SQNI

Table 5 gives the mean value of SQNI for the entire sample, 39.6%, and the standard deviation of 32.8%, with minimum and maximum values of 0.0 and 1.0, respectively. Where 0.0 represents the company with the minimum number of words in ACD in a particular year, and 1.0 represents the company with the maximum. The calculation of SQNI on an annual basis means there will be a 0.0 and a 1.0 every year, with all other scores in between. The mean of 39.6% suggests that the average anti-corruption word count is somewhat nearer to the minimum disclosure for the year than the maximum. Table 6 shows that the company with the highest mean value of SQNI is Evraz, with 69%, followed by Anglo American with a score of 61.5%, and the lowest is Glencore, with 17.7%, closely followed by Antofagasta and Rio Tinto.

Figure 1 shows a remarkably volatile SQNI journey for each company over time. As we have discussed, SQNI is a relative measure, so one company will always score 100% and another 0%, even if the overall level of reporting is rising. Figure 1 also suggests that over

the last few years, more companies have bunched towards the bottom end of the graph, suggesting the highest performer in that year is more of an outlier than the lowest. Figure 2 confirms this with later year average scores being as low as 25%—the average reporter only includes a quarter of the words of the one with the highest word count.

**Figure 1.** SQNI trend by each company over time.

**Figure 2.** SQNI average trend over time.

Figure 2 confirms this, with the average SQNI score being below 0.5 in all but two years of the sample period.
