From law firm McDermott Will & Emery, an overview of Transparency International’s new policy study, Transparency in Corporate Reporting: Assessing the World’s Largest Companies:
“TI advocates country-by-country reporting as a tool to expose the link between a parent company and the local jurisdiction in which it operates. TI believes this will help make companies accountable in all territories, shed some light on any special arrangements between governments and companies and provide a solid basis on which to evaluate all a company’s activities in a particular country.
The best performing sectors were oil and gas and basic materials, with the highest average scores. Among the 24 financial institutions evaluated, 13 disclose no data on their foreign operations. The average score in this category was only about four per cent. TI suggests that this very poor result may be attributed to the fact that reporting on a country-by-country basis has not yet been the subject of regulatory attention, which should change as relevant legislation comes into effect in the future. As a result, if companies publish their international financial reports they tend to aggregate their accounts by region, not by country.”
Read the full update, Corporate Reporting on Anti-Bribery and Corruption Measures - McDermott Will & Emery»