In June 2013 the IFC published the report, “Raising the Bar on Corporate Governance: A Study of Eight Stock Exchange Indices.”
According to the executive summary, the report finds that Corporate Governance Indices (CGI) can raise a country’s overall corporate governance standards and can offer companies possible financial and investment benefits from corporate governance. “Raising the Bar on Corporate Governance: A Study of Eight Stock Exchange Indices” provides a comprehensive analysis of indices (in Brazil, China, Italy, Mexico, Peru, South Africa, South Korea and Turkey), which could help enhance legal and regulatory frameworks by extending governance criteria to develop objectives and measurable benchmarks. Many countries are making reforms to corporate governance a priority as a way to improve business performance and help companies attract investment and become sustainable. As a result, stock exchanges in these countries are looking for ways to promote better corporate governance practices in companies. The study also shows that CGIs present companies with an opportunity to differentiate themselves in the market and, ultimately, offer companies an incentive to adopt better governance practices.”
You may download the report on the corporate governance – publications – guidelines, reviews and case studies page of the IFC internet site.