Protecting minority investors: Extent of director liability index (0-10) by country
The extent of director liability index measures when board members can be held liable for harm caused by related-party transactions and what sanctions are available. It has seven components: (i) whether shareholders can sue directly or derivatively for the damage the transaction causes to the company; (ii) whether...
Countries reporting
183
Highest
10 0-10
United Arab Emirates
Lowest
1 0-10
Togo
Median
5 0-10
Years covered
15
2005–2019
Data points
2,865
What the numbers show
Protecting minority investors: Extent of director liability index (0-10) is currently reported for 183 countries. The highest value is 10 0-10 in United Arab Emirates; the lowest is 1 0-10 in Togo.
The median across all reporting countries is 5 0-10, and the mean is 4.93 0-10.
The gap between the highest and lowest reporting country is a factor of about 10.
Over the past decade 32 countries rose and 4 fell. The largest increase was in Burundi (up 600.0%), and the largest decrease in Sudan (down 80.0%).
Protecting minority investors: Extent of director liability index: full country ranking
| # | Country | Latest | Year | 10-year change | Trend |
|---|---|---|---|---|---|
| 1 | United Arab Emirates | 10 0-10 | 2019 | up 66.7% | rising |
| 1 | Kenya | 10 0-10 | 2019 | up 400.0% | volatile |
| 1 | Cambodia | 10 0-10 | 2019 | unchanged | flat |
| 4 | Canada | 9 0-10 | 2019 | unchanged | flat |
| 4 | Israel | 9 0-10 | 2019 | unchanged | flat |
| 4 | Kuwait | 9 0-10 | 2019 | unchanged | flat |
| 4 | North Macedonia | 9 0-10 | 2019 | up 28.6% | rising |
| 4 | Malaysia | 9 0-10 | 2019 | unchanged | flat |
| 4 | New Zealand | 9 0-10 | 2019 | unchanged | flat |
| 4 | Rwanda | 9 0-10 | 2019 | unchanged | rising |
| 4 | Saudi Arabia | 9 0-10 | 2019 | up 12.5% | rising |
| 4 | Singapore | 9 0-10 | 2019 | unchanged | flat |
| 4 | Slovenia | 9 0-10 | 2019 | unchanged | rising |
| 4 | Trinidad and Tobago | 9 0-10 | 2019 | unchanged | flat |
| 15 | United States of America | 8.6 0-10 | 2019 | unchanged | flat |
| 16 | Antigua and Barbuda | 8 0-10 | 2019 | unchanged | flat |
| 16 | Brazil | 8 0-10 | 2019 | unchanged | flat |
| 16 | Brunei Darussalam | 8 0-10 | 2019 | up 300.0% | volatile |
| 16 | Botswana | 8 0-10 | 2019 | unchanged | rising |
| 16 | Djibouti | 8 0-10 | 2019 | up 166.7% | rising |
| 16 | Dominica | 8 0-10 | 2019 | unchanged | flat |
| 16 | Fiji | 8 0-10 | 2019 | unchanged | flat |
| 16 | Grenada | 8 0-10 | 2019 | unchanged | flat |
| 16 | Hong Kong, China | 8 0-10 | 2019 | unchanged | flat |
| 16 | Honduras | 8 0-10 | 2019 | up 60.0% | rising |
| 16 | Ireland | 8 0-10 | 2019 | up 14.3% | rising |
| 16 | Jamaica | 8 0-10 | 2019 | unchanged | flat |
| 16 | Saint Kitts and Nevis | 8 0-10 | 2019 | unchanged | flat |
| 16 | Saint Lucia | 8 0-10 | 2019 | unchanged | flat |
| 16 | Maldives | 8 0-10 | 2019 | unchanged | flat |
| 16 | Montenegro | 8 0-10 | 2019 | unchanged | flat |
| 16 | Mongolia | 8 0-10 | 2019 | unchanged | flat |
| 16 | Mauritius | 8 0-10 | 2019 | unchanged | flat |
| 16 | Sierra Leone | 8 0-10 | 2019 | unchanged | rising |
| 16 | Seychelles | 8 0-10 | 2019 | unchanged | flat |
| 16 | Saint Vincent and the Grenadines | 8 0-10 | 2019 | unchanged | flat |
| 16 | South Africa | 8 0-10 | 2019 | unchanged | flat |
| 38 | Albania | 7 0-10 | 2019 | unchanged | rising |
| 38 | Azerbaijan | 7 0-10 | 2019 | up 40.0% | rising |
| 38 | Burundi | 7 0-10 | 2019 | up 600.0% | volatile |
| 38 | Bangladesh | 7 0-10 | 2019 | unchanged | flat |
| 38 | Colombia | 7 0-10 | 2019 | unchanged | rising |
| 38 | United Kingdom of Great Britain and Northern Ireland | 7 0-10 | 2019 | unchanged | flat |
| 38 | India | 7 0-10 | 2019 | up 75.0% | rising |
| 38 | Malawi | 7 0-10 | 2019 | unchanged | flat |
| 38 | Nigeria | 7 0-10 | 2019 | unchanged | flat |
| 38 | Pakistan | 7 0-10 | 2019 | up 16.7% | rising |
| 38 | Solomon Islands | 7 0-10 | 2019 | unchanged | flat |
| 38 | Thailand | 7 0-10 | 2019 | unchanged | rising |
| 38 | Tunisia | 7 0-10 | 2019 | unchanged | rising |
| 51 | Angola | 6 0-10 | 2019 | unchanged | flat |
| 51 | Armenia | 6 0-10 | 2019 | up 200.0% | rising |
| 51 | Belgium | 6 0-10 | 2019 | unchanged | flat |
| 51 | Bosnia and Herzegovina | 6 0-10 | 2019 | unchanged | flat |
| 51 | Chile | 6 0-10 | 2019 | unchanged | flat |
| 51 | Czechia | 6 0-10 | 2019 | up 20.0% | rising |
| 51 | Spain | 6 0-10 | 2019 | unchanged | flat |
| 51 | Georgia | 6 0-10 | 2019 | unchanged | rising |
| 51 | Croatia | 6 0-10 | 2019 | unchanged | flat |
| 51 | Japan | 6 0-10 | 2019 | unchanged | flat |
| 51 | Kazakhstan | 6 0-10 | 2019 | up 500.0% | volatile |
| 51 | Republic of Korea | 6 0-10 | 2019 | up 50.0% | rising |
| 51 | Madagascar | 6 0-10 | 2019 | unchanged | flat |
| 51 | Malta | 6 0-10 | 2019 | unchanged | flat |
| 51 | Peru | 6 0-10 | 2019 | up 20.0% | rising |
| 51 | Puerto Rico | 6 0-10 | 2019 | unchanged | flat |
| 51 | Serbia | 6 0-10 | 2019 | unchanged | flat |
| 51 | Tajikistan | 6 0-10 | 2019 | up 100.0% | volatile |
| 51 | Tanzania, United Republic of | 6 0-10 | 2019 | unchanged | flat |
| 51 | Vanuatu | 6 0-10 | 2019 | unchanged | flat |
| 51 | Samoa | 6 0-10 | 2019 | unchanged | flat |
| 51 | Kosovo | 6 0-10 | 2019 | up 200.0% | rising |
| 51 | Zambia | 6 0-10 | 2019 | unchanged | flat |
| 51 | Kosovo (UNSCR 1244) | 6 0-10 | 2019 | up 200.0% | rising |
| 75 | Austria | 5 0-10 | 2019 | unchanged | flat |
| 75 | Bahamas | 5 0-10 | 2019 | unchanged | flat |
| 75 | Bolivia, Plurinational State of | 5 0-10 | 2019 | unchanged | flat |
| 75 | Switzerland | 5 0-10 | 2019 | unchanged | flat |
| 75 | Cape Verde | 5 0-10 | 2019 | unchanged | flat |
| 75 | Costa Rica | 5 0-10 | 2019 | unchanged | flat |
| 75 | Germany | 5 0-10 | 2019 | unchanged | flat |
| 75 | Denmark | 5 0-10 | 2019 | unchanged | flat |
| 75 | Ecuador | 5 0-10 | 2019 | unchanged | flat |
| 75 | Ghana | 5 0-10 | 2019 | unchanged | flat |
| 75 | Gambia | 5 0-10 | 2019 | up 400.0% | volatile |
| 75 | Guyana | 5 0-10 | 2019 | unchanged | flat |
| 75 | Indonesia | 5 0-10 | 2019 | unchanged | flat |
| 75 | Iraq | 5 0-10 | 2019 | unchanged | flat |
| 75 | Iceland | 5 0-10 | 2019 | unchanged | flat |
| 75 | Kyrgyzstan | 5 0-10 | 2019 | unchanged | rising |
| 75 | Kiribati | 5 0-10 | 2019 | unchanged | flat |
| 75 | Sri Lanka | 5 0-10 | 2019 | unchanged | flat |
| 75 | Luxembourg | 5 0-10 | 2019 | up 25.0% | rising |
| 75 | Mexico | 5 0-10 | 2019 | unchanged | rising |
| 75 | Namibia | 5 0-10 | 2019 | unchanged | flat |
| 75 | Nicaragua | 5 0-10 | 2019 | unchanged | flat |
| 75 | Norway | 5 0-10 | 2019 | unchanged | flat |
| 75 | Oman | 5 0-10 | 2019 | unchanged | flat |
| 75 | Papua New Guinea | 5 0-10 | 2019 | unchanged | flat |
| 75 | Portugal | 5 0-10 | 2019 | unchanged | flat |
| 75 | Paraguay | 5 0-10 | 2019 | unchanged | flat |
| 75 | Palestine, State of | 5 0-10 | 2019 | unchanged | flat |
| 75 | Eswatini | 5 0-10 | 2019 | up 400.0% | volatile |
| 75 | Syrian Arab Republic | 5 0-10 | 2019 | unchanged | flat |
| 75 | Türkiye | 5 0-10 | 2019 | up 25.0% | rising |
| 75 | Uganda | 5 0-10 | 2019 | unchanged | flat |
| 75 | Taiwan, China | 5 0-10 | 2019 | up 25.0% | rising |
| 108 | Bahrain | 4 0-10 | 2019 | unchanged | flat |
| 108 | Belize | 4 0-10 | 2019 | unchanged | flat |
| 108 | Bhutan | 4 0-10 | 2019 | unchanged | flat |
| 108 | China | 4 0-10 | 2019 | up 300.0% | volatile |
| 108 | Cyprus | 4 0-10 | 2019 | unchanged | flat |
| 108 | Dominican Republic | 4 0-10 | 2019 | unchanged | volatile |
| 108 | Finland | 4 0-10 | 2019 | unchanged | flat |
| 108 | Greece | 4 0-10 | 2019 | unchanged | rising |
| 108 | Hungary | 4 0-10 | 2019 | unchanged | flat |
| 108 | Iran, Islamic Republic of | 4 0-10 | 2019 | unchanged | flat |
| 108 | Italy | 4 0-10 | 2019 | unchanged | flat |
| 108 | Jordan | 4 0-10 | 2019 | unchanged | flat |
| 108 | Lesotho | 4 0-10 | 2019 | up 300.0% | volatile |
| 108 | Lithuania | 4 0-10 | 2019 | unchanged | flat |
| 108 | Latvia | 4 0-10 | 2019 | unchanged | flat |
| 108 | Republic of Moldova | 4 0-10 | 2019 | up 100.0% | rising |
| 108 | Myanmar | 4 0-10 | 2019 | — | volatile |
| 108 | Mozambique | 4 0-10 | 2019 | unchanged | rising |
| 108 | Netherlands | 4 0-10 | 2019 | unchanged | flat |
| 108 | Panama | 4 0-10 | 2019 | unchanged | flat |
| 108 | Philippines | 4 0-10 | 2019 | up 33.3% | rising |
| 108 | Romania | 4 0-10 | 2019 | unchanged | flat |
| 108 | Slovakia | 4 0-10 | 2019 | unchanged | flat |
| 108 | Sweden | 4 0-10 | 2019 | unchanged | flat |
| 108 | Timor-Leste | 4 0-10 | 2019 | unchanged | flat |
| 108 | Uruguay | 4 0-10 | 2019 | unchanged | flat |
| 108 | Viet Nam | 4 0-10 | 2019 | up 100.0% | rising |
| 108 | Yemen | 4 0-10 | 2019 | unchanged | flat |
| 136 | Egypt | 3 0-10 | 2019 | unchanged | flat |
| 136 | Estonia | 3 0-10 | 2019 | unchanged | flat |
| 136 | France | 3 0-10 | 2019 | unchanged | flat |
| 136 | Haiti | 3 0-10 | 2019 | unchanged | flat |
| 136 | Mauritania | 3 0-10 | 2019 | up 200.0% | volatile |
| 136 | Tonga | 3 0-10 | 2019 | unchanged | flat |
| 136 | Uzbekistan | 3 0-10 | 2019 | up 200.0% | volatile |
| 143 | Argentina | 2 0-10 | 2019 | unchanged | flat |
| 143 | Australia | 2 0-10 | 2019 | unchanged | flat |
| 143 | Bulgaria | 2 0-10 | 2019 | unchanged | flat |
| 143 | Belarus | 2 0-10 | 2019 | — | volatile |
| 143 | Barbados | 2 0-10 | 2019 | unchanged | flat |
| 143 | Guatemala | 2 0-10 | 2019 | unchanged | flat |
| 143 | Morocco | 2 0-10 | 2019 | unchanged | flat |
| 143 | Poland | 2 0-10 | 2019 | unchanged | flat |
| 143 | Qatar | 2 0-10 | 2019 | down 66.7% | falling |
| 143 | Russian Federation | 2 0-10 | 2019 | unchanged | flat |
| 143 | San Marino | 2 0-10 | 2019 | unchanged | flat |
| 143 | Ukraine | 2 0-10 | 2019 | unchanged | falling |
| 143 | Venezuela, Bolivarian Republic of | 2 0-10 | 2019 | unchanged | flat |
| 143 | Zimbabwe | 2 0-10 | 2019 | unchanged | flat |
| 157 | Afghanistan | 1 0-10 | 2019 | unchanged | flat |
| 157 | Benin | 1 0-10 | 2019 | unchanged | flat |
| 157 | Burkina Faso | 1 0-10 | 2019 | unchanged | flat |
| 157 | Central African Republic | 1 0-10 | 2019 | unchanged | flat |
| 157 | Côte d'Ivoire | 1 0-10 | 2019 | unchanged | flat |
| 157 | Cameroon | 1 0-10 | 2019 | unchanged | flat |
| 157 | Congo, Democratic Republic of the | 1 0-10 | 2019 | down 66.7% | falling |
| 157 | Congo | 1 0-10 | 2019 | unchanged | flat |
| 157 | Comoros | 1 0-10 | 2019 | unchanged | flat |
| 157 | Algeria | 1 0-10 | 2019 | unchanged | flat |
| 157 | Gabon | 1 0-10 | 2019 | unchanged | flat |
| 157 | Guinea | 1 0-10 | 2019 | unchanged | flat |
| 157 | Guinea-Bissau | 1 0-10 | 2019 | unchanged | flat |
| 157 | Equatorial Guinea | 1 0-10 | 2019 | unchanged | flat |
| 157 | Lao People's Democratic Republic | 1 0-10 | 2019 | unchanged | flat |
| 157 | Lebanon | 1 0-10 | 2019 | unchanged | flat |
| 157 | Liberia | 1 0-10 | 2019 | unchanged | flat |
| 157 | Libya | 1 0-10 | 2019 | unchanged | flat |
| 157 | Mali | 1 0-10 | 2019 | unchanged | flat |
| 157 | Niger | 1 0-10 | 2019 | unchanged | flat |
| 157 | Nepal | 1 0-10 | 2019 | unchanged | flat |
| 157 | Sudan | 1 0-10 | 2019 | down 80.0% | falling |
| 157 | Senegal | 1 0-10 | 2019 | unchanged | flat |
| 157 | South Sudan | 1 0-10 | 2019 | down 80.0% | volatile |
| 157 | Sao Tome and Principe | 1 0-10 | 2019 | unchanged | flat |
| 157 | Chad | 1 0-10 | 2019 | unchanged | flat |
| 157 | Togo | 1 0-10 | 2019 | unchanged | flat |
About this data
The extent of director liability index measures when board members can be held liable for harm caused by related-party transactions and what sanctions are available. It has seven components: (i) whether shareholders can sue directly or derivatively for the damage the transaction causes to the company; (ii) whether a shareholder plaintiff can hold Mr. James liable for the damage the Buyer-Seller transaction causes to the company; (iii) whether a shareholder plaintiff can hold other executives and directors (the CEO, members of the board of directors or members of the supervisory board) liable for the damage the transaction causes to the company; (iv) whether Mr. James pays damages for the harm caused to the company upon a successful claim by the shareholder plaintiff; (v) whether Mr. James repays profits made from the transaction upon a successful claim by the shareholder plaintiff; (vi) whether Mr. James is disqualified upon a successful claim by the shareholder plaintiff; and (vii) whether a court can void the transaction upon a successful claim by a shareholder plaintiff.