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Raising the Bar on Corporate Governance : A Study of Eight Stock Exchange Indices

Grimminger, Andreas D.; Di Benedetta, Pasquale
Fonte: World Bank and the International Financial Corporation, Washington, DC Publicador: World Bank and the International Financial Corporation, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
66.97%
Stock exchanges around the world have launched Corporate Governance Indices (CGIs), sometimes as part of a broader Environment, Social, and Governance (ESG) initiative. The comprehensive analysis of these indices presented in this study is the first of its kind, and it reveals that CGIs have a positive impact, enhancing legal and regulatory frameworks by extending governance criteria to develop objective and measurable benchmarks. The study also shows that CGIs present companies with an opportunity to differentiate themselves in the market and, ultimately, offer companies an incentive to adopt better governance practices. Nevertheless, as the process for vetting and evaluation of companies for inclusion in the indices continues to evolve, access to underlying methodologies, disclosure of the ratings and self-assessments of individual companies, and of overall monitoring processes and procedures can still be enhanced. This study reviews the different approaches used by stock exchanges to build indices incorporating corporate governance. In the case of ESG indices...