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Transparency is the practice of openly and honestly disclosing information to stakeholders in an organization such as the public, investors, employees and customers. The term is commonly applied to governments, organizations and teams. In many cases, transparency is considered a principle and duty. The following are common examples of transparency.
FinancialAccurately reporting the financial position of a firm to investors including risks.StrategyProviding investors and employees an outline of your strategy and business model.SalaryIt is common for government organizations to disclose the salary of staff above a certain threshold.Freedom of Information Laws in some countries require governments to share data with citizens. Private information such as medical records and classified information is typically excluded. In some cases, classified information is expected to be declassified with time.
Decision MakingAn open process of decision making such as a town that allows citizens to attend council meetings. ResearchOpening research to peer review including source data.MediaA media organization that publishes sources and funding details. In some cases, processes such as peer review can be used to show that an organization is covering news in an independent way that is truthful and verified.
TechnologyExplaining to customers, employees and government regulators how technology such as algorithms work as opposed to claiming they are incomprehensible magic.PurchasingA procurement process that invites and selects bids according to an open predefined process.Conflict of InterestDisclosing conflicts of interest such as a company that sells one of its business units to its CEO.
ManagerA manager informs her team openly including information regarding the competitive pressures and constraints driving the team's strategy.
Corporate Governance
This is the complete list of articles we have written about corporate governance.
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