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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 v |
