Monday, December 17, 2007
Updated Database of Contacts in the Field of Socially Responsible Investment (SRI) – December 2007
From mid-November until mid-December 2007, PFS Program Assistant Magdalena Grabowska updated 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 whose SRI activities were reported online and/or in the financial press. The initial database divided the organizations among eight categories.
Thereafter, the database was updated four times. A second edition of the database was published on February 16, 2005; it contained 726 organizations divided among ten categories. A third edition of the database was published on October 7, 2005; it contained 709 organizations divided among ten categories. A fourth edition of the database was published on June 2007; it contained 793 organizations divided among ten categories.
This fifth edition of the database, with current information as of December 17, 2007, contains 799 organizations divided among the following ten categories: Academia (35 institutions), Companies/Listed Companies (244), Conferences (38), Financial Institutions (126), Governmental Organizations (49), Indices (6), Media (51), Non-Governmental Organizations (177), Professional Associations (33) and Rating/Research (40). It includes institutions from 48 countries in Africa, Asia, Australia, Europe, North America and South America.
The large number of organizations included in the current database demonstrates that a growing number of institutions are engaged in SRI. For example, the number of conferences has doubled since the first database was compiled. Also, the number of organizations providing rating/research services has increased significantly. In addition, a growing number of professional associations now address SRI issues.
In addition to the institutions who were already recognized SRI leaders in 2002, the current edition of the database includes many new organizations, some of which are recently-established and others which have become known to the PFS Program over the past three years. The current edition includes all PFS Program partners engaged in corporate governance, corporate social responsibility (CSR) and/or SRI initiatives as well those organizations included in the PFS Program’s distribution list. To download the database, please click on the link below:
Monday, December 10, 2007
100,000th New Visitor to the Homepage of the PFS Program Website
On Monday, December 10, 2007 the 100,000th new reader visited the homepage of the PFS Program website.
The PFS Program website was launched in 2000. A counter was installed on July 16, 2001.
Traffic on the PFS Program website grew steadily during the first five years of the PFS Program’s activities. Over the past two years and particularly during 2007, traffic on the PFS Program website has skyrocketed. Since May 2007, the entire PFS Program website registered over 19,000 visits and between 70,000 and 90,000 hits each month. Readers from more than 60 countries visited the PFS Program website each month since May 2007. In November 2007 the entire PFS Program website registered 19,702 visits and 113,635 hits.
On Sunday, March 18, 2007 the 50,000th new reader visited the homepage of the PFS Program website. Whereas it took six years to reach the 50,000 visitor milestone, it took less than 10 months to pass from the 50,000 visitor milestone to the 100,000 visitor milestone.
The PFS Program actively uses its website as an effective medium for disseminating information to counterparts across South East Europe, Central and Eastern Europe, the United States, the European Union and globally.
Thursday, December 6, 2007
OMX Nordic Exchange announces winners of The Baltic Market Awards
Tallinn, Estonia; Riga, Latvia; and Vilnius, Lithuania
On Thursday, December 6, 2007 OMX Nordic Exchange announced the winners of The Baltic Market Awards 2007, recognizing the best practices in investor relations in Baltic securities market. TEO LT from Lithuania was awarded for the Best Investor Relations in the Baltic Countries, while Hansapank from Estonia won the title of Member of the Year.
“Mainstream and targeted investors increasingly make portfolio allocation decisions on the basis of a wide range of financial and non-financial criteria. Therefore, investor relations is crucial, particularly in emerging markets. Good investor relations keeps investors and stakeholders continually informed about a company’s position; ultimately, investor relations can serve as a magnet to attract investors. The Baltic Market Awards recognize excellence in investor relations according to best practice and international standards in financial and non-financial reporting,” according to Geoffrey Mazullo, Chairman of the Baltic Market Awards Evaluation Committee and Director of the Partners for Financial Stability (PFS) Program, East-West Management Institute.
The winners of other categories were:
• Eesti Telekom: The Best Investor Relations in Tallinn
• TEO LT: The Best Investor Relations in Vilnius
• SAF Tehnika: The Best Investor Relations in Riga and The Best Investor Relations among Small Cap Companies
• Olainfarm: The Best Investor Relations Online.
This year awards were also given in two new categories:
• Sanitas won the award for The Best Annual Report
• Silvano Fashion Group won award for The Most Visible Improvement over the Year in investor relations.
In 2007, listed companies on the Nordic Exchange’s Baltic Market improved their performance considerably; the overall results in 2007 improved by almost 20% vis-à-vis 2006. The evaluation committee of The Baltic Market Awards this year analyzed 69 companies. In some categories, the competition was extremely strong.
The most visible improvements this year are seen in annual reports, periodic reports and in companies’ corporate web pages. The progress can be attributed largely to The Baltic Market Awards project, through which companies that want to improve their investor relations receive technical know-how through individual meetings with specialists from the Nordic Exchange’s Baltic Market.
The Baltic Market Awards was introduced by the Nordic Exchange in 2006 to identify and encourage the best Baltic market participants, and to improve the overall standard of investor relations among listed companies.
Both issuers and members are evaluated against specifically defined evaluation criteria; the results are unbiased. The member evaluation was based on quantitative criteria related to their activity on the market – turnover in equity, turnover in fixed income, number of deals, etc.
Issuers were evaluated using only publicly available information in English; the evaluation comprises five criteria groups: annual report, interim reports, ongoing corporate disclosures, company website and investor evaluation.
The members of the Evaluation Committee represent academics, investors, an NGO and the Stock Exchanges. The company analysis was conducted by students from the Stockholm School of Economics in Riga, under the supervision of the evaluation committee and the Stock Exchanges.
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.
Saturday, October 20, 2007 - Friday, December 7, 2007
NAIC Fall 2007 International Internship Program
United States
The head of the on-site and off-site supervision department and the head of the regulatory and market analysis department of the Financial Supervision Commission of Bulgaria participated in the fall 2007 international internship program organized by the National Association of Insurance Commissioners (NAIC) from October 20, 2007 to December 7, 2007.
Following a one-week introductory training program in Kansas City, MO each of the interns undertook a one-month internship, one with the California Department of Insurance and the other with the Department of Insurance, State of New York. Thereafter, both interns participated in the NAIC National Meeting in Houston, TX. At the end of the internship program, the interns participated in close-out activities in Washington, DC organized by the NAIC’s internship coordinator.
The PFS Program emphasizes peer-assisted learning as an effective professional development mechanism. This internship program provided an excellent opportunity for the two staff members of the Financial Supervision Commission of Bulgaria to expand their knowledge base and skills. Each of the participating institutions contributed towards the cost of this program.
Wednesday, October 17, 2007 - Thursday, October 18, 2007
Regional Workshop on Insurance Supervision
Ljubljana, Slovenia
On Wednesday, October 17 and Thursday, October 18, 2007 the Center of Excellence in Finance (CEF) and the PFS Program held a second annual Regional Workshop on Insurance Supervision at the CEF in Ljubljana, Slovenia. The title of the interdisciplinary workshop was: Regional Workshop on Insurance Supervision: Financial Crime Utilizing the Insurance Industry and Insurance Products - Practical Experiences in the European Union (EU), South East Europe (SEE) and the United States of America (US).
This event was a follow-up to an inaugural Regional Workshop organized by the CEF and the PFS Program in October 2006. Through this now ongoing regional initiative, both co-sponsors and all participating institutions aim to raise consciousness about these issues and share practical experiences through the presentation of case studies. Both the PFS Program and the CEF emphasize peer based learning in their respective training programs.
At the outset of the Workshop, each of the participants introduced her/himself and provided information about her/his respective institution that was requested in a questionnaire distributed beforehand. 12 persons representing the following institutions participated in the Workshop: Financial Supervisory Authority - Albania; Insurance Agency of Bosnia and Herzegovina; Insurance Agency of Republika Srpska, Bosnia and Herzegovina; Center for Combating Economic Crimes – Moldova; National Commission for Financial Market – Moldova; Insurance Supervisory Commission - Romania; National Office for Prevention of Money Laundering – Romania; National Bank of Serbia; Commission for the Prevention of Corruption – Slovenia; and Office for the Prevention of Money Laundering – Slovenia.
Boris Persak, Zavarovalnica Maribor d.d., provided insights into how criminal organizations used staged accidents to defraud insurance companies. Pawel Dudzicz, Polish Financial Supervision Authority, shared the Polish experience in regulating and supervising the activities of an insurance company acting in a manner contrary to policies and procedures. The PFS Program presented a case of a Swedish insurer whose corporate governance system collapsed, thereby allowing excessive and unauthorized executive compensation. Cindy Schmell, Iowa Insurance Division, presented cases from the US and practical strategies for the analysis, investigation and prosecution of insurance fraud. J. Joseph Cohen, United States Department of Treasury, Office of Technical Assistance, presented a number of Financial Action Task Force (FATF) typologies and case studies, related to insurance fraud and the use of insurance to launder money.
The Workshop was successful, both conceptually and practically. Each participant found numerous opportunities to ask questions, answer questions posed by the speakers and comment on the current situation in her/his country. During each session, speakers and participants engaged in discussions regarding the specific cases as well as practical strategies for investigating fraud and money laundering.
The PFS Program appreciates the contribution of speakers from Poland, Slovenia and the US to this Workshop, part of an ongoing PFS Program regional initiative in the area of financial crime, insurance supervision and prevention of money laundering. The current mandate of the PFS Program is to engage financial sector institutions in SEE target countries in programs that help promote the identification of best practice and the adoption of international standards. Within this mandate, one important element of each PFS Program activity is the exchange of experience of the new member states of the EU with EU accession countries in SEE.
To download the Workshop agenda, a brief biography of each speaker, the presentations, the questionnaire sent to participants prior to the Workshop and the list of participants, please click on the links below:
Thursday, October 11, 2007 - Sunday, October 14, 2007
DissMark II Conference
Tallinn, Estonia
From Thursday, October 11 though Sunday, October 14, 2007 the DissMark II Dissemination, Marketing and Networking Conference & Project Fair took place in Tallinn, Estonia. The event was hosted by project coordinator International House Tallinn, on behalf of the DissMark II Project Team.
Participants included: project coordinators and partners from different activities affiliated with the Socrates initiative (including Comenius, Erasmus, Grundtvig, Lingua and Minerva) involved in educational projects with a linguistic component; several project coordinators from other programs co-financed by the European Commission (including The Leonardo da Vinci program); experts in marketing educational products; educational policymakers; institutions responsible for promoting the European Language Label; representatives from the European Commission Directorate General for Education & Culture; and representatives of the Education, Audiovisual & Culture Executive Agency.
Geoffrey Mazullo, Director, PFS Program, delivered a presentation on networking, describing the networking experience of the PFS Program. The presentation included actual data about the PFS Program’s operations, including: the number of PFS Program activities; the number of participants in PFS Program activities; the number of PFS Program counterparts; the number of links on the PFS Program links page; the number of PFS counterparts included in the contact database; the number of recipients of PFS Program press releases; media coverage of PFS Program activities; website traffic; etc. The presentation included specific examples of how the PFS Program networks in order to fulfill its mandate of promoting regional financial sector integration and financial sector development. It described creative and effective use of the PFS Program website as a networking mechanism.
The Conference provided a venue for: delivery of structured theoretical and practical training in the field of marketing and dissemination; sharing examples of marketing and dissemination of project outcomes and best practices resulting from the projects; and networking. The new Lifelong Learning Program had started in January 2007; therefore the Conference was an excellent opportunity for the exchange of information and an update for participants in terms of the European Commission’s priorities for the period of 2007-2013. Concurrently, the event was an awareness raiser for policy makers on the importance of developing and implementing educational projects as well as the existence of various products resulting from these projects. Beyond the participating institutions, the wider educational community also benefits from this initiative; as a result of improved dissemination and marketing strategies, more information about educational projects will be made available.
For more information about the conference, please visit the conference website: Dismark II Conference Survival Kit.
Tuesday, October 9, 2007
PFS Program’s ninth Regional Survey – 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 ninth 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. This edition of the survey was co-financed by DWS Investments (Deutsche Bank Group). PFS Program Interns Martin Masse (Canada), Ivan Sentevski (Serbia) and Emilia Swiatczak (Poland) as well as PFS Program Assistant Magdalena Grabowska conducted the survey from August through October 2007. Additional co-financing for the Canadian intern was provided by MBAs Without Borders, whose mission is to contribute to the business and social development of transition economies through work rotations of MBA professionals.
Companies in Czech Republic, Estonia, Latvia, Lithuania, Slovakia and Slovenia were surveyed for the ninth time; companies in Hungary and Poland were surveyed for the eighth time; and companies in Bulgaria, Croatia and Romania were surveyed for the seventh time. Moreover, a third-time analysis of peer companies (the ten largest listed companies by market capitalization) in Brazil, Russia, India and China (BRIC) as well as Ukraine allows for benchmarking with these emerging market peers for the third time.
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. The surveys enable companies to benchmark their disclosure practices against peers on a national, industry and regional basis.
This survey analyzes companies’ disclosures in English (in the English-language annual report and on the English-language company website) during the time period August - September 2007 on the following three topics: corporate governance, environmental policy and social policy. The record date for the disclosures is September 15, 2007.
This edition of the survey documents a generally higher level of online disclosure of corporate governance information, continuing the trend over the past four years. Slightly more information is also disclosed in the area of social policy, compared with the previous survey published in May 2007. Significant progress remains to be made in disclosing information on environmental policy.
Overall, companies in BRIC outperform CEE peers in terms of the availability of English-language websites and annual reports as well as specific disclosures in all three areas. With regards to corporate governance, the most significant difference concerns compliance with a corporate governance code and disclosure of a code of business conduct/code of ethics in both the website and annual report. In general, BRIC companies also provide more information on social policy and environmental policy. Due to the lack of a number of drivers, Ukrainian companies lag behind both BRIC and CEE peers in all areas
22 of the 110 CEE companies surveyed (20%) provide a stand-alone environmental, social and governance (ESG) report online in English on the record date of September 15, 2007. This demonstrates continuation of an ongoing trend: 19 of the 110 companies surveyed (17%) published such a report in April 2007, compared with 17 companies (15%) in September 2006.
Survey findings include the following:
• 94.5% of the 110 CEE companies surveyed have an English-language website on the record date of September 15, 2007, compared with 94% in April 2007, 94% in September 2006, 87% in April 2006, 89% in September 2005 and 82% in April 2005. In comparison, 97.5% of the BRIC companies surveyed and 60% of the Ukrainian companies surveyed have an English-language website.
• 82% of the 110 CEE companies surveyed have a 2006 English-language annual report online on the same record date of September 15, 2007 compared with 90% in BRIC and 20% in Ukraine.
• Nine Polish, eight Slovene, six Hungarian, five Estonian, four Czech and four Latvian companies disclose information regarding compliance with a corporate governance code on the company website. Eight Polish, eight Slovene, seven Lithuanian, six Estonian, five Czech and four Hungarian companies disclose this information in the annual report.
• 33% of the 110 CEE companies surveyed disclose information on environmental performance on their website, compared with 20% in April 2007, 28% in September 2006, 19% in April 2006, 29% in September 2005, 26% in April 2005 and 24% in August 2004.
• 53% of the 110 CEE companies surveyed disclose information on sponsorships on their website, compared with 44% in April 2007, 44% in September 2006, 37% in April 2006, 47% in September 2005, 37% in April 2005 and 33% in August 2004.
• 22 of the 110 CEE companies surveyed (20%) publish a stand-alone English-language ESG report as of September 15, 2007. Of the 22 reports published in CEE, 20 (91%) use recognized standards and seven (32%) provide a third-party assurance statement.
• 15 of the 40 BRIC companies surveyed (38%) publish a stand-alone English-language ESG report. Of the 15 reports published in BRIC, 14 (93%) use recognized standards and nine (60) % provide a third-party assurance. No Ukrainian company produces such a report as of the record date of September 15, 2007.
Note: The survey consists of the three following documents: a report of the survey findings presenting data aggregated by country; a database of individual data by company for the ten largest listed companies in each of the 11 CEE countries; and a separate database of individual data by company for the ten largest listed companies in BRIC and Ukraine.
To download the survey and the two company databases, please click on the links below:
Tuesday, September 25, 2007
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 Tuesday, September 25, 2007 the Economic Policy Institute (EPI), Sofia published two inaugural Bulgarian surveys: “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).
Both surveys were conducted during the time period March – June 2007 and analyzed the 40 largest listed companies on the Bulgarian Stock Exchange (BSE) – Sofia according to their market capitalization as of March 1, 2007. The companies surveyed represented 83% of the market capitalization on the BSE – Sofia on that date. The record date for disclosures was June 15, 2007.
Investor Relations Online: Survey of Websites of the 40 Largest Listed Companies in Bulgaria analyzes the information disclosed on the Bulgarian and English versions of each company’s website. Reporting on Corporate Social Responsibility (CSR) by the 40 Largest Listed Companies in Bulgaria analyzes companies’ disclosures in Bulgarian and English (in each company’s annual report and website) in three areas: corporate governance, environmental policy and social policy.
Findings of Investor Relations Online – 2007 include the following:
• 77% of the companies surveyed have a Bulgarian-language website whereas 75% have an English-language website.
• 52% of the companies surveyed disclose management names and 33.3% provide management team biographical information in Bulgarian. 45% of the companies surveyed disclose management names in English.
• 52% of the companies surveyed disclose supervisory board names in Bulgarian whereas 45% disclose supervisory board names in English.
• 40% of the companies surveyed provide a 2006 annual report online in Bulgarian whereas 25% provide a 2006 annual report online in English.
• 22% of the companies surveyed disclose information about share price in Bulgarian whereas 15% do so in English.
Findings of the Survey of Reporting on CSR – 2007 include the following:
• General: 75% of the companies surveyed disclose information in Bulgarian or in English in at least one component of all three categories.
• Corporate Governance: 72% of the companies surveyed disclose information in at least one of the five components of the corporate governance section in the Bulgarian/English annual report or website. Of these, 97% report on the corporate governance structure; 69% disclose audit related information and 55% disclose information about the company’s shareholder rights’ policy.
• Environmental Policy: 27% of the companies surveyed disclose information in at least one of the five different components of the environmental policy section in the Bulgarian/English annual report or website. Of these, 73% report on compliance with industry specific, national/international regulations.
• Social Policy: 42% of the companies surveyed present information in at least one of the five components of the social policy section in the Bulgarian/English annual report or website. Of these, 59% disclose information about employee development and employee benefits policies whereas 41% disclose information on community patronage-sponsorship programs.
Each survey comprises: a database, including a spreadsheet for each company and data aggregated for all 40 companies; and a publication of the survey results, in Bulgarian and in English. To download these documents, please click on the links below:
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 |
Tuesday, September 4, 2007
PFS Program’s 13th Regional Survey - Investor Relations Online: Survey of Websites of the Largest Listed Companies in Eleven CEE Countries
Today, the PFS Program publishes its 13th 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 Assistant Magdalena Grabowska and PFS Program Intern Dagmara Lubczynska conducted the survey from July 2 through September 3, 2007.
In this edition of the survey, disclosure in almost all categories remains at or reaches its highest level since the first survey was conducted in August 2001. This trend has been observed since February 2006 and may be viewed as sustainable. In particular, this edition of the survey documents a dramatic increase in disclosure of detailed governance information. 59% of the companies surveyed provide additional information about management online, compared with 53% in February 2007 and 45% in August 2006. This is the largest percentage recorded since the surveys began in 2001. Furthermore, 51% of the companies surveyed provide additional information about board members online. This is also the largest percentage recorded since the first survey and represents a significant increase over previous surveys: 40% in February 2007 and 37% in August 2006.
Investor Relations Online: Survey of Websites of the Largest Listed Companies in CEE analyzes the websites of the ten largest listed companies in Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovak Republic and Slovenia. For the third time, the survey also analyzes companies in BRIC (Brazil, Russia, India and China) as well as Ukraine in order to compare the online disclosure practices of CEE listed companies with peers in other emerging markets.
The survey analyzes the English-language websites and annual reports of the ten largest listed companies in the above-mentioned CEE countries in order to document the current disclosure practices of this ‘blue-chip’ peer group. Although the market capitalization of companies changes over time, the semi-annual surveys represent a snapshot of disclosure practices of the blue-chip peer group on a given day twice a year. Since the definition of the survey universe has remained the same since the first survey, the surveys provide time-series data for CEE blue-chip companies and thus enable the identification of online disclosure trends as well as best practice within the peer group.
The survey provides current data as of August 15, 2007 and comparisons with the 12 previous surveys, conducted in February 2007, August 2006, February 2006, August 2005, February 2005, August 2004, February 2004, August 2003, February 2003, August 2002, February 2002 and August 2001.
Since 2004, the survey includes recommendations on the ideal corporate website and compares CEE companies with the parameters of this ideal. This component of the survey identifies best practice and enables CEE companies to benchmark their disclosure against peers in the region, other emerging markets and industry best practice. Here also, the time-series data identifies online disclosure trends.
Survey results include the following:
Websites: In ten of the 11 CEE countries surveyed, each of the ten largest listed companies has a local-language website on August 15, 2007. In Bulgaria, nine of the ten companies surveyed have a local-language website. In the previous two surveys, each of the 110 CEE companies surveyed had a local-language website on the record date. 93% of the companies surveyed have an English-language website; the percentage has remained constant for the past 18 months.
Information on Management: 86% of the companies surveyed provide a list of management online; 59% provide additional information on management. Disclosure in the former category increased slightly (4%) since the last survey whereas the latter represents a record high since the first survey was conducted and a significant increase vis-à-vis February 2007 (53%) and August 2006 (45%).
Information on Board Members: 82% of the companies surveyed provide a list of board members online and 51% provide additional information on board members. The former category increased to a slightly higher new record since the first survey was conducted, from 81% in February 2007. Disclosure in the latter category also represents a new record high and a significant increase from 40% in February 2007, 36% in August 2006 and 41% in February 2006.
Comparisons with BRIC and Ukraine: The largest listed companies in BRIC equal or outperform their CEE peers in every category. However, the gap continues to narrow. Furthermore, when companies in BRIC are compared with peers in the eight CEE countries that joined the EU in 2004, the difference between the peer groups is much smaller. The Ukrainian companies surveyed disclose less information than their peers in both BRIC and CEE. Detailed comparisons include the following:
- Each of the companies surveyed in BRIC has a local language website. In ten of the 11 CEE countries surveyed, each of the companies surveyed has a local language website. In Bulgaria, nine of the ten companies surveyed have a local language website. In Ukraine, seven of the ten companies surveyed have a local language website.
- 98% of the companies surveyed in BRIC have an English website, compared with 93% in CEE-11, 99% in the eight CEE countries that joined the EU in 2004 and 60% in Ukraine.
- 95% of the companies surveyed in BRIC provide a list of management online, compared with 86% in the CEE-11 and 92% in the eight CEE countries that joined the EU in 2004. In Ukraine 40% of the companies surveyed provide a list of management online.
- 90% of the companies surveyed in BRIC provide additional information on management online, compared with 59% in the CEE-11, 71% in the eight CEE countries that joined the EU in 2004 and 30% in Ukraine.
- 95% of the companies surveyed in BRIC provide a list of board members online, compared with 82% in the CEE-11, 87% in the eight CEE countries that joined the EU in 2004 and 30% in Ukraine.
- 93% of the companies surveyed in BRIC provide additional information on board members online, compared with 51% in CEE-11, 64% in the eight CEE countries that joined the EU in 2004 and 20% in Ukraine.
The survey contains information compiled in the following groups and sub-groups:
- Current data on 110 companies in eleven CEE countries;
- Separate data on 80 companies in eight CEE countries that joined the European Union (EU) on May 1, 2004;
- Separate data on 30 companies in Bulgaria, Croatia and Romania;
- Comparisons of the data from this current survey with data from the previous 12 conducted every August and February since August 2001; and
- Separate data on 50 companies in Brazil, Russia, India and China (BRIC) as well as Ukraine.
To download the survey, a presentation of survey results and the company database, please click on the links below:
Friday, July 27, 2007
Updated Database of Contacts in the Field of Socially Responsible Investment (SRI) – July 2007
From mid-May until mid-June 2007, PFS Program intern Jan Sloniewski updated 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 whose SRI activities were reported online and/or in the financial press. The initial database divided the organizations among eight categories.
Thereafter, the database was updated twice. A second edition of the database was published on February 16, 2005; it contained 726 organizations divided among ten categories. A third edition of the database was published on October 7, 2005; it contained 709 organizations divided among ten categories.
This fourth edition of the database, with current information as of June 2007, contains 793 organizations divided among the following ten categories: Academia (35 institutions), Companies/Listed Companies (243), Conferences (32), Financial Institutions (128), Governmental Organizations (49), Indices (6), Media (51), Non-Governmental Organizations (176), Professional Associations (33) and Rating/Research (40). It includes institutions from 45 countries in Africa, Asia, Australia, Europe, North America and South America.
The large number of organizations included in the current database demonstrates that a growing number of institutions are engaged in SRI. For example, the number of conferences has doubled since the first database was compiled. Also, the number of organizations providing rating/research services has increased significantly. In addition, a growing number of professional associations now address SRI issues.
In addition to the institutions who were already recognized SRI leaders in 2002, the current edition of the database includes many new organizations, some of which are recently-established and others which have become known to the PFS Program over the past three years. The current edition includes all PFS Program partners engaged in corporate governance, corporate social responsibility (CSR) and/or SRI initiatives as well those organizations included in the PFS Program’s distribution list. To download the database, please click on the link below:
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:
Monday, May 28, 2007 - Wednesday, May 30, 2007
Workshop: Bank as Creditor for Small and Medium-Size Enterprises (SMEs): Business Plan Analysis
Podgorica, Montenegro
On May 28-30, 2007 the Warsaw Institute of Banking (WIB) and the Association of Montenegrin Banks (AMB) held a workshop in Podgorica, Montenegro entitled, Bank as Creditor for Small and Medium-Size Enterprises (SMEs): Business Plan Analysis. This was a second joint WIB/AMB event co-financed by a PFS Program Grant. Please see the entry below dated April 23-25, 2007 for a description of the first event and the entry dated February 1, 2007 for a description of the PFS Program Grant.
The aim of this workshop was to increase the capacity of the Association of Montenegrin Banks and commercial bankers in Montenegro in the field of internal audit. The specific goals of the workshop were to: understand the specificity of SME lending, namely the sources of risk and how to mitigate them; consolidate the knowledge of how to build a classic business plan for an SME; develop practical skills in analyzing economic phenomena occurring in business operations of banks clients and their exposition in financial statements – to optimize the risk of banking products offered to those clients; acquire the skill of fast interpretation of SME reports and fast evaluation of their economic condition; gain practical knowledge in the area of data collection and SME overall credit analysis; and upgrade the skills in effective credit analysis of SMEs, with a particular focus on business plan and the evaluation of reliability of data provided.
12 participants attended the workshop, during which they followed the presentation delivered by Dariusz Pelc, WIB, and analyzed several case studies relatetd to SME credit analysis. The workshop was delivered in Polish with consecutive interpretation.
To download the course outline, presentation and list of participants please click on the links 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:
Monday, May 7, 2007
PFS Program’s eighth Regional Survey – 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 eighth 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. This edition of the survey was co-financed by DWS Investments (Deutsche Bank Group). PFS Program Interns Magdalena Grabowska and Wojciech Stec as well as PFS Program Research Assistant Igor Solodovnik conducted the survey from March through May 2007.
Companies in Czech Republic, Estonia, Latvia, Lithuania, Slovakia and Slovenia were surveyed for the eighth time; companies in Hungary and Poland were surveyed for the seventh time; and companies in Bulgaria, Croatia and Romania were surveyed for the sixth time. Moreover, a second-time analysis of peer companies (the ten largest listed companies by market capitalization) in Brazil, Russia, India and China (BRIC) as well as Ukraine allows for benchmarking with these emerging market peers for the second time.
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. The surveys enable companies to benchmark their disclosure practices against peers on a national, industry and regional basis.
This survey analyzes companies’ disclosures in English (in the English-language annual report and on the English-language company website) during the time period March – April 2007 on the following three topics: corporate governance, environmental policy and social policy. The record date for the disclosures is April 15, 2007.
In Czech Republic, Estonia, Hungary, Latvia, Lithuania and Poland all 10 of the companies surveyed in each country have an English-language website. 94% of the 110 CEE companies surveyed have an English-language website. 85% of the 110 CEE companies surveyed have either a 2004, 2005 or 2006 English-language annual report online by April 15, 2007. (Comparison of disclosures in annual reports is not as relevant in the spring edition of this semi-annual survey, since as of April 15 many companies have not yet published their 2005 annual report online.) In general, companies in Czech Republic, Hungary, Poland and Slovenia disclose the most information online.
This eighth semi-annual regional survey demonstrates a generally similar level of disclosure on company websites to that observed during the past four years across all three information categories analyzed: corporate governance, environmental policy and social policy. In general, companies provide more information on corporate governance than on environmental or social policy. Also, corporate governance codes continue to significantly impact reporting on corporate governance issues in certain countries. Several companies now issue separate/stand-alone reports on environmental, social and/or governance (ESG) issues. Of the 110 CEE companies surveyed, 19 (17%) have an English-language ESG report available online on April 15, 2007. This represents a significant increase (21%) since September 2006, when only 15% of the companies surveyed published such a report. In comparison, five Chinese, four Russian, four Brazilian and two Indian companies have English-language ESG reports available online.
Survey findings include the following:
• 94% of the CEE companies surveyed have an English-language website on the record date of April 15, 2007 compared with 94% in September 2006, 87% in April 2006, 89% in September 2005 and 81% in April 2005. In contrast, 100% of the surveyed companies in BRIC and 60% of the Ukrainian companies surveyed have an English-language website.
• Nine Polish, seven Czech and seven Slovene companies disclose implementation of a corporate governance code in their annual report.
• 69% of the CEE companies surveyed disclose information on their governance structure in the company's annual report, compared with 75% in September 2006, 62% in April 2006 and 68% in September 2005. 88% of the BRIC companies surveyed and 20% of the Ukrainian companies surveyed provide this information.
• 65% of the CEE companies surveyed disclose employee benefits or development policies in the (2004, 2005 or 2006) annual report currently available online, compared with 64% in September 2006, 42% in April 2006, 48% in September 2005, 37% in April 2005 and 42% in August 2004.
• 49% of the CEE companies surveyed disclose information on compliance with environmental standards on their website, compared with 45% in September 2006, 37% in April 2006, 48% in September 2005, 41% in April 2005 and 37% in August 2004.
• 26% of the CEE companies surveyed report on supply chain management on their website; this is the highest percentage recorded since the first survey conducted in summer 2003. In September 2006, only 10% of the companies surveyed provided this information online.
Note: The survey consists of the three following documents: a report of the survey findings presenting data aggregated by country; a database of individual data by company for the ten largest listed companies in each of the 11 CEE countries; and a separate database of individual data by company for the ten largest listed companies in BRIC and Ukraine.
To download the survey and the two company databases, please click on the links below:
Tuesday, April 24, 2007 - Wednesday, April 25, 2007
Regional Workshop on Information Technology (IT) Audit in Central Banks: Best Practice and International Standards
Ljubljana, Slovenia
On Tuesday, April 24 and Wednesday, April 25, 2007 the Center of Excellence in Finance (CEF) and the PFS Program held an inaugural Regional Workshop on Information Technology (IT) Audit of Central Banks at the CEF in Ljubljana, Slovenia.
This Regional Workshop is part of an ongoing PFS Program initiative to improve internal audit capacity in central banks, financial sector regulatory authorities and other public sector institutions.
IT auditors from the following institutions presented their respective IT audit operations, policies and practices during the Workshop: National Bank of Poland; Bank of Slovenia; and Federal Reserve Bank of Philadelphia. In addition, the General Secretary of XBRL Polska delivered a presentation entitled, “Impact of XBRL Implementation on Internal Processes.”
A total of 14 IT auditors and specialist from the following 11 institutions participated in the Regional Workshop: Bank of Albania; Bulgarian National Bank; Croatian National Bank; Ministry of Economy and Finance of Kosovo; Office of Auditor General of Kosovo; Bank of Latvia; Bank of Lithuania; National Bank of Moldova; Central Bank of Montenegro; National Bank of Romania and National Bank of Serbia.
Both the CEF and the PFS Program emphasize peer based learning in their respective training programs. During the Workshop participants and speakers analyzed case studies based on real audits conducted; debated strategies for developing audit plans and policies; and exchanged experiences related to the implementation of international standards and best practices in their respective institutions.
To download the Workshop agenda, presentations, speaker biographies, the questionnaire sent to participants prior to the Workshop and the list of participants, please click on the links below:
Monday, April 23, 2007 - Wednesday, April 25, 2007
Workshop: Internal Audit in Banks
Podgorica, Montenegro
On April 23-25, 2007 in Podgorica, Montenegro Warsaw Institute of Banking (WIB) and the Association of Montenegrin Banks (AMB) held a workshop entitled, Internal Audit in Banks. The event was co-financed by a PFS Program Grant. Please see the entry below dated February 1, 2007 for a description of the PFS Program Grant.
The aim of this workshop was to increase the capacity of the Association of Montenegrin Banks and commercial bankers in Montenegro in the field of internal audit. The specific goals of the workshop were to: present the mechanisms which build the system of internal control; learn the tasks necessary to establish an internal audit unit; understand the rules which govern the work of an internal audit unit; recognize the stages of an internal audit process; and practice the skills of planning, performing and documenting an audit according to international standards of internal audit.
10 participants attended the workshop, during which they followed the presentation delivered by Dorota Korytowska, WIB, and worked on several practical exercises. The workshop was delivered in Polish with consecutive interpretation.
To download the course outline, presentation and list of participants please click on the links below:
Saturday, April 21, 2007 - Saturday, June 9, 2007
NAIC Spring 2007 International Internship Program
United States
An off-site financial analyst of the Albanian Financial Supervisory Authority participated in the spring 2007 international internship program organized by the National Association of Insurance Commissioners (NAIC) from April 21 through June 9, 2007.
Following a one-week introductory training program in Kansas City, MO the intern undertook a one-month internship with the Department of Insurance, State of Georgia. Thereafter, the intern participated in the NAIC National Meeting in San Francisco, CA. At the end of the internship program, the intern participated in close-out activities in Washington, DC organized by the NAIC’s internship coordinator.
The PFS Program emphasizes peer-assisted learning as an effective professional development mechanism. This internship program provided an excellent opportunity for the off-site financial analyst of the Albanian Financial Supervisory Authority to expand her knowledge base and skills. Each of the participating institutions contributed towards the cost of this program.
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 |
Wednesday, March 21, 2007
Regional Workshop: Developing Research on Financial Crime in South East Europe (SEE)
Sofia, Bulgaria
On March 21, 2007 the PFS Program and USAID Bulgaria organized a Regional Workshop: Developing Research on Financial Crime in South East Europe (SEE). The purpose of the event was to brainstorm with a wide range of stakeholder institutions in order to promote the development of research on financial crime in SEE.
During the workshop, participants were introduced to new research techniques presented by representatives of the UK consultancy Financial Markets Law International (FMLI), thereby creating awareness about the impact of financial crime and money laundering on SEE economies. In a final session, the group discussed what kind of innovate and useful research could be conducted in Bulgaria
Workshop participants included the following: 11 representatives of Bulgarian financial sector regulatory authorities and research institutes; the two co-authors of a recent report on money laundering and predicate crime in Serbia; representatives of the Embassy of the Netherlands; and representatives of USAID Bulgaria, the USAID Financial Sector Integrity Project and the Office of Technical Assistance, US Department of the Treasury.
To download the agenda, Workshop materials and list of participants, please click on the links below:
Sunday, March 18, 2007
50,000th New Visitor to the Homepage of the PFS Program Website
On Sunday, March 18, 2007 the 50,000th new reader visited the homepage of the PFS Program website.
The PFS Program website was launched in 2000. A counter was installed on July 16, 2001.
Traffic on the PFS Program website grew steadily during the first five years of the Program’s activities. Over the past two years, traffic on the PFS Program website has skyrocketed. In 2006, approximately 8,000 visits and 60,000 hits were registered each month on the PFS Program website. Since January 2007, the monthly averages have risen to 10,000 visits and 70,000 hits. Each month, readers from more than 35 countries visit the PFS Program website. Website traffic generally increases during a month in which the PFS Program distributes a press release about one of its regional surveys or a survey conducted by a PFS Program counterpart and co-financed with a PFS Program grant.
Monday, March 12, 2007
Third Annual Croatian Surveys: Investor Relations Online of Leading Croatian Companies - 2006 and Survey of Reporting on Corporate Social Responsibility (CSR) by Le |
