
A business can implement a transparency policy to show its commitment to accountability and openness in is work. The policy will show the practices and procedures embraced by the business. It articulates the core values of the business in relation to communication with stakeholders. Honesty, integrity and accountability will be key values. The policy will detail the specific information that will be disclosed. This might include business practices, governance structures, financial performance, and gender pay gap information. It will describe when and how the information is shared, whether publicly by website or report or internally to employees or to certain stakeholders such as investors.
The policy will explain how decisions are made and communicated within the organisation, and whether there is any consultation with stakeholders on certain issues. It will outline how stakeholders can access information.
The policy will contain a procedure for employees or other stakeholders to report their concerns in relation to transparency and explain how investigations will be conducted and how breaches of the policy will be addressed.
The transparency policy helps build trust and goodwill among customers, investors, partners and employees by encouraging proper behaviour and visible decision-making. The policy is an example of good governance and risk of unethical behaviour is minimised and procedures are in place for effectively dealing with any issues that may arise.
The above is provided for information purposes and is not intended as legal advice. Fitzsimons Redmond LLP would be happy to discuss the needs of your business in relation to corporate governance. Please contact us on 01-676 3257.
By Lisa Quinn O’Flaherty
Partner at Fitzsimons Redmond LLP