The Principle of Transparency is a cornerstone of effective corporate governance. It mandates the timely, accurate, and accessible disclosure of all material information, including financial performance, management procedures, and ownership structures. This openness is fundamental to building stakeholder trust, demonstrating the integrity of operations, and allowing for objective evaluation of the company's management and performance. The elements listed in the question, particularly "proper disclosure in a timely manner," are the defining characteristics of transparency.

A. The Principle of Justice: This principle focuses on fairness, equitable treatment, and the protection of stakeholder rights, which is distinct from the act of disclosure.

C. The Principle of Independence: This refers to the ability to make decisions free from conflicts of interest or undue influence, a specific attribute that supports objectivity rather than the broader concept described.

1. OECD. (2023). G20/OECD Principles of Corporate Governance. OECD Publishing, Paris.

Reference: Chapter V, "Disclosure and Transparency," p. 43. The text states, "The corporate governance framework should ensure that timely and accurate disclosure is made on all material matters regarding the corporation... Disclosure and transparency are key for building trust in markets and for their efficient functioning."

2. Cadbury Committee. (1992). The Financial Aspects of Corporate Governance. Gee and Co. Ltd.

Reference: Section 3, "The Role of the Board," Paragraph 3.4. This foundational report links the board's responsibility for presenting a balanced assessment of the company's position (integrity, objectivity) with openness (transparency) to build confidence.

3. Bushman, R. M., & Smith, A. J. (2003). Transparency, Financial Accounting Information, and Corporate Governance. FRBNY Economic Policy Review, 9(1).

Reference: p. 66. The paper defines corporate transparency as the "widespread availability of relevant, reliable information about the periodic performance, financial position, investment opportunities, governance, value, and risk of publicly traded firms." This directly connects disclosure with governance principles.