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are intended to be used by policy makers for self-assessments and by other stakeholders such as:
researchers, investors, analysts, and consultants. ‘‘The Principles generally represent a common basis that
OECD member countries consider essential for the development of good governance practices.’’ (OECD,
2004, p. 11). The framework contains the following four principles that were released in May 1999 and
revised in 2004:
Principles of Just and Equality
Principle of Accountability
Principle of Responsibility
Principles of Disclosure and Transparency
Principles of Disclosure and Transparency
Transparency is the approach of making persons, managements, markets or governments
responsible for their activities and policies. In this context, transparency, in terms of managements, can be
defined as the disclosure of the whole information, intended for their assessment by (public opinion)
(Florini, 1999).
Shareholders and investors, in our day, want to reach reliable financial information at the stroke
and easily. In the future, financial reporting will be synchronic, real-time and based on measuring. The
five elements of synchronic and real-time reporting are listed below (Anderson, 2002: 5):
Constituting a reliable system
Using all the ways necessary for the disclosure of financial information
Disclosure all financial and nonfinancial information
Corporal accountability, managerial responsibility and a strong risk management
Transparent and permanent disclosure
In this framework, in the disclosing of information about a company, in addition to the things
predicted with legal regulations, it should be used also some disclosure instruments and ways as press
bulletins, electronic data delivery channels, electronic post mails, mobile phone communications (WAP et
cetera technologies) and meetings done with shareholders and potential investors and notifications done
via media organizations or brochures or on internet website (SPK/CMB, 2005: 21).
The Corporately Importance of Transparency
In the process of implementation of corporate transparency, as the complement of the concept of
transparency, we meet with the concept of “disclosure”. Disclosure, appropriate for the principles of
corporate transparency, is the presentation of the financial information, which the regulatory
establishments for capital markets make it obligatory, and of other financial and nonfinancial information
apart from these information, by companies, clearly and openly, for the public (Poray, 2008: 23).
Transparency plays a crucial role for the increasing of an investor’s confidence. With regard to a
high investor’s confidence, it is an indispensible issue for the constituting and the developing of a strong
capital market. Together with transparency and disclosure are of characteristics of a successful
management, they have a close relationship with the directly accounting applications, besides (Akta ve
Doanay, 2007: 3).
The concept of disclosure crudely signifies the presentation of a plenty of information in different
formats like balance sheet, income table or activity report, which are made by companies, to the public.
Out of these information resources that we state and are generally obliged to be disclosed by regulations,
the presentation of some information as press statements that companies willingly make and company
reports or predicts about company that are disclosed via a website to the public is assessed within this
context. In this point, it is beneficial to state that we use the concept of “willingly disclosure” in order to
include all the disclosures done out of the obliged by various regulations. Whether it is obligatory or
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