| Country | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Albania | 4.29 | 4.37 | 4.48 | 4.78 | 5.03 | 4.67 | 4.38 | 4.39 | 4.86 | 4.75 |
| Algeria | 4.00 | 3.45 | 3.37 | 4.11 | 3.77 | 3.13 | 3.52 | 3.53 | 3.46 | 3.36 |
| Angola | 3.57 | 3.23 | 2.93 | 2.64 | 2.69 | |||||
| Argentina | 4.67 | 4.43 | 4.28 | 4.16 | 4.12 | 4.15 | 4.06 | 4.14 | 4.41 | 4.61 |
| Armenia | 4.04 | 3.96 | 3.84 | 3.87 | 4.09 | 4.09 | 4.30 | 4.16 | 4.39 | 4.75 |
| Australia | 5.81 | 5.81 | 5.65 | 5.54 | 5.76 | 5.61 | 5.53 | 5.69 | 5.86 | 6.04 |
| Austria | 5.63 | 5.41 | 5.06 | 4.97 | 5.20 | 5.19 | 4.97 | 5.17 | 5.84 | 6.14 |
| Azerbaijan | 4.25 | 4.57 | 4.41 | 4.17 | 4.27 | 4.51 | 4.59 | 4.42 | 4.42 | 4.57 |
| Bahrain | 4.88 | 5.15 | 4.92 | 5.00 | 5.22 | 5.01 | 4.74 | 4.92 | 5.37 | 5.22 |
| Bangladesh | 3.85 | 3.82 | 3.91 | 3.99 | 4.09 | 4.02 | 3.86 | 3.78 | 3.87 | 4.22 |
| Barbados | 4.85 | 4.98 | 4.94 | 4.76 | 4.91 | 5.01 | 4.99 | 4.95 | 4.93 | 4.92 |
| Belgium | 5.41 | 5.32 | 5.18 | 4.99 | 5.06 | 5.16 | 5.32 | 5.54 | 5.78 | 5.90 |
| Belize | 4.60 | |||||||||
| Benin | 4.53 | 4.41 | 4.45 | 4.87 | 4.97 | 4.65 | 4.49 | 4.67 | 4.85 | 4.80 |
| Bhutan | 4.72 | 4.83 | 5.05 | 4.95 | ||||||
| Bolivia | 3.94 | 3.76 | 3.75 | 3.88 | 3.67 | 3.74 | 4.10 | 4.07 | 4.14 | 4.08 |
| Bosnia and Herzegovina | 4.01 | 3.77 | 3.43 | 3.99 | 4.49 | 4.61 | 4.71 | 4.32 | 3.93 | 4.09 |
| Botswana | 4.56 | 4.89 | 4.72 | 4.58 | 4.78 | 4.82 | 4.80 | 4.75 | 4.87 | 5.05 |
| Brazil | 4.63 | 4.92 | 4.67 | 4.55 | 4.76 | 4.87 | 4.84 | 4.75 | 4.62 | 4.66 |
| Brunei | 4.97 | 4.82 | 4.79 | 4.90 | 4.88 | 4.95 | 4.82 | 4.69 | 4.57 | |
| Bulgaria | 4.27 | 4.35 | 4.11 | 4.11 | 3.99 | 3.81 | 3.96 | 4.14 | 4.48 | 4.86 |
| Burkina Faso | 4.46 | 4.26 | 4.08 | 4.49 | 4.82 | 4.76 | 4.61 | 4.62 | ||
| Burundi | 4.12 | 4.57 | 4.42 | 4.50 | 4.30 | 3.91 | 3.88 | 4.28 | 4.28 | 4.79 |
| Cape Verde | 4.06 | 4.06 | 4.00 | 4.02 | 4.12 | 4.28 | 4.34 | |||
| Cambodia | 4.55 | 4.65 | 4.42 | 4.27 | 4.38 | 4.66 | 4.52 | 4.20 | 4.13 | 4.26 |
| Cameroon | 3.90 | 4.26 | 4.39 | 4.77 | 4.70 | 4.65 | 4.75 | 4.78 | 4.78 | 4.87 |
| Canada | 5.57 | 5.58 | 5.68 | 5.70 | 5.64 | 5.52 | 5.33 | 5.62 | 5.90 | 5.91 |
| Chad | 3.29 | 3.16 | 3.51 | 3.78 | 3.41 | 3.31 | 3.18 | 3.47 | 3.80 | 3.65 |
| Chile | 5.53 | 5.63 | 5.41 | 5.11 | 5.10 | 4.87 | 5.03 | 5.15 | 5.15 | 5.21 |
| China | 4.01 | 4.43 | 4.41 | 4.40 | 4.44 | 4.30 | 4.42 | 4.47 | 4.28 | 4.25 |
| Colombia | 4.85 | 4.61 | 4.53 | 4.65 | 4.59 | 4.53 | 4.77 | 4.99 | 5.32 | 5.44 |
| Congo (Kinshasa) | 4.69 | |||||||||
| Costa Rica | 4.96 | 4.98 | 4.72 | 4.83 | 4.80 | 4.68 | 4.82 | 4.96 | 5.06 | 4.94 |
| Ivory Coast | 4.23 | 4.73 | 5.03 | 4.98 | 4.96 | 4.83 | 4.54 | 4.97 | 4.76 | |
| Croatia | 4.40 | 4.28 | 4.00 | 3.80 | 3.82 | 3.90 | 4.16 | 4.20 | 4.37 | 4.65 |
| Cyprus | 3.95 | 4.34 | 4.36 | 4.13 | 3.88 | 3.73 | 4.11 | 4.30 | 4.09 | 3.97 |
| Czech Republic | 5.03 | 5.15 | 5.17 | 4.81 | 4.67 | 4.54 | 4.38 | 4.57 | 5.24 | 5.59 |
| Denmark | 5.72 | 5.72 | 5.53 | 5.23 | 5.31 | 5.34 | 5.22 | 5.24 | 5.80 | 6.13 |
| Dominican Republic | 3.84 | 4.13 | 4.47 | 4.47 | 4.05 | 4.21 | 4.50 | 4.63 | 4.84 | 4.84 |
| Ecuador | 4.08 | 4.00 | 3.90 | 4.17 | 4.16 | 4.02 | 4.45 | 4.85 | 5.25 | 5.09 |
| Egypt | 4.39 | 4.40 | 4.62 | 4.42 | 3.99 | 3.78 | 3.63 | 3.59 | 3.90 | 3.90 |
| El Salvador | 4.58 | 4.65 | 4.89 | 5.00 | 4.78 | 4.37 | 4.26 | 4.53 | 4.77 | 4.76 |
| Estonia | 5.06 | 4.91 | 4.66 | 4.56 | 4.74 | 4.80 | 4.97 | 5.22 | 5.41 | 5.68 |
| Ethiopia | 4.22 | 4.15 | 4.37 | 4.42 | 4.45 | 4.18 | 3.65 | 4.00 | 4.08 | 3.83 |
| Finland | 5.67 | 5.72 | 5.64 | 5.52 | 5.51 | 5.43 | 5.77 | 5.96 | 6.07 | 6.20 |
| France | 5.37 | 5.30 | 5.06 | 4.96 | 5.10 | 5.16 | 5.28 | 5.25 | 5.58 | 6.06 |
| Gabon | 4.77 | 4.81 | 4.92 | 5.39 | 5.42 | |||||
| Gambia | 4.51 | 5.07 | 5.26 | 4.86 | 4.86 | 5.06 | 4.84 | 4.90 | 4.99 | 4.98 |
| Georgia | 4.12 | 4.34 | 4.44 | 4.12 | 4.08 | 4.19 | 4.11 | 4.17 | 4.56 | 4.79 |
| Germany | 5.69 | 5.57 | 5.26 | 5.19 | 5.23 | 5.19 | 5.17 | 5.30 | 5.65 | 5.68 |
| Ghana | 5.06 | 4.78 | 4.73 | 4.71 | 4.41 | 4.37 | 4.17 | 4.59 | 5.04 | |
| Greece | 4.17 | 4.11 | 4.22 | 4.01 | 3.73 | 3.85 | 4.01 | 3.85 | 4.02 | 4.41 |
| Guatemala | 4.57 | 4.75 | 4.86 | 4.97 | 4.86 | 4.85 | 5.05 | 5.18 | 5.22 | 5.34 |
| Guinea | 4.33 | 4.53 | 4.16 | 4.16 | ||||||
| Guyana | 4.25 | 4.65 | 4.59 | 4.49 | 4.73 | 4.72 | 4.55 | 4.27 | 4.26 | |
| Haiti | 4.34 | 4.22 | 3.89 | 3.79 | 4.08 | |||||
| Honduras | 4.48 | 4.47 | 4.52 | 4.67 | 4.67 | 4.57 | 4.57 | 4.94 | 5.25 | 5.21 |
| Hong Kong | 5.34 | 5.25 | 4.71 | 4.80 | 4.94 | 4.99 | 5.32 | 5.36 | 5.37 | 5.37 |
| Hungary | 4.72 | 4.45 | 4.46 | 4.51 | 4.51 | 4.26 | 4.02 | 3.95 | 4.19 | 4.35 |
| Iceland | 5.43 | 5.28 | 5.01 | 4.75 | 4.63 | 4.73 | 5.01 | 5.09 | 5.35 | 5.63 |
| India | 5.03 | 4.94 | 4.63 | 4.47 | 4.42 | 4.43 | 4.60 | 4.26 | 4.35 | 4.59 |
| Indonesia | 5.36 | 5.16 | 4.98 | 4.73 | 4.46 | 4.59 | 4.79 | 4.80 | 4.80 | 4.89 |
| Iran | 4.18 | 4.18 | 4.17 | 4.04 | 3.86 | 3.99 | 4.01 | |||
| Ireland | 5.50 | 5.56 | 4.94 | 4.41 | 4.41 | 4.84 | 5.01 | 5.24 | 5.71 | 5.99 |
| Israel | 5.23 | 5.08 | 4.69 | 4.64 | 4.78 | 4.65 | 4.57 | 4.30 | 4.62 | 5.51 |
| Italy | 4.32 | 4.12 | 3.88 | 3.91 | 4.02 | 3.80 | 3.77 | 3.87 | 3.98 | 4.15 |
| Jamaica | 4.77 | 4.72 | 4.44 | 4.33 | 4.47 | 4.31 | 4.62 | 4.84 | 4.91 | 5.19 |
| Japan | 5.15 | 5.16 | 5.11 | 5.09 | 5.08 | 5.07 | 5.26 | 5.37 | 5.56 | 5.72 |
| Jordan | 4.78 | 4.83 | 4.66 | 4.42 | 4.27 | 4.23 | 4.19 | 4.28 | 4.42 | 4.51 |
| Kazakhstan | 4.79 | 4.68 | 4.33 | 4.40 | 4.58 | 4.88 | 4.78 | 4.66 | 4.86 | 4.85 |
| Kenya | 4.82 | 4.79 | 4.68 | 4.32 | 4.30 | 4.39 | 4.51 | 4.78 | 4.92 | 5.15 |
| South Korea | 5.21 | 5.37 | 4.67 | 4.22 | 4.02 | 3.98 | 3.90 | 3.84 | 4.11 | 4.38 |
| Kuwait | 4.60 | 4.60 | 4.26 | 4.09 | 3.80 | 3.85 | 4.06 | 3.83 | 3.88 | 4.06 |
| Kyrgyzstan | 3.89 | 4.15 | 4.15 | 4.01 | 4.31 | 4.18 | 3.93 | 4.16 | 4.22 | 4.22 |
| Laos | 4.72 | 5.09 | 4.82 | 4.58 | ||||||
| Latvia | 4.78 | 4.79 | 4.47 | 4.36 | 4.37 | 4.36 | 4.79 | 5.01 | 5.02 | 5.04 |
| Lebanon | 4.27 | 4.12 | 3.99 | 3.87 | 3.72 | 4.13 | 4.39 | |||
| Lesotho | 3.87 | 3.93 | 4.16 | 4.50 | 4.44 | 4.16 | 4.08 | 3.61 | 3.59 | 3.62 |
| Liberia | 4.45 | 4.28 | 4.21 | 4.14 | 4.07 | |||||
| Libya | 3.39 | 3.60 | 3.38 | 2.79 | 3.25 | 3.71 | 3.06 | 2.39 | ||
| Lithuania | 4.73 | 5.05 | 5.19 | 4.89 | 4.81 | 4.91 | 4.99 | 5.05 | 5.35 | 5.59 |
| Luxembourg | 5.26 | 5.29 | 5.36 | 5.35 | 5.24 | 5.21 | 5.49 | 5.76 | 6.08 | 6.09 |
| Macedonia (F.Y.R.O.M.) | 3.99 | 4.17 | 4.03 | 4.15 | 4.10 | 4.10 | 4.29 | 4.48 | 4.82 | 4.92 |
| Madagascar | 4.14 | 4.55 | 4.50 | 4.23 | 4.36 | 4.36 | 4.39 | 4.36 | 4.42 | 4.42 |
| Malawi | 5.18 | 4.66 | 4.68 | 4.75 | 4.46 | 4.46 | 4.74 | 4.91 | 4.95 | |
| Malaysia | 5.39 | 5.23 | 5.10 | 5.17 | 5.33 | 5.30 | 5.35 | 5.57 | 5.59 | 5.46 |
| Mali | 4.25 | 4.13 | 3.83 | 3.98 | 4.13 | 3.79 | 3.58 | 3.49 | 4.00 | 4.42 |
| Malta | 4.72 | 4.76 | 4.74 | 4.68 | 4.45 | 4.37 | 4.62 | 4.61 | 4.58 | 4.95 |
| Mauritania | 4.17 | 4.20 | 4.08 | 3.53 | 3.52 | 3.89 | 3.24 | 2.81 | 2.40 | 2.19 |
| Mauritius | 4.88 | 4.92 | 4.89 | 4.82 | 4.70 | 4.94 | 5.04 | 5.01 | 5.08 | 5.27 |
| Mexico | 4.61 | 4.55 | 4.26 | 4.10 | 4.38 | 4.52 | 4.47 | 4.43 | 4.78 | 5.04 |
| Moldova | 4.45 | 4.49 | 4.53 | 4.23 | 4.21 | 4.35 | 4.39 | |||
| Mongolia | 4.07 | 4.14 | 4.07 | 3.88 | 3.72 | 3.92 | 3.78 | 3.81 | 3.84 | 3.70 |
| Montenegro | 4.56 | 4.69 | 4.61 | 4.48 | 4.38 | 4.26 | 4.32 | 4.10 | 4.05 | 4.26 |
| Morocco | 4.15 | 4.29 | 4.42 | 4.62 | 4.75 | 4.77 | 4.92 | 4.81 | 4.57 | 4.78 |
| Mozambique | 4.03 | 4.04 | 4.05 | 3.97 | 3.91 | 3.93 | 4.09 | 4.20 | 4.26 | 4.14 |
| Burma (Myanmar) | 4.39 | 4.07 | 4.13 | |||||||
| Namibia | 4.62 | 5.00 | 4.94 | 5.03 | 4.76 | 4.38 | 4.43 | 4.58 | 4.70 | 4.92 |
| Nepal | 3.98 | 3.94 | 3.86 | 4.02 | 3.84 | 3.80 | 3.90 | 4.04 | 4.42 | 4.56 |
| Netherlands | 5.62 | 5.59 | 5.44 | 5.26 | 5.29 | 5.42 | 5.48 | 5.73 | 5.93 | 6.03 |
| New Zealand | 5.65 | 5.72 | 5.79 | 5.53 | 5.48 | 5.72 | 5.92 | 6.13 | 6.27 | 6.34 |
| Nicaragua | 4.37 | 4.52 | 4.27 | 4.21 | 4.22 | 3.99 | 3.98 | 4.08 | 4.39 | 4.39 |
| Nigeria | 4.97 | 4.79 | 4.48 | 4.13 | 4.34 | 4.31 | 4.15 | 4.43 | 4.94 | 5.08 |
| Norway | 5.55 | 5.59 | 5.61 | 5.55 | 5.47 | 5.57 | 5.89 | 6.02 | 6.14 | 6.27 |
| Oman | 4.36 | 4.84 | 5.02 | 4.95 | 4.99 | 4.99 | 5.03 | 5.02 | 4.96 | 5.10 |
| Pakistan | 3.57 | 3.83 | 3.91 | 4.06 | 4.18 | 4.06 | 4.00 | 3.97 | 4.10 | 4.13 |
| Panama | 4.69 | 4.92 | 4.80 | 4.63 | 4.37 | 4.43 | 4.56 | 4.54 | 4.81 | 5.16 |
| Paraguay | 3.96 | 3.98 | 3.76 | 3.90 | 4.11 | 4.13 | 4.17 | 3.99 | 4.20 | 4.41 |
| Peru | 4.68 | 4.92 | 4.80 | 4.72 | 4.76 | 4.69 | 4.98 | 5.09 | 5.20 | 5.22 |
| Philippines | 4.72 | 4.89 | 4.65 | 4.68 | 4.75 | 4.72 | 4.82 | 5.10 | 5.26 | 5.11 |
| Poland | 4.13 | 4.30 | 4.45 | 4.49 | 4.42 | 4.39 | 4.31 | 4.35 | 4.80 | 5.10 |
| Portugal | 4.77 | 4.69 | 4.47 | 4.29 | 4.11 | 4.19 | 4.40 | 4.50 | 4.54 | 4.68 |
| Puerto Rico | 5.28 | 5.15 | 4.92 | 5.09 | 5.29 | 5.31 | 5.37 | 5.50 | ||
| Qatar | 4.95 | 4.90 | 5.36 | 5.39 | 5.13 | 5.37 | 5.48 | 5.55 | 5.72 | 5.66 |
| Romania | 4.45 | 4.63 | 4.60 | 4.36 | 4.25 | 4.00 | 3.98 | 4.08 | 4.32 | 4.17 |
| Russia | 4.96 | 5.07 | 4.51 | 4.09 | 3.98 | 3.93 | 4.28 | 4.63 | 4.63 | 4.84 |
| Rwanda | 5.83 | 5.22 | 4.76 | 4.93 | 5.03 | 5.21 | 5.52 | |||
| Saudi Arabia | 4.73 | 4.63 | 4.59 | 5.00 | 5.25 | 5.16 | 4.97 | 4.85 | 4.88 | 5.06 |
| Senegal | 4.32 | 4.57 | 4.52 | 4.65 | 4.81 | 4.74 | 4.84 | 4.72 | 4.64 | 4.68 |
| Serbia | 4.06 | 4.04 | 3.89 | 3.71 | 3.71 | 3.67 | 3.72 | 3.84 | 4.20 | 4.52 |
| Seychelles | 4.49 | 4.85 | 4.87 | 4.87 | ||||||
| Sierra Leone | 4.04 | 4.37 | 4.55 | 4.35 | 4.38 | |||||
| Singapore | 5.61 | 5.68 | 5.59 | 5.57 | 5.63 | 5.64 | 5.72 | 5.86 | 6.00 | 6.05 |
| Slovakia | 5.23 | 5.30 | 5.13 | 4.89 | 4.63 | 4.48 | 4.43 | 4.41 | 4.76 | 5.11 |
| Slovenia | 4.75 | 4.92 | 4.48 | 4.03 | 3.96 | 3.98 | 3.82 | 3.69 | 4.20 | 4.68 |
| South Africa | 5.73 | 5.63 | 5.78 | 5.85 | 5.80 | 5.84 | 6.02 | 5.99 | 6.12 | 6.27 |
| Spain | 5.00 | 5.07 | 4.72 | 4.31 | 4.26 | 4.18 | 4.34 | 4.52 | 4.89 | 5.18 |
| Sri Lanka | 4.68 | 5.10 | 5.08 | 4.90 | 4.93 | 4.98 | 5.15 | 5.08 | 5.02 | 4.99 |
| Suriname | 4.21 | 4.38 | 4.07 | 3.79 | ||||||
| Swaziland | 4.38 | 4.32 | 4.35 | 4.43 | 4.51 | 4.80 | ||||
| Sweden | 6.09 | 6.09 | 5.87 | 5.93 | 5.88 | 5.55 | 5.66 | 5.55 | 5.84 | 6.24 |
| Switzerland | 5.41 | 5.46 | 5.30 | 5.21 | 5.33 | 5.53 | 5.40 | 5.36 | 5.82 | 6.12 |
| Syria | 4.39 | 4.17 | 4.08 | 4.04 | 3.87 | |||||
| Tajikistan | 4.29 | 4.47 | 4.01 | 3.64 | 3.98 | 4.30 | 4.08 | 3.86 | 4.34 | 4.60 |
| Tanzania | 4.56 | 4.76 | 4.55 | 4.20 | 4.13 | 4.39 | 4.22 | 4.00 | 4.15 | 4.31 |
| Thailand | 4.83 | 4.73 | 4.51 | 4.45 | 4.54 | 4.51 | 4.62 | 4.66 | 4.77 | 4.67 |
| Timor Leste | 3.66 | 3.42 | 3.48 | 3.63 | 3.43 | 3.77 | 3.63 | 3.30 | ||
| Trinidad and Tobago | 4.59 | 4.33 | 4.68 | 4.83 | 4.34 | 4.03 | 4.06 | 4.08 | 4.31 | 4.65 |
| Tunisia | 4.81 | 4.78 | 4.68 | 4.91 | 4.64 | 4.32 | 4.00 | 4.11 | 4.28 | 4.45 |
| Turkey | 4.34 | 3.83 | 3.80 | 4.15 | 4.17 | 4.23 | 4.36 | 4.45 | 4.71 | 5.00 |
| Uganda | 4.51 | 4.38 | 4.50 | 4.73 | 4.76 | 4.74 | 4.58 | 4.63 | 4.90 | 5.06 |
| Ukraine | 4.24 | 4.44 | 4.40 | 4.34 | 4.15 | 4.03 | 4.21 | 4.35 | 4.06 | 4.15 |
| United Arab Emirates | 4.59 | 4.80 | 5.08 | 4.80 | 4.83 | 5.13 | 5.14 | 5.50 | 5.50 | 5.77 |
| United Kingdom | 5.92 | 5.50 | 5.12 | 5.19 | 5.33 | 5.25 | 5.18 | 5.41 | 5.74 | 5.87 |
| United States | 5.47 | 5.57 | 5.18 | 4.99 | 5.06 | 5.10 | 5.33 | 5.43 | 5.76 | 5.96 |
| Uruguay | 4.35 | 4.27 | 4.28 | 4.41 | 4.43 | 4.47 | 4.49 | 4.54 | 4.78 | 4.95 |
| Venezuela | 4.29 | 4.17 | 3.66 | 3.76 | 3.96 | 3.89 | 4.09 | 4.20 | 4.64 | 4.87 |
| Vietnam | 4.46 | 4.51 | 4.48 | 4.49 | 4.18 | 4.20 | 4.16 | 3.83 | 4.04 | 4.00 |
| Yemen | 2.58 | 3.05 | 3.50 | 3.38 | 3.36 | 3.34 | ||||
| Zambia | 5.38 | 4.83 | 4.78 | 4.85 | 4.77 | 4.72 | 4.86 | 4.90 | 5.20 | 5.04 |
| Zimbabwe | 4.91 | 4.96 | 4.87 | 4.76 | 4.88 | 4.82 | 4.68 | 4.31 | 4.43 | 4.74 |
This index represents the average score from 1-7 given by a large sample group in a particular country in response to the following question: “How would you characterize corporate governance by investors and boards of directors?” (1 = management has little accountability to investors and boards, 7 = management is highly accountable to investors and boards).
Source: World Economic Forum