Holcim Liban sal and Société Libanaise des Ciments Blancs achieve F scores on Governance and Integrity Rating on online transparency and disclosure for 2017


Immediate Release  –  The Lebanon Report 2017


Two companies in our sample are active in the Industrial Manufacturing sector, Holcim Liban S.A.L and Société Libanaise des Ciments Blancs S.A.L. Holcim is an international company with headquarters in Switzerland. When reviewing their main website, we nd that the company discloses 77 percent – or a rating of B++ in the Very Good range – of the 101 GIR indicators and represents a more complex understanding of corporate governance practices. The disclosure behavior of the group’s unit in Lebanon differs significantly from Holcim group practices as Holcim Liban, which provides practically no information about their activities and governance in the country. Holcim Liban covers a mere 9 percent or F score.


The same observation, but in yet slightly sharper form, applies to Société Libanaise des Ciments Blancs, which is majority owned by Holcim Liban. This company has the questionable distinction of disclosing no information to its stakeholders online.


Holcim Liban S.A.L received 9 percent on its GIR disclosure, 33 percent in Audit and 29 percent of financial- related information under the category Financial Transparency. It failed to disclose information in the categories Shareholder Rights, Integrity and BMSP.


These results do raise questions regarding the engagement of multi-national firms in Lebanon and the obvious application of double standards when it comes to corporate governance. Holcim’s activities regarding corporate governance remind us that the Swiss, as well as the Lebanese regulator, have an important role to play in making sure that companies comply with the same standards across their subsidiaries and investments.


In Lebanon, it is the mandate of the BSE and the CMA to enforce stringent corporate governance standards. The practices of Holcim Liban and Société Libanaise des Ciments Blancs reveal BSE’s and CMA’s challenges in strengthening their regulation beyond the financial industry.


Holcim Liban S.A.L Société Libanaise des Ciments Blancs S.A.L
CG Categories 2017 2015 2017 2015
Audit 33% 0% 0% 0%
BMSP 0% 5% 0% 0%
Financial Transparency 29% 5% 0% 0%
Integrity 0% 10% 0% 0%
Shareholder Rights 5% 0% 0% 0%
Total score 9% 4% 0% 0%



For more information, please contact:

Farah Abou Salem


+961 1 991911


 About Capital Concept sal

Since 2004, Capital Concept has been advising companies in the Middle East and North Africa region on corporate governance. Through its alliance with leading international organizations such as the Organization for Economic Cooperation and Development (OECD), the International Finance Corporation (IFC) and the Center for International Private Enterprise (CIPE), as well as through close relationships with regional central banks and capital market regulators, Capital Concept assists clients in implementing best in class corporate governance standards. In April 2013, Capital Concept became the first corporate governance advisory firm recognized by Lebanon’s central bank, Banque du Liban (BDL), to review the banking sector in Lebanon and the MENA region.


About Shareholder-Rights©

Shareholder-Rights© by Capital Concept sal (, registered in the Ministry of Information of Lebanon under license number 1324/2015, is an online platform that defends shareholder rights worldwide.  Constantly rating and reviewing companies’ Environmental, Social, Governance and CyberSecurity (ESG-C)  commitment to investor rights by shedding light on corporate or regulatory adherence to best practices.

Shareholder-Rights© by Capital Concept sal is an independent provider of research, ratings and assessments on Environmental, Social, Governance and Cyber-Security (ESG-C) practices affecting the performance of public and private companies. Our researchers and analysts are precluded from engaging in any transactions involving any companies we follow. Our ratings and supporting research are intended to provide investors with a clear understanding of ESG-C practices that can and do impact shareholder democracy, investment decisions, and issuer risk. They are not, however, intended for stand-alone use and should not be considered as simple Buy, Sell or Hold recommendations. We encourage investment professionals to regard these ratings as a specialized, proprietary input to be used in combination with existing fundamental analysis or other approaches and to help comply with our standards and get certified/accredited.

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