| 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. | |||||
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