Protecting minority investors: Extent of shareholder rights index (0-6) (DB15-20 methodology) by country
The extent of shareholder rights index measures the role of shareholders in key corporate decisions. It has six components: (i) whether the sale of 51% of Buyer’s assets requires shareholder approval; (ii) whether shareholders representing 10% of Buyer’s share capital have the right to call for a meeting of...
Countries reporting
131
Highest
6 DB15-20 methodology
Argentina
Lowest
1 DB15-20 methodology
Venezuela, Bolivarian Republic of
Median
4 DB15-20 methodology
Years covered
7
2013–2019
Data points
1,337
What the numbers show
Protecting minority investors: Extent of shareholder rights index (0-6) (DB15-20 methodology) is currently reported for 131 countries. The highest value is 6 DB15-20 methodology in Argentina; the lowest is 1 DB15-20 methodology in Venezuela, Bolivarian Republic of.
The median across all reporting countries is 4 DB15-20 methodology, and the mean is 4.3 DB15-20 methodology.
The gap between the highest and lowest reporting country is a factor of about 6.
Over the past decade 20 countries rose and 2 fell. The largest increase was in Egypt (up 200.0%), and the largest decrease in Costa Rica (down 33.3%).
Protecting minority investors: Extent of shareholder rights index: full country ranking
| # | Country | Latest | Year | 10-year change | Trend |
|---|---|---|---|---|---|
| 1 | Argentina | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 1 | Bulgaria | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 1 | Chile | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 1 | Cyprus | 6 DB15-20 methodology | 2019 | up 20.0% | rising |
| 1 | Egypt | 6 DB15-20 methodology | 2019 | up 200.0% | rising |
| 1 | Spain | 6 DB15-20 methodology | 2019 | up 20.0% | rising |
| 1 | United Kingdom of Great Britain and Northern Ireland | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 1 | Croatia | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 1 | India | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 1 | Kazakhstan | 6 DB15-20 methodology | 2019 | up 100.0% | rising |
| 1 | Kenya | 6 DB15-20 methodology | 2019 | up 20.0% | flat |
| 1 | Morocco | 6 DB15-20 methodology | 2019 | up 20.0% | rising |
| 1 | Malta | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 1 | Panama | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 1 | Peru | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 1 | Papua New Guinea | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 1 | Slovenia | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 1 | Türkiye | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 1 | Zimbabwe | 6 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Austria | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Bahrain | 5 DB15-20 methodology | 2019 | up 25.0% | rising |
| 20 | Bahamas | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Switzerland | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | China | 5 DB15-20 methodology | 2019 | up 150.0% | rising |
| 20 | Czechia | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Germany | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Denmark | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Ecuador | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Estonia | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Finland | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Georgia | 5 DB15-20 methodology | 2019 | up 66.7% | rising |
| 20 | Ghana | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Greece | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Hong Kong | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Indonesia | 5 DB15-20 methodology | 2019 | up 66.7% | rising |
| 20 | Ireland | 5 DB15-20 methodology | 2019 | up 25.0% | rising |
| 20 | Iraq | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Iceland | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Italy | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Jamaica | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Sri Lanka | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Latvia | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Republic of Moldova | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Mexico | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | North Macedonia | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Mauritius | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Malawi | 5 DB15-20 methodology | 2019 | up 25.0% | rising |
| 20 | Malaysia | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Netherlands | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Norway | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Nepal | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | New Zealand | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Pakistan | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Poland | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Romania | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Russian Federation | 5 DB15-20 methodology | 2019 | up 25.0% | rising |
| 20 | Saudi Arabia | 5 DB15-20 methodology | 2019 | up 25.0% | rising |
| 20 | Singapore | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Serbia | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Slovakia | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Sweden | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | Thailand | 5 DB15-20 methodology | 2019 | up 66.7% | rising |
| 20 | Trinidad and Tobago | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 20 | South Africa | 5 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | United Arab Emirates | 4 DB15-20 methodology | 2019 | up 33.3% | rising |
| 65 | Australia | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Belgium | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Benin | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Burkina Faso | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Bangladesh | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Bosnia and Herzegovina | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Bolivia, Plurinational State of | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Brazil | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Botswana | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Canada | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Côte d'Ivoire | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Colombia | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Fiji | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | France | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Guinea-Bissau | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Guyana | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Hungary | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Israel | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Japan | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Republic of Korea | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Lithuania | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Luxembourg | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Mali | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Niger | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Nigeria | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Oman | 4 DB15-20 methodology | 2019 | up 33.3% | rising |
| 65 | Senegal | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | El Salvador | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Suriname | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Togo | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Tunisia | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Ukraine | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Uzbekistan | 4 DB15-20 methodology | 2019 | up 33.3% | rising |
| 65 | Viet Nam | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 65 | Zambia | 4 DB15-20 methodology | 2019 | up 33.3% | rising |
| 65 | Taiwan | 4 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Antigua and Barbuda | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Belarus | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Barbados | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Bhutan | 3 DB15-20 methodology | 2019 | down 25.0% | falling |
| 102 | Dominica | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Guatemala | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Honduras | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Iran | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Saint Kitts and Nevis | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Lebanon | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Saint Lucia | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Montenegro | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Namibia | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Portugal | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Qatar | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Syria | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Tanzania, United Republic of | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Uganda | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 102 | Saint Vincent and the Grenadines | 3 DB15-20 methodology | 2019 | unchanged | flat |
| 121 | Costa Rica | 2 DB15-20 methodology | 2019 | down 33.3% | falling |
| 121 | Grenada | 2 DB15-20 methodology | 2019 | unchanged | flat |
| 121 | Jordan | 2 DB15-20 methodology | 2019 | up 100.0% | rising |
| 121 | Kuwait | 2 DB15-20 methodology | 2019 | unchanged | flat |
| 121 | Mongolia | 2 DB15-20 methodology | 2019 | unchanged | flat |
| 121 | Palestine, State of | 2 DB15-20 methodology | 2019 | unchanged | flat |
| 121 | Sudan | 2 DB15-20 methodology | 2019 | unchanged | flat |
| 121 | United States | 2 DB15-20 methodology | 2019 | unchanged | flat |
| 129 | Philippines | 1 DB15-20 methodology | 2019 | — | volatile |
| 129 | Puerto Rico | 1 DB15-20 methodology | 2019 | unchanged | flat |
| 129 | Venezuela, Bolivarian Republic of | 1 DB15-20 methodology | 2019 | unchanged | flat |
About this data
The extent of shareholder rights index measures the role of shareholders in key corporate decisions. It has six components: (i) whether the sale of 51% of Buyer’s assets requires shareholder approval; (ii) whether shareholders representing 10% of Buyer’s share capital have the right to call for a meeting of shareholders; (iii) whether Buyer must obtain its shareholders’ approval every time it issues new shares; (iv) whether shareholders automatically receive preemption rights when Buyer issues new shares; (v) whether shareholders elect and dismiss the external auditor; (vi) whether changes to the rights of a class of shares are only possible if the holders of the affected shares approve. The index is computed based on the methodology in the DB15-20 studies.