Protecting minority investors: Extent of disclosure index (0-10) by country
The extent of disclosure index measures the approval and disclosure requirements of related-party transactions. It has five components: (i) whether it is the managing director alone, the board of directors, or the general meeting of shareholders the corporate body who can provide legally sufficient approval for the...
Countries reporting
186
Highest
10 0-10
United Arab Emirates
Lowest
1 0-10
Suriname
Median
6.5 0-10
Years covered
15
2005–2019
Data points
2,865
What the numbers show
Protecting minority investors: Extent of disclosure index (0-10) is currently reported for 186 countries. The highest value is 10 0-10 in United Arab Emirates; the lowest is 1 0-10 in Suriname.
The median across all reporting countries is 6.5 0-10, and the mean is 6.02 0-10.
The gap between the highest and lowest reporting country is a factor of about 10.
Over the past decade 74 countries rose and 2 fell. The largest increase was in Greece (up 800.0%), and the largest decrease in Qatar (down 60.0%).
Protecting minority investors: Extent of disclosure index: full country ranking
| # | Country | Latest | Year | 10-year change | Trend |
|---|---|---|---|---|---|
| 1 | United Arab Emirates | 10 0-10 | 2019 | up 150.0% | rising |
| 1 | Azerbaijan | 10 0-10 | 2019 | up 42.9% | rising |
| 1 | Bulgaria | 10 0-10 | 2019 | unchanged | flat |
| 1 | China | 10 0-10 | 2019 | unchanged | flat |
| 1 | United Kingdom of Great Britain and Northern Ireland | 10 0-10 | 2019 | unchanged | flat |
| 1 | Hong Kong, China | 10 0-10 | 2019 | up 11.1% | rising |
| 1 | Indonesia | 10 0-10 | 2019 | unchanged | rising |
| 1 | Kenya | 10 0-10 | 2019 | up 233.3% | volatile |
| 1 | North Macedonia | 10 0-10 | 2019 | up 42.9% | rising |
| 1 | Malaysia | 10 0-10 | 2019 | unchanged | flat |
| 1 | New Zealand | 10 0-10 | 2019 | unchanged | flat |
| 1 | Singapore | 10 0-10 | 2019 | unchanged | flat |
| 1 | Thailand | 10 0-10 | 2019 | unchanged | flat |
| 14 | Albania | 9 0-10 | 2019 | up 28.6% | volatile |
| 14 | Colombia | 9 0-10 | 2019 | unchanged | flat |
| 14 | Cyprus | 9 0-10 | 2019 | up 125.0% | rising |
| 14 | Georgia | 9 0-10 | 2019 | up 12.5% | rising |
| 14 | Greece | 9 0-10 | 2019 | up 800.0% | volatile |
| 14 | Ireland | 9 0-10 | 2019 | down 10.0% | falling |
| 14 | Kazakhstan | 9 0-10 | 2019 | up 125.0% | rising |
| 14 | Lebanon | 9 0-10 | 2019 | unchanged | flat |
| 14 | Morocco | 9 0-10 | 2019 | up 80.0% | rising |
| 14 | Peru | 9 0-10 | 2019 | up 12.5% | rising |
| 14 | Philippines | 9 0-10 | 2019 | up 350.0% | volatile |
| 14 | Romania | 9 0-10 | 2019 | unchanged | flat |
| 14 | Saudi Arabia | 9 0-10 | 2019 | up 12.5% | rising |
| 14 | Türkiye | 9 0-10 | 2019 | unchanged | rising |
| 14 | Ukraine | 9 0-10 | 2019 | up 125.0% | volatile |
| 14 | Kosovo | 9 0-10 | 2019 | up 200.0% | rising |
| 14 | Taiwan, China | 9 0-10 | 2019 | up 28.6% | rising |
| 14 | Kosovo (UNSCR 1244) | 9 0-10 | 2019 | up 200.0% | rising |
| 32 | Afghanistan | 8 0-10 | 2019 | up 700.0% | volatile |
| 32 | Australia | 8 0-10 | 2019 | unchanged | flat |
| 32 | Burundi | 8 0-10 | 2019 | up 100.0% | rising |
| 32 | Belgium | 8 0-10 | 2019 | unchanged | flat |
| 32 | Bahrain | 8 0-10 | 2019 | unchanged | flat |
| 32 | Canada | 8 0-10 | 2019 | unchanged | flat |
| 32 | Chile | 8 0-10 | 2019 | up 14.3% | rising |
| 32 | Djibouti | 8 0-10 | 2019 | up 100.0% | rising |
| 32 | Egypt | 8 0-10 | 2019 | up 60.0% | rising |
| 32 | Estonia | 8 0-10 | 2019 | unchanged | flat |
| 32 | France | 8 0-10 | 2019 | unchanged | flat |
| 32 | India | 8 0-10 | 2019 | up 33.3% | rising |
| 32 | Republic of Korea | 8 0-10 | 2019 | up 14.3% | rising |
| 32 | Sri Lanka | 8 0-10 | 2019 | up 100.0% | rising |
| 32 | Mexico | 8 0-10 | 2019 | unchanged | rising |
| 32 | Oman | 8 0-10 | 2019 | unchanged | flat |
| 32 | Rwanda | 8 0-10 | 2019 | up 14.3% | rising |
| 32 | Sweden | 8 0-10 | 2019 | up 33.3% | rising |
| 32 | Tajikistan | 8 0-10 | 2019 | up 33.3% | volatile |
| 32 | Uzbekistan | 8 0-10 | 2019 | up 100.0% | rising |
| 32 | South Africa | 8 0-10 | 2019 | unchanged | flat |
| 32 | Zimbabwe | 8 0-10 | 2019 | unchanged | flat |
| 54 | United States of America | 7.4 0-10 | 2019 | unchanged | flat |
| 55 | Argentina | 7 0-10 | 2019 | unchanged | flat |
| 55 | Armenia | 7 0-10 | 2019 | up 40.0% | rising |
| 55 | Benin | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Burkina Faso | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Botswana | 7 0-10 | 2019 | unchanged | falling |
| 55 | Central African Republic | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Côte d'Ivoire | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Cameroon | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Congo, Democratic Republic of the | 7 0-10 | 2019 | up 133.3% | rising |
| 55 | Congo | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Comoros | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Denmark | 7 0-10 | 2019 | unchanged | flat |
| 55 | Spain | 7 0-10 | 2019 | up 40.0% | rising |
| 55 | Gabon | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Ghana | 7 0-10 | 2019 | unchanged | flat |
| 55 | Guinea | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Guinea-Bissau | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Equatorial Guinea | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Iran, Islamic Republic of | 7 0-10 | 2019 | up 40.0% | rising |
| 55 | Iceland | 7 0-10 | 2019 | up 75.0% | rising |
| 55 | Israel | 7 0-10 | 2019 | unchanged | flat |
| 55 | Italy | 7 0-10 | 2019 | unchanged | flat |
| 55 | Japan | 7 0-10 | 2019 | unchanged | flat |
| 55 | Kyrgyzstan | 7 0-10 | 2019 | unchanged | flat |
| 55 | Lithuania | 7 0-10 | 2019 | up 40.0% | rising |
| 55 | Republic of Moldova | 7 0-10 | 2019 | unchanged | flat |
| 55 | Madagascar | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Mali | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Mauritius | 7 0-10 | 2019 | unchanged | flat |
| 55 | Niger | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Nigeria | 7 0-10 | 2019 | up 75.0% | rising |
| 55 | Norway | 7 0-10 | 2019 | unchanged | flat |
| 55 | Poland | 7 0-10 | 2019 | unchanged | flat |
| 55 | Puerto Rico | 7 0-10 | 2019 | unchanged | flat |
| 55 | Senegal | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Syrian Arab Republic | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Chad | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Togo | 7 0-10 | 2019 | up 16.7% | rising |
| 55 | Viet Nam | 7 0-10 | 2019 | up 16.7% | rising |
| 94 | Bangladesh | 6 0-10 | 2019 | unchanged | flat |
| 94 | Belarus | 6 0-10 | 2019 | up 20.0% | rising |
| 94 | Finland | 6 0-10 | 2019 | unchanged | flat |
| 94 | Cambodia | 6 0-10 | 2019 | unchanged | flat |
| 94 | Kiribati | 6 0-10 | 2019 | unchanged | flat |
| 94 | Lao People's Democratic Republic | 6 0-10 | 2019 | up 200.0% | volatile |
| 94 | Luxembourg | 6 0-10 | 2019 | unchanged | flat |
| 94 | Mongolia | 6 0-10 | 2019 | up 50.0% | rising |
| 94 | Mauritania | 6 0-10 | 2019 | up 20.0% | rising |
| 94 | Nepal | 6 0-10 | 2019 | unchanged | flat |
| 94 | Pakistan | 6 0-10 | 2019 | unchanged | flat |
| 94 | Portugal | 6 0-10 | 2019 | unchanged | flat |
| 94 | Paraguay | 6 0-10 | 2019 | unchanged | flat |
| 94 | Palestine, State of | 6 0-10 | 2019 | unchanged | flat |
| 94 | Russian Federation | 6 0-10 | 2019 | unchanged | flat |
| 94 | Sierra Leone | 6 0-10 | 2019 | unchanged | rising |
| 94 | Serbia | 6 0-10 | 2019 | up 50.0% | rising |
| 94 | Tunisia | 6 0-10 | 2019 | up 50.0% | volatile |
| 94 | Yemen | 6 0-10 | 2019 | unchanged | flat |
| 113 | Austria | 5 0-10 | 2019 | unchanged | flat |
| 113 | Brazil | 5 0-10 | 2019 | unchanged | flat |
| 113 | Costa Rica | 5 0-10 | 2019 | up 150.0% | rising |
| 113 | Germany | 5 0-10 | 2019 | unchanged | flat |
| 113 | Dominican Republic | 5 0-10 | 2019 | unchanged | flat |
| 113 | Guyana | 5 0-10 | 2019 | unchanged | flat |
| 113 | Croatia | 5 0-10 | 2019 | up 66.7% | rising |
| 113 | Kuwait | 5 0-10 | 2019 | up 25.0% | rising |
| 113 | Latvia | 5 0-10 | 2019 | unchanged | flat |
| 113 | Montenegro | 5 0-10 | 2019 | unchanged | flat |
| 113 | Mozambique | 5 0-10 | 2019 | unchanged | flat |
| 113 | Namibia | 5 0-10 | 2019 | unchanged | flat |
| 113 | Papua New Guinea | 5 0-10 | 2019 | up 25.0% | rising |
| 113 | Slovenia | 5 0-10 | 2019 | up 66.7% | rising |
| 113 | Timor-Leste | 5 0-10 | 2019 | unchanged | flat |
| 113 | Vanuatu | 5 0-10 | 2019 | unchanged | flat |
| 113 | Samoa | 5 0-10 | 2019 | unchanged | flat |
| 130 | Angola | 4 0-10 | 2019 | unchanged | flat |
| 130 | Antigua and Barbuda | 4 0-10 | 2019 | unchanged | flat |
| 130 | Brunei Darussalam | 4 0-10 | 2019 | unchanged | flat |
| 130 | Bhutan | 4 0-10 | 2019 | unchanged | flat |
| 130 | Dominica | 4 0-10 | 2019 | unchanged | flat |
| 130 | Algeria | 4 0-10 | 2019 | unchanged | flat |
| 130 | Grenada | 4 0-10 | 2019 | unchanged | flat |
| 130 | Iraq | 4 0-10 | 2019 | unchanged | flat |
| 130 | Jamaica | 4 0-10 | 2019 | unchanged | flat |
| 130 | Jordan | 4 0-10 | 2019 | unchanged | flat |
| 130 | Saint Kitts and Nevis | 4 0-10 | 2019 | unchanged | flat |
| 130 | Liberia | 4 0-10 | 2019 | unchanged | flat |
| 130 | Libya | 4 0-10 | 2019 | up 300.0% | volatile |
| 130 | Saint Lucia | 4 0-10 | 2019 | unchanged | flat |
| 130 | Myanmar | 4 0-10 | 2019 | up 33.3% | rising |
| 130 | Malawi | 4 0-10 | 2019 | unchanged | flat |
| 130 | Netherlands | 4 0-10 | 2019 | up 33.3% | rising |
| 130 | Panama | 4 0-10 | 2019 | up 33.3% | rising |
| 130 | Seychelles | 4 0-10 | 2019 | unchanged | flat |
| 130 | Trinidad and Tobago | 4 0-10 | 2019 | unchanged | flat |
| 130 | Saint Vincent and the Grenadines | 4 0-10 | 2019 | unchanged | flat |
| 130 | Zambia | 4 0-10 | 2019 | unchanged | flat |
| 152 | Bahamas | 3 0-10 | 2019 | up 50.0% | rising |
| 152 | Bosnia and Herzegovina | 3 0-10 | 2019 | unchanged | flat |
| 152 | Belize | 3 0-10 | 2019 | unchanged | flat |
| 152 | Eritrea | 3 0-10 | 2019 | unchanged | flat |
| 152 | Ethiopia | 3 0-10 | 2019 | unchanged | flat |
| 152 | Guatemala | 3 0-10 | 2019 | unchanged | flat |
| 152 | Honduras | 3 0-10 | 2019 | — | volatile |
| 152 | Lesotho | 3 0-10 | 2019 | up 50.0% | rising |
| 152 | Malta | 3 0-10 | 2019 | unchanged | flat |
| 152 | Sudan | 3 0-10 | 2019 | — | volatile |
| 152 | Solomon Islands | 3 0-10 | 2019 | unchanged | flat |
| 152 | El Salvador | 3 0-10 | 2019 | unchanged | flat |
| 152 | San Marino | 3 0-10 | 2019 | unchanged | flat |
| 152 | Sao Tome and Principe | 3 0-10 | 2019 | unchanged | flat |
| 152 | Slovakia | 3 0-10 | 2019 | unchanged | flat |
| 152 | Tonga | 3 0-10 | 2019 | unchanged | flat |
| 152 | Uganda | 3 0-10 | 2019 | unchanged | flat |
| 152 | Uruguay | 3 0-10 | 2019 | unchanged | flat |
| 152 | Venezuela, Bolivarian Republic of | 3 0-10 | 2019 | unchanged | flat |
| 171 | Barbados | 2 0-10 | 2019 | unchanged | flat |
| 171 | Czechia | 2 0-10 | 2019 | unchanged | flat |
| 171 | Ecuador | 2 0-10 | 2019 | up 100.0% | rising |
| 171 | Fiji | 2 0-10 | 2019 | unchanged | flat |
| 171 | Gambia | 2 0-10 | 2019 | unchanged | flat |
| 171 | Haiti | 2 0-10 | 2019 | unchanged | flat |
| 171 | Hungary | 2 0-10 | 2019 | unchanged | flat |
| 171 | Marshall Islands | 2 0-10 | 2019 | unchanged | flat |
| 171 | Qatar | 2 0-10 | 2019 | down 60.0% | falling |
| 171 | South Sudan | 2 0-10 | 2019 | — | volatile |
| 171 | Eswatini | 2 0-10 | 2019 | — | volatile |
| 171 | Tanzania, United Republic of | 2 0-10 | 2019 | unchanged | flat |
| 183 | Bolivia, Plurinational State of | 1 0-10 | 2019 | unchanged | flat |
| 183 | Cape Verde | 1 0-10 | 2019 | unchanged | flat |
| 183 | Nicaragua | 1 0-10 | 2019 | unchanged | flat |
| 183 | Suriname | 1 0-10 | 2019 | unchanged | flat |
About this data
The extent of disclosure index measures the approval and disclosure requirements of related-party transactions. It has five components: (i) whether it is the managing director alone, the board of directors, or the general meeting of shareholders the corporate body who can provide legally sufficient approval for the transaction (points are assigned depending on whether interested directors are permitted to vote or not); (ii) whether an external body (an independent auditor, for example) must review the transaction before it takes place; (iii) whether disclosure by Mr. James to the board of directors or the supervisory board is required; (iv) whether immediate disclosure of the transaction to the public, the regulator or the shareholders is required; and (v) whether disclosure in periodic filings (for example, annual reports) is required.