the role of creditors as stakeholders dr. j.p. méan third south eastern europe corporate governance...
TRANSCRIPT
![Page 1: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/1.jpg)
The Role of Creditors as StakeholdersThe Role of Creditors as StakeholdersDr. J.P. MéanDr. J.P. Méan
Third South Eastern Europe Corporate Governance Third South Eastern Europe Corporate Governance
RoundtableRoundtable - Z - Zagreb, 21-22 November 2002agreb, 21-22 November 2002
![Page 2: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/2.jpg)
What is the EBRD?What is the EBRD?
IFI, founded 1991, 62 shareholders
Operations : 27 countries East Europe, former USSR
Committed €19.6 bn for 850 projects
Capital base €20 billion
0
5
10
15
20
95 96 97 98 99 00 01 02Cumulative commitments
€19.6 billion
Unaudited June 2002
![Page 3: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/3.jpg)
0
2
4
6
8
10
12
14
16
18
20
Project portfolioProject portfolio€ billion
Private sector
State sector
17.3
6.0
14.0
5.6
10.5
3.2
936 approved projects
850 signed projects
Disbursements
Unaudited June 2002
![Page 4: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/4.jpg)
Attracting third party financing Attracting third party financing triples EBRD’s investmenttriples EBRD’s investment
Resources mobilised€44.4 billion
EBRD financing €19.6 billion
Total project value €64.0 billion
Unaudited June 2002
![Page 5: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/5.jpg)
EBRD commitments by facility typeEBRD commitments by facility type
State loans 36%
Equity 18%
Guarantees, etc 2%
Private loans 44%
Unaudited June 2002
![Page 6: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/6.jpg)
What are the EBRD’s objectives?What are the EBRD’s objectives?
Transition to free markets
A better investment climate
Good corporate governance
Environmentally sustainable development
![Page 7: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/7.jpg)
OECD PrinciplesOECD Principles
Respect of rights protected by law
Effective redress
Performance-enhancing mechanism, esp.
insolvency
Access to information
![Page 8: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/8.jpg)
Integrity due diligenceIntegrity due diligence
Criminal activities
Dealings with government
Corporate affairs - Good governance
![Page 9: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/9.jpg)
Corporate governanceCorporate governance
Articles of Association
Transparent shareholding structure
Minority protection
Shareholders’ registry
Shareholders’ relations and information
Division of authority
![Page 10: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/10.jpg)
Covenants (1)Covenants (1)
Accounting principles and auditors
IAS
Auditors acceptable to Bank
Direct communication with auditors
![Page 11: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/11.jpg)
Covenants (2)Covenants (2)
Information
Quarterly statements
Project progress reports
Details of contractors
Transactions with affiliates and shareholders
![Page 12: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/12.jpg)
Covenants (3)Covenants (3)
Information (cont’d)
Annual statements
Report on environmental, health and safety
Communications with shareholders
Right to visit the project
![Page 13: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/13.jpg)
Good governance is good practiceGood governance is good practice
Many losses due to governance issues
Too big to fail ?
The post Enron auditor
![Page 14: The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002](https://reader036.vdocument.in/reader036/viewer/2022082518/5697bfc61a28abf838ca7794/html5/thumbnails/14.jpg)
The Role of Creditors as StakeholdersThe Role of Creditors as StakeholdersDr. J.P. MéanDr. J.P. Méan
Third South Eastern Europe Corporate Governance Third South Eastern Europe Corporate Governance
RoundtableRoundtable - Z - Zagreb, 21-22 November 2002agreb, 21-22 November 2002