COUNTRY-BY-COUNTRY REPORTING Among companies from the five BRICS countries, the best performing by far were Indian. This was mostly related to the previously mentioned law that requires Indian companies to disclose key financial information for all their subsidiaries. Despite this legal obligation, however, the results among Indian companies still vary, mostly due to their performance on voluntary country-level disclosure of revenues and community contributions. The results ranged between 10 per cent and 34 per cent. Also performing significantly better than average was Russia, with a result of 12 per cent. The best performing among the Russian companies were Norilsk Nickel, Evraz Group and United Company Rusal.
Diagram 13 Country-by-country reporting: BRICS – average results Where 100% means full organisational transparency
India (20 companies)
29%
Russia (6 companies)
South Africa (3 companies)
Brazil (13 companies)
China (33 companies)
0%
12%
4%
3%
1%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
The remaining BRICS performed well below average with South Africa at 4 per cent, Brazil at 3 per cent and China at a mere 1 per cent. Over half of the Brazilian companies and almost two-thirds of the Chinese companies scored zero.
Transparency in Corporate Reporting: Assessing Emerging Market Multinationals
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