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Global Corporate Governance Forum

First Corporate Governance Codes and Standards Practice Group Meeting on Development and Uses of the CG Scorecard Tool


May 17-18, 2012, Vienna, Austria. Twenty four experts and practitioners and IFC regional managers and clients from all over the world got together to discuss different models and uses of the corporate governance scorecards.

 

Corporate governance scorecards are tools that can help assess companies’ governance practices based on a set ofMay 17-18, 2012, Vienna, Austria agreed best practice standards. They can be used for reporting purposes, as a basis for corporate governance improvement plans, and also to rate companies. Together with IFC country based corporate governance projects, the Global Corporate Governance Forum (the Forum) has to-date supported the development of scorecards in Croatia, Bulgaria, Macedonia, Bosnia and Herzegovina, Montenegro, Azerbaijan, Georgia, Serbia, Indonesia, Vietnam, and the Philippines. Jordan, Mongolia and Nigeria are currently working on preparing CG scorecards.

 

“It is great to see that the idea of the Scorecard Tool has caught on with such speed and acceptance worldwide.” said Christian Strenger, member of the German Government Commission on Corporate Governance and Deputy Chairman of the Forum’s Private Sector Advisory Group (pictured speaking).

 

In light of the increasing demand and to support the improvement of corporate governance framework and regulatory environment in which companies operate, the Forum is up-dating its toolkit on Developing Corporate Governance Codes of Best Practices and preparing a supplement on Developing and Implementing Corporate Governance Scorecard Tool.

 

The objective of this first meeting was to inform the structure, content, and roll-out of this new knowledge product and gather lessons learned from different countries and regions on developing and implementing scorecard tools including on:
 

  • Rationale for developing CG scorecards;
  • Ownership models and different types of  CG scorecards;
  • Uses of CG scorecards;
  • Development processes and endorsement and monitoring.

“It is a very good group and these discussions are fundamental to increase awareness and implement practice tools to improve the corporate governance in all regions.” said Francisco Prada, Head of the Corporate Governance Division at CONFECAMARAS in Colombia.

 

In addition, participants discussed to formalize the practice group and expand its mandate in the future to also cover development and implementation of CG Standards and up-dating and revision of other corporate governance assessment tools.

 

Download the detailed report of the discussions.

 

 

Presentations and background reports, by sessions: 

 

1. Rationale for developing CG Scorecards

 

Uses of CG Scorecard (summary table)

 

Rationale for developing CG Scorecards – Christian Strenger

 

Bulgarian experience in developing CG scorecard – prof. Bistra Boeva

 

2. Ownership models and types of CG Scorecards

 

CG scorecards types and ownership models in East Asia – James

Simanjutak and Anar Aliyev

 

Review of CG scorecards in the Balkans – Kiril Nejkov

 

Alternative tools: IFC CG Methodology and its use – Martin Steindl

 

3.Uses of CG Scorecards: Private Standards

 

The corporate perspective: CG scorecard to improve company’s CG practices - Galenika Fitofarmacija, Serbia - Slavica Pekovic

 

The bank perspective: Supporting CG scorecard development in Colombia – Thierry Buchs

 

The investors perspective: CG scorecards as rating instruments – John Jarrett

 

The CG institute perspective: CG scorecards as a basis for CG awards and membership services – Nick Nadal

 

4. Uses of CG Scorecards: Public Standards

 

The Stock Exchange perspective: CG scorecard for listing purposes – Banja Luka Stock Exchange, Bosnia and Herzegovina - Nebojsa Vukovic

 

The regulator perspective: CG scorecard to monitor compliance – UK Financial Reporting Council - Chris Hodge

 

The Chamber of Commerce perspective: CG scorecard to promote best practices – Francisco Prada

 

5. Developing CG Scorecards: Adding value to the process

 

Key steps in developing CG Scorecards – Ralitza Germanova

 

MENA experience – Yehia El Husseiny

 

Nigeria experience – Isimkah Ibuakah

 

IFC role in supporting the development of CG scorecards – Oliver Orton

 

 

For more information: 

 

Corporate Governance Scorecard: Versatile Tool for Companies, Investors, and Regulators. Experiences from Southeast Europe and East Asia.

 

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