A sub-ranking released by the World Bank as part of its annual Ease of Doing Business report says India ranks 7th for minority investor protection, ahead of developed countries like United States, Japan, France and Germany. The ranking is a big thumbs up to reforms in laws governing companies and market regulations. The report added that India strengthened minority investor protections by requiring greater disclosure of conflicts of interest by board members, increasing the remedies available in case of prejudicial related party transactions and introducing additional safeguards for shareholders of privately held companies. World Bank has said that the rank has improved on account of various reforms launched in India over the last year. The ranking puts New Zealand at the top of the list, followed by Hong Kong, Singapore, United Kingdom and Malaysia. Ireland has been ranked sixth, with India, Canada and Albania placed jointly at seventh position. India's ranking in terms of investor protection stood at 21st position last year.