| Ranking by sector | |||||||||
| Rank 2003 | Rank 2002 | Banking & Financial | 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 | 23 | Banco Itau Holding Financeira | Brazil | 77.4 | 13.0 | 16.0 | 16.5 | 11.0 | 20.9 |
| 2 | — | Itausa – Investimentos Itau | Brazil | 76.1 | 12.8 | 17.8 | 15.0 | 10.8 | 19.9 |
| 3 | — | Global Menkul Degerler | Turkey | 74.1 | 13.3 | 21.5 | 13.5 | 9.8 | 16.1 |
| 4 | 14= | Nedcor Limited | South Africa | 73.3 | 11.3 | 16.0 | 17.5 | 9.5 | 19.0 |
| 5 | — | Kookmin Credit Card | South Korea | 72.8 | 12.0 | 14.5 | 15.5 | 11.8 | 19.0 |
| 6 | — | Daewoo Securities Co. | South Korea | 72.5 | 11.8 | 14.5 | 18.0 | 9.8 | 18.5 |
| 7 | 14= | Bank SinoPac | Taiwan | 72.0 | 12.8 | 19.0 | 12.8 | 10.8 | 16.8 |
| 8 | 6 | Kookmin Bank | South Korea | 71.5 | 14.5 | 14.3 | 18.0 | 9.8 | 15.0 |
| 9 | — | Siam Commercial Bank Public Company Limited | Thailand | 71.3 | 11.8 | 16.0 | 17.5 | 9.8 | 16.3 |
| 10= | 5 | Hansabank | Estonia | 70.8 | 11.8 | 15.5 | 13.5 | 10.8 | 19.3 |
| 10= | 28 | Commerce Assets Holdings Berhad | Malaysia | 70.8 | 11.8 | 16.0 | 17.5 | 9.8 | 15.8 |
| 10= | — | Daishin Securities | South Korea | 70.8 | 13.0 | 14.3 | 16.3 | 9.8 | 17.5 |
| 13 | — | Banco Santander Chile | Chile | 70.5 | 11.5 | 16.0 | 13.0 | 10.3 | 19.8 |
| 14= | 8= | Bank Pekao | Poland | 70.3 | 12.8 | 15.5 | 14.5 | 11.3 | 16.3 |
| 14= | 2 | Kasikornbank (formerly Thai Farmers Bank) | Thailand | 70.3 | 12.8 | 16.0 | 16.0 | 10.0 | 15.5 |
| 16 | — | Banco de Bogota | Colombia | 70.0 | 13.0 | 19.3 | 15.0 | 8.3 | 14.5 |
| 17= | — | Banco do Brasil | Brazil | 69.8 | 13.0 | 19.0 | 13.0 | 9.8 | 15.0 |
| 17= | — | Bank of East Asia | Hong Kong | 69.8 | 13.0 | 15.5 | 16.0 | 10.8 | 14.5 |
| 17= | — | Chinatrust Commercial Bank | Taiwan | 69.8 | 12.3 | 18.0 | 13.0 | 10.3 | 16.3 |
| 20 | 40 | Banco Provincial | Venezuela | 69.3 | 10.8 | 21.8 | 15.3 | 8.3 | 13.3 |
| 21= | 20 | ICICI | India | 69.0 | 12.8 | 16.0 | 16.3 | 9.0 | 15.0 |
| 21= | — | AmBank Group | Malaysia | 69.0 | 11.5 | 16.0 | 16.0 | 9.3 | 16.3 |
| 21= | — | Bank Millennium | Poland | 69.0 | 10.0 | 14.3 | 16.0 | 11.3 | 17.5 |
| 24= | 35 | Komercni Banka | Czech Republic | 68.5 | 11.8 | 16.0 | 15.8 | 10.3 | 14.8 |
| 24= | — | Chohung bank | South Korea | 68.5 | 11.5 | 14.3 | 16.5 | 8.8 | 17.5 |
| 26 | 41 | First Rand | South Africa | 68.0 | 11.3 | 12.5 | 17.3 | 10.8 | 16.3 |
| 27 | — | Softbank | Poland | 67.8 | 12.5 | 14.5 | 13.0 | 10.3 | 17.5 |
| 28 | — | Thai Military Bank | Thailand | 67.0 | 10.3 | 16.0 | 16.5 | 9.3 | 15.0 |
| 29 | — | Industrial Finance Corporation of Thailand | Thailand | 66.8 | 12.0 | 14.3 | 17.3 | 8.3 | 15.0 |
| 30 | — | Ceska pojistovna | Czech Republic | 66.5 | 11.8 | 14.5 | 15.8 | 10.8 | 13.8 |
| 31 | 50 | Bancolombia | Colombia | 66.0 | 11.3 | 12.5 | 16.3 | 9.8 | 16.3 |
| 32 | — | Bank of China | Hong Kong | 65.5 | 11.8 | 14.3 | 14.5 | 11.0 | 14.0 |
| 33 | — | BBVA Bancomer | Mexico | 64.8 | 12.3 | 14.3 | 15.0 | 8.8 | 14.5 |
| 34 | 11= | Banco Bradesco | Brazil | 64.5 | 11.0 | 12.5 | 14.3 | 9.8 | 17.0 |
| 35 | 4 | Unibanco – Uniao de Bancos Brasileiros S.A. | Brazil | 63.8 | 11.3 | 12.5 | 13.5 | 9.8 | 16.8 |
| 36 | 56 | Bank Przemyslowo-Handlowy PBK | Poland | 62.8 | 10.0 | 17.5 | 12.8 | 9.3 | 13.3 |
| 37 | — | Bank Zachodni WBK | Poland | 61.5 | 10.5 | 12.5 | 13.0 | 10.3 | 15.3 |
| Chemicals & Fuels | |||||||||
| 1 | — | Sasol Limited | South Africa | 71.3 | 12.3 | 16.0 | 17.5 | 10.0 | 15.5 |
| Conglomerate | |||||||||
| 1 | — | Hutchinson Whampoa Limited | Hong Kong | 75.5 | 11.8 | 20.0 | 15.0 | 10.8 | 18.0 |
| 2 | — | China Resources Enterprise | Hong Kong | 75.3 | 11.5 | 16.0 | 17.5 | 9.5 | 20.8 |
| 3 | — | Megaworld Corporation | Philippines | 73.0 | 11.0 | 16.0 | 16.5 | 11.5 | 18.0 |
| 4 | 9= | Alfa Mexico | Mexico | 70.3 | 12.8 | 14.8 | 15.0 | 10.8 | 17.0 |
| 5 | — | Eczacibasi Holding | Turkey | 69.8 | 11.0 | 21.3 | 14.8 | 8.3 | 14.5 |
| 6= | 8 | Swire Pacific Limited | Hong Kong | 68.9 | 11.8 | 16.0 | 13.0 | 10.0 | 18.1 |
| 6= | 3 | Desc, S.A. de C.V.(Formerly Desc Sociedad De Fomento Industrial SA) | Mexico | 68.9 | 12.8 | 13.5 | 16.5 | 8.8 | 17.4 |
| 8 | — | CITIC Pacific | Hong Kong | 65.9 | 12.3 | 17.8 | 12.8 | 9.3 | 13.9 |
| Construction | |||||||||
| 1 | — | Corporacion Geo | Mexico | 75.6 | 12.0 | 16.0 | 18.0 | 12.3 | 17.4 |
| 2 | 7 | IJM Corporation Berhad (104131-A) | Malaysia | 73.5 | 13.8 | 16.0 | 16.0 | 9.8 | 18.0 |
| 3 | — | Puncak Niaga Holdings | Malaysia | 70.0 | 11.5 | 16.0 | 16.0 | 9.8 | 16.8 |
| 4 | 1 | Gujarat Ambuja Cements Limited | India | 68.8 | 11.0 | 16.0 | 16.0 | 9.5 | 16.3 |
| 5 | — | Metrostav | Czech Republic | 67.3 | 12.0 | 12.5 | 17.3 | 11.3 | 14.3 |
| 6 | — | PLUS Expressways Berhad | Malaysia | 66.5 | 10.8 | 16.0 | 17.5 | 9.0 | 13.3 |
| 7 | — | AS Merko Ehitus | Estonia | 59.8 | 11.8 | 12.5 | 13.5 | 8.8 | 13.3 |
| Food, Drink & Tobacco | |||||||||
| 1 | — | Wimm-Bill-Dann Foods | Russia | 73.9 | 11.3 | 16.0 | 16.5 | 12.8 | 17.4 |
| 2 | 10 | FEMSA | Mexico | 73.8 | 13.8 | 16.0 | 15.0 | 9.8 | 19.3 |
| 3 | — | Rokiskio Suris | Lithuania | 71.8 | 11.8 | 17.8 | 16.3 | 9.3 | 16.8 |
| 4 | — | Souza Cruz | Brazil | 69.5 | 11.8 | 18.8 | 15.3 | 8.8 | 15.0 |
| 5 | — | Latvijas Balzams | Latvia | 67.8 | 11.8 | 17.0 | 14.3 | 11.5 | 13.3 |
| 6 | — | Grupo Bimbo | Mexico | 65.6 | 11.8 | 15.5 | 14.3 | 7.8 | 16.4 |
| 7 | — | Kalev | Estonia | 63.8 | 10.5 | 14.5 | 13.0 | 9.3 | 16.5 |
| 8 | 8 | Compañía Cervecerias Unidas (CCU) | Chile | 62.3 | 11.3 | 17.3 | 12.8 | 7.8 | 13.3 |
| Forestry, pulp and papermaking | |||||||||
| 1 | — | VCP | Brazil | 69.0 | 9.3 | 16.0 | 14.8 | 10.8 | 18.3 |
| Household products | |||||||||
| 1 | — | Steinhoff Africa Group Services | South Africa | 68.8 | 11.8 | 16.0 | 16.0 | 9.5 | 15.5 |
| Iron & Steel | |||||||||
| 1 | 1 | Pohang Iron & Steel (POSCO) | South Korea | 71.9 | 13.3 | 14.3 | 16.3 | 9.8 | 18.4 |
| 2 | — | Gerdau | Brazil | 64.8 | 11.0 | 12.5 | 15.0 | 9.3 | 17.0 |
| IT Services | |||||||||
| 1 | 1 | Infosys Technologies Ltd. | India | 73.5 | 13.5 | 15.3 | 17.5 | 10.0 | 17.3 |
| 2 | — | econet.hu Rt. | Hungary | 60.4 | 10.0 | 14.0 | 12.8 | 9.8 | 13.9 |
| Leisure | |||||||||
| 1 | 1 | TanJong | Malaysia | 72.8 | 12.0 | 16.0 | 16.0 | 8.8 | 20.0 |
| 2 | 3 | Danubius Hotels Group | Hungary | 60.8 | 12.0 | 12.5 | 12.8 | 10.3 | 13.3 |
| Media & Advertising | |||||||||
| 1 | — | GMM Grammy | Thailand | 75.0 | 11.5 | 22.0 | 13.3 | 9.3 | 19.0 |
| 2 | — | Agora SA | Poland | 62.0 | 10.3 | 16.0 | 13.0 | 8.8 | 14.0 |
| Metals & Mining | |||||||||
| 1 | — | Grupo Mexico | Mexico | 70.0 | 11.8 | 16.0 | 17.3 | 9.3 | 15.8 |
| 2 | — | Companhia Vale do Rio Doce | Brazil | 67.0 | 13.0 | 13.8 | 12.8 | 9.8 | 17.8 |
| 3 | — | Acesita | Brazil | 64.0 | 9.8 | 16.0 | 14.8 | 8.8 | 14.8 |
| 4 | — | OAO Severstal | Russia | 63.0 | 12.5 | 12.5 | 12.8 | 10.8 | 14.5 |
| Oil & Gas | |||||||||
| 1 | — | MOL Hungarian Oil and Gas | Hungary | 73.8 | 12.5 | 16.0 | 14.0 | 12.8 | 18.5 |
| 2 | 10 | Sibneft | Russia | 73.5 | 12.3 | 16.0 | 16.5 | 11.3 | 17.5 |
| 3 | — | China Petroleum & Chemical Corporation (Sinopec) | China PRC | 70.5 | 10.8 | 14.5 | 14.5 | 11.0 | 19.8 |
| 4= | 8 | PTT Exploration and Production Public Company | Thailand | 68.8 | 11.3 | 14.5 | 16.0 | 10.8 | 16.3 |
| 4= | — | Tiszai Vegyi Kombinat Rt. | Hungary | 68.8 | 10.8 | 19.8 | 12.8 | 11.3 | 14.3 |
| 6 | — | Hindustan Petroleum Corporation Liited | India | 68.0 | 12.3 | 14.3 | 16.0 | 10.3 | 15.3 |
| 7= | 3 | CNOOC | China PRC | 66.5 | 11.3 | 14.3 | 13.0 | 10.3 | 17.8 |
| 7= | 11 | Petrobas S.A. | Brazil | 66.5 | 10.8 | 15.5 | 15.0 | 10.3 | 15.0 |
| 9 | — | Polski Koncern Naftowy ORLEN Spolka Akcyjna(PKN ORLEN SA) | Poland | 64.3 | 11.8 | 12.5 | 12.8 | 11.0 | 16.3 |
| Pharmaceuticals | |||||||||
| 1 | — | CJ Corporation | South Korea | 67.9 | 13.8 | 12.5 | 13.0 | 9.3 | 19.4 |
| 2 | — | Tallinna Farmaatsiatehasa | Estonia | 56.5 | 10.0 | 12.5 | 13.8 | 8.3 | 12.0 |
| Real Estate | |||||||||
| 1 | 1 | SM Prime Holdings | Philippines | 70.3 | 11.8 | 16.0 | 15.8 | 10.0 | 16.8 |
| 2 | — | Sun Hung Kai Properties | Hong Kong | 69.8 | 12.3 | 14.3 | 14.5 | 8.8 | 20.0 |
| 3 | — | City Developments | Singapore | 66.3 | 11.3 | 14.3 | 17.5 | 10.0 | 13.3 |
| Retail | |||||||||
| 1 | 1 | Li & Fung | Hong Kong | 72.5 | 12.0 | 14.5 | 17.5 | 10.5 | 18.0 |
| 2 | — | Amway (Malaysia) Holdings Berhad | Malaysia | 71.8 | 13.0 | 16.0 | 17.5 | 9.5 | 15.8 |
| 3 | 5 | Pick ‘N Pay Stores | South Africa | 68.3 | 10.5 | 16.0 | 16.0 | 9.5 | 16.3 |
| Technology | |||||||||
| 1 | — | Samsung Electronics LTD | South Korea | 77.0 | 13.8 | 16.0 | 16.0 | 9.8 | 21.5 |
| 2 | — | Computer Systems Advisers (m) Berhad | Malaysia | 72.6 | 11.0 | 14.5 | 17.8 | 10.8 | 18.6 |
| 3 | — | Unisem Berhad | Malaysia | 72.0 | 13.0 | 16.0 | 16.0 | 10.0 | 17.0 |
| 4 | — | Shin Satellite Plc | Thailand | 71.3 | 11.3 | 16.0 | 16.0 | 11.3 | 16.8 |
| 5 | — | Venture Corporation Limited | Singapore | 71.0 | 12.5 | 16.0 | 16.0 | 9.0 | 17.5 |
| 6 | — | Mesiniaga Berhad | Malaysia | 69.1 | 12.5 | 14.5 | 17.0 | 10.0 | 15.1 |
| 7 | 6= | Legend Holdings | Hong Kong | 68.0 | 12.8 | 16.0 | 16.0 | 8.8 | 14.5 |
| 8 | 3= | Taiwan Semiconductor Manufacturing (TSMC) | Taiwan | 66.6 | 11.8 | 14.3 | 14.5 | 9.3 | 16.9 |
| 9 | — | United Microelectronics (UMC) | Taiwan | 64.8 | 12.0 | 14.3 | 13.0 | 9.3 | 16.3 |
| 10 | — | Vilniaus Vingis | Lithuania | 62.8 | 10.3 | 12.5 | 14.3 | 10.8 | 15.0 |
| 11 | 5 | Yageo Corporation | Taiwan | 62.1 | 11.5 | 12.5 | 13.0 | 9.3 | 15.9 |
| Telecommunications | |||||||||
| 1 | 5 | KT Corporation | South Korea | 74.9 | 14.5 | 16.0 | 16.0 | 9.3 | 19.1 |
| 2 | 8 | Telephonos De Mexico (TELMEX) | Mexico | 72.3 | 11.8 | 16.0 | 16.5 | 8.8 | 19.3 |
| 3 | 10= | Eesti Telekom | Estonia | 71.8 | 12.0 | 15.5 | 16.5 | 9.8 | 18.0 |
| 4= | — | Golden Telecom | Russia | 71.5 | 12.8 | 14.3 | 18.0 | 10.0 | 16.5 |
| 4= | — | PJSC Southern Telecommunications Company | Russia | 71.5 | 12.5 | 16.0 | 13.3 | 11.8 | 18.0 |
| 6 | — | China Unicom Limited | Hong Kong | 70.5 | 11.3 | 14.3 | 16.0 | 11.5 | 17.5 |
| 7 | 10= | Telemig Celular Participacoes | Brazil | 70.3 | 12.0 | 16.0 | 14.5 | 10.3 | 17.5 |
| 8 | — | Advanced Info Services Plc. | Thailand | 69.8 | 11.8 | 16.0 | 16.0 | 9.8 | 16.3 |
| 9 | — | China Mobile (Hong Kong) Limited | Hong Kong | 69.4 | 13.0 | 14.3 | 16.0 | 11.0 | 15.1 |
| 10 | — | Entel | Chile | 69.0 | 11.5 | 22.5 | 13.3 | 9.0 | 12.8 |
| 11 | — | TelecomAsia Corporation | Thailand | 68.5 | 11.8 | 16.0 | 16.0 | 9.3 | 15.5 |
| 12 | 23 | JSC Uralsvyazinform | Russia | 68.3 | 12.8 | 14.3 | 14.5 | 11.3 | 15.5 |
| 13 | 18= | Netia | Poland | 66.3 | 12.0 | 14.3 | 15.8 | 9.8 | 14.5 |
| 14 | — | Tele Nordeste Celular Participacoes | Brazil | 65.3 | 12.0 | 16.0 | 13.0 | 9.3 | 15.0 |
| 15 | 10= | Cesky Telecom | Czech Republic | 64.5 | 11.3 | 14.3 | 15.8 | 8.8 | 14.5 |
| 16 | 14= | Telecom Argentina STET – France Telecom | Argentina | 63.5 | 11.3 | 12.5 | 14.3 | 9.8 | 15.8 |
| 17 | — | Net Servicos de Comunicacao SA | Brazil | 60.8 | 10.5 | 12.5 | 12.8 | 10.8 | 14.3 |
| 18 | — | Celular CRT Participacoes S.A. | Brazil | 57.3 | 10.0 | 12.5 | 13.0 | 9.0 | 12.8 |
| Textiles | |||||||||
| 1 | — | Klementi | Estonia | 67.8 | 11.3 | 15.5 | 14.3 | 11.3 | 15.5 |
| Transport | |||||||||
| 1 | — | Singapore Airport Terminal Services | Singapore | 69.8 | 11.3 | 14.3 | 17.8 | 10.3 | 16.3 |
| 2 | 2 | NABI Bus Industries | Hungary | 69.3 | 13.0 | 12.5 | 17.5 | 12.5 | 13.8 |
| 3 | — | Aeroflot-Russian airlines | Russia | 67.5 | 11.3 | 14.3 | 15.8 | 11.8 | 14.5 |
| Utilities | |||||||||
| 1 | 1 | Electricity Generating Public Company Limited | Thailand | 70.5 | 11.8 | 14.3 | 17.5 | 9.8 | 17.3 |
| 2 | 16 | CEZ | Czech Republic | 69.5 | 12.0 | 18.0 | 14.3 | 10.3 | 15.0 |
| 3 | — | Démász Rt. | Hungary | 68.0 | 10.5 | 18.3 | 12.8 | 10.3 | 16.3 |
| 4 | 6 | Beijing Datang Power Generation Company | China PRC | 67.8 | 10.8 | 17.5 | 14.3 | 10.3 | 15.0 |
| 5 | — | Sarawak Enterprise Corporation | Malaysia | 66.8 | 11.8 | 16.0 | 16.0 | 8.5 | 14.5 |
| 6 | 13 | Companhia Energetica de Minas Gerais – CEMIG | Brazil | 64.5 | 9.3 | 14.3 | 13.0 | 10.5 | 17.5 |
| 7 | 5 | CLP Holdings | China PRC | 63.4 | 12.0 | 12.5 | 13.0 | 9.3 | 16.6 |
| 8 | — | Korean Electric Power Corporation | South Korea | 62.1 | 12.3 | 12.5 | 13.0 | 9.8 | 14.6 |
| 9 | — | Central Puerto | Argentina | 61.3 | 10.0 | 14.3 | 15.0 | 8.8 | 13.3 |
