| 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 | |||||