In assessing corporate governance, PACRA analyses governance data and information systematically, and also performs more contextual, qualitative reviews of an individual company's governance practices.

The specific issues include:

• The independence and effectiveness of the board of directors
• Oversight of related party transactions that may lead to conflicts of interest
• Board oversight of the audit function
• Executive and director remuneration
• Complex holding company structures
• Ownership by private individuals and families
• PACRA also examines other aspects of corporate governance whose impact on bondholders is less clear cut; these include equity ownership by executives and directors