Post by account_disabled on Mar 5, 2024 10:11:15 GMT
Interesting report entitled e-Corporate governance and information transparency in Spanish listed companies signed by professors Juan Luis Gandía Cabedo and Tomás Andrés Pérez ( CNMV . February 2005). The report analyzes the information disseminated by companies and the effects of this disclosure within a context where greater transparency is increasingly demanded by shareholders, the market, organizations and supervisory bodies of the European capital markets (Commission National Stock Market in the Spanish case) and the United States. For the authors, cases such as Enron , Vivendi and Parmalat have opened a profound debate about good governance and the credibility of some business practices. Now in Spain the publication of the individualized salary of each director has recently been adopted, a position promoted by the EU itself. The 2007 reports should include this novelty (which, by the way, is common practice in the US and Great Britain). All these fronts force us to rethink transparency and information, for example the GRI standard.
Reputation and good practices are key, especially considering that the empire that Enron represented managed to deceive half the planet and fell in just fifteen months: «The recent financial scandals have made supervisory bodies agree on the need to demand higher levels of information transparency from listed companies. In fact, we are in a transition period in which various legislative initiatives are being approved or are in the approval phase that require compliance with requirements that until recently were only assumed voluntarily. Perhaps Industry Email List for this reason, it was appropriate to consider the levels of information transparency that Spanish listed companies have in terms of corporate governance. companies office The authors point out and quantify three indices of transparency in corporate governance. In his opinion, the companies with the highest transparency rates are also (logically) the ones that use the Internet the most as a channel to disseminate information about their corporate governance, an element that in recent years is indicative of trust in the management team of listed companies (especially due to the added visibility that being listed on the stock market confers.
The report also points out that there is no specific regulation on these aspects, which explains the reason why "in general" the annual report is used "as the most widespread means of communication to report on corporate governance practices.But they warn: "At the beginning of the 21st century, information and communication technologies are transforming the communication channel and models between listed companies and any stakeholders interested in the evolution of their business." Thus, the authors highlight the importance of technology in information transparency: «The advantages that technology brings to the information transparency of companies and, therefore, to the financial markets, have not gone unnoticed by the regulatory authorities of most of the developed countries of the world. This interest, increased after the successive financial scandals arising from the Enron case, has led to the issuance of specific regulations related to good corporate governance and the use of the Internet as a means to disseminate business practices in this area.
Reputation and good practices are key, especially considering that the empire that Enron represented managed to deceive half the planet and fell in just fifteen months: «The recent financial scandals have made supervisory bodies agree on the need to demand higher levels of information transparency from listed companies. In fact, we are in a transition period in which various legislative initiatives are being approved or are in the approval phase that require compliance with requirements that until recently were only assumed voluntarily. Perhaps Industry Email List for this reason, it was appropriate to consider the levels of information transparency that Spanish listed companies have in terms of corporate governance. companies office The authors point out and quantify three indices of transparency in corporate governance. In his opinion, the companies with the highest transparency rates are also (logically) the ones that use the Internet the most as a channel to disseminate information about their corporate governance, an element that in recent years is indicative of trust in the management team of listed companies (especially due to the added visibility that being listed on the stock market confers.
The report also points out that there is no specific regulation on these aspects, which explains the reason why "in general" the annual report is used "as the most widespread means of communication to report on corporate governance practices.But they warn: "At the beginning of the 21st century, information and communication technologies are transforming the communication channel and models between listed companies and any stakeholders interested in the evolution of their business." Thus, the authors highlight the importance of technology in information transparency: «The advantages that technology brings to the information transparency of companies and, therefore, to the financial markets, have not gone unnoticed by the regulatory authorities of most of the developed countries of the world. This interest, increased after the successive financial scandals arising from the Enron case, has led to the issuance of specific regulations related to good corporate governance and the use of the Internet as a means to disseminate business practices in this area.