| Developed markets | |||||||||
| Rank 2003 | Business sector | Total score 100 | Ownership Transparency & Rights 15 points | Financial Transparency 25 points | Board Structure & Process 20 points | Stakeholder Relations 15 points | Alignment of Managerial Interests 25 points | ||
| 1 | JDS Uniphase Corporation | United States | Technology | 80.0 | 11.8 | 22.3 | 18.0 | 12.5 | 15.5 |
| 2 | Tomkins plc | United Kingdom | Plastics | 78.1 | 14.5 | 16.0 | 16.0 | 13.0 | 18.6 |
| 3 | SLM Corporation (Sallie Mae) | United States | Banking & Financial | 76.4 | 12.0 | 16.0 | 18.0 | 9.5 | 20.9 |
| 4 | BNP Paribas | France | Banking & Financial | 76.0 | 14.3 | 14.3 | 17.5 | 11.3 | 18.8 |
| 5 | Granada Plc | United Kingdom | Media & Advertising | 75.8 | 14.0 | 15.5 | 17.5 | 12.0 | 16.8 |
| 6 | Munchener Ruckversicherungs-Gesellschaft | Germany | Banking & Financial | 75.1 | 13.3 | 14.3 | 18.0 | 12.8 | 16.9 |
| 7 | Grupo Santander Central Hispano | Spain | Banking & Financial | 75.0 | 13.8 | 15.3 | 17.5 | 11.0 | 17.5 |
| 8 | Anglo American Plc | United Kingdom | Metals & Mining | 75.0 | 14.3 | 14.3 | 17.5 | 8.8 | 20.3 |
| 9 | Alliance & Leicester | United Kingdom | Banking & Financial | 74.6 | 14.0 | 14.3 | 17.8 | 11.0 | 17.6 |
| 10 | Deutsche Bank | Germany | Banking & Financial | 74.5 | 14.5 | 12.5 | 15.8 | 12.3 | 19.5 |
| 11 | Scottish and Southern Energy | United Kingdom | Utilities | 74.5 | 13.0 | 16.0 | 16.0 | 11.0 | 18.5 |
| 12 | BG Group | United Kingdom | Utilities | 74.1 | 12.8 | 16.0 | 16.0 | 12.0 | 17.4 |
| 13 | Wolseley | United Kingdom | Building Materials & Gardening Supplies Retailing & Wholesale | 74.0 | 14.3 | 16.0 | 16.0 | 11.0 | 16.8 |
| 14 | Mediaset | Italy | Multimedia | 73.9 | 10.3 | 19.8 | 14.5 | 9.8 | 19.6 |
| 15 | Repsol YPF | Spain | Oil & Gas | 73.5 | 13.8 | 16.0 | 17.3 | 8.8 | 17.8 |
| 16 | E.ON | Germany | Oil & Gas | 73.3 | 14.0 | 14.3 | 17.3 | 11.3 | 16.5 |
| 17 | Daimler Chrysler | Germany | Transport | 73.3 | 12.8 | 14.3 | 15.8 | 12.0 | 18.5 |
| 18 | DSM | Netherlands | Chemicals | 73.1 | 14.5 | 14.3 | 15.8 | 10.8 | 17.9 |
| 19 | Deutsche Post World Net | Germany | Utilities | 73.0 | 11.5 | 14.3 | 15.8 | 11.8 | 19.8 |
| 20 | Fortis SAINV | Netherlands | Banking & Financial | 73.0 | 14.0 | 14.3 | 16.0 | 11.5 | 17.3 |
| 21 | Sacyr Vallehermoso | Spain | Construction, Real Estate | 72.5 | 12.0 | 14.5 | 17.3 | 10.8 | 18.0 |
| 22 | Bankinter S.A. | Spain | Banking & Financial | 72.5 | 13.5 | 16.0 | 17.3 | 8.3 | 17.5 |
| 23 | Air Liquide | France | Oil & Gas | 72.3 | 14.3 | 14.3 | 15.8 | 10.8 | 17.3 |
| 24 | Logica CMG Plc | United Kingdom | Mgt/IT Consultancy | 72.3 | 12.8 | 16.0 | 17.5 | 10.3 | 15.8 |
| 25 | Brisa Auto-Estradas de Portugal | Portugal | Transport | 71.6 | 11.8 | 17.5 | 14.3 | 11.3 | 16.9 |
| 26 | BAA plc | United Kingdom | Transport | 71.5 | 12.8 | 16.0 | 16.0 | 8.5 | 18.3 |
| 27 | Citigroup | United States | Banking & Financial | 71.3 | 11.8 | 16.0 | 18.0 | 9.5 | 16.0 |
| 28 | IMPRESA SGPS | Portugal | Media & Advertising | 70.8 | 11.5 | 17.5 | 14.8 | 9.3 | 17.8 |
| 29 | Cisco Systems, Inc. | United States | IT Services | 70.8 | 13.8 | 14.3 | 17.3 | 10.0 | 15.5 |
| 30 | Banco Comercial Portugues | Portugal | Banking & Financial | 70.6 | 12.8 | 14.3 | 13.0 | 10.3 | 20.4 |
| 31 | Iberdrola | Spain | Utilities | 70.5 | 13.3 | 14.3 | 17.3 | 10.3 | 15.5 |
| 32 | Wachovia Corporation | United States | Banking & Financial | 70.5 | 11.3 | 14.3 | 17.3 | 9.0 | 18.8 |
| 33 | Amadeus Global Travel Distribution | Spain | IT Services | 70.3 | 10.3 | 16.0 | 15.8 | 10.0 | 18.3 |
| 34 | American Express Company | United States | Banking & Financial | 70.3 | 12.3 | 14.3 | 18.0 | 9.0 | 16.8 |
| 35 | Indra Sistemas | Spain | Technology | 69.8 | 10.8 | 16.0 | 17.5 | 10.3 | 15.3 |
| 36 | Koninklijke Ahold (Royal Ahold) | Netherlands | Retail | 69.5 | 12.3 | 16.0 | 15.8 | 11.3 | 14.3 |
| 37 | Royal Dutch (Shell) | Netherlands | Oil & Gas | 69.0 | 12.8 | 14.3 | 17.3 | 9.3 | 15.5 |
| 38 | Telefonica Moviles | Spain | Telecommunications | 68.8 | 11.5 | 16.0 | 17.3 | 9.8 | 14.3 |
| 39 | Thyssenkrupp | Germany | Transport | 68.6 | 11.3 | 14.3 | 15.8 | 10.8 | 16.6 |
| 40 | PORTUCEL | Portugal | Forestry, pulp and papermaking | 67.6 | 11.5 | 14.3 | 14.5 | 10.3 | 17.1 |
| 41 | BASF Aktiengesellschaft | Germany | Chemicals | 67.5 | 13.0 | 12.5 | 15.8 | 10.3 | 16.0 |
| 42 | ING Group | Netherlands | Banking & Financial | 67.3 | 12.3 | 14.3 | 15.8 | 10.5 | 14.5 |
| 43 | BMW | Germany | Transport | 67.0 | 12.3 | 17.3 | 12.8 | 9.3 | 15.5 |
| 44 | Portugal Telecom | Portugal | Telecommunications | 66.8 | 10.5 | 12.5 | 15.8 | 11.3 | 16.8 |
| 45 | Johnson & Johnson | United States | Healthcare products | 66.8 | 10.3 | 14.3 | 15.8 | 9.5 | 17.0 |
| 46 | RWE Group | Germany | Oil & Gas | 66.5 | 11.0 | 14.3 | 15.8 | 11.8 | 13.8 |
| 47 | Associated British Foods Plc | United Kingdom | Food, Drink & Tobacco | 65.8 | 11.3 | 12.5 | 17.5 | 10.0 | 14.5 |
| 48 | L’Oreal | France | Cosmetics | 65.3 | 11.0 | 14.3 | 14.3 | 11.5 | 14.3 |
| 49 | Credit Lyonnais | France | Banking & Financial | 64.5 | 9.3 | 14.3 | 15.8 | 9.3 | 16.0 |
| 50 | Fresenius Medical Care (FMC) | Germany | Healthcare | 62.8 | 9.5 | 12.5 | 12.8 | 11.8 | 16.3 |
| 51 | Fomento de Construcciones y Contratas | Spain | Construction | 62.8 | 11.3 | 14.5 | 13.5 | 10.3 | 13.3 |
| 52 | Volkswagen | United Kingdom | Transport | 62.3 | 11.3 | 14.3 | 12.8 | 9.3 | 14.8 |
| 53 | Jeronimo Martins | Portugal | Retail | 61.8 | 9.5 | 12.5 | 13.0 | 10.3 | 16.5 |
| 54 | Henkel | Germany | Chemicals | 61.5 | 11.3 | 12.5 | 12.8 | 11.8 | 13.3 |
| 55 | Reckitt Benckiser | United Kingdom | Household products | 60.5 | 8.0 | 14.3 | 16.0 | 8.0 | 14.3 |
| 56 | Ferrovial | Spain | Construction | 53.0 | 8.0 | 12.5 | 12.8 | 7.8 | 12.0 |
