Diagram 7 Country-by-country reporting Where 100% means a company is fully transparent in all its countries of operation
50%
Falabella
38%
Lupin Limited
34%
Bharti Airtel, Tata Communications
33%
Bharat Forge
32%
Suzlon Energy
31%
Tata Global Beverages Bajaj Auto, Hindalco Industries, Infosys Technologies, Mahindra & Mahindra, Norilsk Nickel, Reliance Industries, Tata Chemicals, Tata Steel, Wipro
30% 29%
Tata Motors Crompton Greaves, Larsen & Toubro
26%
Dr. Reddy's Laboratories
25%
Evraz Group
21%
Femsa
19%
Indofood Sukses Makmur, Marcopolo
18%
Tata Consultancy Services, United Company Rusal
17%
América Móvil, LAN Airlines, Mexichem
16%
El Sewedy Electric
13%
Vedanta Resources
10%
Etisalat, PTT
9%
Gruma
8%
BYD Company Limited, LDK Solar, Suntech Power Bidvest Group, Odebrecht Group, Sappi Gedeon Richter Gerdau, Huawei Technologies Embraer, Grupo Bimbo, Indorama Ventures, Magnesita Refratários, Sinosteel, Yanzhou Coal Mining Company China Communications Construction Company, China Minmetals, Emirates Airlines, Saudi Basic Industries Baosteel Group, Camargo Corrêa Group, China State Construction Engineering Corporation, DP World, Geely – Zhejiang Geely Holding Group, Johnson Electric, Koç Holding, Petronas, Severstal Cosco Group Alfa, Aluminium Corporation of China, Anshan Iron and Steel Group, Brasil Foods, Bumi Resources, Charoen Pokphand Group, Chery Automobile, China International Marine Containers Group, China National Chemical Corporation, China National Offshore Oil Corporation, China Shipbuilding Industry Corporation, China Shipping Group, Chint Group, Cosco Group, Coteminas, Fung Group, Galanz Group, Gazprom, Haier, JBS, Lenovo Group, Lukoil, Mabe, Natura, Petrobras, Sabanci Holding, Sasol, Shanghai Electric Group, Sinochem, Sinohydro, Sinomach, Tenaris, Thai Union Frozen Products, Votorantim Group, Wanxiang Group, WEG, Zoomlion, ZTE 0%
7% 6% 5%
Sample average 9%
4% 3% 2% 1% 0.5%
0%
10%
Transparency in Corporate Reporting: Assessing Emerging Market Multinationals
20%
30%
40%
50%
27