Transparency, when applied to corporations, must be seen from the viewpoint of the user of financial information, not the provider. These users could include individual and institutional investors, banks and other lenders, the SEC (Securities and Exchange Commission) and other governmental agencies, and some related party users such as employee-investors. “Market transparency,” a related term, applies to market processes, such as equity trading. From a user perspective, financial transparency involves at least eight related concepts (Blanchet, 2002 & Prickett, 2002):
1. Accurate. The information does, in fact, follow the standards agreed upon.
2. Consistent. Standards are applied consistently between periods and between different companies to provide comparability.
3. Appropriate. Standards used accurately reflect the underlying economic reality of the organization and its industry.
4. Complete. All information needed by the user to make sound decisions should be made available. This includes key performance indicators and other information, beyond that presented in the financial statements, that are needed to accurately assess the company's performance and position.
5. Clear and understandable. Information is presented in a manner that is clear and understandable to the user.
6. Timing. Information should be presented both within a reasonable time after it is known to management and on a sufficiently frequent basis.
7. Available. All significant information must be easily accessible to all users equally.
8. Governance and enforcement. Adequate policies should be in place to assure that the agreed upon level of transparency occurs.
So.. it is her job to assure this information is available.
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