Decade of Disclosure– between regulatory requirements and tracking tools, the industry is being driven to transparency.
With the recent outbreak of the coronavirus, the world’s eyes are turning to the level of transparency in the reporting of the outbreak. Would the spread of the virus been better contained if information about the virus been revealed and addressed earlier? The answer is “yes”.
Transparency is a nearly ubiquitous factor in today’s world. With advanced technologies (drone sniffers, cyber security suites, digital platforms), very little remains hidden, or at least not for long. Further, what information is put into the public domain must be truthful and accurate—as the internet trolls will identify misinformation quickly and broadcast them.
Some companies will seize the opportunity to be transparent as part of their CSR/ESG platform. Their willingness to share data demonstrates a commitment to best practices and engenders trust. Other companies will endeavor to evade or obfuscate test results, financial data and operational performance. With the exception of some governmental regimes, they will not be successful for long. Remember, you only have one reputation to lose!!
As we enter the Decade of Disclosure, let us be prepared to embrace its rigors and search for partners who will facilitate performance and reporting. In the end, everyone wins!
Chief Executive Officer