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Transparency: Business Imperative of the Information Age
In an age where people can access billions of bytes of data with the click of a mouse, information is democratized and new realities are emerging. Like-minded individuals are creating virtual communities at an astonishing pace. Communities with the power to make waves.
A more informed and connected public is also more discerning and demanding. Shareholders, customers, employees, suppliers, and community groups are all demanding to know more about the companies they do business with. Where does that leave corporations that have traditionally been reticent to disclose information?
There is growing evidence that transparency and ethical conduct are necessary and good for business. To a public jaded by a string of corporate scandals, the credibility of any company is no longer assumed. It must be earned, and truth builds trust. Research conducted by the Canadian Centre for Ethics and Corporate Policy shows that ethical conduct has a positive impact on profitability, cost management, market capitalization, customer loyalty, market share, employee commitment, productivity, innovation and risk management. The demand for greater disclosure creates a more level playing field for those corporations that conduct their business ethically.
Transparency is also a prerequisite for the kind of cooperation that businesses need in order to succeed in a world of increasing interdependencies and globalization. Open communication enables companies and stakeholders to engage in meaningful dialogue that considers the interests of all parties and harnesses the idea potential of diverse groups. Two-way dialogue with customers, shareholders and employees is gradually becoming entrenched in the Bell Canada culture. (Visit http://www.bce.ca/en/governance/ and http://www.bce.ca/en/social/ourprinciples/stakeholdersinformed/index.php for details.)
A work in progress
Choosing the open and truthful route is only the start. Corporations need to find ways of disclosing information within the realities of a competitive business environment and in a manner that is clear, consistent and relevant to stakeholders.
To a society already suffering from information overload, simply making facts available is not enough. We need a “common language” of transparency such as that proposed by Global Reporting Initiative, which provides common reporting and measurement tools for business conduct. Web sites like this one will prove invaluable as the language of transparency evolves and businesses move closer to the lofty goal of engaging Canadians in an open dialogue about what matters to them.
For more information, visit www.bce.ca
Michael Sabia
President and CEO
Bell Canada Enterprises
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