The Transparency Awards

The Transparency Awards recognize the quality and completeness of information that top U.S. companies make available to investors. Each year, the Awards criteria evolve and address more issues as the needs of the investor community grow. In 2021, company rankings were determined through review of annual proxy statements, annual reports on Form 10-K, investor relations websites, and codes of conduct. Each company’s documents were scored using 136 discrete criteria that flesh out  what we have determined are the four pillars of transparency: accessibility, precision, comparability, and availability.

  • The top S&P 250 companies, trading on either NYSE or Nasdaq, are ranked, with no need to enter and no fee.
  • Every company receives its personal and confidential annual ranking.
  • The criteria are objective and were selected by an independent panel of stakeholders (investors, analysts, auditors, industry representatives, etc.).
  • The 2020 criteria are available on our Transparency website, and after the awards go live in September, the criteria are released to the public.

We hope the Transparency ranking and the specific criteria we have identified encourage companies to innovate and improve their regulated disclosure…

A message from Laurent Rouyrès

“Transparency is a vital asset for listed companies in times of crisis and can make a difference in engaging their investors.”

When we announced the winners of the first U.S. Transparency Awards in October 2019, we introduced a new way of looking at corporate disclosure documents. We were thrilled by the acknowledgments we received from the corporate community, investors and media, and we were eager to start working on the 2020 Awards. Little did we know what the new year had in store for us.

COVID-19 is a defining crisis for countries and individuals, as well as corporations. The consequences of the pandemic on businesses are so far-reaching – they affect all areas of corporate disclosure. Is your governance strong enough to weather the crisis? How does your company manage human capital? And what about your compensation program? Does it need adjustments, and if so, how should you explain them to your shareholders? The criteria that constitute the foundation for these awards allow companies to answer those questions both transparently and efficiently.

Moving forward, we will continue adding pertinent criteria to the Transparency Awards in order to encourage best practices. For instance, as our recent study on plain language statistically demonstrated, readers perceive plain language content as clearer and are more inclined to accept and appreciate the message conveyed. Given this data, we are excited to announce the 2021 awards will include a set of plain language criteria.

In troubled times such as these, companies that have the will and courage to make themselves understood by all of their stakeholders will attract investors like beacons in corporate disclosure fog. We are honored to celebrate those beacons with the 2020 Transparency Awards!


A quick look at transparency.

Additional information

2021 key figures
The transparency criteria
2020 Overview
2020 key figures
2019 Overview
2019 key figures