Transparency
| Autor | Michael Freitas Mohallem, Beto Vasconcelos and Guilherme France |
| Ocupação do Autor | Professor at FGV Rio Law School/Professor at FGV Rio Law School/Researcher at FGV Rio Law School |
| Páginas | 28-33 |
Transparency Internacional – Brazil28
TRANSPARENCY
77 IBGC. Code of best practices of corporate governance. São Paulo, 2016, p. 20.
78 TRANSPARENCY INTERNATIONAL. Anti-corruption help desk: Transparency of state-owned enterprises. Berlin, February 15, 2013. Available at:
The IBGC considers transparency, as well
as accountability, to be some of the pillars of
corporate governance. In this sense, transparency
is understood as
More than the obligation to divulge information, it is the desire to
provide stakeholders with all the information that is valuable to them,
rather than only information required by laws or regulations. Proper
transparency results from an environment built on trust, both internally
and in the company’s relationships with third parties. Beyond the
organization’s financial performance, it should also contemplate other
factors (including intangible factors) that guide managerial action and
lead to the preservation and optimization of the organization’s value77.
In the context of SOEs, transparency has
broader functions than just those concerning the
fight against corruption. It is absolutely essential
for citizens to monitor the use of public resources
in terms of efficiency, taking into account the
existence of alternative forms of organising state
activity and its interference in the economy.
Because SOEs play roles that go beyond
merely commercial ones, which is to say, they
are instruments for carrying out public policies, a
correspondingly significant level of transparency is
needed to ensure the said instrument’s efficiency
towards the intended purpose. Transparency
mechanisms will allow the public and other
monitoring institutions, be they political or legal, to
reap the results achieved after investing resources
and effort. After all, the performance of SOEs often
undermines the competition regime due to the
exceptional advantages they have over private
competitors.
In this context, Transparency International
signals that:
The government’s ownership entity should establish consistent
and aggregate reporting on SOEs and produce an annual aggregate
report, as a key transparency tool directed to parliament as well as
the media and general public. It should provide information on the
financial performance, main financial indicators and value of SOEs, as
well as the general statement of the state’s ownership policy and its
implementation, including information on how the ownership function
is organised. This report should also contain individual reporting on the
most important SOEs78.
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