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Corporate transparency describes the extent to which a corporation's actions are observable by outsiders. This is a consequence of regulation, local norms, and the set of information, privacy, and business policies concerning corporate decision-making and operations openness to employees, stakeholders , shareholders and the general public.
Transparency implies openness, communication, and accountability. Transparency is practiced in companies, organizations, administrations, and communities. [1] For example, in a business relation, fees are clarified at the outset by a transparent agent, so there are no surprises later.
Corporate accountability is the acknowledgement and assumption of responsibility for the consequences of a company's actions. It can be defined in narrowly financial terms, e.g. for a business to meet certain standards or address the regulatory requirements of its business activities. [ 1 ]
"Accountability" derives from the late Latin accomptare (to account), a prefixed form of computare (to calculate), which in turn is derived from putare (to reckon). [6] While the word itself does not appear in English until its use in 13th century Norman England, [7] the concept of account-giving has ancient roots in record-keeping activities related to governance and money-lending systems ...
Disclosure and transparency: [20] [21] Organizations should clarify and make publicly known the roles and responsibilities of board and management to provide stakeholders with a level of accountability. They should also implement procedures to independently verify and safeguard the integrity of the company's financial reporting.
Level 3 is characterized by defined policies and procedures, and more specific decisions taken to improve recordkeeping. However, organizations that identify primarily with Level 3 descriptions may still be missing significant opportunities for streamlining business and controlling costs.
Openness is an overarching concept that is characterized by an emphasis on transparency and collaboration. [1] [2] That is, openness refers to "accessibility of knowledge, technology and other resources; the transparency of action; the permeability of organisational structures; and the inclusiveness of participation". [2]
According to Transparency International (TI), which investigates business corruption across the globe and corruption was partly to blame for the recent global economic crisis of 2007–2008. The conditions cited included: serious lapses in corporate due diligence, governance and integrity; poor transparency and accountability and inadequate ...