Pfizer 171 460
Citigroup 252 1,026
Intel 69 215
AIG 164 720
Johnson &
Johnson
63 218
IBM 85 353
Opacity Index
In the late 1990s, Price Waterhouse (now
PricewaterhouseCoopers) developed an “opacity index” to
measure the transparency (or absence thereof) of financial
statementsindifferentcountries.Definingopacityasthe“the
lackofclear,accurate,formal,easilydiscernible,andwidely
accepted practices,” Price Waterhouse looked at five factors.
whereiindexes the countries:
O refers to the composite O-Factor (the final score)
C refers to the impact of corrupt practices
Lreferstotheeffectoflegalandjudicialopacity(including
shareholder rights)
E refers to economic/policy opacity
A refers to accounting/corporate governance opacity