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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 ]
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.
"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 ...
The principles identify the critical hallmarks of information governance, which Gartner describes as an accountability framework that "includes the processes, roles, standards, and metrics that ensure the effective and efficient use of information in enabling an organization to achieve its goals."
It is generally perceived that regulatory attention on the corporate governance practices of publicly listed corporations, particularly in relation to transparency and accountability, increased in many jurisdictions following the high-profile corporate scandals in 2001–2002, many of which involved accounting fraud; and then again after the ...
Open business [19] is an approach to enterprise that draws on ideas from openness movements like free software, open source, open content and open tools and standards. The approach places value on transparency , stakeholder inclusion, and accountability.
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 ...