BUDAPEST - A seventh semi-annual Survey of Investor Relations Online conducted by the Partners for Financial Stability (PFS) Program demonstrates improved online disclosure about investor relations by the largest listed companies in Central and Eastern Europe (CEE). Bulgaria, Croatia and Romania were included in the survey for the first time.

The survey demonstrates improved online disclosure by the largest listed companies in the eight new member states of the European Union (EU) and impressive first time survey results in the three EU-accession countries.

Investor Relations Online: Survey of Websites of the Largest Listed Companies in CEE analyzes 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 August 15, 2004 and comparisons with the six previous surveys, published in February 2004, August 2003, February 2003, August 2002, February 2002 and August 2001.

As in previous surveys, the percentage of companies with a local-language website remains at 95%. In February 2004, 95% of the companies surveyed had a website, in comparison with 96% in August 2003 and 95% in February 2003.)

In August 2004, 84% of the companies surveyed have an English-language website, in comparison with 75% in February 2004, 84% in August 2003 and 80% in February 2003.

In contrast with the above generally stable thresholds, all other categories surveyed indicate increased disclosure of information.

Survey findings of the eight new member states of the European Union (EU) include the following:

95% of the companies surveyed have a local language website; 84% have an English-language website; 84% provide a list of management online (compared with 77% in February 2004); 38% provide additional information on management online (compared with 38% in February 2004); 70% provide a list of board members online (compared with 61% in February 2004); and 26% provide additional information on board members online (compared with 23% in February 2004).

A comparison of this first survey of companies in Bulgaria, Croatia and Romania with the first complete survey of companies in eight Central and Eastern European (CEE) countries conducted by the PFS Program in February 2002 leads to a positive conclusion: In August 2004, the online investor relations practices of companies in Bulgaria, Croatia and Romania are strikingly similar to the practices of the eight CEE countries in February 2002, two years prior to EU accession.

Starting today, the survey is available online at:
www.ewmi.hu/capitalmarkets_research.php

About the Partners for Financial Stability (PFS) Program

The Partners for Financial Stability (PFS) Program, established in December 1999, is a cooperative program of East-West Management Institute (EWMI), a New York-based non-profit organization, the United States Agency for International Development (USAID) and the US Department of State. Active in Estonia, Latvia and Lithuania as well as several Southeastern European (SEE) countries, the PFS Program is mandated to fill remaining gaps in the institutional development of the financial sector 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.

Conceptually, PFS Program activities share ideas, experiences learned and policy recommendations with the goal of strengthening existing and building new institutions to further advance financial sector reform. Also, the PFS Program is mandated to identify and promote the implementation of best practices and international standards in the above-mentioned financial sectors. All PFS Program activities are regional in nature and include a cost-sharing element on the part of local institutions. For more information, visit the PFS Program website at www.ewmi.hu/activities_pfs.html

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