| Rankings by country | |||||||||
| Latin America | |||||||||
| Rank 2003 | Rank 2002 | Argentina | 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 | 1= | Telecom Argentina STET | Telecommunications | 63.5 | 11.3 | 12.5 | 14.3 | 9.8 | 15.8 |
| 2 | — | Central Puerto | Utilities | 61.3 | 10.0 | 14.3 | 15.0 | 8.8 | 13.3 |
| Brazil | |||||||||
| 1 | 6 | Banco Itau Holding Financeira | Banking & Financial | 77.4 | 13.0 | 16.0 | 16.5 | 11.0 | 20.9 |
| 2 | — | Itausa – Investimentos Itau | Banking & Financial | 76.1 | 12.8 | 17.8 | 15.0 | 10.8 | 19.9 |
| 3 | 1= | Telemig Celular Participacoes | Telecommunications | 70.3 | 12.0 | 16.0 | 14.5 | 10.3 | 17.5 |
| 4 | — | Banco do Brasil | Banking & Financial | 69.8 | 13.0 | 19.0 | 13.0 | 9.8 | 15.0 |
| 5 | — | Souza Cruz | Food, Drink & Tobacco | 69.5 | 11.8 | 18.8 | 15.3 | 8.8 | 15.0 |
| 6 | — | VCP | Forestry, pulp and papermaking | 69.0 | 9.3 | 16.0 | 14.8 | 10.8 | 18.3 |
| 7 | — | Companhia Vale do Rio Doce | Metals & Mining | 67.0 | 13.0 | 13.8 | 12.8 | 9.8 | 17.8 |
| 8 | 15 | Petrobas S.A. | Oil & Gas | 66.5 | 10.8 | 15.5 | 15.0 | 10.3 | 15.0 |
| 9 | — | Tele Nordeste Celular Participacoes | Telecommunications | 65.3 | 12.0 | 16.0 | 13.0 | 9.3 | 15.0 |
| 10 | — | Gerdau | Steel | 64.8 | 11.0 | 12.5 | 15.0 | 9.3 | 17.0 |
| 11= | 4 | Banco Bradesco | Banking & Financial | 64.5 | 11.0 | 12.5 | 14.3 | 9.8 | 17.0 |
| 11= | 13 | Companhia Energetica de Minas Gerais – CEMIG | Utilities | 64.5 | 9.3 | 14.3 | 13.0 | 10.5 | 17.5 |
| 13 | — | Acesita | Metals & Mining | 64.0 | 9.8 | 16.0 | 14.8 | 8.8 | 14.8 |
| 14 | 1= | Unibanco – Uniao de Bancos Brasileiros S.A. | Banking & Financial | 63.8 | 11.3 | 12.5 | 13.5 | 9.8 | 16.8 |
| 15 | — | Net Servicos de Comunicacao SA | Telecommunications | 60.8 | 10.5 | 12.5 | 12.8 | 10.8 | 14.3 |
| 16 | — | Celular CRT Participacoes S.A. | Telecommunications | 57.3 | 10.0 | 12.5 | 13.0 | 9.0 | 12.8 |
| Chile | |||||||||
| 1 | 2 | Banco Santander Chile | Banking & Financial | 70.5 | 11.5 | 16.0 | 13.0 | 10.3 | 19.8 |
| 2 | — | Entel | Telecommunications | 69.0 | 11.5 | 22.5 | 13.3 | 9.0 | 12.8 |
| 3 | 11= | Compañía Cervecerias Unidas (CCU) | Food, Drink & Tobacco | 62.3 | 11.3 | 17.3 | 12.8 | 7.8 | 13.3 |
| Colombia | |||||||||
| 1 | — | Banco de Bogota | Banking & Financial | 70.0 | 13.0 | 19.3 | 15.0 | 8.3 | 14.5 |
| 2 | 2 | Bancolombia | Banking & Financial | 66.0 | 11.3 | 12.5 | 16.3 | 9.8 | 16.3 |
| Mexico | |||||||||
| 1 | — | Corporacion Geo | Construction | 75.6 | 12.0 | 16.0 | 18.0 | 12.3 | 17.4 |
| 2 | 13 | FEMSA | Food, Drink & Tobacco | 73.8 | 13.8 | 16.0 | 15.0 | 9.8 | 19.3 |
| 3 | 7 | Telephonos De Mexico (TELMEX) | Telecommunications | 72.3 | 11.8 | 16.0 | 16.5 | 8.8 | 19.3 |
| 4 | 10 | Alfa Mexico | Conglomerate | 70.3 | 12.8 | 14.8 | 15.0 | 10.8 | 17.0 |
| 5 | — | Grupo Mexico | Metals & Mining | 70.0 | 11.8 | 16.0 | 17.3 | 9.3 | 15.8 |
| 6 | 8 | Desc, S.A. de C.V.(Formerly Desc Sociedad De Fomento Industrial SA) | Conglomerate | 68.9 | 12.8 | 13.5 | 16.5 | 8.8 | 17.4 |
| 7 | — | Grupo Bimbo | Food, Drink & Tobacco | 65.6 | 11.8 | 15.5 | 14.3 | 7.8 | 16.4 |
| 8 | — | BBVA Bancomer | Banking & Financial | 64.8 | 12.3 | 14.3 | 15.0 | 8.8 | 14.5 |
| Venezuela | |||||||||
| 1 | 2 | Banco Provincial | Banking & Financial | 69.3 | 10.8 | 21.8 | 15.3 | 8.3 | 13.3 |
| Asia | |||||||||
| Hong Kong & China | |||||||||
| 1 | — | Hutchinson Whampoa Limited | Conglomerate | 75.5 | 11.8 | 20.0 | 15.0 | 10.8 | 18.0 |
| 2 | — | China Resources Enterprise | Conglomerate | 75.3 | 11.5 | 16.0 | 17.5 | 9.5 | 20.8 |
| 3 | 3 | Li & Fung | Retail | 72.5 | 12.0 | 14.5 | 17.5 | 10.5 | 18.0 |
| 4 | — | China Petroleum & Chemical Corporation (Sinopec) | Oil & Gas | 70.5 | 10.8 | 14.5 | 14.5 | 11.0 | 19.8 |
| 5 | — | China Unicom Limited | Telecommunications | 70.5 | 11.3 | 14.3 | 16.0 | 11.5 | 17.5 |
| 6 | — | Bank of East Asia | Banking & Financial | 69.8 | 13.0 | 15.5 | 16.0 | 10.8 | 14.5 |
| 7 | — | Sun Hung Kai Properties | Real Estate | 69.8 | 12.3 | 14.3 | 14.5 | 8.8 | 20.0 |
| 8 | — | China Mobile (Hong Kong) Limited | Telecommunications | 69.4 | 13.0 | 14.3 | 16.0 | 11.0 | 15.1 |
| 9 | 9 | Swire Pacific Limited | Conglomerate | 68.9 | 11.8 | 16.0 | 13.0 | 10.0 | 18.1 |
| 10 | 8 | Legend Holdings | Technology | 68.0 | 12.8 | 16.0 | 16.0 | 8.8 | 14.5 |
| 11 | 6 | Beijing Datang Power Generation Company | Utilities | 67.8 | 10.8 | 17.5 | 14.3 | 10.3 | 15.0 |
| 12 | 4 | CNOOC | Oil & Gas | 66.5 | 11.3 | 14.3 | 13.0 | 10.3 | 17.8 |
| 13 | — | CITIC Pacific | Conglomerate | 65.9 | 12.3 | 17.8 | 12.8 | 9.3 | 13.9 |
| 14 | — | Bank of China | Banking & Financial | 65.5 | 11.8 | 14.3 | 14.5 | 11.0 | 14.0 |
| 15 | 5 | CLP Holdings | Utilities | 63.4 | 12.0 | 12.5 | 13.0 | 9.3 | 16.6 |
| India | |||||||||
| 1 | 1 | Infosys Technologies Ltd. | IT Services | 73.5 | 13.5 | 15.3 | 17.5 | 10.0 | 17.3 |
| 2 | 11= | ICICI | Banking & Financial | 69.0 | 12.8 | 16.0 | 16.3 | 9.0 | 15.0 |
| 3 | 2= | Gujarat Ambuja Cements Limited | Construction | 68.8 | 11.0 | 16.0 | 16.0 | 9.5 | 16.3 |
| 4 | — | Hindustan Petroleum Corporation Liited | Oil & Gas | 68.0 | 12.3 | 14.3 | 16.0 | 10.3 | 15.3 |
| Malaysia | |||||||||
| 1 | 5 | IJM Corporation Berhad (104131-A) | Construction | 73.5 | 13.8 | 16.0 | 16.0 | 9.8 | 18.0 |
| 2 | 4 | TanJong | Leisure | 72.8 | 12.0 | 16.0 | 16.0 | 8.8 | 20.0 |
| 3 | — | Computer Systems Advisers (m) Berhad | Technology | 72.6 | 11.0 | 14.5 | 17.8 | 10.8 | 18.6 |
| 4 | — | Unisem Berhad | Technology | 72.0 | 13.0 | 16.0 | 16.0 | 10.0 | 17.0 |
| 5 | — | Amway (Malaysia) Holdings Berhad | Retailing | 71.8 | 13.0 | 16.0 | 17.5 | 9.5 | 15.8 |
| 6 | 6 | Commerce Assets Holdings Berhad | Banking & Financial | 70.8 | 11.8 | 16.0 | 17.5 | 9.8 | 15.8 |
| 7 | — | Puncak Niaga Holdings | Construction | 70.0 | 11.5 | 16.0 | 16.0 | 9.8 | 16.8 |
| 8 | — | Mesiniaga Berhad | Technology | 69.1 | 12.5 | 14.5 | 17.0 | 10.0 | 15.1 |
| 9 | — | AmBank Group | Banking & Financial | 69.0 | 11.5 | 16.0 | 16.0 | 9.3 | 16.3 |
| 10 | — | Sarawak Enterprise Corporation | Utilities | 66.8 | 11.8 | 16.0 | 16.0 | 8.5 | 14.5 |
| 11 | — | PLUS Expressways Berhad | Construction | 66.5 | 10.8 | 16.0 | 17.5 | 9.0 | 13.3 |
| Philippines | |||||||||
| 1 | — | Megaworld Corporation | Conglomerate | 73.0 | 11.0 | 16.0 | 16.5 | 11.5 | 18.0 |
| 2 | 2 | SM Prime Holdings | Real Estate | 70.3 | 11.8 | 16.0 | 15.8 | 10.0 | 16.8 |
| Singapore | |||||||||
| 1 | — | Venture Corporation Limited | Technology | 71.0 | 12.5 | 16.0 | 16.0 | 9.0 | 17.5 |
| 2 | — | Singapore Airport Terminal Services | Transport | 69.8 | 11.3 | 14.3 | 17.8 | 10.3 | 16.3 |
| 3 | — | City Developments | Property | 66.3 | 11.3 | 14.3 | 17.5 | 10.0 | 13.3 |
| South Korea | |||||||||
| 1 | — | Samsung Electronics LTD | Technology | 77 | 13.8 | 16 | 16 | 9.8 | 21.5 |
| 2 | 3= | KT Corporation | Telecommunications | 74.9 | 14.5 | 16 | 16 | 9.3 | 19.1 |
| 3 | — | Kookmin Credit Card | Banking & Financial | 72.8 | 12 | 14.5 | 15.5 | 11.8 | 19 |
| 4 | — | Daewoo Securities Co. | Banking & Financial | 72.5 | 11.8 | 14.5 | 18 | 9.8 | 18.5 |
| 5 | 1 | Pohang Iron & Steel (POSCO) | Iron & Steel | 71.9 | 13.3 | 14.3 | 16.3 | 9.8 | 18.4 |
| 6 | 2 | Kookmin Bank | Banking & Financial | 71.5 | 14.5 | 14.3 | 18 | 9.8 | 15 |
| 7 | — | Daishin Securities | Banking & Financial | 70.8 | 13 | 14.3 | 16.3 | 9.8 | 17.5 |
| 8 | — | Chohung bank | Banking & Financial | 68.5 | 11.5 | 14.3 | 16.5 | 8.8 | 17.5 |
| 9 | — | CJ Corporation | Pharmaceuticals | 67.9 | 13.8 | 12.5 | 13 | 9.3 | 19.4 |
| 10 | — | Korean Electric Power Corporation | Utilities | 62.1 | 12.3 | 12.5 | 13 | 9.8 | 14.6 |
| Taiwan | |||||||||
| 1 | 1 | Bank SinoPac | Banking & Financial | 72 | 12.8 | 19 | 12.8 | 10.8 | 16.8 |
| 2 | — | Chinatrust Commercial Bank | Banking & Financial | 69.8 | 12.3 | 18 | 13 | 10.3 | 16.3 |
| 3 | 2= | Taiwan Semiconductor Manufacturing (TSMC) | Technology | 66.6 | 11.8 | 14.3 | 14.5 | 9.3 | 16.9 |
| 4 | — | United Microelectronics (UMC) | Technology | 64.8 | 12 | 14.3 | 13 | 9.3 | 16.3 |
| 5 | 5 | Yageo Corporation | Technology | 62.1 | 11.5 | 12.5 | 13 | 9.3 | 15.9 |
| Thailand | |||||||||
| 6 | — | Advanced Info Services Plc. | Telecommunications | 69.8 | 11.8 | 16 | 16 | 9.8 | 16.3 |
| 4 | 2 | Electricity Generating Public Company Limited | Utilties | 70.5 | 11.8 | 14.3 | 17.5 | 9.8 | 17.3 |
| 1 | — | GMM Grammy | Media & Advertising | 75 | 11.5 | 22 | 13.3 | 9.3 | 19 |
| 10 | — | Industrial Finance Corporation of Thailand | Banking & Financial | 66.8 | 12 | 14.3 | 17.3 | 8.3 | 15 |
| 5 | 1 | Kasikornbank (formerly Thai Farmers’ Bank) | Banking & Financial | 70.3 | 12.8 | 16 | 16 | 10 | 15.5 |
| 7 | 6 | PTT Exploration and Production Public Company | Oil & Gas | 68.8 | 11.3 | 14.5 | 16 | 10.8 | 16.3 |
| 2 | — | Shin Satellite Plc | Technology | 71.3 | 11.3 | 16 | 16 | 11.3 | 16.8 |
| 3 | — | Siam Commercial Bank Public Company Limited | Banking & Financial | 71.3 | 11.8 | 16 | 17.5 | 9.8 | 16.3 |
| 8 | — | TelecomAsia Corporation | Telecommunications | 68.5 | 11.8 | 16 | 16 | 9.3 | 15.5 |
| 9 | — | Thai Military Bank | Banking & Financial | 67 | 10.3 | 16 | 16.5 | 9.3 | 15 |
| Central & Eastern Europe | |||||||||
| Baltic States | |||||||||
| 1 | — | Eesti Telekom | Telecommunications | 71.8 | 12.0 | 15.5 | 16.5 | 9.8 | 18.0 |
| 2 | — | Rokiskio Suris | Food, Drink & Tobacco | 71.8 | 11.8 | 17.8 | 16.3 | 9.3 | 16.8 |
| 3 | — | Hansabank | Banking & Financial | 70.8 | 11.8 | 15.5 | 13.5 | 10.8 | 19.3 |
| 4 | — | Klementi | Textiles | 67.8 | 11.3 | 15.5 | 14.3 | 11.3 | 15.5 |
| 5 | — | Latvijas Balzams | Food, Drink & Tobacco | 67.8 | 11.8 | 17.0 | 14.3 | 11.5 | 13.3 |
| 6 | — | Kalev | Food, Drink & Tobacco | 63.8 | 10.5 | 14.5 | 13.0 | 9.3 | 16.5 |
| 7 | — | Vilniaus Vingis | Technology | 62.8 | 10.3 | 12.5 | 14.3 | 10.8 | 15.0 |
| 8 | — | AS Merko Ehitus | Construction | 59.8 | 11.8 | 12.5 | 13.5 | 8.8 | 13.3 |
| 9 | — | Tallinna Farmaatsiatehasa | Pharmaceuticals | 56.5 | 10.0 | 12.5 | 13.8 | 8.3 | 12.0 |
| Czech Republic | |||||||||
| 1 | 8= | CEZ | Utilities | 69.5 | 12.0 | 18.0 | 14.3 | 10.3 | 15.0 |
| 2 | 2 | Komercni Banka | Banking & Financial | 68.5 | 11.8 | 16.0 | 15.8 | 10.3 | 14.8 |
| 3 | — | Metrostav | Construction | 67.3 | 12.0 | 12.5 | 17.3 | 11.3 | 14.3 |
| 4 | — | Ceska pojistovna | Banking & Financial | 66.5 | 11.8 | 14.5 | 15.8 | 10.8 | 13.8 |
| 5 | 3 | Cesky Telecom | Telecoms | 64.5 | 11.3 | 14.3 | 15.8 | 8.8 | 14.5 |
| Hungary | |||||||||
| 1 | — | MOL Hungarian Oil and Gas | Oil & Gas | 73.8 | 12.5 | 16.0 | 14.0 | 12.8 | 18.5 |
| 2 | 1 | NABI Bus Industries | Transport | 69.3 | 13.0 | 12.5 | 17.5 | 12.5 | 13.8 |
| 3 | 6 | Tiszai Vegyi Kombinat Rt. | Petrochemicals | 68.8 | 10.8 | 19.8 | 12.8 | 11.3 | 14.3 |
| 4 | — | Démász Rt. | Utilities | 68.0 | 10.5 | 18.3 | 12.8 | 10.3 | 16.3 |
| 5 | 10 | Danubius Hotels Group | Leisure | 60.8 | 12.0 | 12.5 | 12.8 | 10.3 | 13.3 |
| 6 | — | econet.hu Rt. | IT Services | 60.4 | 10.0 | 14.0 | 12.8 | 9.8 | 13.9 |
| Poland | |||||||||
| 1 | 1 | Bank Pekao | Banking & Financial | 70.3 | 12.8 | 15.5 | 14.5 | 11.3 | 16.3 |
| 2 | — | Bank Millennium | Banking & Financial | 69.0 | 10.0 | 14.3 | 16.0 | 11.3 | 17.5 |
| 3 | 8 | Softbank | Banking & Financial | 67.8 | 12.5 | 14.5 | 13.0 | 10.3 | 17.5 |
| 4 | 4 | Netia | Telecommunications | 66.3 | 12.0 | 14.3 | 15.8 | 9.8 | 14.5 |
| 5 | 3 | Polski Koncern Naftowy ORLEN Spolka Akcyjna(PKN ORLEN SA) | Oil & Gas | 64.3 | 11.8 | 12.5 | 12.8 | 11.0 | 16.3 |
| 6 | 9= | Bank Przemyslowo-Handlowy PBK | Banking & Financial | 62.8 | 10.0 | 17.5 | 12.8 | 9.3 | 13.3 |
| 7 | — | Agora SA | Media & Advertising | 62.0 | 10.3 | 16.0 | 13.0 | 8.8 | 14.0 |
| 8 | — | Bank Zachodni WBK | Banking & Financial | 61.5 | 10.5 | 12.5 | 13.0 | 10.3 | 15.3 |
| Russia | |||||||||
| 1 | — | Wimm-Bill-Dann Foods | Food, Drink & Tobacco | 73.9 | 11.3 | 16.0 | 16.5 | 12.8 | 17.4 |
| 2 | 8 | Sibneft | Oil & Gas | 73.5 | 12.3 | 16.0 | 16.5 | 11.3 | 17.5 |
| 3 | — | Golden Telecom | Telecommunications | 71.5 | 12.8 | 14.3 | 18.0 | 10.0 | 16.5 |
| 4 | — | PJSC Southern Telecommunications Company | Telecommunications | 71.5 | 12.5 | 16.0 | 13.3 | 11.8 | 18.0 |
| 5 | 11 | JSC Uralsvyazinform | Telecommunications | 68.3 | 12.8 | 14.3 | 14.5 | 11.3 | 15.5 |
| 6 | 6 | Aeroflot-Russian airlines | Transport | 67.5 | 11.3 | 14.3 | 15.8 | 11.8 | 14.5 |
| 7 | — | OAO Severstal | Metals & Mining | 63.0 | 12.5 | 12.5 | 12.8 | 10.8 | 14.5 |
| Africa | |||||||||
| South Africa | |||||||||
| 1 | 2 | Nedcor Limited | Banking & Financial | 73.3 | 11.3 | 16.0 | 17.5 | 9.5 | 19.0 |
| 2 | — | Sasol Limited | Chemicals & Fuels | 71.3 | 12.3 | 16.0 | 17.5 | 10.0 | 15.5 |
| 3 | — | Steinhoff Africa Group Services | Household products | 68.8 | 11.8 | 16.0 | 16.0 | 9.5 | 15.5 |
| 4 | 12 | Pick ‘N Pay Stores | Retail | 68.3 | 10.5 | 16.0 | 16.0 | 9.5 | 16.3 |
| 5 | 13 | First Rand | Banking & Financial | 68.0 | 11.3 | 12.5 | 17.3 | 10.8 | 16.3 |
| Turkey | |||||||||
| 1 | — | Global Menkul Degerler | Banking & Financial | 74.1 | 13.3 | 21.5 | 13.5 | 9.8 | 16.1 |
| 2 | — | Eczacibasi Holding | Conglomerate | 69.8 | 11.0 | 21.3 | 14.8 | 8.3 | 14.5 |
