the practical outcomes achieved during the past three years of the awards program.
A total of 61 persons (speakers, participants and organizers) participated in the seminar. Participants and speakers represented Armenia, Estonia, Georgia, Poland, Sweden, Ukraine and the USA. Throughout the day speakers and participants engaged in an interactive dialogue, exchanging information and brainstorming about how to promote the adoption of international standards as well as the implementation of best practice in investor relations.
As noted above, this seminar is part of an ongoing and multi-faceted PFS Program regional initiative dedicated towards improving the quality of financial and extra-financial reporting across CEE, South East Europe and the Caucasus.
This event was the 16th investor relations seminar organized by the PFS Program since 2001, attracting a total of 802 participants. (Materials from each of the seminars may be found on the capital markets seminars page of the PFS Program website.)
To download the seminar agenda, presentations and speaker biographies (in Armenian and English) as well as a list of participants, please click on the links below. The PFS Program would like to thank NASDAQ OMX Armenia for translating the materials into Armenian.
| Agenda - Investor Relations Seminar - Yerevan Armenia - June 17 2009 - AM.pdf - 201 KB |
| Agenda - Investor Relations Seminar - Yerevan, Armenia - June 17, 2009 - ENG.pdf - 29 KB |
| Session 1 - PFS Program - IR - IR Seminar - June 17, 2009 - AM.pdf - 199 KB |
| Session 1 - PFS Program - IR - IR Seminar - June 17, 2009 - ENG.pdf - 84 KB |
| Session 2 - BRE Bank - Best Practices in IR - June 17, 2009 - ENG.pdf - 1,127 KB |
| Session 3 - Central Bank of Armenia - IR Seminar - June 17, 2009 - AM.pdf - 93 KB |
| Session 3 - Central Bank of Armenia - IR Seminar - June 17, 2009 - ENG.pdf - 57 KB |
| Session 4 - PFS Program - Survey of Armenian IR Online - June 17, 2009 - AM.pdf - 1,903 KB |
| Session 4 - PFS Program - Survey of Armenian IR Online - June 17, 2009 - ENG.pdf - 1,799 KB |
| Session 5 - PFS Program - Best Practice IR Case Studies - IR Seminar - June 17, 2009 - ENG.pdf - 3,622 KB |
| Session 6 - Baltic Market Awards - IR Seminar - June 17, 2009 - AM.pdf - 205 KB |
| Session 6 - Baltic Market Awards - IR Seminar - June 17, 2009 - ENG.pdf - 206 KB |
| About the Speakers - IR Seminar - June 17, 2009 - AM.pdf - 197 KB |
| About the Speakers - IR Seminar - June 17, 2009 - ENG.pdf - 162 KB |
| List of Participants - IR Seminar - June 17, 2009.pdf - 54 KB |
Tuesday, May 19, 2009
Presentation of Second Macedonian Surveys: Investors Relations Online and Reporting on Corporate Social Responsibility (CSR)
Skopje, Macedonia
On Tuesday, May 19, 2009 the Macedonian Stock Exchange, the International Finance Corporation (IFC), USAID’s Business Environment Activity and the PFS Program organized an event to present the second edition of two Surveys of the 20 Largest Listed Companies in Macedonia (by market capitalization): Investors Relations Online and Reporting on Corporate Social Responsibility (CSR).
At the event, a representative of the Macedonian Stock Exchange presented the second edition of the two surveys. The surveys analyze disclosure of extra-financial information by the 20 largest listed companies in Macedonia (by market capitalization), specifically, information about corporate governance as well as environmental, social and governance (ESG) data. The Macedonian country surveys (and Serbian country surveys mentioned below) employ the same methodology as the PFS Program regional surveys conducted semi-annually since 2001.
Thereafter, the PFS Program compared the data from the Macedonian surveys with reporting by peer companies in Bulgaria, Croatia and Romania, referring to data from the PFS Program’s two semi-annual surveys: Investor Relations Online and Reporting on Corporate Social Responsibility (CSR). The PFS Program’s regional surveys analyze disclosures by the 10 largest listed companies in 11 Central and Eastern European (CEE) countries; Brazil, Russia, India and China (BRIC); and Ukraine.
Whereas the PFS Program’s regional surveys analyze information disclosed in English, the Macedonian surveys analyze disclosures in the Macedonian language.
Following a coffee break, a representative of the Belgrade Stock Exchange presented data from Serbian surveys conducted by the Belgrade Stock Exchange. A fourth speaker, representing a member firm of the Macedonian Stock Exchange, presented a new research paper entitled, “Capital Mobilization through an Initial Public Offering (IPO): Reality or Illusion.”
Participants asked questions about the surveys and discussed with speakers the drivers behind financial and non-financial disclosure in Macedonia as well as across SEE and other emerging markets.
A total of 44 persons representing banks, financial sector donor institutions, financial institutions, institutional investors, listed companies and regulatory authorities as well as 13 representatives of media participated in the event
This event and the Macedonian as well as Serbian country surveys presented at it are part of an ongoing and multi-faceted PFS Program regional initiative dedicated towards improving the quality of financial and extra-financial reporting across SEE.
To download the agenda, presentations and a list of participants, please click on the links below:
Friday, April 24, 2009 - Sunday, April 26, 2009
Lectures on Corporate Governance
Gdansk, Poland
On April 24 - 26, 2009 Geoffrey Mazullo, Director, PFS Program gave a series of lectures on corporate governance as part of the School of American Law organized by the Faculty of Law and Administration of the University of Gdansk and Chicago-Kent College of Law.
19 students attended the course. During the first session, Mr. Mazullo reviewed information presented during the first set of lectures delivered in January 2009, including: definitions of key terminology (compliance, corporate governance, disclosure, etc.); analysis of various models of corporate governance; explanation of the rights/responsibilities of corporate organs; and specific examples of corporate governance in practice, demonstrated by company-specific case studies. During the subsequent sessions, students analyzed case studies about companies listed and/or operating in Germany, India, the Netherlands, the United Kingdom and the United States. Mr. Mazullo outlined the rationale for corporate disclosure on environmental, social and governance (ESG) data. He then presented the PFS Program’s regional surveys on reporting on corporate governance (Investor Relations Online) and reporting on corporate social responsibility (CSR) by the largest listed companies in 11 Central and Eastern European (CEE) countries; Brazil, Russia, India and China (BRIC); and Ukraine.
Through an agreement with the School of American Law, students who attend the lectures and complete the School of American Law may apply for an unpaid internship with the PFS Program. The School of American Law finances part of the costs of the internship, namely travel and accommodation costs of the student/intern. Between summer 2004 and April 2009, 20 graduates of the School of American Law completed a PFS Program internship.
During the one-month internship, the intern conducts (under the supervision of PFS Program staff) one of the PFS Program’s ongoing semi-annual regional surveys: Investor Relations Online: Survey of Websites of the Largest Listed Companies in 11 Central and Eastern European (CEE) Countries, BRIC and Ukraine or Survey of Reporting on CSR by the Largest Listed Companies in 11 CEE Countries, BRIC and Ukraine.
In summer 2009, Polish interns co-financed by the SAL will be paired with interns from South East Europe who attended a training workshop prior to the internship. The pre-internship training enhances the overall internship experience and is a quality-control mechanism for the PFS Program surveys.
To download the materials presented at the lectures, please click on the links below:
| Agenda - Lectures on Corporate Governance - SAL - April 24-26, 2009.pdf - 13 KB |
| Session 1 - Does Corporate Governance Governance Matter - April 24, 2009.pdf - 424 KB |
| Session 2 - Case in Point - Satyam - April 24, 2009.pdf - 270 KB |
| Session 3 - Reporting on CSR - April 25, 2009.pdf - 1,223 KB |
| Session 4 - PFS Program - Survey of Reporting on CSR in CEE, BRIC and Ukraine - September 2008.pdf - 700 KB |
| Session 5 - Case Study - SRI - April 25, 2009.pdf - 184 KB |
| Session 6 - Case in Point - Germany - April 26, 2009.pdf - 283 KB |
| Session 7 - Cases in Point - April 26, 2009.pdf - 2,525 KB |
Tuesday, March 31, 2009
Regional Workshop on Corporate Governance
Belgrade, Serbia
On Tuesday, March 31, 2009 the Foundation for the Advancement of Economics (FREN) and the PFS Program held a Regional Workshop on Corporate Governance in Belgrade, Serbia. The Workshop took place at the Faculty of Economics, University of Belgrade. The USAID Serbia Economic Growth Activity assisted with logistical arrangements for the event.
The participant breakdown was as follows: two members of AISEC Macedonia; two staff members of the USAID Macedonian Business Environment Activity; 14 students/recent graduates from the Faculty of Economics, Faculty of Law and several other institutions of higher education; and an intern as well as a staff member of SMartKolektiv, Serbia.
The purpose of the Workshop was to introduce students to practical issues in corporate governance through the analysis of case studies about companies in a number of jurisdictions. The following topics were covered: corporate governance models (including the Anglo-US, German and Japanese models as well as corporate governance in transition economies); disclosure regimes; the legal and self-regulatory framework for corporate governance; the rights and responsibilities of corporate organs, including management and the board; shareholders’ rights; and the use of governance information by shareholders and stakeholders.
During the final session, the PFS Program presented its ongoing regional surveys: Investor Relations Online and Survey of Reporting on Corporate Social Responsibility (CSR).
Participants in the Workshop were invited to apply for a one-month unpaid internship with the PFS Program in summer 2009. During the internship, the student/intern collects data for the above-mentioned PFS Program surveys. Thus, the Workshop also served as a pre-internship training and orientation.
To download the Workshop agenda and materials, please click on the links below:
| Agenda - Regional Workshop on Corporate Governance - March 31, 2009.pdf - 38 KB |
| Opening Presentation - PFS Program - March 31, 2009.pdf - 260 KB |
| Session 1 - Case in Point - March 31, 2009.pdf - 571 KB |
| Session 1 - Handout - March 31, 2009.pdf - 14 KB |
| Session 2 - Three Models of Corporate Governance - March 31, 2009.pdf - 933 KB |
| Session 2A - Three Models of Corporate Governance - March 2009.pdf - 121 KB |
| Session 3 - Case Study - Proposed Merger of Volvo and Renault - March 31, 2009.pdf - 141 KB |
| Session 3 - Handout - Case Study - Proposed Merger of Volvo-Renault - March 31, 2009.pdf - 28 KB |
| Session 4A - Reporting on Corporate Governance - March 31, 2009.pdf - 71 KB |
| Session 4B - PFS Program - Presentation - Investor Relations Online - Survey of Websites - February 2009.pdf - 1,419 KB |
| Session 4C - PFS Program - Press Release - Survey - IR Online - March 3, 2009.pdf - 50 KB |
| Session 4D - Reporting on CSR - March 31, 2009.pdf - 855 KB |
| Session 4E - PFS Program - Presentation - Survey of Reporting on CSR - September 2008.pdf - 700 KB |
Friday, March 27, 2009 - Sunday, March 29, 2009
Lectures on Corporate Governance
Wroclaw, Poland
On March 27-29, 2009 Geoffrey Mazullo, Director, PFS Program gave a series of lectures on corporate governance as part of the first edition of the School of American Law organized by the Faculty of Law, Administration and Economics of the University of Wroclaw and Chicago-Kent College of Law.
25 students attended the course. During the first session, Mr. Mazullo reviewed information presented during the first set of lectures delivered in January 2009, including: analysis of various models of corporate governance; explanation of the rights/responsibilities of corporate organs; and specific examples of corporate governance in practice, demonstrated by company-specific case studies. The case studies discussed concern companies listed and/or operating in Germany, the Netherlands, the United Kingdom and the United States. Mr. Mazullo then presented the PFS Program’s regional surveys on reporting on corporate governance (Investor Relations Online) and reporting on corporate social responsibility (CSR) by the largest listed companies in 11 Central and Eastern European (CEE) countries; Brazil, Russia, India and China (BRIC); and Ukraine. In the final session, Mr. Mazullo presented for the first time a case study written by PFS Program colleagues about the fraud scandal at Indian outsourcing company Satyam. The case study is a work in progress; it will be revised and updated as details regarding the case unfold.
Through an agreement with the School of American Law, students who attend the lectures and complete the School of American Law may apply for an internship with the PFS Program. The School of American Law finances part of the costs of the internship, namely travel and accommodation costs of the student/intern. In summer of 2009, a graduate of the first edition of the School of American Law will complete a PFS Program internship.
During the one-month unpaid internship, the intern conducts (under the supervision of PFS Program staff) one of the PFS Program’s ongoing semi-annual regional surveys: Investor Relations Online: Survey of Websites of the Largest Listed Companies in 11 Central and Eastern European (CEE) Countries, BRIC and Ukraine or Survey of Reporting on CSR by the Largest Listed Companies in 11 CEE Countries, BRIC and Ukraine. In summer 2009, Polish interns will be paired with interns from South East Europe who will attend a training workshop prior to the internship. The pre-internship training enhances the overall internship experience and is a quality-control mechanism for the PFS Program surveys.
To download the materials presented at the lectures, please click on the links below:
| Agenda - Lectures on Corporate Governance - SAL - March 27-29, 2009.pdf - 42 KB |
| Session 1 - Does Corporate Governance Governance Matter - March 27, 2009.pdf - 357 KB |
| Session 2 - Cases in Point - March 27, 2009.pdf - 2,280 KB |
| Session 3A - Reporting on Corporate Governance - March 28, 2009.pdf - 841 KB |
| Session 3B - PFS Program - Presentation - Investor Relations Online - Survey of Websites - February 2009.pdf - 1,419 KB |
| Session 3C - PFS Program - Press Release - Survey - IR Online - March 3, 2009.pdf - 50 KB |
| Session 4A - Reporting on CSR - March 28, 2009.pdf - 1,054 KB |
| Session 4B - PFS Program - Presentation - Survey of Reporting on CSR - September 2008.pdf - 700 KB |
| Session 5 - Case in Point - Satyam - March 29, 2009.pdf - 270 KB |
Friday, January 23, 2009 - Sunday, January 25, 2009
Lectures on Corporate Governance
Wroclaw, Poland
On January 23-25, 2009 Geoffrey Mazullo, Director, PFS Program gave a series of lectures on corporate governance as part of the first edition of the School of American Law organized by the Faculty of Law, Administration and Economics of the University of Wroclaw and Chicago-Kent College of Law.
35 Polish students attended the course. During the three days, students were introduced to the following topics: corporate governance models (including the Anglo-US, German, Japanese and Polish models); disclosure regimes; the legal and self-regulatory framework for corporate governance; the rights and responsibilities of corporate organs, including management and the board; shareholders’ rights; and the use of governance information by shareholders and stakeholders.
Students discussed practical and theoretical aspects of corporate governance in several jurisdictions (including Poland) by analyzing a number of case studies about real companies covering each of the above-mentioned topics.
A second set of lectures will follow on March 27-29, 2009, during which students will be exposed to the following: trends in non-financial reporting by listed companies (reporting on corporate governance); corporate social responsibility (CSR); and reporting on environmental, social and governance (ESG) criteria.
Through an agreement with the School of American Law (SAL), students who attend the lectures and complete the SAL may apply for an internship with the PFS Program. The SAL finances part of the costs of the internship, namely travel and accommodation costs of the student/intern.
During the one-month unpaid internship, the intern conducts one of the PFS Program’s ongoing semi-annual regional surveys: “Investor Relations Online: Survey of Websites of the Largest Listed Companies in 11 Central and Eastern European (CEE) Countries” or “Survey of Reporting on CSR by the Largest Listed Companies in 11 CEE Countries.” When possible, Polish interns will be paired with interns from South East Europe, thereby enhancing both the internship experience and the quality of the PFS Program surveys.
To download the materials presented at the lectures, please click on the links below:
Friday, January 16, 2009 - Sunday, January 18, 2009
Lectures on Corporate Governance
Gdansk, Poland
On January 16-18, 2009 Geoffrey Mazullo, Director, PFS Program gave a series of lectures on corporate governance as part of the School of American Law organized by the Faculty of Law and Administration of the University of Gdansk and Chicago-Kent College of Law.
29 Polish students and a representative of NASDAQ OMX Riga Stock Exchange attended the course. During the three days, students were introduced to the following topics: corporate governance models (including the Anglo-US, German, Japanese and Polish models); disclosure regimes; the legal and self-regulatory framework for corporate governance; the rights and responsibilities of corporate organs, including management and the board; shareholders’ rights; trends in non-financial reporting by listed companies (reporting on corporate governance); and the use of governance information by shareholders and stakeholders.
Students discussed practical and theoretical aspects of corporate governance in several jurisdictions (including Poland) by analyzing a number of case studies about real companies covering each of the above-mentioned topics.
A second set of lectures will follow in April 2009, during which students will analyze additional case studies related to corporate governance, corporate social responsibility (CSR) and reporting on environmental, social and governance (ESG) criteria.
Through an agreement with the School of American Law (SAL), students who attend the lectures and complete the SAL may apply for an internship with the PFS Program. The SAL finances part of the costs of the internship, namely travel and accommodation costs of the student/intern. Between summer 2004 and December 2008, 19 graduates of the SAL completed a PFS Program internship.
During the one-month unpaid internship, the intern conducts one of the PFS Program’s ongoing semi-annual regional surveys: “Investor Relations Online: Survey of Websites of the Largest Listed Companies in 11 Central and Eastern European (CEE) Countries” or “Survey of Reporting on CSR by the Largest Listed Companies in 11 CEE Countries.” When possible, Polish interns will be paired with interns from South East Europe, thereby enhancing both the internship experience and the quality of the PFS Program surveys.
To download the materials presented at the lectures, please click on the links below:
Tuesday, December 9, 2008
Roundtable to Present Pilot Macedonian Surveys
Skopje, Macedonia
On Tuesday, December 9, 2008 the Macedonian Stock Exchange, the International Finance Corporation (IFC), USAID’s Business Environment Activity and the PFS Program organized a Roundtable to present two Pilot Surveys of the Largest Listed Companies in Macedonia: Investors Relations Online and Reporting on Corporate Social Responsibility (CSR).
This Roundtable, held in Skopje, marked the PFS Program’s first activity in Macedonia and its 116th regional event since the PFS Program was launched in late 1999.
At the Roundtable, a representative of the Macedonian Stock Exchange presented the two Pilot Surveys of the Largest Listed Companies in Macedonia: Investor Relations Online and Reporting on CSR. The surveys analyze disclosure of extra-financial information by the 20 largest listed companies in Macedonia (by market capitalization), specifically, information about corporate governance as well as environmental, social and governance (ESG) data. The Macedonian country surveys employ the same methodology as the PFS Program regional surveys conducted semi-annually since 2001.
Thereafter, the PFS Program compared the data from the Macedonian surveys with reporting by peer companies in Bulgaria, Croatia and Romania. Also, the PFS Program presented detailed comparative data from its two semi-annual surveys: Investor Relations Online and Reporting on Corporate Social Responsibility (CSR) by the largest listed companies in 11 Central and Eastern European (CEE) countries; Brazil, Russia, India and China (BRIC); and Ukraine. Here too the focus was on comparison of disclosure practices of Macedonian companies with peers in CEE, South East Europe (SEE), BRIC and Ukraine.
Following the presentations, participants discussed the Macedonian pilot surveys and the drivers behind financial and non-financial disclosure in Macedonia as well as across CEE, SEE, BRIC, Ukraine and other emerging markets.
A total of 45 persons representing academia, financial sector donor institutions, financial media, listed companies and regulatory authorities participated in the Roundtable
This Roundtable is part of an ongoing and multi-faceted PFS Program regional initiative dedicated towards improving the quality of financial and extra-financial reporting across CEE as well as SEE.
To download the Roundtable agenda, presentations, survey databases and a list of participants, please click on the links below.
Thursday, November 13, 2008 - Friday, November 14, 2008
TBLI Conference Europe 2008
Amsterdam, The Netherlands
On Thursday, November 13 and Friday, November 14, 2008 TBLI Group organized TBLI Conference Europe 2008 in Amsterdam, The Netherlands.
According to the organizers, “Triple Bottom Line Investing (TBLI) is based on the principle that positive financial, social, and environmental returns are not mutually exclusive - sound investments ensure returns in all three areas. TBLI organizes the largest global annual event on sustainable investment – annually in Europe since 1999 and for the second time in Asia in 2008. The theme for TBLI 2008 was opportunity; keynote speeches and breakout sessions focused on the growth of socially responsible investment (SRI) in mainstream investment, new initiatives that are driving this growth and the emerging opportunities in alternative asset classes.”
At TBLI Conference Europe 2008, TBLI Group celebrated ten years of TBLI Conference. Appropriately, this was TBLI Group’s largest conference to date in terms of sponsorship and attendance, with more than 600 guests. In his welcome remarks, Robert Rubenstein, Founder and CEO, TBLI Conference, made a special welcome to the Eastern European Socially Responsible Investment (SRI) Delegation to TBLI Conference Europe 2008. The Mayor of Amsterdam officially opened the Conference.
TBLI Conference and the PFS Program co-sponsored the Eastern European SRI Delegation, which included participants from several South East European (SEE) countries and speakers as well as jury members in two Workshops dedicated to Eastern Europe. Participants included representatives of the following institutions: the Albanian Financial Supervisory Authority, the Securities Commission of the Federation of Bosnia and Herzegovina; the Insurance Agency of Republika Srpska, Bosnia and Herzegovina and the Bucharest Stock Exchange – Corporate Governance Institute.
Geoffrey Mazullo, Director, PFS Program, moderated two Workshops on TBLI in Emerging and Transition Economies in Central and Eastern Europe (CEE): Workshop Two on Thursday afternoon, November 13, 2008 and Workshop 14 on Friday morning, November 14, 2008. Mr. Mazullo is a member of TBLI’s International Advisory Group.
Speakers represented the following institutions: Erste Sparinvest (Austria); Seiler Asset Management (Austria); Limestone Investment Management (Estonia); Petrom (Romania); and Transelectrica (Romania). The CEO of oekom research (Germany) and the CEO of GES Investment Services (Sweden) served as jury members, commenting briefly on each presentation, before opening the discussion to Workshop participants. Presentations during the two Workshops included the following: a global microfinance fund investing in Eastern Europe; company presentations by two Romanian listed companies; and presentations of the first two SRI funds dedicated to Eastern Europe.
Participation in TBLI Conference Europe 2008 is part of the PFS Program’s ongoing commitment to strengthening reporting on environmental, social and governance (ESG) issues and promoting responsible investment in CEE as well as SEE.
The complete conference agenda, speaker bios and presentations may be found on the TBLI Conference Europe 2008 website.
To download the presentations from Workshop Two and Workshop 14 as well as a list of members of the Eastern European SRI Delegation to TBLI Conference Europe 2008 please click on the links below:
| Workshop 2 - Petrom - TBLI Europe - November 13, 2008.pdf - 1,250 KB |
| Workshop 2 - Seiler Asset Management - TBLI Europe - November 13, 2008.pdf - 1,587 KB |
| Workshop 14 - Limestone - TBLI Europe - November 14, 2008.pdf - 1,983 KB |
| Workshop 14 - Transelectrica - TBLI Europe 2008 - November 14, 2008.pdf - 1,585 KB |
| Workshop 14 - Erste-Sparinvest - TBLI Europe - November 14, 2008.pdf - 3,078 KB |
| List of Members of EE Delegation to TBLI Conference Europe 2008.pdf - 12 KB |
Friday, September 12, 2008
Investor Relations Seminar
Brasov, Romania
On Friday, September 12, 2008 the Bucharest Stock Exchange – Corporate Governance Institute organized an Investor Relations Seminar in Brasov, Romania. This seminar represented the most recent joint activity of the Bucharest Stock Exchange / Bucharest Stock Exchange – Corporate Governance Institute and the PFS Program, following a number of events held since 2004 in Bucharest.
25 persons participated in the seminar, representing companies listed on the Bucharest Stock Exchange and Romanian capital market institutions.
The seminar is part of an ongoing and multi-faceted PFS Program regional initiative dedicated towards promoting the implementation of international standards and identifying best practice in investor relations across Central and Eastern Europe as well as South East Europe.
This was the 15th investor relations seminar organized or jointly organized by the PFS Program and its partners since 2001, attracting a total of 746 participants. (Materials from each of the seminars may be found on the Capital Markets Seminars page of the PFS Program website.)
To download the seminar agenda and presentations, please click on the links below:
Friday, June 20, 2008
Regional Seminar: Issuers & Market Integrity
Bucharest, Romania
On Friday, June 20, 2008 the Bucharest Stock Exchange – Corporate Governance Institute and the PFS Program organized a Regional Seminar on Issuers & Market Integrity. This was the fourth annual corporate governance conference organized by the Bucharest Stock Exchange and the third year in which the Bucharest Stock Exchange – Corporate Governance Institute and the PFS Program co-organized the event, following seminars organized in June 2007 as well as June 2006.
During the seminar, representatives of the Government Representatives for the Austrian Capital Market, the Belgrade Stock Exchange, the Istanbul Stock Exchange and Limestone Investment Management informed the audience about recent developments and trends in their respective markets. The PFS Program presented a case study regarding a corporate governance scandal in Sweden that is yet widely discussed in SEE. The insights of the foreign speakers on best practice and international standards in corporate governance as well as financial and non-financial reporting were complemented by presentations of representatives of Azomures, Bucharest Stock Exchange, CFA Romania, IFB Finwest and Petrom about the current situation in Romania.
This seminar is part of an ongoing and multi-faceted PFS Program regional initiative dedicated towards strengthening corporate governance and improving the quality of financial and non-financial reporting across Central and Eastern Europe as well as South East Europe.
To download the seminar agenda, presentations and a press release issued after the seminar, please click on the links below:
| Agenda - Seminar - Issuers and Market Integrity - June 20, 2008.pdf - 86 KB |
| Presentation - Bucharest Stock Exchange - Regional Seminar - June 20, 2008.pdf - 31 KB |
| Presentation - BMF - Federal Ministry of Finance - Regional Seminar - June 20, 2008.pdf - 73 KB |
| Presentation - Belgrade Stock Exchange - Regional Seminar - June 20, 2008.pdf - 682 KB |
| Presentation - CFA - Regional Seminar - June 20, 2008.pdf - 294 KB |
| Presentation - PFS Program - Regional Seminar - June 20, 2008.pdf - 385 KB |
| Presentation - Limestone Investment Management - Regional Seminar - June 20, 2008.pdf - 467 KB |
| Presentation - AZOMURES - Regional Seminar - June 20, 2008.pdf - 39 KB |
| Presentation - Istanbul Stock Exchange - Regional Seminar - June 20, 2008.pdf - 284 KB |
| Presentation - Bucharest Stock Exchange - Corporate Governance Institute - Regional Seminar - June 20, 2008.pdf - 101 KB |
| Press Release - Regional Seminar - Issuers & Market Integrity - June 20, 2008.pdf - 39 KB |
Thursday, June 5, 2008
Investor Relations Seminar
Sarajevo, Bosnia and Herzegovina
On Thursday, June 5, 2008 the Banja Luka Stock Exchange, the Sarajevo Stock Exchange (SASE), the Securities Commission of the Federation of Bosnia and Herzegovina and the PFS Program organized an Investor Relations Seminar.
This regional seminar, held in Sarajevo, marked the PFS Program’s first activity in Bosnia and Herzegovina and its 107th regional event since the PFS Program was launched in late 1999.
During the seminar, representatives of BRE Bank SA, GES Investment Services, Limestone Investment Management, and XBRL Polska addressed an audience in Bosnia and Herzegovina for the first time. Each presentation contained a wealth of practical information as well as useful guidance regarding best practice and international standards in financial reporting, extra-financial reporting and investor relations.
The insights of the foreign practitioners were complemented by presentations of representatives of the Banja Luka Stock Exchange, the Sarajevo Stock Exchange (SASE), and the Securities Commission of the Federation of Bosnia and Herzegovina about the current situation in Bosnia and Herzegovina. The PFS Program presented data from its two semi-annual surveys: Investor Relations Online and Reporting on Corporate Social Responsibility (CSR) by the largest listed companies in 11 Central and Eastern European (CEE) countries; Brazil, Russia, India and China (BRIC); and Ukraine. It also presented several case studies regarding best practice in investor relations, from CEE listed companies as well as global companies recognized for their investor relations programs.
A total of 45 persons (speakers, participants and organizers) participated in the seminar. The participant breakdown was as follows: Bosnia and Herzegovina – 38 participants representing listed companies on Banja Luka Stock Exchange, listed companies on the Sarajevo Stock Exchange, the Banja Luka Stock Exchange, the Sarajevo Stock Exchange, the Securities Commission of the Federation of Bosnia and Herzegovina and USAID Bosnia and Herzegovina; and Poland – one participant representing an investment research company.
The PFS Program greatly appreciates the contribution of speakers from Bosnia and Herzegovina, Estonia, Poland, Sweden and the US to this seminar, part of an ongoing PFS Program regional initiative in the area of investor relations. The current mandate of the PFS Program is to engage financial sector institutions in South East European (SEE) target countries in programs that help promote the identification of best practice and the adoption of international standards. Within this mandate, one important element of each PFS Program activity is the exchange of experience of the new member states of the European Union (EU) with EU accession countries in SEE.
This seminar is part of an ongoing and multi-faceted PFS Program regional initiative dedicated towards improving the quality of financial and extra-financial reporting across CEE as well as SEE.
This was the 14th investor relations seminar organized by the PFS Program since 2001, attracting a total of 721 participants. (Materials from each of the seminars may be found on the capital markets seminars page of the PFS Program website.)
To download the seminar agenda, presentations, speaker biographies and list of participants, please click on the links below. The PFS Program would like to thank the Banja Luka Stock Exchange for translating the presentations of the Estonian, Swedish and Polish experts into local language.
| Agenda - Investor Relations Seminar - June 5, 2008.pdf - 116 KB |
| Opening Presentation - PFS Program - June 5, 2008.pdf - 675 KB |
| Presentation - PFS Program - IR - IR Seminar - June 5, 2008.pdf - 993 KB |
| Brief Bio - Geoffrey Mazullo - June 2008.pdf - 16 KB |
| Presentation - Limestone Investment Management - IR Seminar - June 5, 2008.pdf - 472 KB |
| Presentation - Limestone Investment Management - IR Seminar - June 5, 2008 - BiH.pdf - 598 KB |
| Brief Bio - Veronika Juchnewitsch - June 2008.pdf - 10 KB |
| Presentation - GES Investment Services - IR Seminar - June 5, 2008.pdf - 888 KB |
| Presentation - GES Investment Services - IR Seminar - June 5, 2008 - BiH.pdf - 1,102 KB |
| Brief Bio - Magnus Furugard - June 2008.pdf - 10 KB |
| Presentation - PFS Program - IR in CEE - IR Seminar - June 5, 2008.pdf - 2,993 KB |
| Presentation - BRE Bank - IR Seminar - June 5, 2008.pdf - 1,518 KB |
| Presentation - BRE Bank - IR Seminar - June 5, 2008 - BiH.pdf - 276 KB |
| Brief Bio - Agnieszka Solarz-Jedrych - June 2008.pdf - 114 KB |
| Presentation - XBRL Polska - IR Seminar - June 5, 2008.pdf - 951 KB |
| Presentation - XBRL Polska - IR Seminar - June 5, 2008 - BiH.pdf - 1,019 KB |
| Brief Bio - Mateusz Hojda - June 2008.pdf - 62 KB |
| List of Participants - Investor Relations Seminar - June 5 2008.pdf - 115 KB |
Friday, April 11, 2008 - Sunday, April 13, 2008
Lectures on Corporate Governance
Gdansk, Poland
From April 11-13, 2008 Geoffrey Mazullo, Director, PFS Program gave a series of lectures on corporate governance as part of the School of American Law organized by the Faculty of Law and Administration of the University of Gdansk.
In the first lecture, Mr. Mazullo reviewed information presented during the first set of lectures delivered in January 2008, including: analysis of various models of corporate governance; explanation of the rights/responsibilities of corporate organs; and specific examples of corporate governance in practice, demonstrated by company-specific case studies. He then presented the most recent research conducted and co-financed by the PFS Program on reporting on corporate governance and corporate social responsibility (CSR) by listed companies in 11 Central and Eastern European (CEE) countries; Brazil, Russia, India and China (BRIC); and Ukraine. Each of the remaining lectures consisted of a case study regarding a particular corporate governance or CSR issue. The case studies discussed concern companies listed and/or operating in Cambodia, China, the Netherlands, Germany, Poland, the United Kingdom and the United States. Mr. Mazullo presented for the second time a case study written by PFS Program colleagues about the ongoing corruption scandal at the German industrial conglomerate Siemens AG. The case study is a work in progress; it will be revised and updated as details regarding this case unfold.
Through an agreement with the School of American Law, students who attend the lectures and complete the School of American Law may apply for an internship with the PFS Program. The School of American Law finances part of the costs of the internship, namely travel and accommodation costs of the student/intern. Between summer 2004 and April 2008, 18 graduates of the School of American Law completed a PFS Program internship.
During the one-month unpaid internship, the intern conducts one of the PFS Program’s ongoing semi-annual regional surveys: Investor Relations Online: Survey of Websites of the Largest Listed Companies in 11 Central and Eastern European (CEE) Countries or Survey of Reporting on CSR by the Largest Listed Companies in 11 CEE Countries. In summer 2008, Polish interns will be paired with interns from South East Europe, thereby enhancing both the internship experience and the quality of the PFS Program surveys.
To download the materials presented at the lectures, please click on the links below:
Friday, March 7, 2008
Workshop – How to Write A Case Study
Zagreb, Croatia
On Friday, March 7, 2008 the Case Study Writing Project, e-STUDENT, Faculty of Economics and Business, University of Zagreb, and the PFS Program held a Workshop entitled, “How to Write a Case Study.”
This was the third time that Geoffrey Mazullo, Director, PFS Program was invited to teach the introductory Workshop launching the annual Case Study Writing Project at the Faculty of Economics and Business.
40 students from the Case Study Writing Project, e-STUDENT, participated in the Workshop. A representative of the Securities Commission of the Federation of Bosnia and Herzegovina, two representatives of the Securities Commission of Republika Srpska and a representative of the Macedonian Stock Exchange also participated.
This event is part of an ongoing PFS Program regional initiative to introduce students and faculty as well as recent gradates of South East European (SEE) educational institutions to a wide range of analytical and writing skills necessary to writing a high-quality, professional case study.
During the course of the Workshop, students were presented a wide range of case studies, ranging from brief “cases in point” to full-blown case studies. The Workshop explained in practical terms how a case study should present in-depth material; cite data and sources; note comparisons and/or contrasts; pose a range of questions; and demonstrate numerous issues. Furthermore, the Workshop demonstrated that a successful case study should explain the relationship between the specific “case” (company, example or situation) and general benchmarks, best practice, international standards, etc. Even when a case is unique and does not enable comparisons, this should be explained.
At the outset of the Workshop, the PFS Program presented the rationale behind launching its ongoing semi-annual regional surveys: Investor Relations Online and Surveys of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in 11 Central and Eastern European (CEE) countries. Thereafter, students discussed the methodology for the surveys and a wealth of data from the surveys as well as other sources. At the end of Session 1, the PFS Program described the use of the surveys and their impact.
During Sessions 2 and 3, students analyzed a number of case studies regarding particular issues in corporate governance and/or CSR that the PFS Program uses in its training programs. The case studies discussed concern companies listed and/or operating in Germany, the Netherlands/the United Kingdom, Sweden and the United States.
At the end of Session 3, the PFS Program explained step by step the mechanics of writing a case study about an assigned topic. Each student received a checklist of case study evaluation criteria. The checklist was analyzed in detail, in order to prepare students for the mechanics of the case study writing process.
Through the Workshop, students were introduced to valuable case study writing skills and gained insights into the current status of corporate reporting in Croatia as well as other CEE and SEE countries. They will apply this knowledge in writing case studies about Croatian companies. Also, students who participated in the Workshop may apply for a one-month unpaid internship with the PFS Program in summer 2008. PFS Program interns work on the above-mentioned PFS Program regional surveys.
To download the Workshop agenda and presentations, please click on the links below:
Wednesday, February 20, 2008
EU Corporate Governance Standards: A Seminar for EU Candidate and Potential Candidate Countries, Including Lessons Learned from New Members
European Parliament, Brussels, Belgium
On Wednesday, February 20, 2008 the Global Corporate Governance Forum, the European Commission, the European Parliament, the IFC, the Slovenian Presidency of the European Union, and the PFS Program held a Seminar entitled, “EU Corporate Governance Standards: A Seminar for EU Candidate and Potential Candidate Countries, Including Lessons Learned from New Members.” The Seminar took place at the European Parliament in Brussels, Belgium.
The key objectives of the Seminar were to:
• Raise awareness about existing EU corporate governance requirements and guidelines;
• Assist candidate and potential candidate countries to better access relevant EU information;
• Assist candidate and potential candidate countries to participate in current EU debates on issues including corporate governance control mechanisms, cross-border voting and executive pay; and
• Review lessons learned from the new EU member states.
Detailed information about the Seminar, including the agenda, background papers, presentations, speaker biographies and list of participants may be found on a sub-page of the website of the Global Corporate Governance forum devoted to the Seminar.
The PFS Program co-financed the participation of senior representatives of financial sector regulatory authorities and stock exchanges from Albania, Bosnia and Herzegovina, Croatia, Macedonia, Montenegro and Serbia in the Seminar. Through their participation, senior decision-makers of these regulatory and self-regulatory authorities gained valuable insights into the development of corporate governance standards in line with EU best practice.
Friday, January 11, 2008 - Sunday, January 13, 2008
Lectures on Corporate Governance
Gdansk, Poland
On January 11-13, 2008 Geoffrey Mazullo, Director, PFS Program gave a series of lectures on corporate governance as part of the School of American Law organized by the Faculty of Law and Administration of the University of Gdansk and Chicago-Kent College of Law.
31 Polish students attended the course. During the three days, students were introduced to the following topics: corporate governance models (including the Anglo-US, German, Japanese and Polish models); disclosure regimes; the legal and self-regulatory framework for corporate governance; the rights and responsibilities of corporate organs, including management and the board; shareholders’ rights; trends in non-financial reporting by listed companies (reporting on corporate governance); and the use of governance information by shareholders and stakeholders.
Students discussed practical and theoretical aspects of corporate governance in several jurisdictions (including Poland) by analyzing a number of case studies about real companies covering each of the above-mentioned topics.
A second set of lectures will follow in April 2008, during which students will analyze additional case studies related to corporate governance, corporate social responsibility (CSR) and reporting on environmental, social and governance (ESG) criteria.
Through an agreement with the School of American Law, students who attend the lectures and complete the School of American Law may apply for an internship with the PFS Program. The School of American Law finances part of the costs of the internship, namely travel and accommodation costs of the student/intern. Between summer 2004 and summer 2007, 16 graduates of the School of American Law completed a PFS Program internship.
During the one-month unpaid internship, the intern conducts one of the PFS Program’s ongoing semi-annual regional surveys: Investor Relations Online: Survey of Websites of the Largest Listed Companies in 11 Central and Eastern European (CEE) Countries or Survey of Reporting on CSR by the Largest Listed Companies in 11 CEE Countries. In 2008, Polish interns will be paired with interns from South East Europe, thereby enhancing both the internship experience and the quality of the PFS Program surveys.
To download the materials presented at the lectures, please click on the links below:
Thursday, November 15, 2007 - Friday, November 16, 2007
TBLI Europe 2007
Paris, France
On Thursday, November 15 and Friday, November 16, 2007 Brooklyn Bridge – TBLI Group organized TBLI Europe 2007.
According to the organizers, “Triple Bottom Line Investing (TBLI) is based on the principle that positive financial, social, and environmental returns are not mutually exclusive - sound investments ensure returns in all three areas. TBLI organizes the largest global annual event on sustainable investment – annually in Europe since 1999 and for the first time in Asia in 2007. The theme for TBLI 2007 was opportunity; keynote speeches and breakout sessions focused on the growth of socially responsible investment (SRI) in mainstream investment, new initiatives that are driving this growth and the emerging opportunities in alternative asset classes.”
Geoffrey Mazullo, PFS Program Director, delivered a presentation entitled, “Sustainable Investment in Central and Eastern Europe” in a workshop devoted to emerging markets on Thursday afternoon, November 15, 2006. Mr. Mazullo moderated a workshop devoted to corporate governance on Friday morning, November 16, 2007. Mr. Mazullo is also a member of TBLI’s International Advisory Group.
The PFS Program co-financed the participation of a representative of the Agency for the Supervision of Fully-Funded Pension Insurance of Macedonia (MAPAS) in the conference.
Participation in TBLI Europe 2007 is part of the PFS Program’s ongoing commitment to strengthening reporting on environmental, social and governance (ESG) issues and promoting responsible investment in Central and Eastern Europe (CEE) as well as South East Europe (SEE).
The TBLI Europe 2007 conference program and additional information about the conference may be found on the TBLI Europe 2007 website.
Thursday, November 1, 2007
ClearProfit ’07
London, UK
On Thursday, November 1, 2007 ClearProfit convened its second annual conference dedicated to responsible investing - ClearProfit ’07 - in London. The event attracted a diverse group of institutions engaged in a wide variety of responsible investing initiatives. In a session devoted to Eastern Europe, Geoffrey Mazullo, Director, PFS Program, delivered a presentation regarding the challenges and opportunities offered to responsible investors through the eastern expansion of the European Union.
Participation in the event is part of the PFS Program’s ongoing commitment to strengthening reporting on environmental, social and governance (ESG) issues and promoting responsible investment in Central and Eastern Europe (CEE) as well as South East Europe (SEE). At ClearProfit’07 the PFS Program increased awareness among investors, analysts and other groups about opportunities for responsible investment in CEE and SEE. Several speakers at the conference have already participated in PFS Program activities; the event provided an opportunity to expose other institutions to the PFS Program’s work.
The PFS Program co-financed the participation of representatives of the following institutions in ClearProfit”07: Albanian Financial Supervisory Authority; Securities Commission of the Federation of Bosnia and Herzegovina; and Bucharest Stock Exchange (Romania). Through their participation in the conference, senior decision-makers of these regulatory and self-regulatory authorities gained invaluable exposure to a range of socially responsible investment (SRI) issues.
Additional information about the event may be found on the ClearProfit website.
Thursday, September 20, 2007
Presentation of Inaugural Bulgarian Surveys: Investor Relations Online and Survey of Reporting on Corporate Social Responsibility (CSR) by the 40 Largest Listed Companies in Bulgaria
Sofia, Bulgaria
On Thursday, September 20, 2007 the Economic Policy Institute (EPI), Sofia held an event in Sofia to officially present the two inaugural Bulgarian surveys it conducted earlier this year: “Investor Relations Online: Survey of Websites of the 40 Largest Listed Companies in Bulgaria” and “Reporting on Corporate Social Responsibility (CSR) by the 40 Largest Listed Companies in Bulgaria”.
The surveys were co-financed by a PFS Program Grant and are part of an ongoing regional initiative launched by the PFS Program in 2001. The methodology employed in each of the surveys was developed by the PFS Program. It is applied in the PFS Program’s eponymous semi-annual regional surveys and in country studies conducted by local research institutes in Croatia, Czech Republic, Hungary and Poland (2001 – 2007). Please note that the surveys may be found under an entry dated Tuesday, September 25, 2007 on the Capital Markets Research page of the PFS Program website and on the Publications page of EPI’s website.
The event gathered 55 participants representing the following institutions: the Agency for Economic Analysis and Forecasting; Bulgarian Chamber of Commerce and Industry; Bulgarian Financial Supervision Commission; Bulgarian Industrial Association; Bulgarian Stock Exchange – Sofia; Sofia Chamber of Commerce; Confederation of Employers and Industrialists in Bulgaria (CEIBG); a number of the 40 listed companies surveyed; a variety of media organizations; UNDP – Sofia; Union of the Bulgarian Business; USAID Bulgaria; and the Bucharest Stock Exchange - Corporate Governance Institute.
The presentation of the two inaugural surveys provoked an interesting discussion among the participants of a wide range of issues, including: corporate governance; CSR; financial and non-financial disclosure; environmental governance and social (ESG) reporting; the impact of corporate governance codes; and socially responsible investment (SRI). Participants agreed that all stakeholders should work together to promote the adoption of best practice and implementation of international standards in non-financial reporting by Bulgarian listed companies. A broad range of media outlets reported on the event and the surveys; please visit the PFS Program in the News page to read about the media coverage.
To download the event agenda, presentations and list of participants, please click on the links bellow:
| Agenda - Presentation of Bulgarian Surveys - EPI - September 20, 2007 - BG.pdf - 180 KB |
| Agenda - Presentation of Bulgarian Surveys - EPI - September 20, 2007 - ENG.pdf - 115 KB |
| Opening Presentation - PFS Program - September 20, 2007.pdf - 578 KB |
| Presentation - EPI Surveys - IRO and CSR - September 20, 2007 - BG.pdf - 1,511 KB |
| Presentation - EPI Surveys - IRO and CSR - September 20, 2007 - ENG.pdf - 1,021 KB |
| Presentation - PFS Program - September 20, 2007.pdf - 196 KB |
| Presentation - ZSEM - September 20,2007.pdf - 3,224 KB |
| List of Participants - Presentation of Bulgarian Surveys - EPI - September 20, 2007.pdf - 74 KB |
Friday, June 22, 2007
Workshop: Reporting on Environmental, Social and Governance (ESG) Issues
Bucharest, Romania
On Friday, June 22, 2007 the Bucharest Stock Exchange – Corporate Governance Institute and the PFS Program organized a Workshop on Reporting on Environmental, Social and Governance (ESG) Issues. This was the third joint activity of the Bucharest Stock Exchange – Corporate Governance Institute and the PFS Program.
The workshop was delivered by Geoffrey Mazullo, Director, PFS Program. The first session of the workshop was dedicated to international standards and best practice in ESG reporting. During it, Mr. Mazullo provided practical information on issues including: corporate governance disclosures; corporate social responsibility (CSR); how companies report on corporate governance, CSR and ESG; socially responsible investing (SRI); the governance, CSR and ESG informational needs of institutional investors; and guidelines/standards for ESG reporting. During the second session, Mr. Mazullo presented data from the two semi-annual PFS Program surveys: Investor Relations Online and Reporting on Corporate Social Responsibility (CSR) by the largest listed companies in 11 Central and Eastern European (CEE) countries. He also presented best practice examples in ESG reporting from Croatia, identified by the Zagreb School of Economics and Management in its 2006 Survey of Reporting on CSR by Leading Croatian Companies.
32 persons representing Romanian institutional investors and listed companies as well as the Bucharest Stock Exchange participated actively in the workshop. This event is part of an ongoing and multi-faceted PFS Program regional initiative dedicated towards improving the quality of financial and non-financial reporting across CEE as well as South East Europe (SEE). The initiative includes: conduct and publication of the above-mentioned PFS Program surveys; PFS Program grants to SEE and CEE research institutes to conduct country surveys of a larger universe of companies using the PFS Program methodology; training programs for a wide range of constituencies on corporate governance, CSR, financial reporting (International Financial Reporting Standards [IFRS] and non-financial reporting (ESG); and advisory as well as advocacy work related to the drafting and implementation of corporate governance codes.
(Materials from each of the training programs may be found on the capital markets seminars page of the PFS Program website. The PFS Program surveys and surveys conducted by PFS Program grantees/partners may be found on the capital markets research page of the PFS Program website.)
To download the workshop agenda, presentations and list of participants, please click on the links below:
Wednesday, June 20, 2007
Investor Relations Seminar: What Do Investors Want?
Bucharest, Romania
On Wednesday, June 20, 2007 the Bucharest Stock Exchange – Corporate Governance Institute and the PFS Program organized a Regional Seminar entitled, “Investor Relations: What Do Investors Want?”
The seminar was the second joint activity of the Bucharest Stock Exchange – Corporate Governance Institute and the PFS Program, following a Corporate Governance Seminar organized in June 2006.
During the seminar, representatives of Eurosif, Standard Live Investments, the UN Principles of Responsible Investment and XBRL Polska addressed an audience in Romania for the first time. Their insights on best practice and international standards in financial and non-financial reporting were complemented by presentations of representatives of the Bucharest Stock Exchange, BRD Groupe Societe Generale and the Commission for the Supervision of Private Pensions about the current situation in Romania. The PFS Program presented data from its two semi-annual surveys (Investor Relations Online and Reporting on Corporate Social Responsibility [CSR]) by the largest listed companies in 11 Central and Eastern European (CEE) countries.
A total of 99 persons (speakers, participants and organizers) participated in the seminar. The participant breakdown was as follows: Romania – 75 participants representing investors, listed companies, media, regulatory authorities, USAID Romania and the US Embassy in Bucharest; Bosnia and Herzegovina – a representative of the Sarajevo Stock Exchange; Bulgaria – three representatives of the Bulgarian Investor Relations Society, two representatives of Economic Policy Institute, Sofia and two representatives of the Bulgarian Stock Exchange - Sofia; Hungary – two representatives of the Budapest Stock Exchange; and United States – a representative of Emerging Markets Group.
This seminar is part of an ongoing and multi-faceted PFS Program regional initiative dedicated towards improving the quality of financial and non-financial reporting across Central and Eastern Europe as well as South East Europe. This was the 13th investor relations seminar organized by the PFS Program since 2001, attracting a total of 683 participants. (Materials from each of the seminars may be found on the capital markets seminars page of the PFS Program website.)
To download the seminar agenda, presentations, speaker biographies and list of participants, please click on the links below:
| Agenda - Investor Relations Seminar - June 20, 2007.pdf - 53 KB |
| Opening Presentation - PFS Program - June 20, 2007.pdf - 713 KB |
| Presentation - BRD-Groupe Societe Generale - June 20, 2007.pdf - 40 KB |
| Brief Bio - Aurelian Dochia.pdf - 11 KB |
| Presentation - Standard Life Investments - June 20, 2007.pdf - 538 KB |
| Brief Bio - Julie McDowell - June 2007.pdf - 10 KB |
| Presentation - Eurosif - June 20, 2007.pdf - 216 KB |
| Brief Bio - Matt Christensen - June 2007.pdf - 16 KB |
| Presentation - PFS Program - June 20, 2007.pdf - 2,057 KB |
| Brief Bio - Geoffrey Mazullo - June 2007.pdf - 16 KB |
| Presentation - XBRL Polska - June 20, 2007.pdf - 4,279 KB |
| Brief Bio - Mateusz Hojda - June 2007.pdf - 51 KB |
| Presentation - UN PRI - June 20, 2007..pdf - 467 KB |
| Brief Bio - Jerome Tagger - June 2007.pdf - 10 KB |
| Presentation - Commission for SPPS - June 2007.pdf - 1,187 KB |
| Brief Bio - Dan Pescaru - May 2007.pdf - 11 KB |
| List of Participants - Investor Relations Seminar - June 20, 2007.pdf - 64 KB |
| Complete Materials - Investor Relations Seminar - June 20, 2007.pdf - 9,618 KB |
Thursday, May 31, 2007
Lecture on Investor Relations
Torun, Poland
On Thursday, May 31, 2007 Geoffrey Mazullo, Director, PFS Program gave a lecture entitled, “Investor Relations Online: Best Practice in Central and Eastern Europe” at the Faculty of Economic Sciences and Management of the Nicolaus Copernicus University in Torun, Poland. Approximately 140 students attended the lecture.
The lecture was organized by Professor Danuta Dziawgo, co-author of “Finance & Natural Environment: Experience of Poland against the Background of Developed Market Economies.” Investor relations is one of Professor Dziawgo’s areas of interest. She is currently writing a publication about investor relations in Poland.
To download the presentation, please click on the link below:
Friday, May 18, 2007 - Sunday, May 20, 2007
Lectures on Corporate Governance
Gdansk, Poland
From May 18-20, 2007 Geoffrey Mazullo, Director, PFS Program gave a series of lectures on corporate governance as part of the School of American Law organized by the Faculty of Law and Administration of the University of Gdansk.
In the first lecture, Mr. Mazullo presented the most recent research conducted and co-financed by the PFS Program on reporting on corporate governance and corporate social responsibility (CSR) by listed companies in 11 Central and Eastern European (CEE) countries. Each of the remaining lectures consisted of a case study regarding a particular corporate governance or CSR issue. The case studies discussed concern companies listed and/or operating in Cambodia, China, Columbia, the Netherlands, Germany, Poland, the United Kingdom and the United States. In Gdansk, Mr. Mazullo presented for the first time a new case study written by PFS Program colleagues about the ongoing corruption scandal at the German industrial conglomerate Siemens AG. The case study is a work in progress; it will be revised and updated as details regarding this case unfold.
To download the materials presented at the lectures, please click on the links below:
Thursday, May 10, 2007
Investor Relations Seminar
Sofia, Bulgaria
On Thursday, May 10, 2007 the Bulgarian Stock Exchange – Sofia and the PFS Program organized an Investor Relations Seminar in Sofia.
The seminar was the first joint activity of the Bulgarian Stock Exchange – Sofia and the PFS Program as well as the 11th Investor Relations Seminar organized by the PFS Program in cooperation with a Central and Eastern European stock exchange since 2001.
The goal of this ongoing PFS Program regional initiative is to promote the adoption of best practice and the implementation of international standards by CEE/SEE listed companies in the fields of corporate communication, financial disclosure, investor relations and non-financial disclosure / disclosure of environmental, social and governance (ESG) indicators.
The seminar provided an excellent opportunity for experts from several institutions/countries to share their expertise and engage in a fruitful interaction with colleagues from Bulgaria and Romania. During the first session, a representative of Podravka’s investor relations team presented its award-winning investor relations program. In the second session, a senior executive of OMX / Vilnius Stock Exchange outlined the Lithuanian experience in implementing its Corporate Governance Code. Bulgarian colleagues described the current efforts to draft a National Corporate Governance Code in Bulgaria. During the third session, a fund manager from DWS Investment GmbH explained how it integrates extra-financial data and risks into its investment process. In the final session, the PFS Program presented its two semi-annual regional surveys, IR Online and Reporting on CSR, and the Secretary General of XBRL Polska described XBRL supported Investor Relations.
The participant breakdown was as follows: Bulgaria – 25 participants representing the Bulgarian Financial Supervision Commission, the Bulgarian Stock Exchange – Sofia, IFC Global Corporate Governance Forum, listed companies and two research institutes – CED and EPI; Romania – two representatives of the Bucharest Stock Exchange; and two representatives of USAID Bulgaria.
To download the seminar agenda, presentations, speaker biographies and list of participants, please click on the links below:
Wednesday, April 4, 2007
Seminar to Present the Croatian Corporate Governance Code
Zagreb, Croatia
On Wednesday, April 4, 2007 the Croatian Financial Services Supervisory Agency (HANFA), the Zagreb Stock Exchange and the PFS Program organized a Seminar to present the Croatian Corporate Governance Code.
109 persons, representing a large number of Croatian listed companies as well as Croatian academic institutions, investment companies and governmental agencies participated in the seminar. Also, a representative of the University of Banja Luka and a representative of the Banja Luka Stock Exchange participated.
During the first session, representatives of the Zagreb Stock Exchange presented the Croatian Corporate Governance Code. During the second session, colleagues from the German Shareholders’ Association DSW, Germany; Warsaw Stock Exchange, Poland; and a lawyer from Slovenia shared those countries’ experiences with implementing a corporate governance code. During the third session, a number of Croatian perspectives were presented.
To download the Seminar agenda, presentations and the Croatian Corporate Governance Code, please click on the links below. Please note that some of the presentations are only in Croatian. The presentations may also be found on the Code of Corporate Governance page of the Zagreb Stock Exchange website.
| Agenda - Corporate Governance Seminar - April 4, 2007.pdf - 109 KB |
| Presentation - Zagreb Stock Exchange - Melita Marceta - April 4, 2007.pdf - 687 KB |
| Presentation - Zagreb Stock Exchange - Andrej Galogaza - April 4, 2007.pdf - 121 KB |
| Presentation - DSW - Germany - April 4, 2007.pdf - 46 KB |
| Presentation - Warsaw Stock Exchange - Poland - April 4, 2007.pdf - 98 KB |
| Presentation - Nina Cankar - Slovenia - April 4, 2007.pdf - 36 KB |
| Presentation - Ericsson Nikola Tesla - April 4, 2007.pdf - 1,319 KB |
| Presentation - Leslie Sulenta- ZSEM - April 4, 2007.pdf - 756 KB |
| Croatian Corporate Governance Code - April 2007.pdf - 9,804 KB |
| List of Participants - Corporate Governance Seminar - April 4, 2007 - Zagreb, Croatia.pdf - 54 KB |
Thursday, March 8, 2007
Workshop – How to Write A Case Study
Zagreb, Croatia
On Thursday, March 8, 2007 the Case Study Writing Project, e-STUDENT, Graduate School of Economics and Business, University of Zagreb and the PFS Program held a Workshop entitled, “How to Write a Case Study.”
47 students from the Case Study Writing Project and Irena Cibaric, Leader of the Case Study Writing Project, e-STUDENT, Faculty of Economics and Business Zagreb University participated in the Workshop. Plamena Spassova, Economic Policy Institute (EPI), Sofia, Bulgaria also participated in the Workshop.
This event is part of an ongoing PFS Program regional initiative to introduce students and faculty from South East European (SEE) educational institutions to a wide range of analytical and writing skills necessary to writing a high-quality, professional case study.
During the course of the Workshop, students were presented a wide range of case studies, ranging from brief “cases in point” to full-blown case studies. The Workshop explained in practical terms how a case study should present in-depth material; note comparisons; pose a range of questions; and demonstrate numerous issues. It was also explained that successful in-depth cases also discuss whether the specific situation leads to extrapolation from the specific to the general or whether the general framework leads to identification of a specific particular example. In other words, a case study should explain the relationship of the particular situation to a wider framework such as benchmarks, best practice, international standards, etc.
At the outset of the Workshop, the PFS Program presented the rationale behind launching its surveys: Investor Relations Online and Surveys of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in 11 Central and Eastern European (CEE) countries. Thereafter, students discussed the methodology for the surveys and a wealth of data from the surveys as well as other sources. At the end of Session 1, the PFS Program described the use of the surveys and their impact.
During Sessions 2, 3 and 4 students analyzed a number of case studies regarding particular issues in corporate governance and/or CSR that the PFS Program uses in its training programs. The case studies discussed concern companies listed and/or operating in Germany, the Netherlands/the United Kingdom, Poland, Sweden and the United States.
During Session 5, the PFS Program presented step by step the mechanics of writing a case study about an assigned topic.
Through the Workshop, students were introduced to valuable case study writing skills and gained insights into the current status of corporate reporting in Croatia as well as other CEE and SEE countries. They will apply this knowledge in writing case studies about Croatian companies. Also, students who participated in the Workshop may apply for a one-month unpaid internship with the PFS Program in summer 2007. PFS Program interns work on the above-mentioned PFS Program surveys.
To download the Workshop agenda, presentations and list of participants, please click on the links below:
| Agenda - Case Study Writing Workshop - Case Study Writing Project - March 8, 2007.pdf - 33 KB |
| Session 1 - PFS Program Surveys - March 8, 2007.pdf - 412 KB |
| Session 2 - Cases in Point - March 8, 2007.pdf - 36 KB |
| Session 3 - Case in Point - March 8, 2007.pdf - 40 KB |
| Session 4 - Case Study - Issue-based Case Study - March 8, 2007.pdf - 516 KB |
| Session 5 - How to Write a Case Study - March 8, 2007.pdf - 970 KB |
| Geoffrey Mazullo - Brief Bio - March 2007.pdf - 16 KB |
| List of Participants - Case Study Writing Workshop - Zagreb, Croatia - March 8, 2007.pdf - 64 KB |
| Workshop Materials - Case Study Writing Workshop - March 8, 2007.pdf - 2,008 KB |
Wednesday, March 7, 2007
Presentation of Third Annual Croatian Surveys: Investor Relations Online of Leading Croatian Companies – 2006 and Survey of Reporting on Corporate Social Responsibility (CSR) by Leading Croatian Companies - 2006
Zagreb, Croatia
On Wednesday, March 7, 2007 the Zagreb School of Economics and Management (ZSEM) organized a press conference to present the third annual editions of two research surveys: Investor Relations Online of Leading Croatian Companies - 2006; and Survey of Reporting on Corporate Social Responsibility (SR) by Leading Croatian Companies - 2006. The surveys were co-financed by a PFS Program Grant and conducted employing the same methodology used in the PFS Program regional surveys (ongoing since 2001) and country surveys conducted in Czech Republic, Hungary and Poland (2001 – 2004). In 2007, surveys will be conducted for the first time in Bulgaria. Please note that the survey publications may be found under an entry dated March 12, 2007 on the Capital Markets Research page of the PFS Program website and ZSEM’s website.
59 persons attended the conference. The breakdown was as follows: the Deputy Director of Economic Policy Institute, Sofia, Bulgaria; 57 persons representing Croatian business associations, consulting firms, educational institutions, financial institutions, listed companies, media, non-governmental organizations (NGOs) and research institutions; and a representative of Responsible Business Initiative, Serbia.
To download the conference agenda, presentations and the list of partisipants please click on the links below:
Monday, February 12, 2007
Regional Workshop: Case Studies on Corporate Social Responsibility (CSR)
Belgrade, Serbia
On Monday, February 12, 2007 AIESEC Serbia, Responsible Business Initiative Serbia and the Partners for Financial Stability (PFS) Program held a Regional Workshop: Case Studies on Corporate Social Responsibility. 37 students from universities in Belgrade, Kragujevac, Nis, Novi Sad and Sobotica as well as a staff member of Responsible Business Initiative Serbia and two staff members of the USAID SEGA project participated in the Workshop.
The purpose of the Workshop was twofold: (1) to present data on reporting on CSR and corporate governance by listed companies in CEE, including detailed information regarding surveys conducted in Serbia (by Responsible Business Initiative Serbia) and in Croatia (conducted by the Zagreb School of Economics and Management, using the PFS Program methodology and co-financed with PFS Program grants); and (2) to discuss with students case studies involving CSR at real companies from a variety of jurisdictions.
At the outset of the Workshop, Responsible Business Initiative Serbia presented an overview of the surveys it has conducted in Serbia. Thereafter, the PFS Program presented the rationale behind launching its regional surveys: Investor Relations Online and Surveys of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in 11 Central and Eastern European (CEE) countries. Participants discussed the methodology for the surveys and a wealth of data from the surveys as well as other sources. At the end of Session 1, the PFS Program described the use of the surveys and their impact.
In Session 2, the Croatian surveys conducted by the Zagreb School of Economics and Management were presented. In Sessions 3 and 4 participants analyzed a number of case studies regarding particular issues in corporate governance and/or CSR that the PFS Program uses in its training programs. The case studies discussed concern companies listed and/or operating in Germany, the Netherlands/the United Kingdom, Sweden and the United States.
At the end of the Workshop, students were invited to apply for a one-month unpaid internship with the PFS Program in spring/summer 2007. PFS Program interns conduct the PFS Program regional surveys, working with students from other countries under the supervision of PFS Program staff.
To download the Workshop agenda, complete Workshop materials, individual presentations, speaker biographies and list of participants, please click on the links below:
Friday, January 12, 2007 - Sunday, January 14, 2007
Lectures on Corporate Governance
Gdansk, Poland
From January 12-14, 2007 Geoffrey Mazullo, Director, PFS Program gave a series of lectures on corporate governance as part of the School of American Law organized by the Faculty of Law and Administration of the University of Gdansk and Chicago-Kent College of Law.
18 Polish students attended the course. During the three days, students were introduced to the following topics: corporate governance models (Anglo-US, German, Japanese and Polish); disclosure regimes; the legal and self-regulatory framework for corporate governance; and trends in non-financial reporting by listed companies (reporting on corporate governance and reporting on corporate social responsibility [CSR]). Students discussed practical and theoretical aspects of corporate governance in several jurisdictions by analyzing a number of case studies about real companies covering each of the above-mentioned topics.
Through an agreement with the School of American Law, students who attend the lectures and complete the School of American Law program may apply for an internship with the PFS Program. The School of American Law finances part of the costs of the internship, namely travel and accommodation costs of the student/intern. Between summer 2004 and summer 2006, ten graduates of the School of American Law completed a PFS Program internship.
During the one-month unpaid internship, the intern conducts one of the PFS Program’s surveys: Investor Relations Online or Survey of Reporting on CSR by the Largest Listed Companies in CEE. In 2007, a Polish intern or Polish interns will be paired with interns from South East Europe, thereby enhancing both the internship experience and the quality of the PFS Program surveys.
To download the materials presented at the lectures, please click on the links below:
Saturday, December 16, 2006
Regional Workshop – How to Write A Case Study
Zagreb, Croatia
On Saturday, December 16, 2006 Business College VERN’ and the Partners for Financial Stability (PFS) Program held a Workshop entitled, “How to Write a Case Study.” 18 VERN’ faculty members and representatives of two Croatian NGOs participated in the Workshop that took place at VERN’. Unfortunately, representatives of educational institutions in Bosnia and Herzegovina, Poland, Serbia, Slovenia and the United States who were invited to participate in the Regional Workshop were unable to do so for a variety of reasons.
The purpose of the Workshop was to present faculty a wide range of analytical, conceptual, presentation, research and writing skills necessary to write a high-quality, professional case study to be used in teaching university-level students. During the course of the Workshop, participants were presented a wide range of case studies, ranging from brief “cases in point” to full-blown case studies. The Workshop explained in practical terms how a case study should present in-depth material; note comparisons; pose a range of questions; and demonstrate numerous issues. It was also explained that successful in-depth cases also discuss whether the specific situation leads to extrapolation from the specific to the general or whether the general framework leads to identification of a specific particular example. In other words, a case study should explain the relationship of the particular situation to a wider framework such as benchmarks, best practice, international standards, etc.
At the outset of the Workshop, the PFS Program presented the rationale behind launching its surveys: Investor Relations Online and Surveys of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in 11 Central and Eastern European (CEE) countries. Thereafter, participants discussed the methodology for the surveys and a wealth of data from the surveys as well as other sources. At the end of Session 1, the PFS Program described the use of the surveys and their impact.
During Sessions 2, 3 and 4 participants analyzed a number of case studies regarding particular issues in corporate governance and/or CSR that the PFS Program uses in its training programs. The case studies discussed concern companies listed and/or operating in Germany, the Netherlands/the United Kingdom, Poland, Sweden and the United States.
During Session 5, the PFS Program presented step by step the mechanics of writing a case study about an assigned topic.
Each of the Workshop participants was instructed to write two case studies by March 15, 2007: one short case study on the topic assigned to all Workshop participants; and one short case study on a Croatian company or business issue of each participant’s choice.
Assigned moderators will read the case studies during the second half of April 2007. The group will meet again in April 2007 to present, analyze and critique the two sets of case studies.
Through the Workshop, the participants were introduced to valuable case study writing skills that they can immediate apply in practice at VERN’. As a side benefit, they gained insights into the current status of corporate reporting in Croatia as well as other CEE and South East European (SEE) countries.
To download the Workshop agenda, complete Workshop materials, individual presentations, speaker biographies and list of participants, please click on the links below:
| Agenda - Case Study Workshop - VERN - December 16, 2006.pdf - 45 KB |
| Workshop Manual - December 16, 2006.pdf - 1,378 KB |
| Session 1 - PFS Program Surveys - December 16, 2006.pdf - 1,252 KB |
| Session 2 - Cases in Point - December 16, 2006.pdf - 173 KB |
| Session 3 - Case in Point - December 16, 2006.pdf - 107 KB |
| Session 4 - Case Study - Labor Relations - Poland - December 16, 2006.pdf - 183 KB |
| Session 5 - How to Write a Case Study - December 16, 2006.pdf - 211 KB |
| Geoffrey Mazullo - Brief Bio - December 2006.pdf - 16 KB |
| Agnieszka Cenzartowicz - Brief Bio - December 2006.pdf - 11 KB |
| List of Participants - December 16, 2006.pdf - 76 KB |
Wednesday, December 6, 2006
DSW's Fifth International Investors' Conference 2006
Wiesbaden, Germany
On Wednesday, December 6, 2006 the German Shareholders’ Association DSW (Deutsche Schutzvereinigung fuer Wertpapierbesitz e.V.) organized its Fifth International Investors` Conference in Wiesbaden, Germany.
The conference entitled, “Who is responsible? Shareholder Responsibility vs. Corporate Responsibility” covered recent developments in the fields of corporate social responsibility (CSR)/corporate responsibility and socially responsible investing (SRI)/ responsible investing in Germany and abroad.
This was the DSW’s fifth international conference bringing together German, European and international corporate governance experts to discuss recent events, trends and best practice.
Geoffrey Mazullo, PFS Program Director presented PFS Program surveys in a session entitled, “Corporate Responsibility – What is it good for?” Also, the PFS Program co-financed the participation of representatives of the Securities Commission of Republika Srpska (Bosnia and Herzegovina) and the Bucharest Stock Exchange (Romania) in the conference.
The PFS Program and/or PFS Program counterparts have participated in each of the DSW’s International Investor’s Conferences. Participation in this year’s conference contributed to the PFS Program’s ongoing regional initiative in the field of corporate governance. Through it, the PFS Program exposed representatives of the above-mentioned institutions to a wide range of governance issues and increased awareness among conference participants about corporate governance in South East Europe as well as Central Europe. The conference also provided an excellent opportunity to network with German, European and international governance experts.
The conference agenda and presentations as well as additional information about the conference may be found on the Corporate Governance Events page of the DSW website.
Tuesday, November 28, 2006
Roundtable “Responsible Investment: Sustainable Corporate Governance”
Warsaw, Poland
On Tuesday, November 28, 2006 the European Social Investment Forum (Eurosif), the Warsaw Institute of Banking, the Polish Bank Association, the Polish Institute of Directors and the Partners for Financial Stability (PFS) Program organized a roundtable entitled, “Responsible Investment: Sustainable Corporate Governance.”
The aim of the event was to promote greater practical understanding of the impact on investments of corporate Environmental, Social and Governance (ESG) issues. This includes the relationship between these ESG issues and elements ranging from fiduciary duty to extra-financial analysis.
With the growing institutionalization of financial markets in Central, Southern and Eastern Europe, the organizing partners believe that this is the right time to create an opportunity to advance the discussion on the relevance of ESG issues for financial markets and in particular for long-term institutional investors.
There is now increasing consensus that ESG issues affect financial markets, and are particularly relevant for long-term investors. In fact, “Socially Responsible” investors have been developing corresponding expertise for many years now. Various approaches they have taken encompass:
• including ESG issues in financial analysis and stock selection;
• being an “active owner” of stock, meaning establishing a dialogue with investee companies on ESG issues; and
• actively voting shares at AGMs and proposing resolutions when required.
There is also a growing acceptance that it is part of investors’ fiduciary duty to take these issues into account when they could materially affect investment performance.
High-level speakers and expert panelists were invited to the roundtable to present their views and experience in order to raise awareness and spark discussions among participants.
The PFS Program co-financed the participation of representatives of the State Commission for Regulation of Financial Services Markets of Ukraine and the State Securities and Stock Market Commission of Ukraine in the roundtable.
Please visit the Events page of the Eurosif website to learn more about the event and download the agenda as well as roundtable presentations.
Thursday, November 9, 2006 - Friday, November 10, 2006
Triple Bottom Line Investing (TBLI) 2006 Europe Conference
Paris, France
On Thursday, November 9 and Friday, November 10, 2006 Brooklyn Bridge – TBLI Group organized TBLI 2006 Europe. This was the seventh annual conference Brooklyn Bridge – TBLI Group organized in Europe on socially responsible investment (SRI). According to the organizers, “the event attracted over 550 total participants, 120 speakers and the most diverse mix of regional and industry segment participation in its seven-year history.”
Geoffrey Mazullo, PFS Program Director presented PFS Program surveys in a workshop entitled “TBLI Research“ on Thursday afternoon, November 9, 2006. Also, the PFS Program co-financed the conference participation of representatives of the following institutions: Bulgarian Stock Exchange – Sofia (Bulgaria); Varazdin Stock Exchange (Croatia); Bucharest Stock Exchange (Romania); Belgrade Stock Exchange (Serbia); and State Securities and Stock Market Commission of Ukraine (Ukraine).
Participation in this conference significantly contributed to the PFS Program’s ongoing regional initiative in the field of SRI. Through it, the PFS Program exposed representatives of the above-mentioned institutions to a wide range of SRI issues and increased awareness among investors about opportunities for SRI in South East Europe as well as Ukraine. The conference also provided an excellent opportunity to network with a cross section of the SRI community of analysts, asset managers, investors, researchers and trustees.
The conference program and additional information about the conference may be found on the TBLI 2006 Europe website.
Thursday, September 21, 2006 - Friday, September 22, 2006
IIRF Annual Conference – Attracting Capital to Growth Markets and Companies
Warsaw, Poland
On Thursday, September 21 and Friday, September 22, 2006 the International Investor Relations Federation (IIRF) held its annual conference in Warsaw, Poland. The title of this year’s conference was, “Attracting Capital to Growth Markets and Companies.” The event marked the first time that the IIRF held its annual conference outside one of the major financial centers in Western Europe and North America.
The conference program included more than 40 moderators/speakers representing Poland and other European emerging markets as well as other countries worldwide. More than 150 delegates from a wide range of European and other countries participated in the conference. Geoffrey Mazullo, Director, PFS Program presented PFS Program surveys in a breakout session entitled, “Reaching Investors.“
Please click on the following hyperlink to visit the conference website, where you will find the program, information on speakers and sponsors as well as each presentation: IIRF Conference – Warsaw – 2006.
Tuesday, July 4, 2006
Roundtable on Responsible Investment
Budapest, Hungary
On Tuesday, July 4, 2006 OTP Fund Management, the Budapest Stock Exchange and the British Embassy Budapest organized a Roundtable Discussion on Responsible Investment with Hungarian Pension Fund Trustees. The purpose of the event was to raise awareness, and stimulate discussion, amongst Hungarian pension fund trustees about long-term investment responsibilities in the 21st century. The roundtable format encouraged an open discussion among Hungarian institutional investors and their UK counterparts about a wide range of responsible investment issues. Geoffrey Mazullo, Director, PFS Program, participated in the event.
To download the roundtable description and agenda as well as a press release distributed after the roundtable, please click on the links below:
Monday, June 19, 2006 - Tuesday, June 20, 2006
Responsible Investing Forum
Vienna, Austria
On Monday, June 19 and Tuesday, June 20, 2006 Austrian Development Cooperation, the United Nations Development Program (UNDP) and the United Nations Industrial Development Organization (UNIDO) held Responsible Investing – A forum to promote corporate social responsibility and facilitate multi-stakeholder partnerships in Southeast Europe, the New EU Member States and the Commonwealth of Independent States.
Participants representing a wide range of institutions from across the above-mentioned regions attended the forum, held at the Vienna International Center. Geoffrey Mazullo, Director, PFS Program, participated in a Break-out Session on Anti-Corruption and Corporate Governance. The session was moderated by John Sullivan, Executive Director of the Center for International Private Enterprise (CIPE). Other speakers in the session represented the following organizations: Bulgarian International Business Association; SAP AG, Germany; and Transparency International Latvia.
Please click on the following hyperlink to visit the forum website, where you will find an outline of the forum issues, the agenda, speaker biographies, speaker presentations, conference photos and press information: Responsible Investing – Vienna Forum – June 19-20, 2006.
To download the report published after the conference, please click on the link below:
Thursday, June 15, 2006
Corporate Governance Seminar: The Role of the Company Director within a Listed Company
Bucharest, Romania
On Thursday, June 15, 2006 the Bucharest Stock Exchange – Corporate Governance Institute and the PFS Program organized a Corporate Governance Seminar: The Role of the Company Director within a Listed Company.
The seminar was the first joint activity of the Bucharest Stock Exchange – Corporate Governance Institute and the PFS Program. It provided an excellent opportunity for experts from Romania, neighboring South East European countries and other countries to share their practical experiences in this field.
Some 40 participants representing Romanian listed companies, capital market institutions and other organizations as well as representatives of the following institutions attended the: Albania - Tirana Stock Exchange; Bosnia and Herzegovina – Securities Commission of Republika Srpska; Bulgaria – Bulgarian Investor Relations Society and Bulgarian Stock Exchange - Sofia; The Egyptian Institute of Directors; Turkey – Istanbul Stock Exchange; and Ukraine – Financial Services Regulator; and Securities and Stock Market State Commission.
Directors of two listed Romanian companies presented case studies demonstrating best practice in practice. Foreign speakers from Estonia, Sweden, Turkey, the United Kingdom and the United States covered topics including: corporate governance; disclosure; financial reporting; internal control systems; and risk management – managing financial and non-financial risks.
To download the seminar agenda, presentations, speaker biographies and list of participants, please click on the links below:
Thursday, May 18, 2006 - Friday, May 19, 2006
First International Conference of the Banja Luka Stock Exchange: Corporate Governance and Capital Market Development – Five Years of the Banja Luka Stock Exchange
Banja Vrucica, Bosnia and Herzegovina
On Thursday, May 18 and Friday, May 19, 2006 the Banja Luka Stock Exchange organized its First International Conference: Corporate Governance and Capital Market Development – Five Years of the Banja Luka Stock Exchange.
More than 320 participants representing numerous institutions from across Bosnia and Herzegovina, South East Europe (SEE) as well as Central and Eastern Europe participated in the conference. The two-day conference covered a wide range of practical issues related primarily to the Banja Luka Stock Exchange Bosnia and Herzegovina; however, many speakers reported on developments in neighboring SEE countries as well. Presentations included the following: the current status of corporate governance in Bosnia and Herzegovina as well as across SEE – from a variety of perspectives; the legal framework for the capital markets and steps towards harmonization with European Union (EU) legislation; future developments in institutional investment; the current status, trends and future prospects on SEE stock exchanges; and a number of presentations of companies listed on the Banja Luka Stock Exchange. Geoffrey Mazullo, Director, PFS Program, presented data from the PFS Program regional surveys: Investor Relations Online and Survey of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in Central and Eastern Europe.
Please click on the following hyperlink to visit the conference website, where you will find (in English and in Serbian): the conference agenda; presentations; biographies of the speakers; a list of participants, commentaries from participants and speakers; and a description of the conclusions drawn from the respective sessions: http://www.blse.ba/
Monday, April 3, 2006
Conference: Responsible Reporting - Recent Trends Towards CSR Accountability
Brussels, Belgium
On Monday, April 3, 2006 the Employment, Social Affairs and Equal Opportunities Directorate General of the European Commission organized a pan-European conference entitled, “Responsible Reporting – Recent Trends Towards CSR Accountability.”
More than 300 participants representing a wide range of institutions from across Europe attended the conference, held at the European Commission in Brussels. Geoffrey Mazullo, Director, PFS Program, presented data from the PFS Program regional surveys: Investor Relations Online and Survey of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in Central and Eastern Europe.
Please click on the following hyperlink to visit the conference website, where you will find the agenda, presentations and an audio of the proceedings: Conference: Responsible Reporting - Recent Trends Towards CSR Accountability - Monday, April 3, 2006.
Thursday, March 16, 2006
Conference: Best Practices in Good Governance: Experiences from the Public, Non-Profit and Private Sectors
Zagreb, Croatia
On Thursday, March 16, 2006 the Croatian consulting firm MAP Savjetovanja (MAP Consulting), in cooperation with the Croatian Chamber of Commerce and business.hr organized a multi-sectoral conference entitled, “Best Practices in Good Governance: Experiences from the Public, Non-Profit and Private Sectors.” The conference was supported financially by the Charles S. Mott Foundation and World Learning / USAID.
More than 95 persons from a wide range of Croatian institutions, representing the non-profit, private and public sectors, as well as institutions from neighboring countries, participated in the conference, held at the Croatian Chamber of Commerce.
Geoffrey Mazullo, Director, PFS Program, presented data from five years of PFS Program regional surveys: Investor Relations Online and Survey of Reporting on Corporate Social Responsibility CSR) by the Largest Listed Companies in Central and Eastern Europe. Two representatives of the Zagreb School of Economics and Management presented the 2004 and 2005 versions of two Croatian surveys they conducted on the same subjects.
To download the conference agenda, please click on this hyperlink: Agenda - Conference: Best Practices in Good Governance: Experiences from the Public, Non-Profit and Private Sectors – March 16, 2006.
A special edition of business.hr reported on the event. To read the special edition (in Croatian) – please click on the link below:
Tuesday, February 28, 2006
Presentation of Second Annual Croatian Surveys: Investor Relations Online of Leading Croatian Companies – 2005 and Survey of Reporting on Corporate Social Responsibility (CSR) by Leading Croatian Companies - 2005
Zagreb, Croatia
On Tuesday, February 28, 2006 the Zagreb School of Economics and Management organized a press conference to present the second annual edition of two research surveys: Investor Relations Online of Leading Croatian Companies - 2005; and Survey of Reporting on Corporate Social Responsibility (SR) by Leading Croatian Companies - 2005. The surveys were co-financed by a PFS Program Grant and conducted employing the same methodology used in the PFS Program regional surveys (ongoing since 2001) and country surveys conducted in Czech Republic, Hungary and Poland (2001 – 2004).
Approximately 45 persons attended the conference, representing the following institutions: business associations, consulting firms, educational institutions, financial institutions, listed companies, media, non-governmental organizations (NGOs) and research institutions.
To download the presentations, in Croatian and English, please click on the links below:
Thursday, February 16, 2006
Presentation – Reporting on Corporate Governance and Corporate Social Responsibility (CSR) by Listed Companies in Poland and other Central and Eastern European (CEE) Countries
Warsaw, Poland
On Thursday, February 16, 2006 Geoffrey Mazullo, Director, PFS Program gave a presentation on reporting on corporate governance and CSR by listed companies in Poland and other CEE countries to faculty and students of the Leon Kozminski Academy of Entrepreneurship and Management in Warsaw, Poland. The presentation took place at the Academy.
The group engaged in a discussion of the corporate governance case study and data from the PFS Program’s regional surveys of reporting on CSR by listed companies in CEE.
To download the presentations, please click on the links below:
Tuesday, January 24, 2006
Presentation on Business Ethics and Corporate Governance
Budapest, Hungary
On Tuesday, January 24, 2006 Geoffrey Mazullo, Director, PFS Program gave a presentation on business ethics and corporate governance to MBA Students from the Alfred Lerner College of Business and Economics, University of Delaware. The presentation took place at the CEU Business School.
A professor and 12 students from the University of Delaware; one MBA student from CEU Business School; and one PFS Program staff member attended the presentation.
Following the presentation, the group engaged in a discussion of the business ethics/corporate governance case study and data from the PFS Program’s regional surveys of reporting by listed companies in Central and Eastern Europe.
To download the presentation, please click on the links below:
Friday, December 9, 2005 - Sunday, December 11, 2005
Lectures on Corporate Governance
Gdansk, Poland
From December 9-11, 2005 Geoffrey Mazullo, Director, PFS Program gave a series of lectures on corporate governance as part of the Course on American Law organized by the Faculty of Law and Administration of the University of Gdansk and Chicago-Kent College of Law.
29 Polish students/recent graduates and one student from the Graduate School of Economics and Business, Zagreb University, Zagreb, Croatia attended the course. During the three days, participants were introduced to the following topics: corporate governance models (Anglo-US, German, Japanese and Polish); disclosure regimes; the legal and self-regulatory framework for corporate governance; and trends in non-financial reporting by listed companies (reporting on corporate governance and reporting on corporate social responsibility [CSR]). Participants discussed practical and theoretical aspects of corporate governance in several jurisdictions by analyzing a number of case studies about real companies.
To download the materials presented at the lectures, please click on the links below:
Friday, November 11, 2005
Workshop – How to Write a Case Study
Zagreb, Croatia
On Friday, November 11, 2005 the Case Study Writing Project, e-STUDENT, Graduate School of Economics and Business, University of Zagreb, and the Partners for Financial Stability (PFS) Program held a Workshop entitled, “How to Write a Case Study.” 30 students and the Director, Responsible Business Initiative, SMart Kolektiv, Belgrade, Serbia & Montenegro participated in the Workshop.
The purpose of the Workshop was to present students in the Case Study Writing Project a wide range of analytical and writing skills necessary to writing a high-quality, professional case study.
At the outset of the Workshop, the PFS Program presented the rationale behind launching its surveys: Investor Relations Online and Surveys of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in 11 Central and Eastern European (CEE) countries. Thereafter, students discussed the methodology for the surveys and a wealth of data from the surveys and other sources. At the end of Session 1, the PFS Program described the use of the surveys and their impact.
During Sessions 2 and 3, students analyzed a number of case studies regarding particular issues in corporate governance and/or corporate social responsibility (CSR). The case studies discussed concern companies listed and/or operating in Germany, Poland and the United States.
During Session 4, three groups of students presented the case studies they are currently writing on Croatian companies and institutions. Other Workshop participants raised questions and brainstormed about how to analyze, research, write and present the case study.
Through the Workshop, the participants were introduced to valuable case study writing skills and gained insights into the current status of corporate reporting in Croatia as well as other Central and Eastern European (CEE) and South East European (SEE) countries.
To download the Workshop agenda, presentations and list of participants, please click on the links below:
Thursday, November 10, 2005
Workshop – How to Write a Case Study
Zagreb, Croatia
On Thursday, November 10, 2005 the Croatian Employers Association (HUP) and the Partners for Financial Stability (PFS) Program held a half-day Workshop entitled, “How to Write a Case Study.” The purpose of the workshop was to introduce Croatian companies and institutions to the Case Study Writing Project (Graduate School of Business and Economics, Zagreb University), thereby motivating them to agree to be the subject of a future case study.
At the outset of the workshop, managers were introduced to the Case Study Writing Project. Thereafter, the PFS Program presented its ongoing surveys: Investor Relations Online and Surveys of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in 11 Central and Eastern European (CEE) countries. Following these two presentations, workshop participants discussed two brief case studies demonstrating the importance of corporate governance, CSR, disclosure, financial/non-financial reporting and investor relations.
To download the workshop agenda, presentations and list of participants, please click on the links below:
Wednesday, October 19, 2005
Conference: “Trends in Corporate Governance: The American and Polish Perspective”
Warsaw, Poland
On Wednesday, October 19, 2005 the Leon Kozminski Academy of Entrepreneurship and Management and Yale School of Management organized a conference in Warsaw, Poland entitled, “Trends in Corporate Governance: The American and Polish Perspective.” The one-day conference brought together leading academics and professionals (including board members, institutional investors, policy makers and representatives of stock exchanges) to discuss the policy implications of the recent research on corporate governance in Poland and in the United States.
The PFS Program co-sponsored the participation of representatives of the Bucharest Stock Exchange, the New Securities Exchange (NEX) Montenegro and the Varazdin Stock Exchange in the conference.
The conference was a joint project of the Center for Management Studies and TIGER ( Transformation, Integration and Globalization Economic Research), both part of the Leon Kozminski Academy of Entrepreneurship and Management, and the International Institute of Corporate Governance, Yale School of Management.
For more information about the conference, please visit the following page of the TIGER website: http://www.tiger.edu.pl/english/konferencje/main.htm
Friday, June 24, 2005
Conference: “Implementation of Good Corporate Governance – A Common Challenge for Federation of Euro-Asian Stock Exchanges (FEAS) Countries”
Bucharest, Romania
On Friday, June 24, 2005 the Bucharest Stock Exchange, the Center for International Private Enterprise (CIPE), the Federation of Euro-Asian Stock Exchanges (FEAS) and USAID held a conference entitled, “Implementation of Good Corporate Governance – A Common Challenge for FEAS Countries” in Bucharest, Romania.
Participants and speakers included representatives of the above-mentioned co-sponsor organizations as well as representatives of the following institutions: Belgrade Stock Exchange; Bulgarian Stock Exchange – Sofia; Cairo and Alexandria Stock Exchange; Istanbul Stock Exchange; National Securities and Exchange Commission of Romania; OECD; PFS Program; Romanian capital market institutions; Romanian government agencies; and other institutions.
Representatives of the above-mentioned stock exchanges presented country reports from Bulgaria, Egypt, Romania, Serbia and Turkey. Other conference sessions covered topics including: “Building Liquidity through Transparency;” “Key Challenges for the Corporate Governance of State Owned Enterprises;” and a Report from the FEAS Corporate Governance Task Force. Geoffrey Mazullo, Director, PFS Program moderated a panel discussion entitled, “The Value of Corporate Governance Information to Shareholders.”
The conference provided an excellent opportunity for experts from a number of institutions to exchange experiences regarding their respective implementation of international standards and adoption of best practices in corporate governance.
To access the conference presentations, please visit the About BSE page of the
Bucharest Stock Exchange website.
Thursday, June 23, 2005
Conference: “The Impact of Corporate Social Responsibility (CSR) on Brand Value and Corporate Results”
Athens, Greece
On Thursday, June 23, 2005 the publishing company Direction and the Center for Sustainability and Excellence (CSE) organized a conference entitled, “The Impact of Corporate Social Responsibility (CSR) on Brand Value and Corporate Results” in Athens, Greece.
At the beginning of the conference, Professor Nikos Avlonas, Executive Director of (CSE) presented its most recent research survey analyzing the impact of CSR on brand value and corporate results at 60 companies in 18 European countries. Other speakers presented case studies of CSR practices and CSR reporting at a variety of Greek companies. Geoffrey Mazullo, Director, PFS Program presented the PFS Program’s most recent Survey of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companied in Central and Eastern Europe. At the end of the conference, CSE moderated a special interactive case study session that shared best practices and new trends in sustainability reporting.
More than 75 persons representing Greek companies, governmental institutions (including the Ministry of Development) and non-governmental organizations participated in the conference.
To download an English-language synopsis of the CSE survey, please click on the link below:
Friday, June 10, 2005 - Sunday, June 12, 2005
Lectures on Corporate Governance
Gdansk, Poland
From June 10-12, 2005 Geoffrey Mazullo, Director, PFS Program gave a series of lectures on corporate governance as part of the Course on American Law organized by the Faculty of Law and Administration of the University of Gdansk.
In the first lecture, Mr. Mazullo presented the most recent research conducted and co-financed by the PFS Program on reporting on corporate governance and corporate social responsibility (CSR) by listed companies in 11 Central and Eastern European (CEE) countries. Each of the remaining lectures consisted of a case study regarding a particular corporate governance or CSR issue. The case studies discussed concern companies listed and/or operating in Cambodia, China, Columbia, the Netherlands, Poland, the United Kingdom and the United States.
To download the materials presented at the lectures, please click on the links below:
| Agenda - Lectures on Corporate Governance - June 10-12, 2005.doc - 24 KB |
| Session 1A - June 10, 2005.ppt - 1,336 KB |
| Session 2 - June 10, 2005.ppt - 630 KB |
| Session 3 - June 11, 2005.ppt - 521 KB |
| Session 4 - June 11, 2005.ppt - 720 KB |
| Session 5 - June 11, 2005.ppt - 550 KB |
| Session 6 - June 12, 2005.ppt - 550 KB |
| Session 7 - June 12, 2005.ppt - 608 KB |
| Session 8 - June 12, 2005.ppt - 1,059 KB |
Thursday, June 9, 2005
Lecture: “Corporate Governance in Poland – An American Perspective”
Warsaw, Poland
On June 9, 2005 Geoffrey Mazullo, Director, PFS Program gave a lecture entitled, “Corporate Governance in Poland – An American Perspective” at the Embassy of the United States of America in Warsaw, Poland. The lecture was part of the Embassy’s America Presents program.
An audience of some 50 persons attended the lecture, including: members of the American Chamber of Commerce in Poland; representatives of institutions active/interested in Polish capital markets/corporate governance issues; representatives of Polish academic institutions; and staff of the Embassy.
At the outset of the lecture, Mr. Mazullo examined theoretical elements of the Anglo-American, German, Japanese and Polish corporate governance models. Thereafter, he presented data from a wide range of sources regarding the value of corporate governance information to investors/shareholders. At the end of the lecture, he presented the PFS Program’s most recent surveys, thereby comparing the disclosure practices of Polish listed companies with their peers in 10 other Central and Eastern European (EE) countries. Following the lecture, the audience engaged in a lively discussion of corporate governance issues and practices in Poland and other CEE countries as well as in the United States.
To download the presentation, please click on the link below:
Thursday, May 12, 2005
Workshop – How to Write a Case Study
Zagreb, Croatia
On Thursday, May 12, 2005 the PFS Program and the Zagreb School of Economics and Management held a workshop entitled, “How to Write a Case Study.” 20 lecturers, professors and teaching assistants from educational institutions in Bosnia and Herzegovina as well as Croatia participated in the workshop, held at the Zagreb School of Economics and Management.
During the workshop, participants discussed several case studies related to corporate governance and corporate social responsibility of listed companies in Central and Eastern Europe, South Eastern Europe, the European Union and the United States. One goal of the workshop was to brainstorm about sources of information and methodologies for preparing case studies about companies from Central and Eastern Europe as well as South Eastern Europe.
To download the workshop agenda and materials as well as a list of participants, please click on the links below:
Monday, April 25, 2005
Lecture on Corporate Governance in Transition Economies: Compliance, Disclosure and Common Practice
Washington, DC
On April 25, 2005 Geoffrey Mazullo, Director, PFS Program gave a lecture entitled, “Corporate Governance in Transition Economies: Compliance, Disclosure and Common Practice” as part of the International Institute for Securities Market Development organized by the United States Securities and Exchange Commission. Senior staff of securities commissions and stock exchanges from 66 countries attended the Institute, which took place from April 18-28, 2005.
To download the presentation, please click on the links below:
| Presentation - Geoffrey Mazullo, Director, PFS Program - April 25, 2005.ppt - 2,911 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - April 25, 2005 - PART 1.ppt - 689 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - April 25, 2005 - PART 2.ppt - 1,563 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - April 25, 2005 - PART 3.ppt - 1,124 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - April 25, 2005.pdf - 1,189 KB |
Tuesday, March 15, 2005
Presentation to a Delegation from the Government Inspectorate of Vietnam visiting Hungary
Budapest, Hungary
On Tuesday, March 15, 2005 Geoffrey Mazullo, Director, PFS Program gave a presentation entitled, “Corporate and Business Ethics in the Post-Communist Transition” to a delegation from the Government Inspectorate of Vietnam. The presentation included data from surveys conducted and co-financed by the PFS Program as well as information regarding best practice and international standards in business ethics, corporate governance and the promotion of more transparency in corporations in Central and Eastern Europe as well as globally.
The delegation from the Government Inspectorate of Vietnam spent one week in Sweden and one week in Hungary on a study tour sponsored by the Swedish International Development Cooperation Agency (SIDA). The purpose of the study tour was twofold: (1) to study each country’s legislation regarding the prevention and combat of corruption; and (2) to meet with specialists to discuss practical cases and experiences in each country. In Hungary, the discussions focused on anti-corruption experiences in the context of economic transition and transformation, particularly with regard to the privatization of former state-owned enterprises.
To download the PFS Program presentation, please click on the link below:
Wednesday, March 2, 2005
IRRC Proxy Review: Corporate Governance 2005 – Actions and Impact
London, United Kingdom
On Wednesday, March 2, 2005 Investor Responsibility Research Center (IRRC) held a client briefing in London, United Kingdom. The title of the briefing was “IRRC Proxy Review: Corporate Governance 2005 – Actions and Impact.”
Speakers from the following organizations reported on corporate governance developments globally and in specific markets: International Corporate Governance Network (ICGN) – global developments; IRRC – developments in the US; Manifest Information Services Ltd. – developments in the UK; Proxinvest SA – developments in France; and the PFS Program – developments in Central and Eastern Europe as well as South Eastern Europe.
To obtain a copy of the agenda, please visit the following page of IRRC’s website:
http://www.irrc.org/conference/UK_Agenda_0305.pdf.
To download the PFS Program presentation, please click on the links below:
Friday, January 28, 2005
Presentation of Croatian Surveys: Investor Relations Online of Leading Croatian Companies and Survey of Reporting on Corporate Social Responsibility (CSR) by Leading Croatian Companies
Zagreb, Croatia
On Friday, the Zagreb School of Economics and Management organized a press conference to present two research surveys: Investor Relations Online of Leading Croatian Companies; and Survey of Reporting on Corporate Social Responsibility (SR) by Leading Croatian Companies. The surveys were co-financed by a PFS Program Grant and conducted using the same methodology used in the PFS Program regional surveys (ongoing since 2001) and country surveys conducted in Czech Republic, Hungary, and Poland (2001 – 2004).
Approximately 45 persons attended the conference, representing the following institutions: consulting firms, educational institutions, financial institutions, listed companies, non-governmental organizations (NGOs), research institutions, USAID Croatia, and the Zagreb Stock Exchange.
To download the presentations, please click on the links below:
Friday, January 14, 2005 - Sunday, January 16, 2005
Lectures on Corporate Governance
Gdansk, Poland
From January 14-16, 2005 Geoffrey Mazullo, Director, PFS Program gave a series of lectures on corporate governance as part of the Course on American Law organized by the Faculty of Law and Administration of the University of Gdansk.
To download the materials presented at the lectures, please click on the links below:
Tuesday, November 30, 2004
Lectures on Corporate Governance
Warsaw, Poland
On Tuesday, November 30, 2004 Mr. Geoffrey Mazullo, Director, PFS Program, gave two lectures to students in Warsaw, Poland. The lectures were made possible by a travel grant from the US Department of State.
In the morning, Mr. Mazullo gave a lecture entitled, “Reporting on Corporate Governance by Listed Companies in Central and Eastern Europe” to international and Polish students of the School of Management of Warsaw University.
In the afternoon, Mr. Mazullo gave a lecture entitled, “Corporate Governance in Developed Capital Markets and Transition Economies” to Polish students of the Warsaw School of Economics. The lecture was organized by the Youth Forum of the Confederation of Private Employers Leviatan. An article about the lecture appeared on the website of the Youth Forum. Please click on the following link to read the article, in Polish: Corporate Governance on the Border of Business and Politics – Polish.
The lectures were condensed from materials that Mr. Mazullo will present at a weekend course at the Faculty of Law and Administration of the University of Gdansk, Poland in January 2005. The materials will be published on the PFS Program website.
Monday, November 29, 2004
Corporate Governance and Capital Market Regulation in the European Union (EU) – Implications for Poland
Warsaw, Poland
On Monday, November 29, 2004 the Polish Corporate Governance Forum held a conference in Warsaw, Poland entitled, “Corporate Governance and Capital Market Regulation in the European Union (EU) – Implications for Poland.”
Mr. Geoffrey Mazullo, Director, PFS Program, participated in a panel discussion entitled, “How to Improve Corporate Governance in Poland and the EU.” Mr. Mazullo’s participation was made possible by a travel grant from the US Department of State.
To obtain the conference materials published on the website of the Polish Corporate Governance Forum, please click on the link below:
PCGF – Conference – November 29, 2004 – Polish
PCGF – Conference – November 29, 2004 - English
Wednesday, November 10, 2004
Seminar on International Financial Reporting Standards (IFRS) and Reporting on Corporate Social Responsibility (CSR)
Ljubljana, Slovenia
On Wednesday, November 10, 2004 EWMI/PFS Program and the Ljubljana Stock Exchange held a seminar on International Financial Reporting Standards (IFRS) and Reporting on Corporate Social Responsibility (CSR). 76 persons attended the seminar. Participants included representatives of companies listed on the Official Market and the Free Market of the Ljubljana Stock Exchange; representatives of other Slovene companies and financial institutions; representatives of the Securities Market Agency of Slovenia; representatives of the Economics Faculty of Ljubljana University; a representative of the Bulgarian Stock Exchange – Sofia; a representative of the Macedonian Stock Exchange; and representatives of the Varazdin Stock Exchange.
At the seminar, speakers from Slovenia, the UK and the US presented current best practices in various aspects of financial reporting (International Financial Reporting Standards – IFRS) and non-financial reporting, including reporting on corporate governance corporate and corporate social responsibility (CSR). The Ljubljana Stock Exchange presented data regarding the first set of comply and explain statements of Slovene listed companies published on September 30, 2004 in compliance with the Corporate Governance Code implemented on March 18, 2004.
To download the agenda and presentations in English and in Slovene as well as a list of participants, please click on the links below:
| Agenda - Seminar - November 10, 2004.doc - 13 KB |
| IFRS Presentation - November 10, 2004.ppt - 224 KB |
| Session 1 IFRS Current Status - November 10, 2004.pdf - 136 KB |
| Session 1A IFRS Glossary - November 10, 2004.pdf - 96 KB |
| David Cairns - biographical note 2004.pdf - 45 KB |
| Presentation - PFS Program - November 10, 2004 - Part I.ppt - 1,140 KB |
| Presentation - PFS Program - November 10, 2004 - Part II.ppt - 1,223 KB |
| Presentation - PFS Program - November 10, 2004 - Part III.ppt - 1,035 KB |
| Presentation - PFS Program - November 10, 2004 - Part IV.ppt - 459 KB |
| Presentation - PFS Program - November 10, 2004.ppt - 3,737 KB |
| Presentation - PFS Program - November 10, 2004.zip - 3,293 KB |
| Presentation - Economics Faculty - November 10, 2004 - Slovene .ppt - 226 KB |
| Presentation - Ljubljana Stock Exchange - November 10, 2004 - Slovene.ppt - 296 KB |
| List of Participants - Seminar - November 10, 2004.doc - 50 KB |
Monday, September 13, 2004
Investor Relations magazine Central and Eastern Europe Conference & Awards 2004
Budapest, Hungary
On Monday, September 13, 2003 Investor Relations magazine held its third annual Central and Eastern Europe Investor Relations Conference & Awards. This year’s venue was Budapest, Hungary following last year’s event in Warsaw, Poland and the inaugural event in Budapest in September 2001.
The Budapest Stock Exchange and the PFS Program were two of the many sponsors; for the third year in a row, the PFS Program co-financed the independent research that selected the award winners.
Participants representing institutional investors, listed companies, regulatory authorities, self-regulatory organizations, service providers and stock exchanges from across Central and Eastern Europe as well as the European Union and the United States attended. Mr. Mazullo presented the PFS Program’s third semi-annual Survey of Reporting on Corporate Social Responsibility by the Largest Listed Companies in CEE. Please click on this link to Investor Relations magazine to read a list of the companies and individuals who received awards.
Monday, April 26, 2004
Lecture on Corporate Governance in Transition Economies
Washington, DC
On April 26, 2004 Geoffrey Mazullo, Director, PFS Program gave a lecture entitled, “Corporate Governance in Transition Economies” as part of the International Institute on Securities Market Development organized by the United States Securities and Exchange Commission. Senior staff of securities commissions and stock exchanges from 58 countries attended the Institute, which took place from April 19-29, 2004.
To download the presentation, please click on the link below:
Saturday, April 17, 2004 - Sunday, April 18, 2004
Lectures on Corporate Governance
Gdansk, Poland
On April 17-18, 2004 Geoffrey Mazullo, Director, PFS Program gave two lectures on corporate governance as part of the Course on American Law organized by the Faculty of Law and Administration of the University of Gdansk.
To download the materials presented at the lectures, please click on the links below:
Wednesday, March 24, 2004
Second Workshop on Corporate Social Responsibility (CSR): Reporting on CSR by CEE Listed Companies
Budapest, Hungary
On March 24, 2004 the Center for the Social Foundations of Business held the Second Workshop in its series on Corporate Social Responsibility (CSR), entitled “Reporting on CSR by CEE Listed Companies." It took place from 17:00 – 19:00 at the Graduate Business School of the Central European University.
Professor Heather Elms, Associate Professor of Strategy and Ethics, opened the workshop with an introduction to the topic and a brief summary of the first workshop held in November 2003. She placed CSR within the context of the social contracts approach to the corporation and outlined the distinction between the shareholder and the stakeholder models of the corporation. She then posed three questions to the workshop participants:
1. What social responsibilities do corporations have?
2. How should CSR be reported and measured?
3. What social responsibilities do shareholders have?
Mr. Geoffrey Mazullo, Director, PFS Program, presented data surveyed by the PFS Program, namely: The PFS Program’s six Surveys of Online Investor Relations of the Largest Listed Companies in Central and Eastern Europe (CEE), conducted semi-annually since September 2001; and the inaugural Survey of Reporting on CSR by the Largest Listed Companies in CEE, published on the capital markets research page of this website on September 4, 2003.
Mr. Mazullo also presented data from the Survey of Reporting on CSR by Banks, Financial Institutions and Listed Companies in Poland, conducted by The Gdansk Institute for Market Economics and the Survey of Reporting on CSR by Listed Companies in Czech Republic, conducted by The Leadership Forum Prague. (The former was published on the capital markets research page of this website on December 18, 2003; the latter was published on the capital markets research page of this website on March 8, 2004.)
Mr. Jozsef Fucsko, Research Director, Hungarian Environmental Economics Center (MAKK) presented his institution’s Survey of Reporting on CSR by Listed Companies in Hungary. (The full survey may be found on the capital markets research page of this website.)
Mr. Gyorgy Mohai, Deputy CEO, Budapest Stock Exchange, commented on the three presentations. He noted four key issues:
- Fund managers often base their decision on whether or not to invest in a company on the quality of the CEO and senior management.
- The CEO and company management play a key role in implementing CSR policies within the company.
- The company’s industry plays a role in determining its CSR policies.
- The company’s shareholder structure impacts its CSR policies.
CEU students and professors as well as representatives of Hungarian investment firms, Hungarian Non-Governmental Organizations (NGOs), and multinational companies participated in the workshop.
During the question and answer session, speakers and participants debated the distinction between disclosure (reporting) and actual performance. In particular, they raised the question of whether a company’s claims to socially responsible are more important that its actual CSR activities. In this context, it was noted that disclosure is of particular importance for listed companies, the universe of companies covered by the surveys presented here. Participants also discussed which constituencies (consumers, individual Hungarian shareholders, institutional shareholders [Hungarian pension funds; foreign investment funds], regulatory authorities, researchers, students and others) would be most interested in obtaining CSR information from listed companies in Hungary and other CEE countries.
To download the workshop agenda and presentations, please click on the links below:
Thursday, February 19, 2004
Conference on Corporate Social Responsibility
Prague, Czech Republic
On Thursday, February 19, 2004 The Leadership Forum held a Conference on Corporate Social Responsibility in Prague, Czech Republic. At the conference, The Leadership Forum presented its inaugural “Survey of Reporting on Corporate Social Responsibility (CSR) by Listed Companies in Czech Republic.” This research, co-financed by a PFS Program Grant, is part of a comprehensive initiative involving a regional survey of reporting on CSR by the largest listed companies in CEE countries as well as country surveys conducted by research institutions in Czech Republic, Hungary and Poland. (The Polish survey was presented at an CSR seminar in Warsaw on November 19, 2003; the final version of the survey was published (in English and in Polish) on the PFS Program website on December 18, 2003. The Hungarian survey will be presented at a CSR workshop in Budapest on March 24, 2004.)
The conference opened with a presentation of the PFS Program’s Regional Survey of Reporting on Corporate Social Responsibility by the Largest Listed Companies in Six Central and Eastern European Countries. Some data from the above-mentioned Polish country survey was also noted in the presentation. Thereafter, The Leadership Forum presented its Survey of Reporting on Corporate Social Responsibility (CSR) by Listed Companies in Czech Republic. A final session allowed for a panel discussion about the research and brainstorming on possible follow-up activities. Representatives of a variety of Czech, European, international and US organizations attended the conference.
To download the conference presentations, please click on the links below:
Wednesday, February 11, 2004
Corporate Governance Seminar
Vilnius, Lithuania
On February 11, 2004 the PFS Program and the National Stock Exchange of Lithuania held a Corporate Governance Seminar in Vilnius. 58 persons attended the seminar. Participants included representatives of companies listed on the Official List and the Current List of the National Stock Exchange of Lithuania; representatives of companies considering listing on the National Stock Exchange of Lithuania; representatives of Lithuanian brokerage firms and law firms; staff of the National Stock Exchange of Lithuania; two Commissioners of the Lithuanian Securities Commission; representatives of the Lithuanian Central Depositary; two representatives of Riga Stock Exchange; a representative of the Management Board of the Estonian Financial Supervision Authority; and a representative of HEX Tallinn.
At the seminar, a variety of speakers presented developments in corporate governance and experiences with corporate governance codes in other Central and Eastern European countries, the European Union, Germany, Poland, the United Kingdom, the United States and globally. The National Stock Exchange of Lithuania presented its draft Corporate Governance Code.
To download the agenda and presentations in English and in Lithuanian as well as a list of participants, please click on the links below:
| Agenda - Corporate Governance Seminar - February 11, 2004.doc - 25 KB |
| Agenda - Corporate Governance Seminar - February 11, 2004 - LT.doc - 28 KB |
| Presentation - PFS Program - February 11, 2004.ppt - 819 KB |
| Presentation - PFS Program - February 11, 2004 - LT.ppt - 851 KB |
| CV - Geoffrey Mazullo - February 2004.doc - 26 KB |
| CV - Geoffrey Mazullo - February 2004 - LT.doc - 29 KB |
| Presentation - Deminor Rating - February 11, 2004.ppt - 1,756 KB |
| Presentation - Deminor Rating - February 11, 2004 - LT.ppt - 1,779 KB |
| CV - Jean-Nicolas Caprasse - February 2004.pdf - 67 KB |
| CV - Jean-Nicolas Caprasse - February 2004 - LT.doc - 26 KB |
| Presentation - Hermes Pensions Management Ltd. - February 11, 2004.ppt - 394 KB |
| Presentation - Hermes Pensions Management Ltd. - February 11, 2004 - LT.ppt - 381 KB |
| CV - Colin Melvin - Feburary 2004.doc - 21 KB |
| CV - Colin Melvin - February 2004 - LT.doc - 25 KB |
| Presentation - DSW - February 11, 2004.ppt - 57 KB |
| Presentation - DSW - February 11, 2004 - LT.ppt - 55 KB |
| CV - Hans-Detlev Speckmann - February 2004.doc - 20 KB |
| CV - Hans-Detlev Speckmann - February 2004 - LT.doc - 21 KB |
| Presentation - Warsaw Stock Exchange - February 11, 2004.ppt - 192 KB |
| Presentation - Warsaw Stock Exchange - February 11, 2004 - LT.ppt - 177 KB |
| CV - Anna Miernicka - February 2004.doc - 21 KB |
| CV - Anna Miernicka - February 2004 - LT.doc - 22 KB |
| Presentation - Valiunas - February 11, 2004.ppt - 180 KB |
| Presentation - Valiunas - February 11, 2004 - LT.ppt - 180 KB |
| CV - Rolandas Valiunas - February 2004 - LT.doc - 58 KB |
| Presentation - National Stock Exchange of Lithuania - February 11, 2004 - LT.ppt - 206 KB |
| CV - Algirdas Peksys - February 2004 - LT.doc - 529 KB |
| Roundtable Discussion - February 11, 2004.ppt - 202 KB |
| Roundtable Discussion - February 11, 2004 - LT.ppt - 205 KB |
| List of Participants - Corporate Governance Seminar - February 1, 2004.xls - 26 KB |
Wednesday, November 19, 2003
Workshop on Corporate Social Responsibility: Measurement and Reporting
Budapest, Hungary
On November 19, 2003 the Center for the Social Foundations of Business held a workshop entitled, "Corporate Social Responsibility: Measurement and Reporting" from 17:00 – 19:00 at the Graduate Business School of the Central European University.
Professor Heather Elms, Associate Professor of Strategy and Ethics, opened the workshop with an introduction to the subject, outlining the origins of Corporate Social Responsibility (CSR) in the social-contracts approach to the corporation. Professor Elms explained that whereas CSR is consistently viewed as a multi-dimensional construct, measurement to date has largely been either single-dimensional or multiple-dimensional but aggregated, thereby making measurement difficult. Single-dimension measurement does not capture the breadth of the construct and/or doesn’t allow for comparison across companies or industries. Multi- but aggregated-dimension measurement produces a number of difficulties: the meaning and the richness of the data can be lost in details; weighting of the various factors is an issue; dimensions may not correlate and again, it may be difficult to compare across companies or industries. Furthermore, Dr. Elms noted that measurement is very dependent on reporting.
Mr. Geoffrey Mazullo, Director, PFS Program, analyzed the current state of corporate reporting by listed companies in Central and Eastern Europe (CEE). He presented the PFS Program’s semi-annual Surveys of Online Investor Relations of the Largest Listed Companies in CEE, conducted since September 2001, and outlined the background to the inaugural Survey of Reporting on CSR by the Largest Listed Companies in CEE published in September 2003. He described the process whereby the PFS Program developed its standard profile for reporting on CSR, including three categories of information: corporate governance, environmental policy and social policy.
This analysis of concrete data from the region was complemented by two company presentations.
Ms. Zsuzsanna Toth, Social Reporting Manager, British American Tobacco (BAT) described the company’s strategy as follows: “To be recognized as a responsible company in an industry seen as controversial.” She explained BAT’s “Responsible Company Strategy” and described its process of social reporting.
In contrast to this general discussion of CSR, Ms. Beata Kiss, Director, Corporate Affairs, Danone Kft. presented in detail one of the company’s successful social initiatives, the TEGY program. She explained how this program was integrated into Danone’s overall marketing through Cause Related Marketing (CSR) tools.
Following the three presentations, Mr. Karoly Nagy, Human Resources and Public Affairs Manage, Philips Hungary moderated a discussion on the following issues:
- The relationship between CSR and financial performance;
- The impact of the bottom line on CSR;
- The definition of CSR – something extra or something inherent in the company;
- Customer recognition of CRM and the company; and
- Whether CSR improves the company’s attractiveness to future/potential employees.
CEU students and professors as well as representatives of Hungarian companies, Hungarian Non-Governmental Organizations (NGOs) and multinational companies participated in the workshop.
To download the workshop agenda and presentations, please click on the links below:
Friday, November 7, 2003
Seminar on Socially Responsible Business in Poland
Warsaw, Poland
On Friday, November 7, 2003 The Gdansk Institute for Market Economics held a Seminar on Socially Responsible Business in Poland. At the seminar, The Gdansk Institute for Market Economics presented its inaugural “Survey of Reporting on Corporate Social Responsibility (CSR) by Polish Banks, Financial Institutions and Listed Companies.” This research, co-financed by a PFS Program Grant, is part of a comprehensive initiative involving a regional survey of reporting on CSR by the largest listed companies in CEE countries as well as country surveys conducted by research institutions in Czech Republic, Hungary and Poland.
The seminar opened with an in-depth overview of the Polish Survey. Thereafter, the PFS Program’s Regional Survey of Reporting on Corporate Social Responsibility by the Largest Listed Companies in Six Central and Eastern European Countries was presented. Three leading members of Poland’s banking/financial community commented on the research. A final session allowed for a roundtable discussion of the research and brainstorming on possible follow-up activities. Representatives of Polish companies, financial institutions, the financial press, non-governmental organizations and self-regulatory organizations as well as multilateral financial institutions attended the seminar.
The final version of the Polish Survey will be published (in English and in Polish) on the Capital Markets Research page in December 2003.
To download the seminar presentations (in Polish), please click on the links below:
Wednesday, September 17, 2003
Investor Relations magazine Central and Eastern Europe Conference & Awards 2003 –
Warsaw, Poland
On Wednesday, September 17, 2003 Investor Relations magazine held its second annual Central and Eastern Europe Conference & Awards. This year’s venue was Warsaw, Poland following last year’s inaugural event in Budapest.
The Budapest Stock Exchange, the Warsaw Stock Exchange and the PFS Program were three of the many sponsors; for the second year in a row, the PFS Program co-financed the independent research that selected the award winners.
Participants representing institutional investors, listed companies, regulatory authorities, self-regulatory organizations, service providers and stock exchanges from across Central and Eastern Europe as well as the European Union and the United States attended. Mr. Mazullo presented the PFS Program’s most recent Survey of Online Investor Relations of the Largest Listed Companies in CEE and inaugural Survey of Reporting on Corporate Social Responsibility by the Largest Listed Companies in CEE. Please click on this link to Investor Relations magazine’s website to read a list of the companies and individuals who received awards.
Monday, September 15, 2003 - Friday, September 19, 2003
Issuer Disclosure and Corporate Governance Seminar
Tallinn, Estonia
From Monday, September 15 through Friday, September 19, 2003 the United States Securities and Exchange Commission, Estonian Financial Supervision Authority, USAID and the PFS Program conducted a Seminar on Issuer Disclosure and Corporate Governance. The seminar took place in Tallinn, Estonia. 46 participants representing securities commissions and stock exchanges from 18 countries in Central, Eastern and Southeastern Europe as well as the Newly-Independent States attended the seminar. Among the participants were representatives of securities commissions and/or stock exchanges from all eight PFS Program countries: Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic and Slovenia.
To download the agenda, presentations and a list of participants, please click on the links below:
| Agenda - September 15-19, 2003.doc - 52 KB |
| Presentation - IPO and Listing Requirements - September 15, 2003.ppt - 103 KB |
| Presentation - Nonfinancial Disclosure Requirements - September 15, 2003.ppt - 136 KB |
| Presentation - IAS IFRS - September 15, 2003.ppt - 164 KB |
| Presentation - Financial Statements - September 15, 2003.ppt - 132 KB |
| Presentation - Advising on the Public Offer - Tark & Co - September 15, 2003.ppt - 77 KB |
| Presentation - Offering Process - September 15, 2003.ppt - 61 KB |
| Presentation - Processing Disclosure Documents - September 16, 2003.ppt - 85 KB |
| Presentation - Risk Factors - September 16, 2003.ppt - 135 KB |
| Presentation - Management's Discussion and Analysis - September 16, 2003.ppt - 72 KB |
| Presentation - Fraudulent Reporting - September 16, 2003.ppt - 199 KB |
| Presentation - HEX Tallinn - September 16, 2003.ppt - 279 KB |
| Presentation - Detection of Financial Fraud - September 16, 2003.ppt - 160 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - September 16, 2003.ppt - 761 KB |
| Presentation - EU and US Reporting - SOx - September 17, 203.ppt - 209 KB |
| Presentation - Annual Meeting - September 17, 2003.ppt - 62 KB |
| Presentation - Takeover Bids - September 18, 2003.ppt - 116 KB |
| Presentation - Underwriting Arrangements - Analyst Problems - September 18, 2003.ppt - 83 KB |
| Presentation - Best Efforts Underwriting Problems - September 18, 2003.ppt - 83 KB |
| Presentation - Disclosure of C I Schemes - September 18, 2003.ppt - 427 KB |
| Presentation - Investment Funds - September 18, 2003.ppt - 86 KB |
| Survey - Websites of Securities Commissions - Conducted by Digital Strategies Group, Inc.2 - September 2003.ppt - 5,638 KB |
| Presentation - Eesti Telecom - September 19, 2003.ppt - 502 KB |
| Presentation - Timely Disclosure and Insider Trading - September 19, 2003.ppt - 80 KB |
| List of Participants - September 15-19, 2003.doc - 54 KB |
Friday, July 11, 2003
Presentation of Investor Relations Online Revisited - Survey of Websites of Polish Listed Companies - 2003
Warsaw, Poland
On Friday, July 11, 2003 the Warsaw Stock Exchange and the PFS Program held a presentation of the third annual Survey of Online Investor Relations of Polish Companies Listed on the Warsaw Stock Exchange. The survey was commissioned by the PFS Program and conducted by Digital Strategies Group, Inc. It analyzes current Polish practices and compares this year‘s data with the survey completed in 2002. At the beginning of the event, Mr. Geoffrey Mazullo, Director, PFS Program presented the regional surveys of online investor relations of the largest listed companies in eight Central and Eastern European countries. 84 representatives of Polish listed companies and the financial press attended the presentation, held at the Warsaw Stock Exchange.
To download the survey in English and Polish, and Mr. Mazullo’s presentation in Polish, please click on the link below:
Wednesday, March 26, 2003
Corporate Governance Roundtable
Ljubljana, Slovenia
On March 26, 2003 the PFS Program and the Ljubljana Stock Exchange held a Corporate Governance Roundtable in Ljubljana. 50 participants representing Slovene listed companies and representatives of Slovene capital markets institutions, the information technology officer of the National Stock Exchange of Lithuania as well as representatives of several South Eastern European stock exchanges attended the roundtable.
To download the agenda, presentations and a list of participants, please click on the links below.
Thursday, December 12, 2002
Seminar: The Role of Financial Markets in Pension Reform
Bratislava, Slovak Republic
In cooperation with the Bratislava Stock Exchange and the Slovak Association of Securities Dealers, the Partners for Financial Stability (PFS) Program organized a capital markets seminar entitled, "The Role of Financial Markets in Pension Reform" in Bratislava on December 12, 2002. 140 participants from Slovak financial sector institutions, one Czech pensions expert and one Hungarian pensions expert attended the event. The PFS Program brought together experts in a panel that presented the role of financial markets in pension reform in Belgium, Croatia, the European Union, Hungary and Ireland.
To download the agenda and presentations, please click on the links below:
| Agenda - Conference - December 12, 2002.doc - 37 KB |
| Presentation - Social Insurance Agency - December 12, 2002.ppt - 286 KB |
| Presentation - Ludovit Kanik - Ministry of Labour, Social Affairs and Family - December 12, 2002.ppt - 97 KB |
| Presentation - Ivan Svejna - Ministry of Labour, Social Affairs and Family - December 12, 2002.ppt - 68 KB |
| Presentation - Across Investment Services - December 12, 2002.ppt - 223 KB |
| Presentation - DG ECFIN European Commission - December 12, 2002.ppt - 52 KB |
| Presentation - The Pensions Board of Ireland - December 12, 2002.ppt - 139 KB |
| Presentation - East West Management Institute - PFS Program - INPRS - December 12, 2002.ppt - 183 KB |
| Presentation - Agency for Supervision of Pension Funds and Insurance of Croatia - December 12, 2002.ppt - 207 KB |
| Presentation - Pragma Consulting - Belgium - December 12, 2002.ppt - 114 KB |
| Presentation - Slovak Rating Agency - December 12, 2002.ppt - 62 KB |
Monday, September 9, 2002 - Friday, September 13, 2002
Issuer Disclosure and Corporate Governance Seminar
Vilnius, Lithuania
From Monday, September 9 through Friday, September 13, 2002 the United States Securities and Exchange Commission, Lithuanian Securities Commission, USAID and the PFS Program conducted a Seminar on Issuer Disclosure and Corporate Governance. The seminar took place in Vilnius, Lithuania. 54 participants representing securities commissions and stock exchanges from 20 countries in Central, Eastern and Southeastern Europe as well as the Newly-Independent States attended the seminar. Among the participants were representatives of securities commissions and/or stock exchanges from all eight PFS Program countries: Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic and Slovenia.
To download the agenda, presentations and a list of participants, please click on the links below.
| Agenda - Issuer Disclosure and Corporate Governance Seminar - September 9-13,2002.doc - 54 KB |
| Presentation - Commissioner Simonis - Disclosure - September 9, 2002.ppt - 94 KB |
| Presentation - Introduction to Corporation Finance - September 9, 2002.ppt - 410 KB |
| Presentation - An Overview of EDGAR - September 9, 2002.ppt - 407 KB |
| Presentation - Allen & Overy - September 9, 2002.ppt - 61 KB |
| Presentation - Overview of the Public Offering Process in the United States - September 9, 2002.ppt - 52 KB |
| Presentation - Commissioner Surpliene - Disclosure - September 9, 2002.ppt - 105 KB |
| Presentation - Risk Factor Disclosure - September 10, 2002.ppt - 90 KB |
| Presentation - Management's Discussion and Analysis - September 10, 2002.ppt - 82 KB |
| Presentation - NASDR Corporate Financing Review - September 10, 2002.ppt - 42 KB |
| Presentation - Problems with Best Efforts Offerings - September 10, 2002.ppt - 55 KB |
| Presentation - Financial Fraud - September 10, 2002.ppt - 30 KB |
| Presentation - Licensed and Exempt Offerings in Emerging Markets - September 10, 2002.ppt - 17 KB |
| Presentation - Full Disclosure Provisions of the Securities Exchange Act - September 11, 2002.ppt - 59 KB |
| Presentation - Annual Meeting Disclosure Requirements - September 11, 2002.ppt - 39 KB |
| Presentation - Tender Offers and MA - September 12, 2002.ppt - 136 KB |
| Presentation - Timely Disclosure and Insider Trading - September 12, 2002.ppt - 54 KB |
| Presentation - National Stock Exchange of Lithuania - September 12,2002.ppt - 207 KB |
| Presentation - Geoffrey Mazullo, Director PFS Program - September 12, 2002.ppt - 218 KB |
| Presentation - Lideika, Petrauskas, Valiunas and Partner - September 12, 2002.ppt - 179 KB |
| Presentation - Corporate Governance Practices - September 12, 2002.ppt - 110 KB |
| Survey - Websites of 42 Securities Commissions - Conducted by Digital Strategies, Inc. - September 12, 2002.ppt - 5,585 KB |
| List of participants - Vilnius.doc - 99 KB |
Tuesday, May 28, 2002
Forum on Corporate Governance
Sarajevo, Bosnia and Herzegovina
On Tuesday, May 28, 2002 the first working session of the Forum on Corporate Governance was held in Sarajevo, Bosnia and Herzegovina. The working session was dedicated to the topic: “The Law on Business Companies of the Federation of Bosnia and Herzegovina - Three Years Later: What, Why and How to Change?” Participants represented academic institutions; business associations; State Ministries; entity-level Ministries and other government agencies; private sector firms; the Securities Commission of the Federation of Bosnia and Herzegovina; and the Securities Commission of Republika Srpska.
The Comparative Analysis of Corporate Governance and Shareholders’ Rights in Central and Eastern Europe (CEE) drafted by the PFS Program - translated into Bosnian - was one of the materials presented for discussion. Geoffrey Mazullo, Director, PFS Program, gave a presentation about the analysis and other corporate governance issues in CEE countries, the European Union and the US.
To download the presentation in English and in Bosnian, please click on the respective link below:
The entire set of documents from the working session may be found on the website of the Forum on Corporate Governance.
Friday, May 17, 2002
Investor Relations Seminar
Portoroz, Slovenia
On Friday, May 17, 2002 the PFS Program, in cooperation with the Ljubljana Stock Exchange organized a seminar entitled, "Best Practices for Investor Relations Professionals" in Portoroz, Slovenia. 25 participants representing Slovene listed companies, the investment community and regulatory authorities attended the seminar, which was held in conjunction with the Ljubljana Stock Exchange’s 19th Annual Capital Markets Conference.
This seminar was the ninth in a series of investor relations seminars the PFS Program is conducting in cooperation with eight Central and Eastern European Stock Exchanges throughout 2001 and 2002. A total of 424 participants attended the following seminars: Tallinn (June 19, 2001); Riga (October 3, 2001); Budapest (October 10, 2001); Vilnius (November 14, 2001); Prague (December 5, 2001); Warsaw (February 27, 2002); Bratislava (March 26, 2002); Budapest (May 8, 2002); and Portoroz (May 17, 2002).
To download the agenda and presentations, please click on the links below:
Wednesday, May 8, 2002
Investor Relations Seminar
Budapest, Hungary
On Wednesday, May 8, 2002 the PFS Program, in cooperation with the Budapest Stock Exchange, organized a seminar entitled, "Best Practices for Investor Relations Professionals" in Budapest, Hungary. 40 participants representing Hungarian companies, the investment community and regulatory authorities, as well as representatives of the Bratislava Stock Exchange, the Slovak Association of Securities Dealers and the Varazdin OTC Market, Inc. attended the seminar. In October 2001, the Budapest Stock Exchange and the PFS Program held a seminar entitled, “Investor Relations: A Prerequisite for Raising Capital”, in Budapest. This seminar was a follow-up to that event, and covered topics including: International Accounting Standards (IAS); corporate governance; disclosure requirements; online investor relations; and public relations. This event is part of a series of investor relations seminars the PFS Program is conducting in cooperation with Central and Eastern European Stock Exchanges throughout 2001 and 2002.
To download the agenda and presentations, please click on the links below:
| Agenda - Best Practices for Investor Relations Professionals (English).rtf - 14 KB |
| Agenda - Best Practices for Investor Relations Professionals (Hungarian).rtf - 6,885 KB |
| Presentation - David Cairns - May 8, 2002.ppt - 68 KB |
| Presentation - Standard & Poor's - Budapest, Hungary - May 8, 2002.ppt - 189 KB |
| Presentation - ECC Kohtes Klewes GmbH - May 8, 2002.ppt - 2,652 KB |
| Presentation - HFSA - May 8, 2002 (English).ppt - 98 KB |
| Presentation - HFSA - May 8, 2002 (Hungarian).ppt - 81 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - May 8, 2002.ppt - 171 KB |
| Presentation - Investor Relations Magazine - May 8, 2002 .ppt - 489 KB |
Tuesday, March 26, 2002
Investor Relations Seminar
Bratislava, Slovak Republic
On Tuesday, March 26, 2002 the PFS Program, in cooperation with the Bratislava Stock Exchange, organized an Investor Relations seminar in Bratislava, Slovak Republic. Over 40 participants representing Slovak listed companies and the Slovak investment community, as well as participants from Hungary and Poland attended the seminar. The seminar is part of a series of investor relations seminars the PFS Program is conducting in cooperation with Central and Eastern European Stock Exchanges throughout 2001 and 2002.
To download the agenda and presentations, please click on the links below:
| Agenda - Investor Relations Seminar - Bratislava, Slovak Republic - March 26, 2002.rtf - 17 KB |
| Presentation - Geoffrey Mazullo, Director PFS Program - March 26, 2002.ppt - 323 KB |
| Presentation - ISS - March 26, 2002.ppt - 29 KB |
| Presentation - DSW - March 26, 2002.ppt - 60 KB |
| Presentation - Digital Strategies Group - March 26, 2002.ppt - 175 KB |
| Presentation - Investor Relations magazine - March 26, 2002.ppt - 1,049 KB |
| Presentation - Professor Okruhlica - Ekonomicka univerzita (Slovak) - March 26, 2002.ppt - 113 KB |
| Presentation - Barbora Lazarova - Deputy Secretary General - BSSE (Slovak) - March 26, 2002.ppt - 65 KB |
Thursday, March 21, 2002 - Friday, March 22, 2002
Workshop on Financial Analysis and Portfolio Management
Vilnius, Lithuania
On Thursday and Friday, March 21-22, 2002 the PFS Program, in cooperation with the National Association of Financial Brokers of Lithuania and the Polish Association of Brokers and Investment Advisers organized a Workshop on Financial Analysis and Portfolio Management in Vilnius, Lithuania. Seven Latvian, 45 Lithuanian and five Polish participants - representing brokerage firms, investment banks, stock exchanges and capital markets regulatory authorities - attended the workshop. Speakers from Austria and the US shared their expertise and presented case studies for discussion.
A press release about the workshop was published on the website: The Handbook of World Stock, Derivative and Commodity Exchanges. The press release dated March 22, 2002 can be found in the website’s Press Archive.
To download the agenda and presentations, please click on the links below:
| Agenda - Workshop - Vilnius, Lithuania - March 21-22, 2002.doc - 25 KB |
| Presentation - Roderick H. Rumreich - Vilnius, Lithuania - March 21-22, 2002.ppt - 106 KB |
| Presentation - Michael P. Golden - Vilnius, Lithuania - March 21-22, 2002.ppt - 177 KB |
| Presentation - Guenter Faschang, Vontobel Asset Management - Vilnius, Lithuania - March 22, 2002.ppt - 1,525 KB |
| Appendix I - Internet Resources and Recommended Reading.rtf - 12 KB |
Wednesday, February 27, 2002
Investor Relations Seminar
Warsaw, Poland
On Wednesday, February 27, 2002 the PFS Program, in cooperation with the Warsaw Stock Exchange, organized an Investor Relations seminar in Warsaw, Poland. The seminar took place on the premises of the Warsaw Stock Exchange. Some 50 participants representing Polish listed companies and the Polish investment community, as well as representatives of the Hungarian Financial Supervisory Authority, the Lithuanian Securities Commission and the National Stock Exchange of Lithuania attended the seminar. The seminar is part of a series of investor relations seminars the PFS Program is conducting in cooperation with Central and Eastern European Stock Exchanges throughout 2001 and 2002.
To download the agenda and presentations, please click on the links below:
| Agenda - Best Practices for Investor Relations Professionals - Warsaw - February 27, 2002.rtf - 15 KB |
| Presentation - Geoffrey Mazullo, Director PFS Program - February 27, 2002.ppt - 263 KB |
| Presentation - Standard & Poor's - February 27, 2002.ppt - 527 KB |
| Presentation - David Cairns - February 27, 2002.ppt - 68 KB |
| Presentation - ECC Kohtes Klewes GmbH - February 27, 2002.ppt - 483 KB |
| Presentation - Polish Securities and Exchange Commission - February 27, 2002.ppt - 116 KB |
| Calendar of Disclosure Requirements of Publicly-Traded Polish Joint Stock Companies.doc - 558 KB |
| Presentation - Digital Strategies Group - February 27, 2002 .ppt - 176 KB |
| Presentation - Digital Strategies Group (Polish) - February 27, 2002.ppt - 194 KB |
| Presentation - Investor Relations magazine - February 27, 2002.ppt - 217 KB |
Wednesday, December 5, 2001
Investor Relations Seminar
Prague, Czech Republic
On Wednesday, December 5, 2001 the PFS Program, in cooperation with the Prague Stock Exchange, organized an Investor Relations seminar in Prague, Czech Republic. Over 60 participants representing Czech listed companies and the Czech investment community, as well as representatives of the Bratislava Stock Exchange attended the seminar. The seminar is part of a series of investor relations seminars the PFS Program is conducting in cooperation with Central and Eastern European Stock Exchanges throughout 2001 and 2002.
To download the agenda and presentations, please click on the links below:
| Agenda - Investor Relations Seminar - Prague - December 5, 2001.rtf - 1,029 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - December 5, 2001.ppt - 234 KB |
| Presentation - DSW - December 5, 2001.ppt - 58 KB |
| Presentation - Cesky Telecom - December 5, 2001.ppt - 1,128 KB |
| Presentation - Digital Strategies - December 5, 2001.ppt - 169 KB |
| Presentation - ISS - December 5, 2001.ppt - 25 KB |
Wednesday, November 14, 2001
Investor Relations Seminar
Vilnius, Lithuania
On Wednesday, November 14, 2001 the PFS Program, in cooperation with the National Stock Exchange of Lithuania and the Lithuanian Securities Commission, organized an Investor Relations seminar in Vilnius, Lithuania. Over 80 participants representing Lithuanian companies and the Lithuania investment community, as well as representatives of the Warsaw Stock Exchange and the Polish Securities and Exchange Commission attended the seminar. The seminar is part of a series of investor relations seminars the PFS Program is conducting in cooperation with Central and Eastern European Stock Exchanges throughout 2001 and 2002.
To download the agenda and presentations, please click on the links below:
Wednesday, October 10, 2001
Investor Relations Seminar
Budapest, Hungary
On Wednesday, October 10, 2001 the PFS Program, in cooperation with the
Budapest Stock Exchange,
organized a seminar entitled, "Effective Investor Relations - A Prerequisite for Raising Capital" in Riga, Latvia. 50 participants representing Hungarian companies and the Hungarian investment community, as well as representatives of the
Prague Stock Exchange, the
National Stock Exchange of Lithuania, the
Warsaw Stock Exchange, the
Bratislava Stock Exchange and the
Ljubljana Stock Exchange attended the seminar. The seminar is part of a series of investor relations seminars the PFS Program is conducting in cooperation with Central and Eastern European Stock Exchanges throughout 2001.
To download the agenda and presentations, please click on the links below:
Wednesday, October 3, 2001
Investor Relations Seminar
Riga, Latvia
On Wednesday, October 3, 2001 the PFS Program, in cooperation with the
Riga Stock Exchange,
organized a seminar entitled, "Effective Investor Relations - A Prerequisite for Raising Capital" in Riga, Latvia. 30 participants representing Latvian companies and the Latvian investment community, as well as the Director of the Listing Department of the
National Stock Exchange of Lithuania,
attended the event. The seminar is part of a series of investor relations seminars the PFS Program is conducting in cooperation with Central and Eastern European Stock Exchanges throughout 2001.
To download the agenda and presentations, please click on the links below:
Tuesday, June 19, 2001
Investor Relations Seminar
Tallinn, Estonia
In cooperation with the Tallinn Stock Exchange, the PFS Program held an investor relations seminar for Estonian issuers. Presenters included: the investor relations officer of the Estonian bank Hansabank; a representative of the digital investor relations service provider Hanashi IFC; the investor relations officer of the Finnish forestry company UPM-Kymmene; and Geoffrey Mazullo, Director of the PFS Program. The seminar introduced best practices and international standards in corporate financial disclosure and investor relations. Representatives of the Riga Stock Exchange and the National Stock Exchange of Lithuania attended this pilot seminar, which will be repeated in autumn 2001 at several other Central and Eastern European Stock Exchanges.
To download the agenda, presentations and a list of participants, please click on the links below.
Tuesday, June 5, 2001
Capital Markets Seminar
Bratislava, Slovak Republic
In cooperation with the Bratislava Stock Exchange and the Slovak Association of Securities Dealers, the Partners for Financial Stability (PFS) Program organized a capital markets seminar entitled, "Capital Markets in the Slovak Republic: An Alternative for Company Financing" in Bratislava on June 5, 2001. More than 120 participants from Slovak companies and the investment community attended the event. The PFS Program brought together the following experts in a panel that presented the capital markets experiences of neighboring countries to the Slovak audience: the Chief Financial Officer of Concept! AG (listed on the Neuer Markt in Frankfurt, Germany); the investor relations officer of the Hungarian bank OTP (listed on the Budapest Stock Exchange); the Chief Financial Officer of Softbank SA (listed on the Warsaw Stock Exchange); and the Secretary of the Polish Securities and Exchange Commission.
To download the agenda and presentations, please click on the links below:
Friday, October 20, 2000
Seminar: The Developing Capital Markets of Central and Eastern Europe: Prospects for Stock Exchange Reforms and Harmonization
Prague, Czech Republic
On October 20, 2000 the PFS Program, in cooperation with the Institute of Economic Studies, Faculty of Social Sciences, Charles University, organized a seminar entitled, “The Developing Capital Markets of Central and Eastern Europe: Prospects for Stock Exchange Reforms and Harmonization. “ The seminar focused on the current strategic and regulatory challenges facing the Central and Eastern European (CEE) as well as South Eastern European (SEE) stock exchanges. Additionally, panellists and participants from 17 CEE and SEE countries addressed these challenges in the context of globalization.
To download the conference agenda, please click on the link below:
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