BUDAPEST, Hungary -- An innovative new survey released today by the Partners for Financial Stability (PFS) Program analyzes for the first time on a regional basis listed companies' disclosures on a broad range of Corporate Social Responsibility (CSR) issues.

"Reporting on CSR by CEE Listed Companies" investigates English-language information available as of August 15, 2003 in the 2002 annual reports and websites of the ten largest listed companies (by market capitalization) in each of six CEE countries slated for European Union (EU) accession in 2004: the Czech Republic, Estonia, Latvia, Lithuania, Slovak Republic, and Slovenia.

Encompassing accounting standards, corporate governance, environmental policies and social policies, the survey analyzes corporate reporting on matters that previously might not have been considered essential. However, as the above-mentioned countries enter the European Union (EU), listed companies will come under the tighter scrutiny of EU disclosure requirements about these issues. Also, in a more global marketplace, listed companies will face more CSR-conscious investors and consumers.

This inaugural survey is designed to inform investors, listed companies, the public-at-large and regulators by providing a regional overview of current disclosure practices and facilitating an easy comparison of best practices. Via hyperlinks, a reader can move from the database directly into a company's website and/or annual report to see how and where the specific information is disclosed. The survey should also enable the benchmarking of reporting in these countries against other countries in the EU and elsewhere.

Survey findings as of August 15, 2003 include the following:

• 80% of the companies surveyed have an English language websites.
  
• 72% have English-language 2002 annual reports available.
  
• Whereas 73% of the companies mention audit information in the annual report, only 13% mention this same information on their website.
  
• In the area of social policy, 48% mention sponsorship/patronage in either the annual report or the website.
  
• 22% of the companies surveyed disclose information regarding the environmental impact of their operations.

Hungary and Poland are not covered in this survey. PFS Program grants to research institutions in those countries are currently co-financing similar surveys of all listed companies in those countries. That research, and a similar survey of all Czech listed companies, also co-financed by a PFS Program grant, will be published on this page in autumn 2003.

About the Partners for Financial Stability (PFS) Program

The Partners for Financial Stability (PFS) Program, established in December 1999, is a cooperative program of the United States Agency for International Development (USAID) and East-West Management Institute (EWMI), a New York-based non-profit organization. Active in the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia, 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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