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European Bank for Reconstruction & Development

European Bank for Reconstruction & Development. South East Europe Corporate Governance Roundtable Bucharest. Lindsay Forbes September 2001. EBRD : Active in Corporate Governance. Direct Investments Active Participation on Boards Legal Transition Direct Through Technical Co-operation.

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European Bank for Reconstruction & Development

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

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

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

  4. 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 Slovak Rep Uzbekistan Russia Hungary Slovenia Ukraine Czech Rep Lithuania Romania Bulgaria Estonia Poland Regional Croatia

  5. 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 Tajikistan Albania Azerbaijan Armenia Georgia Kyrgyzstan Moldova Kazakhstan Belarus FYROM Latvia Bosnia Turkmenistan FRO Yugoslavia

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

  7. 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 Azerbaijan Tajikistan Armenia Georgia Russia Belarus Moldova Kazakhstan Kyrgyzstan Uzbekistan Ukraine Turkmenistan Bosnia FRO Yugoslavia

  8. Impact of Policy Framework on Business Environment • Critical Determinant of FDI • 1996 - 2000Ukraine 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

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

  10. 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

  11. 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

  12. 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.

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