European Bank for Reconstruction & Development

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Presentation transcript:

European Bank for Reconstruction & Development South East Europe Corporate Governance Roundtable Bucharest Lindsay Forbes September 2001 1

EBRD : Active in Corporate Governance Direct Investments Active Participation on Boards Legal Transition Direct Through Technical Co-operation

EBRD Equity Portfolio: (1991 to end Q2 2001) Listed Equity €680m (21%) Unlisted With Agreed Exits €1014m (31%) Equity Funds €680m (21%) Unlisted Equity €877 (27%)

Current Equity exposure by Country (i) Related to Policy Framework score 3.5 4 = High 1 = Low 2.5 EURO million 3.5 3.8 3.3 2.8 3.0 3.2 2.5 3.0 3.0 3.5 2.0 Poland Russia Czech Rep Hungary Slovak Rep Romania Bulgaria Lithuania Ukraine Slovenia Estonia Uzbekistan Regional Croatia

Current Equity exposure by Country (ii) Related to Policy Framework score 2.9 4 = High 1 = Low 3.1 2.7 1.3 2.6 2.9 EURO million 2.8 2.4 2.0 1.5 2.8 N/A 2.2 2.6 Kazakhstan Albania Georgia Kyrgyzstan Azerbaijan FYROM Belarus Moldova Tajikistan Armenia Latvia Turkmenistan Bosnia FRO Yugoslavia

Current Equity exposure by Country (i) Commitment per head of population related to Policy Framework score 3.3 3.5 3.8 3.2 EURO 3.0 3.5 3.0 3.5 3.0 2.9 3.1 2.8 Czech Rep Hungary Lithuania Slovenia Estonia Bulgaria Poland FYROM Latvia Romania Croatia Slovak Rep

Current Equity exposure by Country (ii) Commitment per head of population related to Policy Framework score 2.6 2.5 2.9 2.8 1.3 2.5 EURO 2.0 2.4 2.0 2.7 2.8 1.5 2.2 2.6 N/A Albania Russia Georgia Azerbaijan Tajikistan Kyrgyzstan Uzbekistan Kazakhstan Moldova Belarus Armenia Turkmenistan Ukraine Bosnia FRO Yugoslavia

Impact of Policy Framework on Business Environment Critical Determinant of FDI 1996 - 2000 Ukraine FDI $460 million If Ukraine had Slovak PF* FDI + $500 million If Ukraine had Hungary PF* FDI + $1.25 bn FDI - Important source of equity transactions *PF - Policy Framework Source: Economist Intelligence Unit

BorsodChem, Hungary - Example Acquisition of 25% by Milford Offer by CEOG to minorities AGM Change of control Sep 99 Jan 00 Nov 99 Jul 00 May 00 Mar 00 Nov 00 Sep 00 Jan 01 Apr 01 Feb 01 Sep 01 Jun

Corporate Governance: EBRD Nominees on Boards of Investee Companies: 115 EBRD employees and 12 Consultants; 23 EBRD Nominees in 21 Listed Companies; 97 EBRD Nominees in 126 unlisted Companies; 48 EBRD Nominees in 57 Equity Funds

EBRD: Legal Transition Programme Objective: Improve overall investment climate in Bank’s countries of operation Focus Areas: Bankruptcy law Company Law and Corporate Governance Issues Regulation of Financial Markets Secured transactions laws Telecoms - Regulatory reforms Concessions

Why Corporate Governance is important to EBRD EBRD is biggest investor in region (€2 bn plus); EBRD is always a MINORITY investor; EBRD’s exits from investments crucially depend on new investors being comfortable with legal environment; EBRD believes that good policy framework and active corporate governance is critical to the transition; Major victims of poor corporate governance are the countries themselves and their citizens.