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The Role of Creditors as Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agre

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 Stakeholders Dr. J.P. Méan Third South Eastern Europe Corporate Governance Roundtable - Z agre

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

  2. 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

  3. 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

  4. 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

  5. EBRD commitments by facility type Private loans 44% Equity 18% Guarantees, etc 2% State loans 36% Unaudited June 2002

  6. What are the EBRD’s objectives? • Transition to free markets • A better investment climate • Good corporate governance • Environmentally sustainable development

  7. OECD Principles • Respect of rights protected by law • Effective redress • Performance-enhancing mechanism, esp. insolvency • Access to information

  8. Integrity due diligence • Criminal activities • Dealings with government • Corporate affairs - Good governance

  9. Corporate governance • Articles of Association • Transparent shareholding structure • Minority protection • Shareholders’ registry • Shareholders’ relations and information • Division of authority

  10. Covenants (1) Accounting principles and auditors • IAS • Auditors acceptable to Bank • Direct communication with auditors

  11. Covenants (2) Information • Quarterly statements • Project progress reports • Details of contractors • Transactions with affiliates and shareholders

  12. Covenants (3) Information (cont’d) • Annual statements • Report on environmental, health and safety • Communications with shareholders • Right to visit the project

  13. Good governance is good practice • Many losses due to governance issues • Too big to fail ? • The post Enron auditor

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

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