Transparency should not only be enforced by public entities

The current economic crisis had its origin in fundamental mistakes in relation to Transparency, accountability, responsibility and short-term vision. For instance, many banking entities did not detail the composition of their assets and many companies bought funds without asking for more information. That was the beginning of everything…

The European Union is firmly in favor of Corporate Social Responsibility (CSR) as a key element for restoring the confidence in private companies which is necessary for a sustainable economic recovery. Transparency has become the main instrument for corporate accountability.

transparency

There are many standards that are part of CSR, from ASG factors (Environmental, Social and Governance) and different versions of sustainability reports (GRI) to corporate governance reports and standards of financial information and values, among others. All this information is integrated into reports that, despite their degree of sophistication, do not squeeze the possibilities of accountability. This is because communication channels are usually not suitable for the target or interested public and the possibilities of treatment of this information are usually very limited. Moreover, in most cases, these channels are neither fluid nor sufficiently operative, and the dialogue between shareholders and key social actors (mass media, investigative journalism, NGOs, trade unions…), generally, fails.

In this context, an open data approach applied to Transparency of CSR offers the opportunity to access business data beyond the corporative report. Applying transparency tools, it will be possible to move towards an active construction of CSR and possibly to reduce or in the best-case scenario, avoid crises such as the ones suffered.

Joan de la Encarnación. Business Advisor of desideDatum