The Role of Creditors as Stakeholders
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The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agreb, 21-22 November 2002. What is the EBRD?. IFI, founded 1991, 62 shareholders Operations : 27 countries East Europe, former USSR Committed €19.6 bn for 850 projects

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The Role of Creditors as StakeholdersDr. J.P. MéanThird South Eastern Europe Corporate Governance Roundtable - Zagreb, 21-22 November 2002


What is the ebrd
What is the EBRD?

  • IFI, founded 1991, 62 shareholders

  • Operations : 27 countries East Europe, former USSR

  • Committed €19.6 bn for 850 projects

  • Capital base €20 billion

Cumulative commitments€19.6 billion

Unaudited June 2002


Project portfolio

Private sector

State sector

Project portfolio

€ billion

17.3

14.0

10.5

6.0

5.6

3.2

936 approved projects

850 signed projects

Disbursements

Unaudited June 2002


Attracting third party financing triples EBRD’s investment

Total project value €64.0 billion

EBRD financing €19.6 billion

Resources mobilised

€44.4 billion

Unaudited June 2002


Ebrd commitments by facility type
EBRD commitments by facility type

Private loans 44%

Equity 18%

Guarantees, etc 2%

State loans 36%

Unaudited June 2002


What are the ebrd s objectives
What are the EBRD’s objectives?

  • Transition to free markets

  • A better investment climate

  • Good corporate governance

  • Environmentally sustainable development


Oecd principles
OECD Principles

  • Respect of rights protected by law

  • Effective redress

  • Performance-enhancing mechanism, esp. insolvency

  • Access to information


Integrity due diligence
Integrity due diligence

  • Criminal activities

  • Dealings with government

  • Corporate affairs - Good governance


Corporate governance
Corporate governance

  • Articles of Association

  • Transparent shareholding structure

  • Minority protection

  • Shareholders’ registry

  • Shareholders’ relations and information

  • Division of authority


Covenants 1
Covenants (1)

Accounting principles and auditors

  • IAS

  • Auditors acceptable to Bank

  • Direct communication with auditors


Covenants 2
Covenants (2)

Information

  • Quarterly statements

  • Project progress reports

  • Details of contractors

  • Transactions with affiliates and shareholders


Covenants 3
Covenants (3)

Information (cont’d)

  • Annual statements

  • Report on environmental, health and safety

  • Communications with shareholders

  • Right to visit the project


Good governance is good practice
Good governance is good practice

  • Many losses due to governance issues

  • Too big to fail ?

  • The post Enron auditor


The Role of Creditors as StakeholdersDr. J.P. MéanThird South Eastern Europe Corporate Governance Roundtable - Zagreb, 21-22 November 2002


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