Abstract
In a globalized economy, both national and multinational companies want, beyond their initial profit targets, to keep businesses that, directly or indirectly, have been affected by the financial crisis. From the numerous reports and studies made by different consulting companies and international organizations, one may notice that companies still don’t exhibit full corporate transparency, since they choose to report and publish insufficient information on how they carry out their activity. For instance, too few companies publicize their commitments and efforts regarding preventing corruption and fraud, and even fewer actually practice what they declare.
A democracy requires responsibility, and responsibility requires transparency.
—Barrack Obama
The World Bank sees openness and transparency as being the keys for obtaining better results in developing and consolidating responsibility. Openness and transparency are corporate responsibilities we promoted through our own actions and leading activities in global level forums.
—Jim Young Kim, the new President of World Bank, 2013
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Notes
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(1) Directives on takeover bids (Directive 2004/25/CE), on transparency requirements for listed companies (Directive 2004/109/CE), on shareholder rights (Directive 2007/36/CE), on market abuse (Directive 2003/6/CE), and on audit (Directive 2006/43/CE).
(2) European Commission (2011), Green Paper on EU Corporate Governance Framework, Brussels. Accessed: March 19, 2013: http://ec.europa.eu/internal_market/company/docs/modern/com2011-164_ro.pdf.
(3) European Commission (2012), Action Plan: European company law and corporate governance, Brussels. Accessed: March 19, 2013: http://ec.europa.eu/internal_market/company/docs/modern/121212_company-lawcorporate-governance-action-plan_en.pdf.
(4) Organization for Economic Co-operation and Development (2004), OECD Principles on Corporate Governance, Paris. Accessed: March 19, 2013: http://www.oecd.org/dataoecd/32/18/31557724.pdf.
“We must change the way we do business by the application of the standards agreed on in the last decade, such as a global compact. Nevertheless, future prosperity will always be undermined by corruption, the taking of excessive risks, by lack of transparency and other unethical practices. These problems will only be solved by a more ambitious change of mentality among CEOs and of their rulings.”—Huguette Labelle, President of Transparency International, co-chairman of the World Economic Forum 2013 28
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http://www.standardandpoors.com/servlet/bheadername3=MDt-type&blobcol=urldata&blobtable=MungoBlobs&blobheadervalue2=inline%3B+filename%3D081104_gAMMA_criteria-Eng--3.eadername2=content-Disposition&blobheadervalue1=application%2pdf&blobkey=id&blobheadername1=content-type&blobwhere=1243909187366&blobheadervalue3=utf-8
- 3.
Transparency International (2012), Transparency in Corporate Reporting: Assessing the World’s Largest Companies, Berlin. Accessed: March 19, 2013: http://www.transparency.org/whatwedo/pub/transparency_in_corporate_reporting_assessing_the_worlds_largest_companies.
- 4.
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Dăianu, D. (2007), Transparenţa companiilor ca formă de relaţionare socială (The Transparency of Companies as a Social Relationship) In CSR-Romania. Accessed: March 19, 2013: http://www.csr-romania.ro/articole-si-analize/transparenta-si-credibilitate-in-csr/479-transparena-companiilor-ca-form-de-relaionare-social.html.
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Market Watch Journal (2012). Scurgerea datelor confidenţiale din companie, între vulnerabilitate umană şi implementarea politicilor de securitate, no. 145, May–June 2012; accessed: March 19, 2013: http://www.marketwatch.ro/articol/10925/Scurgerea_datelor_confidentiale_din_companie_intre_vulnerabilitate_umana_si_implementarea_politicilor_de_securitate/.
- 7.
The Environmental Management Initiative—GEMI) (Global Environmental Management Initiative (2004), Transparency: A Path to Public Trust, Washington, p. 13; accessed: March 19, 2013: http://www.gemi.org/resources/transparencypathtopublictrust.pdf.
- 8.
See Lobby-ul în România. Policy Paper; Transparency International România, Bucureşti, 2012. Point 4 is taken after the cited public policy.
- 9.
Senator John f. Kennedy, To Keep the Lobbyist within Bounds; in New York Times Magazine, February 19, 1956, pp. 40–42—in Congressional Records March 2, 1956, vol. 102, pp. 3802–3803.
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See USC, chapter 26, Disclosure of Lobbying Activities: http://www.law.cornell.edu/uscode/text/2/chapter-26) USC §1610: http://www.law.cornell.edu/uscode/text/2/1610.
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Siim Kallas, The European Transparency Initiative; Press Release RAPID (SPEECH/07/491), accessed on March 19, 2013: http://europa.eu/rapid/press-release_SPEECH-07-491_en.htm.
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In Romanian: Legea pentru ratificarea convenţiei penale privind corupţia, adoptată la Strasbourg la 27 ianuarie 1999, publicată în Monitorul Oficial, partea I, nr. 65, 30 ianuarie 2002.
- 15.
ROC. Occupational standard: lobbying specialist March 22nd 2012; accessed: March 26, 2013: http://www.anc.gov.ro/so/r/SO_SPECIALIST_LOBBY.pdf.
- 16.
For additional details check the organization’s website: www.registruldelobby.ro.
- 17.
Find these definitions on the Association’s website, at: http://registruldelobby.ro/conceptul-de-lobby.html.
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Văduva, S., Alistar, V.T., Thomas, A.R., Lupiţu, C.D., Neagoie, D.S. (2016). Corporate Transparency. In: Moral Leadership in Business. SpringerBriefs in Business. Springer, Cham. https://doi.org/10.1007/978-3-319-42881-9_3
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