| 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. | India | IT Services | 73.5 | 13.5 | 15.3 | 17.5 | 10.0 | 17.3 |
| 13= | 149 | Sibneft | Russia | Oil & Gas | 73.5 | 12.3 | 16.0 | 16.5 | 11.3 | 17.5 |
| 16 | 32= | Nedcor Limited | South Africa | Banking & Financial | 73.3 | 11.3 | 16.0 | 17.5 | 9.5 | 19.0 |
| 17 | — | Megaworld Corporation | Philippines | Conglomerate | 73.0 | 11.0 | 16.0 | 16.5 | 11.5 | 18.0 |
| 18= | — | Kookmin Credit Card | South Korea | Banking & Financial | 72.8 | 12.0 | 14.5 | 15.5 | 11.8 | 19.0 |
| 18= | 63= | TanJong | Malaysia | Leisure | 72.8 | 12.0 | 16.0 | 16.0 | 8.8 | 20.0 |
| 20 | — | Computer Systems Advisers (m) Berhad | Malaysia | Technology | 72.6 | 11.0 | 14.5 | 17.8 | 10.8 | 18.6 |
| 21= | — | Daewoo Securities Co. | South Korea | Banking & Financial | 72.5 | 11.8 | 14.5 | 18.0 | 9.8 | 18.5 |
| 21= | 41 | Li & Fung | Hong Kong | Retail | 72.5 | 12.0 | 14.5 | 17.5 | 10.5 | 18.0 |
| 23 | — | Telephonos De Mexico (TELMEX) | Mexico | Telecommunications | 72.3 | 11.8 | 16.0 | 16.5 | 8.8 | 19.3 |
| 24= | 206= | Bank SinoPac | Taiwan | Banking & Financial | 72.0 | 12.8 | 19.0 | 12.8 | 10.8 | 16.8 |
| 24= | — | Unisem Berhad | Malaysia | Technology | 72.0 | 13.0 | 16.0 | 16.0 | 10.0 | 17.0 |
| 26 | 2 | Pohang Iron & Steel (POSCO) | South Korea | Iron & Steel | 71.9 | 13.3 | 14.3 | 16.3 | 9.8 | 18.4 |
| 27= | 40 | Amway (Malaysia) Holdings Berhad | Malaysia | Retailing | 71.8 | 13.0 | 16.0 | 17.5 | 9.5 | 15.8 |
| 27= | 111= | Eesti Telekom | Estonia | Telecommunications | 71.8 | 12.0 | 15.5 | 16.5 | 9.8 | 18.0 |
| 27= | — | Rokiskio Suris | Lithuania | Food, Drink & Tobacco | 71.8 | 11.8 | 17.8 | 16.3 | 9.3 | 16.8 |
| 30= | — | Golden Telecom | Russia | Telecommunications | 71.5 | 12.8 | 14.3 | 18.0 | 10.0 | 16.5 |
| 30= | 12= | Kookmin Bank | South Korea | Banking & Financial | 71.5 | 14.5 | 14.3 | 18.0 | 9.8 | 15.0 |
| 30= | — | PJSC Southern Telecommunications Company | Russia | Telecommunications | 71.5 | 12.5 | 16.0 | 13.3 | 11.8 | 18.0 |
| 33= | — | Sasol Limited | South Africa | Chemicals & Fuels | 71.3 | 12.3 | 16.0 | 17.5 | 10.0 | 15.5 |
| 33= | — | Shin Satellite Plc | Thailand | Technology | 71.3 | 11.3 | 16.0 | 16.0 | 11.3 | 16.8 |
| 33= | — | Siam Commercial Bank Public Company Limited | Thailand | Banking & Financial | 71.3 | 11.8 | 16.0 | 17.5 | 9.8 | 16.3 |
| 36 | — | Venture Corporation Limited | Singapore | Technology | 71.0 | 12.5 | 16.0 | 16.0 | 9.0 | 17.5 |
| 37= | 85= | Commerce Assets Holdings Berhad | Malaysia | Banking & Financial | 70.8 | 11.8 | 16.0 | 17.5 | 9.8 | 15.8 |
| 37= | — | Daishin Securities | South Korea | Banking & Financial | 70.8 | 13.0 | 14.3 | 16.3 | 9.8 | 17.5 |
| 37= | — | Hansabank | Estonia | Banking & Financial | 70.8 | 11.8 | 15.5 | 13.5 | 10.8 | 19.3 |
| 40= | 18= | Banco Santander Chile | Chile | Banking & Financial | 70.5 | 11.5 | 16.0 | 13.0 | 10.3 | 19.8 |
| 40= | 39 | China Petroleum & Chemical Corporation (Sinopec) | China PRC | Oil & Gas | 70.5 | 10.8 | 14.5 | 14.5 | 11.0 | 19.8 |
| 40= | — | China Unicom Limited | Hong Kong | Telecommunications | 70.5 | 11.3 | 14.3 | 16.0 | 11.5 | 17.5 |
| 40= | 28 | Electricity Generating Public Company Limited | Thailand | Utilties | 70.5 | 11.8 | 14.3 | 17.5 | 9.8 | 17.3 |
| 44= | 150= | Alfa Mexico | Mexico | Conglomerate | 70.3 | 12.8 | 14.8 | 15.0 | 10.8 | 17.0 |
| 44= | 18= | Bank Pekao | Poland | Banking & Financial | 70.3 | 12.8 | 15.5 | 14.5 | 11.3 | 16.3 |
| 44= | 8 | Kasikornbank (formerly Thai Farmers Bank) | Thailand | Banking & Financial | 70.3 | 12.8 | 16.0 | 16.0 | 10.0 | 15.5 |
| 44= | 46= | SM Prime Holdings | Philippines | Real Estate | 70.3 | 11.8 | 16.0 | 15.8 | 10.0 | 16.8 |
| 44= | 16 | Telemig Celular Participacoes | Brazil | Telecommunications | 70.3 | 12.0 | 16.0 | 14.5 | 10.3 | 17.5 |
| 49= | — | Banco de Bogota | Colombia | Banking & Financial | 70.0 | 13.0 | 19.3 | 15.0 | 8.3 | 14.5 |
| 49= | — | Grupo Mexico | Mexico | Metals & Mining | 70.0 | 11.8 | 16.0 | 17.3 | 9.3 | 15.8 |
| 49= | — | Puncak Niaga Holdings | Malaysia | Construction | 70.0 | 11.5 | 16.0 | 16.0 | 9.8 | 16.8 |
| 52= | — | Advanced Info Services Plc. | Thailand | Telecommunications | 69.8 | 11.8 | 16.0 | 16.0 | 9.8 | 16.3 |
| 52= | — | Banco do Brasil | Brazil | Banking & Financial | 69.8 | 13.0 | 19.0 | 13.0 | 9.8 | 15.0 |
| 52= | — | Bank of East Asia | Hong Kong | Banking & Financial | 69.8 | 13.0 | 15.5 | 16.0 | 10.8 | 14.5 |
| 52= | — | Chinatrust Commercial Bank | Taiwan | Banking & Financial | 69.8 | 12.3 | 18.0 | 13.0 | 10.3 | 16.3 |
| 52= | — | Eczacibasi Holding | Turkey | Conglomerate | 69.8 | 11.0 | 21.3 | 14.8 | 8.3 | 14.5 |
| 52= | — | Singapore Airport Terminal Services | Singapore | Transport | 69.8 | 11.3 | 14.3 | 17.8 | 10.3 | 16.3 |
| 52= | — | Sun Hung Kai Properties | Hong Kong | Real Estate | 69.8 | 12.3 | 14.3 | 14.5 | 8.8 | 20.0 |
| 59= | 191= | CEZ | Czech Republic | Utilities | 69.5 | 12.0 | 18.0 | 14.3 | 10.3 | 15.0 |
| 59= | — | Souza Cruz | Brazil | Food, Drink & Tobacco | 69.5 | 11.8 | 18.8 | 15.3 | 8.8 | 15.0 |
| 61 | — | China Mobile (Hong Kong) Limited | Hong Kong | Telecommunications | 69.4 | 13.0 | 14.3 | 16.0 | 11.0 | 15.1 |
| 62= | 131= | Banco Provincial | Venezuela | Banking & Financial | 69.3 | 10.8 | 21.8 | 15.3 | 8.3 | 13.3 |
| 62= | 37= | NABI Bus Industries | Hungary | Transport | 69.3 | 13.0 | 12.5 | 17.5 | 12.5 | 13.8 |
| 64 | — | Mesiniaga Berhad | Malaysia | Technology | 69.1 | 12.5 | 14.5 | 17.0 | 10.0 | 15.1 |
| 65= | — | AmBank Group | Malaysia | Banking & Financial | 69.0 | 11.5 | 16.0 | 16.0 | 9.3 | 16.3 |
| 65= | — | Bank Millennium | Poland | Banking & Financial | 69.0 | 10.0 | 14.3 | 16.0 | 11.3 | 17.5 |
| 65= | — | Entel | Chile | Telecommunications | 69.0 | 11.5 | 22.5 | 13.3 | 9.0 | 12.8 |
| 65= | 54= | ICICI | India | Banking & Financial | 69.0 | 12.8 | 16.0 | 16.3 | 9.0 | 15.0 |
| 65= | — | VCP | Brazil | Forestry, pulp and papermaking | 69.0 | 9.3 | 16.0 | 14.8 | 10.8 | 18.3 |
| 70= | 90= | Desc, S.A. de C.V.(Formerly Desc Sociedad De Fomento Industrial SA) | Mexico | Conglomerate | 68.9 | 12.8 | 13.5 | 16.5 | 8.8 | 17.4 |
| 70= | 143= | Swire Pacific Limited | Hong Kong | Conglomerate | 68.9 | 11.8 | 16.0 | 13.0 | 10.0 | 18.1 |
| 72= | 4= | Gujarat Ambuja Cements Limited | India | Construction | 68.8 | 11.0 | 16.0 | 16.0 | 9.5 | 16.3 |
| 72= | 110 | PTT Exploration and Production Public Company | Thailand | Oil & Gas | 68.8 | 11.3 | 14.5 | 16.0 | 10.8 | 16.3 |
| 72= | — | Steinhoff Africa Group Services | South Africa | Household products | 68.8 | 11.8 | 16.0 | 16.0 | 9.5 | 15.5 |
| 72= | — | Tiszai Vegyi Kombinat Rt. | Hungary | Petrochemicals | 68.8 | 10.8 | 19.8 | 12.8 | 11.3 | 14.3 |
| 76= | — | Chohung bank | South Korea | Banking & Financial | 68.5 | 11.5 | 14.3 | 16.5 | 8.8 | 17.5 |
| 76= | 102= | Komercni Banka | Czech Republic | Banking & Financial | 68.5 | 11.8 | 16.0 | 15.8 | 10.3 | 14.8 |
| 76= | 111= | TelecomAsia Corporation | Thailand | Telecommunications | 68.5 | 11.8 | 16.0 | 16.0 | 9.3 | 15.5 |
| 79= | 200 | JSC Uralsvyazinform | Russia | Telecommunications | 68.3 | 12.8 | 14.3 | 14.5 | 11.3 | 15.5 |
| 79= | 131= | Pick ‘N Pay Stores | South Africa | Retail | 68.3 | 10.5 | 16.0 | 16.0 | 9.5 | 16.3 |
| 81= | — | Démász Rt. | Hungary | Utilities | 68.0 | 10.5 | 18.3 | 12.8 | 10.3 | 16.3 |
| 81= | 136 | First Rand | South Africa | Banking & Financial | 68.0 | 11.3 | 12.5 | 17.3 | 10.8 | 16.3 |
| 81= | — | Hindustan Petroleum Corporation Liited | India | Oil & Gas | 68.0 | 12.3 | 14.3 | 16.0 | 10.3 | 15.3 |
| 81= | 137= | Legend Holdings | Hong Kong | Technology | 68.0 | 12.8 | 16.0 | 16.0 | 8.8 | 14.5 |
| 85 | — | CJ Corporation | South Korea | Pharmaceuticals | 67.9 | 13.8 | 12.5 | 13.0 | 9.3 | 19.4 |
| 86= | 85= | Beijing Datang Power Generation Company | China PRC | Utilities | 67.8 | 10.8 | 17.5 | 14.3 | 10.3 | 15.0 |
| 86= | — | Klementi | Estonia | Textiles | 67.8 | 11.3 | 15.5 | 14.3 | 11.3 | 15.5 |
| 86= | — | Latvijas Balzams | Latvia | Food, Drink & Tobacco | 67.8 | 11.8 | 17.0 | 14.3 | 11.5 | 13.3 |
| 86= | — | Softbank | Poland | Banking & Financial | 67.8 | 12.5 | 14.5 | 13.0 | 10.3 | 17.5 |
| 90 | 75 | Aeroflot-Russian airlines | Russia | Transport | 67.5 | 11.3 | 14.3 | 15.8 | 11.8 | 14.5 |
| 91 | — | Metrostav | Czech Republic | Construction | 67.3 | 12.0 | 12.5 | 17.3 | 11.3 | 14.3 |
| 92= | 161= | Companhia Vale do Rio Doce | Brazil | Metals & Mining | 67.0 | 13.0 | 13.8 | 12.8 | 9.8 | 17.8 |
| 92= | — | Thai Military Bank | Thailand | Banking & Financial | 67.0 | 10.3 | 16.0 | 16.5 | 9.3 | 15.0 |
| 94= | — | Industrial Finance Corporation of Thailand | Thailand | Banking & Financial | 66.8 | 12.0 | 14.3 | 17.3 | 8.3 | 15.0 |
| 94= | — | Sarawak Enterprise Corporation | Malaysia | Utilities | 66.8 | 11.8 | 16.0 | 16.0 | 8.5 | 14.5 |
| 96 | 63= | Taiwan Semiconductor Manufacturing (TSMC) | Taiwan | Technology | 66.6 | 11.8 | 14.3 | 14.5 | 9.3 | 16.9 |
| 97= | — | Ceska pojistovna | Czech Republic | Banking & Financial | 66.5 | 11.8 | 14.5 | 15.8 | 10.8 | 13.8 |
| 97= | 46= | CNOOC | China PRC | Oil & Gas | 66.5 | 11.3 | 14.3 | 13.0 | 10.3 | 17.8 |
| 97= | 173= | Petrobas S.A. | Brazil | Oil & Gas | 66.5 | 10.8 | 15.5 | 15.0 | 10.3 | 15.0 |
| 97= | — | PLUS Expressways Berhad | Malaysia | Construction | 66.5 | 10.8 | 16.0 | 17.5 | 9.0 | 13.3 |
| 101= | — | City Developments | Singapore | Property | 66.3 | 11.3 | 14.3 | 17.5 | 10.0 | 13.3 |
| 101= | 181= | Netia | Poland | Telecommunications | 66.3 | 12.0 | 14.3 | 15.8 | 9.8 | 14.5 |
| 103 | 185= | Bancolombia | Colombia | Banking & Financial | 66.0 | 11.3 | 12.5 | 16.3 | 9.8 | 16.3 |
| 104 | — | CITIC Pacific | Hong Kong | Conglomerate | 65.9 | 12.3 | 17.8 | 12.8 | 9.3 | 13.9 |
| 105 | — | Grupo Bimbo | Mexico | Food, Drink & Tobacco | 65.6 | 11.8 | 15.5 | 14.3 | 7.8 | 16.4 |
| 106 | — | Bank of China | Hong Kong | Banking & Financial | 65.5 | 11.8 | 14.3 | 14.5 | 11.0 | 14.0 |
| 107 | 181= | Tele Nordeste Celular Participacoes | Brazil | Telecommunications | 65.3 | 12.0 | 16.0 | 13.0 | 9.3 | 15.0 |
| 108= | — | BBVA Bancomer | Mexico | Banking & Financial | 64.8 | 12.3 | 14.3 | 15.0 | 8.8 | 14.5 |
| 108= | — | Gerdau | Brazil | Steel | 64.8 | 11.0 | 12.5 | 15.0 | 9.3 | 17.0 |
| 108= | — | United Microelectronics (UMC) | Taiwan | Technology | 64.8 | 12.0 | 14.3 | 13.0 | 9.3 | 16.3 |
| 111= | 23= | Banco Bradesco | Brazil | Banking & Financial | 64.5 | 11.0 | 12.5 | 14.3 | 9.8 | 17.0 |
| 111= | 111= | Cesky Telecom | Czech Republic | Telecoms | 64.5 | 11.3 | 14.3 | 15.8 | 8.8 | 14.5 |
| 111= | — | Companhia Energetica de Minas Gerais – CEMIG | Brazil | Utilities | 64.5 | 9.3 | 14.3 | 13.0 | 10.5 | 17.5 |
| 114 | 143= | Polski Koncern Naftowy ORLEN Spolka Akcyjna(PKN ORLEN SA) | Poland | Oil & Gas | 64.3 | 11.8 | 12.5 | 12.8 | 11.0 | 16.3 |
| 115 | — | Acesita | Brazil | Metals & Mining | 64.0 | 9.8 | 16.0 | 14.8 | 8.8 | 14.8 |
| 116= | — | Kalev | Estonia | Food, Drink & Tobacco | 63.8 | 10.5 | 14.5 | 13.0 | 9.3 | 16.5 |
| 116= | 12= | Unibanco – Uniao de Bancos Brasileiros S.A. | Brazil | Banking & Financial | 63.8 | 11.3 | 12.5 | 13.5 | 9.8 | 16.8 |
| 118 | 123= | Telecom Argentina STET – France Telecom | Argentina | Telecommunications | 63.5 | 11.3 | 12.5 | 14.3 | 9.8 | 15.8 |
| 119 | 76 | CLP Holdings | China PRC | Utilities | 63.4 | 12.0 | 12.5 | 13.0 | 9.3 | 16.6 |
| 120 | — | OAO Severstal | Russia | Metals & Mining | 63.0 | 12.5 | 12.5 | 12.8 | 10.8 | 14.5 |
| 121= | — | Bank Przemyslowo-Handlowy PBK | Poland | Banking & Financial | 62.8 | 10.0 | 17.5 | 12.8 | 9.3 | 13.3 |
| 121= | — | Vilniaus Vingis | Lithuania | Technology | 62.8 | 10.3 | 12.5 | 14.3 | 10.8 | 15.0 |
| 123 | 163= | Compañía Cervecerias Unidas (CCU) | Chile | Food, Drink & Tobacco | 62.3 | 11.3 | 17.3 | 12.8 | 7.8 | 13.3 |
| 124= | — | Korean Electric Power Corporation | South Korea | Utilities | 62.1 | 12.3 | 12.5 | 13.0 | 9.8 | 14.6 |
| 124= | 111= | Yageo Corporation | Taiwan | Technology | 62.1 | 11.5 | 12.5 | 13.0 | 9.3 | 15.9 |
| 126 | — | Agora SA | Poland | Media & Advertising | 62.0 | 10.3 | 16.0 | 13.0 | 8.8 | 14.0 |
| 127 | — | Bank Zachodni WBK | Poland | Banking & Financial | 61.5 | 10.5 | 12.5 | 13.0 | 10.3 | 15.3 |
| 128 | — | Central Puerto | Argentina | Utilities | 61.3 | 10.0 | 14.3 | 15.0 | 8.8 | 13.3 |
| 129= | 209= | Danubius Hotels Group | Hungary | Leisure | 60.8 | 12.0 | 12.5 | 12.8 | 10.3 | 13.3 |
| 129= | — | Net Servicos de Comunicacao SA | Brazil | Telecommunications | 60.8 | 10.5 | 12.5 | 12.8 | 10.8 | 14.3 |
| 131 | — | econet.hu Rt. | Hungary | IT Services | 60.4 | 10.0 | 14.0 | 12.8 | 9.8 | 13.9 |
| 132 | — | AS Merko Ehitus | Estonia | Construction | 59.8 | 11.8 | 12.5 | 13.5 | 8.8 | 13.3 |
| 133 | — | Celular CRT Participacoes S.A. | Brazil | Telecommunications | 57.3 | 10.0 | 12.5 | 13.0 | 9.0 | 12.8 |
| 134 | — | Tallinna Farmaatsiatehasa | Estonia | Pharmaceuticals | 56.5 | 10.0 | 12.5 | 13.8 | 8.3 | 12.0 |
