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, codes of conduct, and our first ever plain language award for proxy statements. Each company’s documents were scored using 148 discrete criteria that flesh out the four pillars of transparency.

  • The top S&P 250 companies are ranked, with no need to enter and no fee.
  • Every company receives its personal and confidential annual ranking.
  • The criteria are objective.
  • The criteria are available on our Transparency website.

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

“When a company wants to satisfy investors, analysts, or the best job candidates, transparency and plain language are indispensable.”

Seeking transparency means putting yourself in the reader’s shoes so you can explain things—even sensitive things—in the most effective way. To write clearly is to speak the truth, possibly at the risk of being criticized. The most transparent companies explain how their executives are compensated and show how that compensation corresponds to the company’s performance. They present the main risks to their business, quantifying them at the expense of being surprised by unforeseen events. They look for comparable indicators, while they may not be the best ones for them.  Objectives not yet achieved are disclosed with the same sincerity as successes.

The best companies in the ranking never limit themselves to simple compliance, nor do they hide behind legal or financial jargon. To recognize and encourage that type of candor, this year we also introduced a plain language award. All the studies in neuroscience are unequivocal: simplicity and clarity are the keys to communication. When a company wants to satisfy investors, analysts, or the best job candidates, transparency and plain language are indispensable.


A quick look at transparency.

Additional information

The transparency criteria
2021 key figures
2021 Overview
Previous awards