Investor Relations Online and Surveys of Reporting on Corporate Social Responsibility CSR in 11 Cent

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Investor Relations Onlineand Surveys of
Reporting on Corporate Social Responsibility
(CSR) in 11 Central and Eastern European (CEE)
Countries, BRIC, Greece, Portugal, Spain, Turkey
and Ukraine 2001-2007Presentation of
Inaugural Bulgarian Surveys Conducted by
EPISofia, BulgariaSeptember 20, 2007
Partners for Financial Stability (PFS)
Programwww.pfsprogram.org
August 2003
Bulgaria Croatia Czech Rep.
Estonia Hungary Latvia Lithuania
Poland Romania Slovakia Slovenia
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PFS Program Survey Investor Relations Online
Timetable and Universe August 2001, February
2002, August 2002, February 2003, August 2003
and February 2004 Eight CEE Candidate Countries
for European Union (EU) Membership August 2004
and February 2005 Eight New Member States of the
EU, Bulgaria, Croatia and Romania August
2005 Eight New Member States of the EU, Bulgaria,
Croatia and Romania Greece and Turkey February
2006 Eight New Member States of the EU, Bulgaria,
Croatia and Romania Portugal and Spain August
2006, February 2007 and August 2007 Eight New
Member States of the EU, Bulgaria, Croatia and
Romania Brazil, Russia, India and China (BRIC) as
well as Ukraine
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PFS Program Survey Investor Relations Online

• Trends have almost always been consistently and
  incrementally positive, although occasional
  slight decreases in disclosure have been
  observed.
• Since 2005 almost all of the largest companies
  have a local language and English language
  website.
• Dramatic improvements were noted in August 2007
• 93 of the companies surveyed provide a list of
  management online, continuing the upward trend
  over the past two years. In February 2007 and in
  August 2006 the percentage was 91.
• 71 of companies surveyed provide additional
  information about management online. This is the
  largest percentage recorded since the surveys
  began in 2001. Disclosure of this information
  has increased significantly from 56 in
  February 2007, 53 in August 2006 and 54 in
  February 2006.
• 88 of the companies surveyed provide a list of
  board members online, a 4 increase from the
  previous survey, conducted in February 2007. The
  percentage was 85 in August 2006 and 81in
  February 2006.
• 64 of the companies surveyed provide additional
  information about board members online. This is
  the largest percentage recorded since the surveys
  began in 2001. The percentage was 46 in
  February 2007, 44 in August 2006 and 48 in
  February 2006.

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Survey of Websites of the 10 Largest Listed
Companies in Eleven CEE CountriesLocal Language
and English-Language Websites 2001 - 2007
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PFS Program Survey Investor Relations Online
Additional Information on Management 2002 -
2007
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PFS Program Survey Investor Relations
OnlineAdditional Information on Board Members
2001 - 2007
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PFS Program Survey Investor Relations Online
August 15, 2007Comparison of Bulgaria, Croatia
and Romania
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PFS Program Survey Reporting on CSR
Timetable and Universe August 2003 and April
2004 Eight CEE Candidate Countries for European
Union (EU) Membership August 2004 and April
2005 Eight New Member States of the EU, Bulgaria,
Croatia and Romania September 2005 Eight New
Member States of the EU, Bulgaria, Croatia and
Romania Greece and Turkey April 2006 Eight New
Member States of the EU, Bulgaria, Croatia and
Romania Portugal and Spain September 2006, April
2007 and September 2007 Eight New Member States
of the EU, Bulgaria, Croatia and Romania Brazil,
Russia, India and China (BRIC) as well as Ukraine
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PFS Program Survey Reporting on CSR
General Observations - I Trends have almost
always been consistently and incrementally
positive, although occasional slight decreases in
disclosure have been observed. In general,
companies provide more information on corporate
governance than on the other two areas surveyed,
namely social policy and environmental policy.
Corporate Governance Codes have an impact on
disclosure. Best Performers are generally
companies in markets that have implemented a
corporate governance code, namely Hungary, Poland
and Slovenia. Nine Polish, seven Czech and
seven Slovene companies disclose implementation
of a corporate governance code in their
2004/2005/2006 annual reports. 43 companies
(39) disclosed this information in April 2007,
compared with 29 companies (26) in September
2006, 26 companies (24) in April 2006, 20
companies (18) in September 2005 and 22
companies (20) in April 2005. However,
individual companies in other countries are also
implementing best practice. However, there are
many other drivers, including competitiveness,
EU accession, the EU transparency directive,
globalization, growing use of standardized
methodologies for Environmental, Social and
Governance (ESG) reporting (GRI, ISO, et al),
implementation of IFRS, local consciousness of
particular issues (environmental awareness),
information demands of domestic and foreign
portfolio investors presence of a strategic
investor, risk management and others.
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PFS Program Survey Reporting on CSR
General Observations - II Not surprisingly,
results for the eight new member states of the EU
are better in every category than for the 11 CEE
Countries (Eight New Member States of the EU,
Bulgaria, Croatia and Romania). Despite the
significant and continuous improvements in
disclosure that appear to be sustainable, blue
chips in the 11 CEE countries underperform their
peers in terms of reporting in the English
language on ESG. On April 15, 2007 19 of the
110 CEE companies surveyed (17) have an
English-language stand alone ESG report available
online. On September 14, 2006 the number was 15
(14). On April 15, 2006 the number was 14
(13). In comparison On April 2007, four
Brazilian companies, four Russian companies, two
Indian companies and five Chinese companies
published an English-language stand-alone ESG
report. On September 15, 2006 five Brazilian
companies and four Russian companies published an
English-language stand-alone ESG report. On
April 15, 2006 seven Spanish companies and six
Portuguese companies published an
English-language stand-alone ESG report.
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Comparison of the Eight PFS Program Surveys
Information Available Online in English 2003 -
2007
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Comparison of the Eight PFS Program Surveys
Information Available Online in English 2003 -
2007
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PFS Program Survey Reporting on CSR April 2007
Environmental Policy 38 of companies surveyed
disclosed compliance with national or
international environmental standards in their
annual report in April 2007, compared with 35 in
September 2006, 30 in April 2006 and 27 in
September 2005. 5o of the BRIC companies
surveyed and 10 of the Ukrainian companies
surveyed provided this information in April
2007. 30 of the 110 CEE companies surveyed and
47 of the BRIC companies report on environmental
performance on the company website in April 2007.
Social Policy 35 (32) of the 110 CEE
companies surveyed disclosed health and safety
policy in the annual report available online in
April 2007, compared with 28 (25) in September
2006, 17 (15) in April 2006 and 26 (23) in
September 2005. 45 of companies disclosed
information about employee development/benefits
on their website in April 2007, compared with 35
in September 2006, 24 in April 2006, 42 in
September 2005, 35 in August 2004 and 28 in
April 2004. 65 of the 110 CEE companies
surveyed and 92 of the BRIC companies surveyed
disclose employee benefit or development policies
in their annual annual report available online in
April 2007.
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PFS Program Survey Reporting on CSR
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Comparison of the Largest Listed Companies
Worldwide ESG Reporting in English in 2006
Source www.corporateregister.com
www.pfsprogram.org www.siran.org
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Comparison of the Largest Listed Companies
Worldwide ESG Reporting in English in 2006
Source www.corporateregister.com www.pfsprogram.
org www.siran.org
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Analysis of the Environmental and Social
Reporting Practices of Companies in the SP 100
IndexSIRAN
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About the Partners for Financial Stability (PFS)
Program
CAPITAL MARKETS
CAPITAL MARKETS SEMINARS
CAPITAL MARKETS RESEARCH
SOUTH EAST EUROPE
BULGARIA
NEWS UPDATE
NEWS UPDATE 2007
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About the Partners for Financial Stability (PFS)
Program
The United States Agency for International
Development (USAID) established the Partners for
Financial Stability (PFS) Program in 1999 as a
public-private partnership to help complete
reforms necessary to create sound, private and
well-functioning financial sectors in the eight
Central and Eastern Europe (CEE) countries that
have since joined the European Union. In 2005,
the geographical focus of the program shifted to
Southeast Europe (SEE).   East-West Management
Institute (EWMI), a New York-based not-for-profit
organization, is currently the primary
implementing partner.   The PFS Program is
mandated to fill remaining gaps in the
institutional development of the financial sector
in SEE countries through regional integration and
cooperation, selective technical assistance
programs and the practical application of lessons
learned in neighboring countries. The substantive
areas covered under the PFS Program are
accounting, auditing, banking, capital markets,
insurance and pension reform. For more
information, please visit the PFS Program website
at http//www.pfsprogram.org.