“We will put transparency at the heart of our approach to government.” UK Government Anti-Corruption Strategy 2017-2022
Transparency – the disclosure of internal corporate information to the public – is shaping legislation and regulation across the business landscape. In recent years, the UK has introduced mandatory reporting on issues as diverse as the gender pay gap; modern slavery in supply chains; supplier payment terms and beneficial ownership.
Across the world, governments and supra-national organisations, such as the G20 and the OECD, see transparency as a way of changing corporate behaviours as well as combating cross-border crime. On a day to day business level, transparency data is increasingly being used as a differentiator – for example during procurement.
Osborne Clarke helps businesses across all sectors manage the reputational, compliance and financial risks triggered by a transparency disclosure. There are opportunities too: businesses can improve efficiencies by aligning compliance processes, use the collected data to drive business improvement and use disclosures to enhance their brand value.