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Code of Practice for Transparancy

Code of Practice for Transparancy

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Published by Lydie Rebel
This report was written for the subject called Corporate Governance and gives guidance to companies to become more transparent.
This report was written for the subject called Corporate Governance and gives guidance to companies to become more transparent.

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Published by: Lydie Rebel on Jun 17, 2013
Copyright:Attribution Non-commercial

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06/17/2013

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Lydie Rebel
Topic1–CodeofPracticeforTransparency
 Corporate GovernanceTrimester 2 20122606 words
 
Lydie RebelCorporate Governance
2
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14 
Executive summary
The aim of this report is to inform businesses about transparency. Transparency refers to thedisclosure of information from businesses to the public and will allow the company to gainconfidence from its stakeholders and credibility. What is more, corporate transparency is nowregulated by legal entities such as the OECD or the APEC in Australia which make financialdisclosure mandatory. The business can choose to build a corporate strategy and choose to makesome information transparent, other translucent and some opaque to protect the businessinterests. Above all, a code of practice to guide employees and managers needs to be set in place.Managers need to become leaders and establish a positive atmosphere to encourage transparencyand whistleblowing, and take the necessary actions if a dubious behaviour occurs in thecompany.
 
Lydie RebelCorporate Governance
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14 
Table of Contents
Executive summary ......................................................................................................................... 2
 
1.
 
Introduction ............................................................................................................................. 4
 
2.
 
What is transparency? ............................................................................................................. 5
 
a.
 
Transparency, a definition ................................................................................................... 5
 
b.
 
How will the business benefit from transparency? .............................................................. 5
 
 
Within the corporation ..................................................................................................... 5
 
 
As a competitor ................................................................................................................ 5
 
c.
 
Do we really have a choice anyway? ................................................................................... 5
 
 
The legal considerations ................................................................................................... 5
 
 
The public pressure .......................................................................................................... 6
 
3.
 
Can all the information be transparent? .................................................................................. 7
 
a.
 
Transparent and proactive .................................................................................................... 7
 
 
Corporate social responsibility ......................................................................................... 7
 
 
Financial reports ............................................................................................................... 7
 
b.
 
Translucent and reactive ...................................................................................................... 7
 
 
Supply chain ..................................................................................................................... 7
 
 
Detailed financial data ...................................................................................................... 7
 
c.
 
Opaque and secret ................................................................................................................ 8
 
4.
 
Recommendations for developing a code of practice ............................................................. 9
 
a.
 
Setting up a the right culture ................................................................................................ 9
 
b.
 
Leading by example ............................................................................................................. 9
 
c.
 
Whistleblowing .................................................................................................................... 9
 
d.
 
Become a good barrel and get rid of the bad apples .......................................................... 10
 
e.
 
Choose the right balance of transparency .......................................................................... 10
 
5.
 
Conclusion ............................................................................................................................ 11
 
6.
 
References ............................................................................................................................. 12
 

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