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Corporate governance - methodology

Euromoney surveyed emerging market companies contained as of 15th July 2005 in one of the following categories:

- the largest 50 companies as measured by market capitalization according to the MSCI Emerging Markets index 

- the following emerging market equity indices: Shanghai Composite (People’s Republic of China); Hang Seng (Hong Kong); Seoul Composite

(Korea); KLSE Composite (Malaysia); Philippine Stock Exchange (Philippines); Straits Times Index (Singapore); Taiwan SE Weighted Index (Taiwan); SET (Thailand); PX50 (Czech Republic); HEX Tallinn (Estonia); BUX (Hungary); BSE 30 (India); RIGA Stock Exchange (Latvia); National Stock Exchange of Lithuania (Lithuania);Wig 20 (Poland); RTS-I Interfax Index (Russia); Kazakh Stock exchange (KASE);ISE (Turkey); Merval (Argentina); Bovespa (Brazil); IPSA (Chile); IGCB (Colombia); IPC (Mexico); IGBVL (Peru); IBC (Venezuela); BSE (India); CASE 30 (Egypt); JSE (South Africa);

Replies were received from 111 companies.

When necessary, companies were contacted through email or by telephone and asked to provide confirmation or documentation for their responses.

Scores were calculated by assigning to each response either a fixed score or a score relative to other companies’ responses.

Section 1 (15 percent): Ownership Transparency and Rights

- How much of the total issued equity of your company is currently held by the single largest shareholder or voting bloc? (Less than 10%=3 points, Between 10% and 25%=2 points, Between 25% and 50%=1 point, More than 50%=0 points)

- How much of the total issued equity of your company is currently held by the five largest shareholders or voting blocs? (Less than 10%=3 points, Between 10% and 25%=2 points, Between 25% and 50%=1 points, More than 50%=0 points)

- What is your company’s current notification period, in days, for purchases, disposals or changes of 1% or more of its share capital? (>2 days or country regulation=1 points, 0-2=2 point)

- In the last financial year, did your company provide specific information in reports to shareholders on any of the following: special voting rights; significant cross-shareholding relationships and cross-guarantees; beneficial ownership of controlling or large blocks of shares? (Yes=2 points, No=1 point, Not applicable=3 points)

- Does your company charter contain a provision granting pre-emptive rights of purchase to shareholders? (Yes=5 points, No=0 points)

- Do all shares issued carry one vote each? (Yes=5 points, No=0 points).

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