Transparency has two general meanings with regard to ethical behavior in business. The first meaning relates to a business’s openness to making information about its policies and performance (both financial and social) available to stakeholders. The second relates to corrupt behavior (generally some sort of bribery) with regard to interactions between a business and the government officials with which it interacts.
Three Questions Regarding Transparency, Openness, and Business Ethics
Three key questions regarding transparency with regard to openness to stakeholders merit examination:
- About what should businesses be transparent?
- To whom should businesses be transparent?
- How should businesses communicate with their stakeholders to demonstrate transparency?
About What Should Businesses Be Transparent?
There are two broad categories of information about which businesses should be transparent: financial and social. A lack of transparency with regard ...