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Transparency

Small Business: Virginia Small Business Commission Stays on the Sidelines on Credit Reporting Regulations

The Virginia Small Business Commission made no recommendation about whether to support or oppose House Bill 2198, which would affect commercial credit reports in the commonwealth.  It did, however, urge both parties in favor of and against the bill to work together to find common ground to address a perceived problem regarding the rights of the subject of a commercial ... Read More »

EU Study on Trade Secrets And Confidential Business Information in the Internal Market

The study on Trade Secrets and Confidential Business Information incorporates a survey covering 537 companies, including 323 small and medium size companies (less than 250 employees) undertaken at the end of 2012. It also provides a detailed review of the legal frameworks governing trade secrets in the then 27 Member States, the United States of America, Japan and Switzerland. This ... Read More »

Mandatory Disclosure and Social Media

The U.S. Securities and Exchange Commission indicated that companies can use social networks to disclose financial data.  BIIA welcomes the broader use of media for companies to disclose their quarterly and annual results.  It may lead to more voluntary disclosure by non-listed companies.  The US is way behind the EU and other nations which require non-listed companies, such as limited ... Read More »

Commercial Fraud: Low Appetite for Whistleblowing

According to the latest staff fraud report from the UK’s Fraud Prevention Service, and specifically the Credit Industry Fraud Avoidance System (CIFAS), only 3% of insider or staff fraud attacks were uncovered in 2012 using the formal “whistle blowing” process, where a colleague reports what they see or suspect. People appear to have a low appetite to “inform” on the suspected or ... Read More »

The Credit Conundrum: SME Financing Gap in Europe

Small- and medium-sized enterprises (SMEs) account for the majority of business activity in most countries and play a vital role in stimulating growth, innovation and competitiveness. It is therefore important to assess the degree to which SMEs are provided with adequate access to lines of credit and financing options to enable their growth and stability. According to the Bank of ... Read More »

Hong Kong Banks Against Proposed Changes to Hong Kong Company Records

Banks have come out against proposed changes to Hong Kong company records which would hide the home address and full ID numbers of directors and secretaries from public scrutiny. The Hong Kong Association of Banks raised the concerns in its submission on amendments to the Companies Ordinance.  Boey Wong, the association’s secretary, said the information should remain public. The association, ... Read More »

Meet our Full Member Duedil Ltd.

Duedil is a UK startup that makes the handling of corporate data from the UK Companies House user-friendly and provides tools for mapping full corporate structures and relationships. Due diligence on business relationships is at its highest and most complex levels. For many UK businesses Duedil has become indispensable. Corporate structures are intensely complex. One needs to understand all aspects ... Read More »

Transparency International: Corruption much Alive in the World

Transparency International’s Corruption Perceptions Index 2012 shows corruption continues to ravage societies around the world.  Two thirds of the 176 countries ranked in the 2012 index score below 50, on a scale from 0 (perceived to be highly corrupt) to 100 (perceived to be very clean), showing that public institutions need to be more transparent, and powerful officials more accountable. ... Read More »

Credit Management Recommendation of the Month: Tell Your Suppliers to Share Data

If Your Company Needs a Better Credit Score?  Tell Your Suppliers to Share Data Companies of all sizes looking for a better business credit score and cheaper financing should ask their suppliers to report their accounts receivable data to credit reporting companies, according to the National Association of Credit Management (NACM). Tightened access to credit in the wake of the ... Read More »

Transparency in Corporate Reporting: A Long Way to Go

An Assessment of the World’s Largest Companies by Transparency International Transparency International analyzed publicly available information from company websites.  Building on the experience of two previous studies, Transparency in Corporate Reporting explored three dimensions of transparency: Public reporting on anti-corruption programs (ACP): covering bribery, facilitation payments, whistleblower protection and political contributions Organizational transparency (OT): including information about corporate holdings Country-by-country ... Read More »

European Credit Rating Agency: A Global Institution Deemed to be a Better Alternative

The Bertelsmann Foundation released on April 18th 2012 at its Washington conference a blueprint for a new sovereign debt rating agency called INCRA. As part of that effort, Annette Heuser, the Foundation’s executive director, held talks in early June with representatives of the European institutions based in Brussels. One result of the discussions was the realization of a change in ... Read More »

Malaysian Anti-Corruption Commission Issues Five Anti-Corruption Principles

The Malaysian Anti-Corruption Commission (MACC) has issued five Anti-corruption Principles for corporations requiring companies to sign a pledge making a unilateral declaration that it will not commit corrupt acts, will work toward creating a business environment that is free from corruption and will uphold the Anti-corruption Principles for corporations in Malaysia in the conduct of its business and in its interactions ... Read More »

Thomson Reuters Launches End-to-End SEC Reporting Solution

Thomson Reuters announced the launch of a next generation solution to facilitate the filing of financial disclosures with the U.S. Securities and Exchange Commission (SEC) in alignment with the SEC’s XBRL mandate. Thomson Reuters Disclosure Solutions will enable companies that file financial disclosures with the SEC to more accurately prepare, update and deliver their financial disclosures through a single seamless ... Read More »

The Closed World of Company Data Does Not Bode Well for Transparency

OpenCorporates published recently a report examining of how open company data is in Open Government Partnership countries.   The findings of the report portray a rather poor picture.  In a nutshell the report stated that Open Government Partnership countries score badly for open access to company data.   This does not bode well for transparency. The report lists charts with company comparisons.  ... Read More »

Financial Disclosure or Communication – A Necessity for Small and Midsize Companies

Financial disclosure and regular shareholder communication are requirements for large enterprises.  The customary glossy annual reports and quarterly statements give the impression that such practices are reserved for capital corporations only. Small, and in particular medium-sized companies generally believe that such practices do not apply to them.  To the contrary, small and medium size enterprises should adopt disclosure and communications ... Read More »