The aggregate average score of the CG Scorecard for PLCs has increased from 65% in 2007 to 72% in 2008. This increase is due to a greater number of companies taking the CG Scorecard seriously. During the Annual Dinner, ICD recognized the top scoring companies in the CG scorecard and identified them according to tiers/categories. This distinction marks the company as a transparent and well-governed institution.
In further improving the CG Score of companies, the ICD conducted two (2) information sessions to inform companies of results of the initiative and focus on areas that need improvement. On the whole, the 2008 CG Scorecard results show that companies are increasingly respecting shareholder rights and practicing an equitable treatment of shareholders. Additionally, corporate transparency in the form of disclosures has considerably improved. Nevertheless, board responsibility and the role of stakeholders remain the predominant areas that require progress.
Similarly, ICD undertook a working session with the ICD Fellows, PSE, SEC and the members of the companies circle to improve the CG Scorecard questionnaire so it reflects up-to-date international standards of corporate governance. Comments on the questionnaire were delivered by different companies which serve as a working paper and dialogue increasing communication between regulators and companies. Modifications and revisions of the questionnaire were sent to and approved by the SEC Commission En Banc and released for the 2009 PLC Scorecard Project.
Additionally, the ICD is working on Scorecards for GOCCs, FOCCs, banks and insurance companies. Benchmark results for the banks and GOCCs were presended during the OECD Conference.