| Emerging markets | ||||||||||
| Rank 2003 | Rank 2002 | 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 | 71= | Banco Itau Holding Financeira | Brazil | Banking & Financial | 77.4 | 13.0 | 16.0 | 16.5 | 11.0 | 20.9 |
| 2 | — | Samsung Electronics LTD | South Korea | Technology | 77.0 | 13.8 | 16.0 | 16.0 | 9.8 | 21.5 |
| 3 | 111= | Itausa – Investimentos Itau | Brazil | Banking & Financial | 76.1 | 12.8 | 17.8 | 15.0 | 10.8 | 19.9 |
| 4 | — | Corporacion Geo | Mexico | Construction | 75.6 | 12.0 | 16.0 | 18.0 | 12.3 | 17.4 |
| 5 | — | Hutchinson Whampoa Limited | Hong Kong | Conglomerate | 75.5 | 11.8 | 20.0 | 15.0 | 10.8 | 18.0 |
| 6 | — | China Resources Enterprise | Hong Kong | Conglomerate | 75.3 | 11.5 | 16.0 | 17.5 | 9.5 | 20.8 |
| 7 | — | GMM Grammy | Thailand | Media & Advertising | 75.0 | 11.5 | 22.0 | 13.3 | 9.3 | 19.0 |
| 8 | 36= | KT Corporation | South Korea | Telecommunications | 74.9 | 14.5 | 16.0 | 16.0 | 9.3 | 19.1 |
| 9 | — | Global Menkul Degerler | Turkey | Banking & Financial | 74.1 | 13.3 | 21.5 | 13.5 | 9.8 | 16.1 |
| 10 | — | Wimm-Bill-Dann Foods | Russia | Food, Drink & Tobacco | 73.9 | 11.3 | 16.0 | 16.5 | 12.8 | 17.4 |
| 11= | 185= | FEMSA | Mexico | Food, Drink & Tobacco | 73.8 | 13.8 | 16.0 | 15.0 | 9.8 | 19.3 |
| 11= | — | MOL Hungarian Oil and Gas | Hungary | Oil & Gas | 73.8 | 12.5 | 16.0 | 14.0 | 12.8 | 18.5 |
| 13= | 77 | IJM Corporation Berhad (104131-A) | Malaysia | Construction | 73.5 | 13.8 | 16.0 | 16.0 | 9.8 | 18.0 |
| 13= | 1 | Infosys Technologies Ltd. | ||||||||
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