Characteristic of governments, companies, organisations and individuals of being open in the clear disclosure of information, rules, plans, processes and actions.
As a principle, public officials, civil servants, the managers and directors of companies and organisations, and board trustees have a duty to act visibly, predictably and understandably to promote participation and accountability and allow third parties to easily perceive what actions are being performed.
Why it matters
Transparency International’s Transparency in Corporate Reporting report reveals that the world’s 124 top listed companies continuing poor performance on organisational transparency and that the average score in country-by-country reporting is very low. There must be country-by-country financial reporting. Financial institutions should make a commitment to report annually on the measures they are adopting to strengthen risk management, especially in relation to bribery and corruption at the board and senior management levels.