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, October 7, 2005
Updated Database of Contacts in the Field of Socially Responsible Investment (SRI) – October 2005
In mid-September 2005, PFS Program intern Janis Oskajs undertook a research project to update the PFS Program’s Database of Contacts in the Field of Socially Responsible Investment (SRI).
The initial database was published on this page of the PFS Program website on October 25, 2002. It contained contact information about more than 275 organizations engaged in SRI. That database divided the organizations among eight categories. The database was updated in autumn 2004 and the second edition of the database was published on this page of the PFS Program website in February 2005; the second edition contained 726 organizations divided among ten categories.
This third edition of the database, with current information as of September 2005, contains 709 organizations divided among the following ten categories: Academia (32 institutions), Companies/Listed Companies (260), Conferences (16), Financial Institutions (124), Governmental Organizations (51), Indices (6), Media (31 organizations), Non-Governmental Organizations (160), Professional Associations (3), and Rating/Research (26 organizations). The database includes institutions from 40 countries in Africa, Asia, Australia, Europe, North America and South America.
To download the database, please click on the link below:
Tuesday, October 4, 2005
PFS Program’s Fifth Semi-Annual Regional Survey of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in Eleven CEE Countries
Today, the Partners for Financial Stability (PFS) Program publishes its fifth semi-annual Survey of Reporting on Corporate Social Responsibility (CSR) by the Ten Largest Listed Companies (by market capitalization) in 11 Central and Eastern European (CEE) Countries. Companies in Czech Republic, Estonia, Latvia, Lithuania, Slovakia and Slovenia were surveyed for the fifth time; companies in Hungary and Poland were surveyed for the fourth time; and companies in Bulgaria, Croatia and Romania were surveyed for the third time.
Moreover, in response to a request from the Federation of Euro-Asian Stock Exchanges, an analysis of CSR disclosures by the ten largest listed companies (by market capitalization) in Greece and Turkey is included in the survey for the first time.
PFS Program interns Joanna Karnat, Janis Oskajs and Tomasz Zych conducted the survey from July through September 2005.
PFS Program surveys analyze the annual reports and websites of the ten largest listed companies in the above-mentioned 11 CEE countries in order to document the current disclosure practices of this “blue-chip” peer group and identify best practice among the peer group. Whereas the universe of companies surveyed may change over time due to changes in a company’s market capitalization, the semi-annual surveys of reporting on CSR represent a snapshot of this peer group’s CSR disclosure practices on a given day twice a year. Furthermore, by analyzing disclosures in both annual reports and websites, the surveys track the timing of the publication of the annual report and the related yet separate issue of periodic disclosure, namely, how blue-chip companies keep their websites data-rich and up-to-date.
This survey analyzes companies’ disclosures in English (in the English-language annual report and on the English-language company website) during the time period July - September 2005 on the following three topics: corporate governance, environmental policy and social policy. The record date for the disclosures is September 15, 2005.
This survey demonstrates a general increase in the amount of information disclosed in the English-language on a range of issues since the last surveys, conducted in April 2005 and August 2004. In several areas, no significant change was observed; only in a few areas was a slight decrease in the amount of information disclosed observed.
In Latvia, Lithuania, Poland and Slovenia all ten of the companies surveyed have an English-language website; however, companies in Latvia and Lithuania generally do not disclose information on all three topics surveyed. In Hungary, nine of the ten companies have an English-language website. In general, companies in Hungary, Poland and Slovenia are the leaders in disclosing CSR information among the 11 CEE countries surveyed. The level of disclosure among companies in the three non-European Union (EU) member countries (Bulgaria, Croatia and Romania) increased slightly or remained unchanged since the last survey conducted in April 2005.
Survey findings include the following:
· 89% of the companies surveyed have an English-language website (compared with 83% in April 2005 and 84% in August 2004);
· 78% of the companies surveyed have an English-language annual report (compared with 65% in August 2004);
· 79% of the companies surveyed disclose information about their governance structure on their website (compared with 71% in April 2005 and 69% in August 2004);
· 68% of the companies surveyed disclose information about their governance structure in their annual report (compared with 52% in August 2004);
· 48% of the companies surveyed disclose information about their shareholder rights policy on their website (compared with 35% in April 2005 and 46% in August 2004);
· 41% of the companies surveyed disclose information about their shareholder rights policy in their annual report (compared with 44% in August 2004);
· 48% of the companies surveyed mention compliance with environmental standards on their website (compared with 41% in April 2005 and 37% in August 2004);
· 27% of the companies surveyed mention compliance with environmental standards in their annual report (compared with 28% in August 2004);
· 42% of the companies surveyed disclose employee development/benefit policies on their website (compared with 36% in April 2005 and 28% in August 2004); and
· 48% of the companies surveyed disclose employee development/benefit policies in their annual report (compared with 42% in August 2004).
Note: The survey consists of a presentation of data aggregated by country and two separate databases of individual data by company - one database for the ten largest listed companies in each of the 11 CEE countries and a separate database for the ten largest listed companies in Greece as well as Turkey.
To download the survey and the background databases, please click on the links below:
Thursday, September 29, 2005 - Friday, September 30, 2005
Regional Workshop on Prevention of Money Laundering
Kiev, Ukraine
On September 29-30, 2005 the PFS Program, in cooperation with the State Committee for Financial Monitoring of Ukraine conducted a Regional Workshop on Prevention of Money Laundering. This was the seventh in a series of case-study based regional workshops organized by the PFS Program and partner organizations that bring together law enforcement experts from across new and old member states of the European Union (EU), other countries in Central and Eastern Europe (CEE) and the US.
The participant breakdown was as follows: Lithuania – one representative of the Financial Crimes Investigation Service of Lithuania; and Ukraine – 26 representatives of the State Committee for Financial Monitoring, including the heads of seven regional subdivisions, and 18 representatives of other Ukrainian institutions, including the General Prosecutor’s Office, the Ministry of the Interior, Security Service, State Tax Administration, the Supreme Court of Ukraine and two academic institutions that teach criminal law. Speakers included the following: Estonia – one analyst of the Financial Intelligence Unit and one prosecutor; Poland – one judge and one prosecutor; United Kingdom – one barrister and one forensic science/fraud investigator (former policeman); and the United States – the assistant attorney general of the state of Illinois.
On the first day of the Regional Workshop, each of the above-mentioned experts from Estonia, Poland, the UK and the US presented a real case study of a money laundering investigation/prosecution from his/her respective jurisdiction. On the second day, participants presented and debated case studies presented by participants from Lithuania and Ukraine.
The Regional Workshop was conducted in response to a request from the State Committee for Financial Monitoring of Ukraine. In June 2004, three representatives of the State Committee for Financial Monitoring of Ukraine participated in the Regional Workshop on Prevention of Money Laundering organized in Tallinn, Estonia by the PFS Program and the Financial Intelligence Unit of Estonia. As a follow-up to their participation in that event, the PFS Program’s fifth Regional Workshop on Prevention of Money Laundering, the State Committee for Financial Monitoring of Ukraine requested that a future Regional Workshop be organized in Ukraine.
The Regional Workshop succeeded in achieving its aims and the overall goal of this ongoing PFS Program regional initiative, namely:
1. To provide a venue for representatives of various institutions from several countries to discuss real case studies from several jurisdictions;
2. To brainstorm and share experiences in order to develop the most effective strategies to be applied in the respective jurisdiction;
3. To promote in each jurisdiction the implementation of best practice and international standards in combating money laundering; and
4. To establish and strengthen inter-agency relationships on a national level as well as regionally and globally.
To download the agenda, presentations, speaker CVs and list of participants, please click on the links below:
Tuesday, September 6, 2005
PFS Program’s Ninth Regional Survey - Investor Relations Online: Survey of Websites of the Largest Listed Companies in Eleven CEE Countries
Today, the PFS Program publishes its ninth semi-annual survey of online investor relations of the ten largest listed companies (by market capitalization) in eleven Central and Eastern European (CEE) countries. PFS Program interns Joanna Karnat and Tomasz Zych conducted the survey in July and August 2005.
Investor Relations Online: Survey of Websites of the Largest Listed Companies in CEE analyses the websites of the ten largest listed companies (by market capitalization) in Czech Republic Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic and Slovenia for the ninth time and in Bulgaria, Croatia and Romania for the third time. The survey provides current data as of August 15, 2005 and comparisons with the eight previous surveys, published in February 2005, August 2004, February 2004, August 2003, February 2003, August 2002, February 2002 and August 2001. Moreover, in response to a request from the Federation of Euro-Asian Stock Exchanges, a first survey of websites of the ten largest listed companies (by market capitalization) in Greece and Turkey is also published.
The survey demonstrates that online disclosure in CEE has improved since the last survey, conducted in February 2005. In particular, the number of companies with local-language and English-language websites has increased to the highest levels recorded since the PFS Program began its surveys in August 2001.
Survey results include the following:
· In August 2005, 97% of the CEE companies surveyed have a local-language website. This is the highest percentage recorded since the first survey, conducted in August 2001. In February 2005, 95% of the companies surveyed had a local-language website.
· In August 2005, 87% of the CEE companies surveyed have an English-language website. This is also the highest percentage recorded since the first survey. In February 2005, 82% of the companies surveyed had an English-language website. Furthermore, there has been improvement in the underperformers; now, in each of the 11 countries at least 7 of the 10 companies surveyed have an English-language website. In February 2005, in two countries only 6 of the 10 companies surveyed had an English-language website.
The PFS Program surveys analyze the websites of the ten largest listed companies in the above-mentioned eleven CEE countries in order to document the current disclosure practices of this “blue-chip” peer group and identify best practice among the peer group. Whereas the universe of companies surveyed may change over time due to changes in a company’s market capitalization, the ongoing surveys represent a snapshot of this peer group’s disclosure practices on a given day twice a year and thereby provide insights into blue-chip companies’ corporate governance and investor relations practices.
A comparison of the results of the ninth survey of the eleven CEE countries and the first survey of Greece and Turkey includes the following:
· 97% of the companies surveyed in the eleven CEE countries have a local-language website compared with 90% in Greece and 90% in Turkey;
· 87% of the companies surveyed in the eleven CEE countries have an English-language website compared with 90% in Greece and 90% in Turkey;
· 78% of the companies surveyed in the eleven CEE countries provide a list of management online compared with 70% in Greece and 70% in Turkey;
· 40% of the companies surveyed in the eleven CEE countries provide additional information on management online compared with 50% in Greece and 50% in Turkey;
· 69% of the companies surveyed in the eleven CEE countries provide a list of board members online compared with 90% in Greece and 80% in Turkey; and
· 29% of the companies surveyed in the eleven CEE countries provide additional information on board members online compared with 60% in Greece and 50% in Turkey.
The first-time survey of Greece and Turkey enables the comparison of the disclosure practices of the CEE blue-chip peer group with peers in neighboring countries, one an EU member state and the other a neighboring emerging market.
Note: The survey, consisting of databases of results by company and a presentation of the results by country, contains the following information: current data on companies in all eleven CEE countries; separate data on companies in the Eight New Member States of the European Union (EU); separate data on companies in Bulgaria, Croatia and Romania; comparisons of the data from August 2005 with data from the previous surveys conducted in February 2005, August 2004, February 2004, August 2003, February 2003, August 2002, February 2002 and August 2001; and separate data on companies in Greece and Turkey.
To download the survey and the background databases, please click on the links below:
Monday, July 18, 2005 - Friday, July 22, 2005
16TH Warsaw Actuarial Summer School
Warsaw, Poland
From July 18-22, 2005 the 16TH Warsaw Actuarial Summer School took place at the Faculty of Economic Sciences, University of Warsaw. The Summer School is a joint venture of the Faculty of Economic Sciences, University of Warsaw and the Polish Society of Actuaries. This year’s Summer School was the 16th edition of the Summer School, which since 2003 has focused on continuing education of actuaries who have already completed basic academic training in actuarial science. The program included two lectures: statistical methods of data mining; and hedging of life insurance and pension guarantees.
58 participants attended this year’s Summer School, including seven participants from Albania, Latvia, Montenegro, Russia, Serbia and Ukraine. The PFS Program financed the tuition costs of actuaries from public sector institutions in Albania, Montenegro and Serbia.
Tuesday, June 28, 2005 - Wednesday, June 29, 2005
Study Visit for Insurance Regulators from Bulgaria and Serbia to the Polish Supervisory Commission for Insurance and Pension Funds
Warsaw, Poland
On June 28-29, 2005 the PFS Program organized a study visit to the Polish Supervisory Commission for Insurance and Pension Funds (KNUiFE) for insurance regulators from Bulgaria and Serbia. Two insurance regulators from the Bulgarian Financial Supervision Commission and three regulators from the National Bank of Serbia, Insurance Supervision Department participated in the study visit.
Prior to the study visit, the regulators from Bulgaria and Serbia submitted to the PFS Program a list of questions and an impact statement regarding the expected consequences of the study visit. The PFS Program forwarded these documents to KNUiFE in order for it to prepare for the study visit.
Over the course of two days, the colleagues from Bulgaria and Serbia met with a total of more than 20 insurance regulators from the following departments of KNUiFE: Commission Bureau; Communication and European Integration Department (Consumer Protection Unit); Information Systems and Supervision Standards Department; Legal-Authorization Department; Life Insurance Supervision Department; Non-Life Insurance Supervision Department; Intermediaries Supervision Department; and Pension Funds Supervision Department.
The Polish regulators prepared a number of tailor-made presentations for the visit. In addition, in order to answer questions raised by the Bulgarian and Serbian colleagues, they directed them to documents available on the KNUiFE website.
Impact: The study visit was organized in response to specific requests from the Bulgarian and Serbian insurance regulators. During the May 2004 PFS Program financial sector assessment visit to Bulgaria, the Bulgarian Financial Supervision Commission requested that the PFS Program organize secondments for its staff to financial sector regulatory and supervisory authorities in the new member states of the European Union (EU). During the February 2005 PFS Program financial sector assessment visit to Serbia, the National Bank of Serbia, Insurance Supervision Department requested that the PFS Program organize a study visit to Poland to learn from the Polish experience in insurance regulation/supervision.
The study visit enabled the insurance regulators from Bulgaria and Serbia to analyze the Polish experience in insurance regulation and supervision. It also provided a first hand understanding of how KNUiFE implemented EU directives, best practice and international standards (for example, those proposed by the International Association of Insurance Supervisors [IAIS].) Furthermore, the study visit promoted the exchange of experiences, information and strategies between the Bulgarian and Serbian colleagues.
As a follow-up to the study visit, the PFS Program provided the insurance regulators from Bulgaria and Serbia with information on the Warsaw Actuarial Summer School.
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:
Wednesday, May 18, 2005 - Thursday, May 19, 2005
Seminar on Internal Audit of Central Banks
Ljubljana, Slovenia
On Wednesday, May 18 and Thursday, May 19, 2005 the Center of Excellence in Finance (CEF) and the PFS Program held a Seminar on Internal Audit of Central Banks at the CEF in Ljubljana, Slovenia.
Internal auditors from the following institutions presented their respective internal audit operations, policies and practices: Bank of Slovenia; National Bank of Poland; Office of the City Controller - City of Philadelphia; and Office of the Inspector General of the Board of Governors of the Federal Reserve System.
Seven internal auditors representing the following institutions participated in the seminar: Banking and Payments Authority of Kosovo, Bulgarian National Bank, Central Bank of Montenegro, Croatian National Bank and National Bank of Serbia.
The seminar provided an excellent opportunity for internal auditors from the above-mentioned countries/institutions to identify international standards, exchange/share experiences and discuss strategies for implementing best practices.
To download the seminar agenda, presentations and speaker CVs, please click on the links 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:
Tuesday, May 10, 2005
Fourth Semi-Annual Survey of Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in Central and Eastern Europe
Budapest, Hungary
Today, the Partners for Financial Stability (PFS) Program publishes its fourth semi-annual Survey of Reporting on Corporate Social Responsibility (CSR) by the 10 Largest Listed Companies (by market capitalization) in eleven Central and Eastern European (CEE) countries. Companies in Czech Republic, Estonia, Latvia, Lithuania, Slovakia and Slovenia were surveyed for the fourth time; companies in Hungary and Poland were surveyed for the third time; and companies in Bulgaria, Croatia and Romania were surveyed for the second time.
The survey was conducted by PFS Program interns Szymon Gawel, Monika Sowinska and Dominika Sipowicz.
The survey analyzes companies’ disclosures in English on the English-language company website and in the English-language annual report during April 2005. It documents a generally similar level of disclosure on company websites to that observed in August 2004 across all three information categories analyzed – corporate governance, environmental policy and social policy. However, in certain countries, availability of English-language websites has increased. Also, corporate governance codes significantly impact reporting on corporate governance issues in certain countries.
In Latvia, Lithuania and Slovenia all 10 of the companies surveyed have an English-language website; however, companies in Latvia and Lithuania generally did not disclose information on all three categories surveyed. In Hungary, nine of the 10 companies have an English-language website. In general, companies in Hungary, Poland and Slovenia disclosed the most information online. The level of disclosure decreased in Bulgaria and Romania, perhaps due to the fact that due to changes in market capitalization the universe of companies surveyed changed significantly. Approximately half of the companies in each country were surveyed for the first time. By contrast, the level of disclosure improved in Croatia.
Survey findings include the following:
· 83% of the companies surveyed have an English language website (compared with 86% in August 2004 and 85% in April 2003);
· 71% of the companies surveyed disclose information about their governance structure on their websites (compared with 69% in August 2004 and 50% in April 2004);
· 41% of the companies surveyed mention compliance with environmental standards on their websites (compared with 37% in August 2004 and 28% in April 2004);
· 37% of the companies surveyed disclose information about sponsorships on their websites (compared with 28% in August 2004 and 31% in April 2004); and
· 20% of the companies surveyed note compliance with a corporate governance code on their websites (whereas in August 2004 the percentage was 7%).
Comparisons with disclosure in annual reports is not as relevant in this survey, since as of April 15, 2005 many companies have not yet published their 2004 annual report online. However, it should be noted that Estonia is the clear exception in the region. By April 15, 2005 each of the 10 Estonian companies surveyed had published an English-language version of their annual report online. However, it should be noted that in many cases the annual report is only available on the website of the Tallinn Stock Exchange. Nevertheless, in each of the four surveys to date, all 10 Estonian companies provided electronic versions of their annual report online. This was not the case in any of the other 10 countries.
The fifth survey, to be published in August 2005, will compare disclosure in annual reports with disclosures made in August 2004. It will also continue to track trends in reporting on company websites.
To download the background database and the survey, 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 |
Thursday, March 31, 2005
Conclusion of PFS Program Regional Activities in the Three Baltic Republics
Washington, DC and Budapest, Hungary
On March 31, 2005 the PFS Program – Baltic Republics, jointly funded by the United States Department of State and EWMI, concluded regional activities in the three Baltic Republics - Estonia, Latvia and Lithuania. The PFS Program – Baltic Republics, jointly funded by the United States Department of State and EWMI, began on January 1, 2004. Over the course of 15 months, the PFS Program conducted several regional training programs in the three Baltic Republics related to: corporate governance; internal audit of financial sector regulatory and supervisory authorities; International Financial Reporting Standards (IFRS); and prevention of money laundering. In addition, the PFS Program provided one grant to a non-governmental organization in each of the three Baltic Republics to co-finance a financial sector research project. Information about each of the above-mentioned activities may be found on the respective country page and the respective substantive page of the PFS Program website as well as on the news update pages for 2004 and 2005.
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:
Monday, March 7, 2005 - Tuesday, March 8, 2005
Regional Workshop on Prevention of Money Laundering
Riga, Latvia
On March 7-8, 2005 the PFS Program conducted a Regional Workshop on Prevention of Money Laundering in Riga, Latvia. This was the sixth in a series of case-study based regional workshops organized by the PFS Program that bring together law enforcement experts from across new and old member states of the European Union (EU) and the US.
The participant breakdown was as follows: Estonia – one judge and one prosecutor; Latvia – eight judges; Poland – two judges and one prosecutor; UK - one barrister; Ukraine – two judges; and US – one judge and two prosecutors.
On the first day of the workshop, specialists from Estonia, Poland the UK and the US presented case studies demonstrating a range of issues and experiences in combating money laundering. On the second day, participants debated case studies presented by participants from Poland and Ukraine. This in-depth discussion of real life situations from the two jurisdictions, complemented by insights offered by Estonian, Polish, UK and US practitioners, proved to be an extremely fruitful exercise, enabling the exchange of lessons learned and identification of best practices.
To download the agenda, presentations, speaker CVs and list of participants, please click on the links 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:
Wednesday, March 2, 2005
Investor Relations Online: Survey of Websites of the Largest Listed Companies in CEE
PFS Program Intern Szymon Gawel conducted the PFS Program’s eighth semi-annual survey of online investor relations of the 10 largest listed companies (by market capitalization) in Central and Eastern European (CEE) countries. In addition to Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic and Slovenia this survey includes Bulgaria, Croatia and Romania for the second time.
The survey demonstrates slightly improved online disclosure by the largest listed companies in the eight new member states of the European Union (EU) and slightly poorer yet generally stable second time survey results in the three EU-accession countries.
Investor Relations Online: Survey of Websites of the Largest Listed Companies in CEE analyses the websites of the ten largest listed companies (by market capitalization) in each of the following CEE countries: Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovak Republic and Slovenia. The survey provides current data as of February 21, 2005 and comparisons with the seven previous surveys, published in August 2004, February 2004, August 2003, February 2003, August 2002, February 2002 and August 2001.
As in the most recent survey, the percentage of companies with a local-language website remains at 95%. In August 2004, 95% of the companies surveyed had a website.
In February 2005, 82% of the companies surveyed have an English-language website, in comparison with 84% in August 2004.
When taken as a group of eleven countries, the results in all categories surveyed remained relatively stable. However, when analyzing the eight new member states of the European Union (EU) separately, a slightly improved disclosure policy can be observed.
Survey findings of the eight new member states of the EU include the following:
97% of the companies surveyed have a local language website (compared with 95% in August 2004);
87% have an English-language website (compared with 84% in August 2004);
80% provide a list of management online (compared with 84% in August 2004);
43% provide additional information on management online (compared with 38% in August 2004);
70% provide a list of board members online (compared with 70% in August 2004); and
29% provide additional information on board members online (compared with 23% in August 2004).
Three of the 110 companies surveyed provide information about the number of shares owned by each member of management and the supervisory board.
The findings of this second survey of companies in Bulgaria, Croatia and Romania show a slight decease in online disclosure in comparison with August 2004; however, in general the thresholds are rather stable.
The PFS Program hopes that the surveys represent an ongoing contribution towards independent research in these eleven CEE countries. A research paper produced by the working group Independent Research Think Tank and published on February 11, 2005 called for more independent research in the EU. George Möller, chief executive of Robeco, and leader of the working group, opines, “Independent research is an important element in the maintenance of integrity in the marketplace, as it offers investors a neutral analysis of a company’s prospects.”
To download the survey and the background database, please click on the links below:
Thursday, February 24, 2005 - Friday, February 25, 2005
PFS Program Southeastern Europe (SEE) Regional Workshop – Deepening Financial Markets: A Regional Vision for SEE
Sofia, Bulgaria
On February 24-25, 2005 the PFS Program hosted a two-day workshop in Sofia, Bulgaria to discuss regional approaches to developing a more competitive, dynamic and sustainable financial sector in Southeast Europe (SEE). The goal of this workshop was to cast a regional vision for SEE financial sector development by helping participants understand the catalytic role of regional activities in deepening financial markets. By providing opportunities for regional collaboration and knowledge sharing, regional activities can both accelerate reform within a specific country and promote greater regional harmonization of standards and market integration. During the workshop, findings were presented from nine financial sector assessments recently conducted in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Macedonia, Romania and Serbia and Montenegro. Also, separate sessions included presentations on the following subjects: banking, capital markets, financial sector research, insurance and pension reform.
To download the agenda, presentations and list of participants, please click on the links below:
| PFS Program - SEE Regional Workshop - AGENDA- February 24-25, 2005.doc - 42 KB |
| CV - Geoffrey Mazullo - February 2005.doc - 22 KB |
| Presentation - Mr. Geoffrey Mazullo - PFS Program - February 24-25, 2005.ppt - 415 KB |
| CV -Camelia Sota- February 2005.doc - 21 KB |
| Presentation - Ms. Camelia Sota - Banca Commerciala Romana - February 24-25, 2005.ppt - 3,795 KB |
| CV - Petar Stankov - February 2005.doc - 21 KB |
| Presentation - Mr. Petar Stankov - CED - February 24-25, 2005.ppt - 132 KB |
| CV - Rita Ilisson - February 2005.doc - 22 KB |
| Presentation - Ms. Rita Ilission - IASB SAC - February 24-25, 2005.ppt - 132 KB |
| CV - Krunoslav Srpak - February 2005.doc - 23 KB |
| Presentation - Mr. Krunoslav Srpak - VSE - February 24-25, 200.ppt - 262 KB |
| CV - Duro Njavro - February 2005.doc - 20 KB |
| Presentation - ZSEM - February 24-25, 2005.ppt - 1,599 KB |
| CV - Petra Alexandru - February 2005.doc - 20 KB |
| Presentation - Ms. Petra Alexandru - BSE - February 24-25, 2005.ppt - 186 KB |
| CV - James Satterfield - February 2005.doc - 21 KB |
| CV - Bryan Stirewalt - February 2005.doc - 25 KB |
| Presentation - Mr. Bryan Stirewalt - BearingPoint - February 24-25, 2005.ppt - 194 KB |
| CV - Raivo Linnas - February 2005.doc - 22 KB |
| Presentation - Mr. Raivo Linnas - EFSA - February 24-25,2005.ppt - 227 KB |
| CV - Kori Udovicki - February 2005.doc - 24 KB |
| Presentation - Ms. Kori Udovicki - CEVES - February 24-25, 2005.ppt - 73 KB |
| CV - Petar Ivanovic - February 2005.doc - 26 KB |
| Presentation - Ms. Dragana Radevic - CEED - February 24-25, 2005.ppt - 710 KB |
| CV - Fahrudin Nalo - February 2005.doc - 21 KB |
| Presentation - Mr. Fahrudin Nalo - SO - February 24-25, 2005.ppt - 86 KB |
| CV - Bojana Vukasinovic - February 2005.doc - 20 KB |
| Presentation - Ms. Bojana Vukasinovic - USAID - February 2005.ppt - 116 KB |
| CV - Rosa Chiappe - February 2005.doc - 21 KB |
| Presentation - Ms. Rosa Chiappe - BearingPoint - February 24-25, 2005.ppt - 1,139 KB |
| CV - Piotr Tanski - February 2005.doc - 22 KB |
| Presentation - Mr. Piotr R. Tanski - KNUIFE - February 24-25,2005.ppt - 940 KB |
| CV - Bisser Petkov - February 2005.doc - 21 KB |
| Presentation - Mr. Bisser Petkov - BFSA - February 24-25, 2005.ppt - 1,536 KB |
| List of Participants - PFS Program SEE Regional Workshop - February 24-25, 2005.doc - 32 KB |
Tuesday, February 22, 2005
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 Tuesday, February 22, 2005 the Zagreb School of Economics and Management published 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 are part of a wider regional initiative organized by the PFS Program. Each survey was conducted using the same methodology used in the PFS Program regional surveys conducted semi-annually since 2001 and in country surveys conducted in Czech Republic, Hungary, and Poland in 2001-2004.
The Survey – Investor Relations Online was conducted in autumn 2004. It investigates Croatian- and English-language information available on the websites of 43 leading Croatian companies.
The Survey of Reporting on CSR by Leading Croatian Companies was also conducted in autumn 2004. It investigates Croatian-language information available in the 2003 annual reports, prospectuses and websites of 43 leading Croatian companies.
The companies surveyed include: all companies with bonds or shares listed in the first quotation of the Zagreb Stock Exchange and the Varazdin Stock Exchange; all companies with significant market capitalization or turnover in the public companies listings, and the major financial institutions and public utilities.
Survey findings include the following:
· A high percentage (91%) of the companies surveyed have a website. The same percentage has websites in English.
· 53% of the companies surveyed provide the names of their management, but only 9% disclose additional information, such as a short biography.
· 40% of the companies surveyed provide their annual financial reports on their websites. The results for semi-annual and quarterly financial reports were dramatically different: only one of the companies surveyed (2%) provides these reports.
· 33% of the companies surveyed provide the names of their supervisory board members, but only 7% disclose any additional information on them.
· 28% of the companies surveyed describe their shareholding structure on their websites.
To download the surveys, please click on the links below:
Saturday, February 19, 2005
Implementation of International Financial Reporting Standards (IFRS) by Listed Companies in the Three Baltic Republics
Tallinn, Estonia
During the second half of 2004, Rita Ilisson conducted a research project entitled, “Implementation of International Financial Reporting Standards (IFRS) by Listed Companies in the Three Baltic Republics.” The research project was co-financed by a PFS Program Grant.
Preliminary findings from the research were presented at a seminar entitled, “Application of and Compliance with International Financial Reporting Standards” organized by the PFS Program, in cooperation with the Tallinn Stock Exchange (OMX Exchanges), on October 27, 2004 in Tallinn, Estonia. The final research report was completed in December 2004 and submitted to the PFS Program for publication in late January 2005.
The research project consists of the following components: a background paper outlining the rationale for the research project; a paper presenting the overall findings; a paper presenting the research conducted of the financial statements of companies listed on the Riga Stock Exchange; a paper presenting the research conducted of the financial statements of companies listed on the Vilnius Stock Exchange; a paper presenting the research conducted of the financial statements of companies listed on the Tallinn Stock Exchange; and one appendix. To download the documents, please click on the links below.
Thursday, February 17, 2005
Database of Socially Responsible Investment (SRI) Funds
From October through December 2004, PFS Program Intern Vivien Vegh compiled the PFS Program’s first Database of Socially Responsible Investment Funds (SRI) Funds. The database complements the (Updated) Database of Contacts in the Field of Socially Responsible Investment (SRI) compiled in autumn 2004 and published on the PFS Program website on February 16, 2005. (See below.)
The database includes 478 SRI funds from 48 countries in Africa, Asia, Australia, Europe, North America and South America. It is meant to complement databases compiled and research conducted by other institutions. For example, in November 2004 Sustainable Investment Research International (SiRi) Company published a report entitled, “Green, social and ethical funds in Europe 2004” presenting data as of June 30, 2004.
To download the database, please click on the link below:
Wednesday, February 16, 2005
Updated Database of Contacts in the Field of Socially Responsible Investment (SRI) – February 2005
From mid-September through mid-October 2004, PFS Program Malgorzata Kapusta undertook a research project to update the PFS Program’s Database of Contacts in the Field of Socially Responsible Investment (SRI).
The initial database was published on this page of the PFS Program website on October 25, 2002. It contained contact information about more than 275 organizations engaged in SRI. That database divided the organizations among eight categories.
The new database contains 726 organizations divided among the following ten categories: Academia (31 institutions), Companies/Listed Companies (258), Conferences (10), Financial Institutions (121), Governmental Organizations (55), Indices (7), Media (34 organizations), Non-Governmental Organizations (185), Professional Associations (3), and Rating/Research (22 organizations). The database includes institutions from 32 countries in Africa, Asia, Australia, Europe and North America. The growth in the number of organizations identified in this database through a range of public sources, primarily Internet and print media, demonstrates that during the past two years a wide group of constituencies have begun to address SRI issues.
During the process of updating the database, the PFS Program decided to create a separate database of SRI funds. (Please see the above entry dated February 17, 2005.)
To download the database, please click on the link 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:
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