What is disclosure, accountability and transparency?

• robertteh

  4 Oct 04, 09:51

  Here is the text of a response to article in Today for general discussion. It may not be published.
  
  "How does a corporation practise accountability and transparency? What constitutes such a practice?
  
  If standards of disclosures cannot be defined, will it be confusing to discuss this subject as raised in your “Taking Stock – silence Singapore’s critics”?
  
  For example, when a corporation decides upon membersÂ’ request to disclose certain facts, data or figures, where were the facts, data or figures taken from in making disclosures? If these information were compiled after the event or queries from secondary sources or based on intuitive or ad hoc management, will that not lead to justifications or concoctions?
  
  If they are taken from the company accounts, balance sheets or work processes, fine. If not can we trust them? There should be no editing, doctoring or justifications or reactive that is provided as afterthought in response to complaints or requests.
  
  So I would strongly recommend that disclosure information be obtained only from reliable sources which are verifiable such as available information flow from work processes. The best practice will be to plan works to be carried out in component processes that generate information at the same time. Only such sources will offer reliable first-hand information."
  
• reyes

  4 Oct 04, 10:34

  2 issue i would like to raise :
  1. charity organisation disclosure, accountibility and transprency.
  i stop donation to charitable organisation in fear that our money will be spent on top mgm benefits rather than benefitting the unfortunate ones.
  2.flexi wag system. govt cannot push for flexi wage system and expect fellow employee (esp lower income gp) to accept that it is beneficial for them. most MNC and listed company do have certain form of transparency and accountibiity. what about SME where is is one man company. the boss are not require by the law to announced to employee about how much profits company are making. if that the case, how to implement flexi wage and trust of the employee. although it is open labour market, but we are most worrying for the lower income group whereby job hopping or looking for another job is not easy. not to forget we still have 4.8%unemployment rate in singapore.
  
  basically accountibility /transparency/ disclosure depends on who running the show. does temasek holding have all the above you mention? if not, how to ask private sector to follow suit?
  
• robertteh

  4 Oct 04, 12:58

  To: Reyes,
  
  It is my recommendation that before talking publicly about practising disclosure, accountability and transparency, the basics of what to disclose as well as reliability of sources of information be established.
  
  We do not know whether any corporate disclosures were based on certain facts, data or figures from information flow independently generated by work processes that existed or from secondary sources or based on intuitive or ad hoc management. If the sources of information are unclear or obtained only by interpretations or ad hoc management processes, will such disclosures be useful or objective? I suppose if we fail to maintain such integrity and standards, at the end, our disclosures may lead to justifications or concoctions?
  
  So if the public asks for information about whether charitable organizations are passing down donations received mostly to needy people instead of only or mainly for management or artistes or organizers, there will be many questions to be answered by the charitable organizations themselves.
  
  For example, what are the sources of information ? Are the information from company accounts, balance sheets or work processes? Donations and costs of events are to be verified by work processes started from donation registers and quotations/registers of artistes and fees and each one should be accounted for.
  
  In disbursing payments to needy, a similar work process starting from registers of needy folks and facts of investigations and independence of verifications should generate information that can be used to disclose to public or the press. Better still, processed information can be published.
  
  So I would strongly recommend that disclosure information be obtained only from available information flow from work processes. The best practice will be to plan works to be carried out in component processes that generate information at the same time. Only such sources will offer reliable first-hand information."
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