The Role of Creditors as Stakeholders Dr. J.P. Méan Zagreb ...

The Role of Creditors as Stakeholders Dr. J.P. Méan Zagreb ...

The Role of Creditors as Stakeholders Dr. J.P. Man Third South Eastern Europe Corporate Governance Roundtable - Zagreb, 21-22 November 2002 What is the EBRD? IFI, founded 1991, 62 shareholders Operations : 27 countries East Europe, former USSR 10

Committed 19.6 bn for 850 projects 5 Capital base 20 billion 20 15 0 95

96 97 98 99 00 01 Cumulative commitments 19.6 billion Unaudited June 2002 02 Project portfolio

billion 20 18 16 14 12 10 8 6 4 2 0 17.3 14.0 10.5 6.0 5.6

3.2 936 approved projects Private sector Unaudited June 2002 850 signed projects State sector Disbursements Attracting third party financing triples EBRDs investment Total project value 64.0 billion EBRD financing

19.6 billion Resources mobilised 44.4 billion Unaudited June 2002 EBRD commitments by facility type Private loans 44% Guarantees, etc 2% Unaudited June 2002 State loans 36% Equity

18% What are the EBRDs objectives? Transition to free markets A better investment climate Good corporate governance Environmentally sustainable development

OECD Principles Respect of rights protected by law Effective redress Performance-enhancing mechanism, esp. insolvency Access to information Integrity due diligence

Criminal activities Dealings with government Corporate affairs - Good governance Corporate governance Articles of Association

Transparent shareholding structure Minority protection Shareholders registry Shareholders relations and information Division of authority Covenants (1)

Accounting principles and auditors IAS Auditors acceptable to Bank Direct communication with auditors Covenants (2) Information Quarterly statements

Project progress reports Details of contractors Transactions with affiliates and shareholders Covenants (3) Information (contd) Annual statements

Report on environmental, health and safety Communications with shareholders Right to visit the project Good governance is good practice Many losses due to governance issues Too big to fail ?

The post Enron auditor The Role of Creditors as Stakeholders Dr. J.P. Man Third South Eastern Europe Corporate Governance Roundtable - Zagreb, 21-22 November 2002

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