The Virtues of Corporate Transparency (Thurman James)

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Thurman James -- World News Trust

Sept. 5, 2009 -- It seems unimaginable that one simple economic reform could bring about an era of honesty, equity, and trust between people and nations, but corporate financial transparency would do just that.

A mandate of absolute transparency in all financial transactions is the surest way to eliminate secrecy, lies, and manipulation at all levels of commerce and government. The idea sounds revolutionary, but if every citizen had the right and the ability to review the complete financial records of any commercial entity, the behavior and priorities of most corporate executives would soon reflect the ethical standards we expect from the rest of society.

The current state of corporate malfeasance is due in large part to the fact that money is so easily hidden and manipulated. Today many businesses still get away with paying workers different salaries for doing the same job because our culture protects that information. The boss doesn't want you to know how much he's paying your co-workers nor does he want to know about your financial difficulties for the same reasons that he doesn't want you to know how profitable his business is; to do so would expose the injustice we all live with every day.

In most business settings, discussion of corporate finances outside the "need to know" circle of management, or comparison of compensation between coworkers is grounds for immediate termination. Keeping employees in the dark about matters affecting their common interests is one way a wealthy minority maintains control over the majority of mankind that keeps the commercial universe functioning.

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