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Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in Eleven Central and Eastern European (CEE) Countries; First-Time Comparison with Peers in Portugal and Spain
Reporting on Corporate Social Responsibility (CSR) by the Largest Listed Companies in Eleven Central and Eastern European (CEE) Countries; First-Time Comparison with Peers in Portugal and Spain
Published 05-05-06
Submitted by Partners for Financial Stability (PFS) Program
Moreover, an analysis of CSR disclosures by the ten largest listed companies (by market capitalization) in Portugal and Spain is included in the survey for the first time.
PFS Program interns Pawel Dziedzic, Ewa Haratym, Anita Keringer and Anna Pogorzelska conducted the survey from March 1 through May 4, 2006.
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 March - April 2005 on the following three topics: corporate governance, environmental policy and social policy. The record date for the disclosures is April 15, 2006.
In the Czech Republic, Latvia, Poland and Slovenia all 10 of the companies surveyed have an English-language website. In Hungary and Lithuania, nine of the 10 companies have an English-language website. In general, companies in Czech Republic, Hungary, Poland and Slovenia disclose the most information online.
This sixth semi-annual survey notes a generally similar level of disclosure on company websites to that observed during the past three 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 policy or social policy. Also, corporate governance codes continue to significantly impact reporting on corporate governance issues in certain countries. One trend can be observed. Several companies now issue separate/stand-alone reports on environmental, social and/or governance (ESG) issues. Of the 110 CEE companies surveyed, 15 have English-language ESG reports available on their websites as of April 15, 2006. In contrast, eight Spanish companies and seven Portuguese companies have ESG reports.
Survey findings include the following:
Comparisons of disclosures in annual reports is not as relevant in the spring edition of the semi-annual survey, since as of April 15, 2006 many companies have not yet published their 2005 annual report online. However, it should be noted that Estonia is the clear exception in the region. By April 15, 2006 nine 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 five previous surveys, all 10 Estonian companies provided electronic versions of their annual report online and in this survey nine of the 10 Estonian companies did so. This was not the case in any of the other 10 countries.
Note: The survey consists of the following documents: a presentation of 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 Portugal and Spain.
Starting today, the survey is available online at:
http://www.pfsprogram.org/capitalmarkets_research.php
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 European (CEE) countries that have since joined the European Union. In 2005, the geographical focus of the program shifted to South East 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 CEE and 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 www.pfsprogram.org
Partners for Financial Stability (PFS) Program
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 European (CEE) countries that have since joined the European Union. In 2005, the geographical focus of the program shifted to South East 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 CEE and 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/
