Importance of disclosure and transparency in corporate governance
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In a free market economy there is a limited role for the government, indeed in a pure free market system, the government limits itself to protecting property rights of people and businesses using the legal system and protecting the value of money or the value of a currency.
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The corporate governance principles emphasize an effective board, prudent internal control, transparency and accountability to its shareholders. ... In short, greater transparency in disclosures is essential for effective financial reporting and supervision.
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