Criteria

Each year the criteria evolve and the level of requirement increases, but the mission of these awards remains the same: Transparency creates confidence and therefore value for companies and their stakeholders.

The Transparency Awards are organized by Labrador, a regulated communication consultancy firm.

The complete list of transparency criteria

Proxy Statement

  • 01 | The document is available in print PDF format
  • 02 | The document is available in an interactive format on the Investor Relations web page
  • 03 | The print version of the document uses a two-column page layout
  • 04 | The SEC EDGAR version of the document uses a one-column page layout
  • 05 | The top of each page in the print version indicates the relevant section and subsection
  • 06 | Every page footer includes the company name, document title, and year
  • 07 | The document includes a secondary color
  • 08 | The second page of the document is either the table of contents or a mission or values statement
  • 09 | Voting and general information is presented at the back of the proxy
  • 10 | There is a proxy summary containing compensation and governance highlights
  • 11 | The proxy summary includes a table summarizing the proposals and the board’s recommendation for each one
  • 12 | The CD&A starts with a dedicated table of contents
  • 13 | At a minimum, the CD&A Executive Summary includes a table of the NEOs and business highlights
  • 14 | The cover includes the time, date and place of the annual meeting
  • 15 | The back cover includes substantive or useful information
  • 16 | The Notice of annual meeting includes voting icons (mail, phone, internet)
  • 17 | The letter from the Chairman or CEO (or combined role) includes company or governance highlights rather than just meeting information
  • 18 | There is a letter from the entire Board of Directors
  • 19 | There are at least two women on the board
  • 20 | Each director biography includes a photo
  • 21 | Within each director biography, at least three items (tenure, age, and committee assignment(s)) are called out separately
  • 22 | The company mentions diversity as a priority, even if there isn’t a formal Diversity Policy
  • 23 | The Board has a Sustainability Committee or mentions sustainability as part of the Board’s responsibilities
  • 24 | Each director’s attendance rate for committee meetings is disclosed
  • 25 | The attendance rate disclosed for the entire board is precise
  • 26 | The document includes disclosure directly from the Nominating/Corporate Governance Committee
  • 27 | Key governance changes or the Board’s areas of focus are clearly outlined
  • 28 | The board evaluation section discusses the results and, if warranted, the proposed remedies
  • 29 | The document discusses the implementation or monitoring of a succession plan
  • 30 | The document discusses director onboarding or continuing education
  • 31 | The document includes a link directly to the code of conduct
  • 32 | The company mentions its whistleblower policy
  • 33 | The company explains its approach to cybersecurity
  • 34 | The letter from the Compensation Committee includes highlights about the compensation program
  • 35 | The document includes a “what we do/what we don’t do” table
  • 36 | The CD&A includes a discussion of each individual NEO’s role and compensation
  • 37 | The company discloses whether it has a clawback provision for executive compensation
  • 38 | At a minimum, the proxy includes a graphic summary of directors’ ages and tenures
  • 39 | The document includes a director skills matrix
  • 40 | The document includes a board committee matrix
  • 41 | The document includes a graphic showing the board evaluation process
  • 42 | The document includes a section dedicated to CSR matters containing graphics or key figures that describe ESG highlights (diversity, gender parity, carbon emissions, etc.)
  • 43 | Within the director compensation section, a graphic is included to show cash vs stock payment
  • 44 | The section on business performance highlights (in the CD&A or the proxy summary) incorporates at least two graphics
  • 45 | The CD&A contains at least three graphics depicting compensation of the NEOs
  • 46 | Target and final results for the short-term incentive plan is presented in a comprehensive graphic or table
  • 47 | Target and final results for the long-term incentive plan is presented in a comprehensive graphic or table
  • 48 | There were at least 43 days between the filing and the annual meeting

Form 10-K

  • 49 | The exhibit list is hyperlinked to each individual exhibit
  • 50 | The document is available in PDF print format
  • 51 | The Investor Relations website offers an interactive version of the Annual Report
  • 52 | There is a table of contents on page 2 with two levels (chapters and sub-sections) of detail
  • 53 | The top of each page in the print version indicates the relevant section and subsection
  • 54 | Every page footer includes the company name, document title, and year
  • 55 | The document uses a two-column page layout
  • 56 | The document has an introductory section that highlights relevant and forward-looking information about the company
  • 57 | The document contains a Glossary of Terms or Key Word Index
  • 58 | The document includes a secondary color
  • 59 | Item 1 business summary contains a graphic to highlight the business
  • 60 | The tables throughout the document have titles
  • 61 | The Notes to Consolidated Financial Statements have a dedicated table of contents
  • 62 | Within Item 1, the document provides a direct link to the website hosting all of the company’s SEC filings
  • 63 | The “Risk Factors” section has a short introduction
  • 64 | The company identifies at least ten risks
  • 65 | The company discusses whether cybersecurity is a major risk
  • 66 | The segments in the Business Overview are an exact match to the segments discussed in the MD&A
  • 67 | The company mentions how it recognizes revenue
  • 68 | Executive compensation information is incorporated by reference to the Compensation Discussion & Analysis section of the proxy statement
  • 69 | Corporate governance information is incorporated by reference to the Governance section of the proxy statement
  • 70 | The document should follow a logical structure
  • 71 | Each section of the report is labeled with the appropriate name from the regulations (i.e., “Risk Factors,” “Management Discussion and Analysis,” etc.)
  • 72 | The MD&A contains a graphic to highlight company outlook or strategy
  • 73 | Financial statements should show information for the current year in the far left column
  • 74 | There were no more than 57 days between the filing and the fiscal year-end

Investor Relations Website

  • 75 | The homepage of the corporate website should include “Investors” or “Investor Relations” with other prominent level one headings
  • 76 | The Investor Relations search engine should be quick and accurate
  • 77 | The IR home page should have a menu offering direct access to sub-sections
  • 78 | Sustainable development or Sustainability section clearly identified and accessible on the website
  • 79 | The IR home page should have an “Annual Report/Proxy Statement” or “Annual Meeting” section leading to information that is complete and up to date
  • 80 | The “contact” page offers an option to send an email to investor relations
  • 81 | Readers can access the 10-K or Proxy from the IR home page in three (or fewer) clicks
  • 82 | The IR site offers easy and public access to the annual meeting webcast or transcript
  • 83 | The IR site offers an option to register for email alerts
  • 84 | Direct access by a search engine to the current year’s Annual Report
  • 85 | Direct access by a search engine to the current year’s Proxy Statement
  • 86 | Readers can easily access the last five Annual Reports from the “SEC Filings” or a dedicated “Annual Reports” section
  • 87 | The IR site offers quick access to the company’s current bylaws
  • 88 | The IR site offers quick access to the company’s code of ethics or code of business conduct
  • 89 | Easy access, using the company website’s search engine, to information related to “ethics,””strategy,” and “sustainability”
  • 90 | The IR home page has a section called “SEC Filings”
  • 91 | The IR home page has a section called “Corporate Governance”
  • 92 | The IR home page should also have, at a minimum,  links to sections called “Events and Presentations,””stock information,” and ” contact or FAQ”
  • 93 | A dedicated website for the Annual Meeting, which includes all materials needed for the AGM