1 / 14

The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agre

The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002. What is the EBRD?. IFI, founded 1991, 62 shareholders Operations : 27 countries East Europe, former USSR Committed €19.6 bn for 850 projects

xandy
Download Presentation

The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agre

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Role of Creditors as StakeholdersDr. J.P. MéanThird South Eastern Europe Corporate Governance Roundtable - Zagreb, 21-22 November 2002

  2. 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 Cumulative commitments€19.6 billion Unaudited June 2002

  3. Private sector State sector Project portfolio € billion 17.3 14.0 10.5 6.0 5.6 3.2 936 approved projects 850 signed projects Disbursements Unaudited June 2002

  4. Attracting third party financing triples EBRD’s investment Total project value €64.0 billion EBRD financing €19.6 billion Resources mobilised €44.4 billion Unaudited June 2002

  5. EBRD commitments by facility type Private loans 44% Equity 18% Guarantees, etc 2% State loans 36% Unaudited June 2002

  6. What are the EBRD’s objectives? • Transition to free markets • A better investment climate • Good corporate governance • Environmentally sustainable development

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

  8. Integrity due diligence • Criminal activities • Dealings with government • Corporate affairs - Good governance

  9. Corporate governance • Articles of Association • Transparent shareholding structure • Minority protection • Shareholders’ registry • Shareholders’ relations and information • Division of authority

  10. Covenants (1) Accounting principles and auditors • IAS • Auditors acceptable to Bank • Direct communication with auditors

  11. Covenants (2) Information • Quarterly statements • Project progress reports • Details of contractors • Transactions with affiliates and shareholders

  12. Covenants (3) Information (cont’d) • Annual statements • Report on environmental, health and safety • Communications with shareholders • Right to visit the project

  13. Good governance is good practice • Many losses due to governance issues • Too big to fail ? • The post Enron auditor

  14. The Role of Creditors as StakeholdersDr. J.P. MéanThird South Eastern Europe Corporate Governance Roundtable - Zagreb, 21-22 November 2002

More Related