Overview
Transparency is the quality of being open, honest, and clear about an organization's operations, decisions, and performance. Accountability is the obligation of an organization to take responsibility for its actions and to be answerable to its stakeholders. Together, transparency and accountability build trust, foster ethical behavior, and ensure that organizations are operating in the best interests of their employees, customers, and the community.
Essential Commitment
This principle reflects the commitment to business practices that promote openness, responsibility, and long-term trust.
Recommended Measures
Open Communication
Provide clear and timely information to all stakeholders.
- Communicate openly about company policies, performance, and any significant changes or challenges
Financial Disclosure
Be transparent about the company's financial status and practices.
- Provide regular and accurate financial reports to investors, partners, and relevant authorities
Clear Responsibility
Define roles and who is accountable for specific outcomes.
- Clearly define roles, responsibilities, and performance expectations for all members of the organization
Impact Assessment
Measure and report on the company's social and environmental impact.
- Regularly assess and report on the organization's social and environmental footprint and impact on the community