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Transparency Index© Report
The Openly Transparency Index© champions voluntary, visible and accessible disclosures of government interactions by corporations.
Using a weighting system, the Index assesses some 30 data points on matters such as disclosures of contracts, political donations, lobbying, use of confidential information and conflicts of interest.
The first iteration of the Index focuses on the practices of the fifty largest companies on the ASX.
Findings from the inaugural Index show that the practice of voluntarily, visibly and accessibly disclosing information related to government interactions is nascent in Australia.
However, amongst the ASX50 cohort assessed in the Index, there are some trail-blazers. In recognising such best practice, the Index will establish a new standard for corporate integrity. In turn, it is intended that the Index will help enable more trusted government decision-making and also help businesses to manage risk, secure a licence to operate and unlock commercial value.
The Index will track progress for the ASX50 cohort and in the future will also assess companies across industries and jurisdictions.
ASX50 Index Results October 2024
Disclosures
Disclosures
Information
Last updated: October 2024
Top 3 performers in each category:
- Rio Tinto Ltd
- Telstra Group Ltd
- BHP Group Ltd,
Origin Energy Ltd
- Rio Tinto Ltd
- News Corporation
- Newmont Corporation,
Stockland Corporation Ltd,
South32 Ltd
- Wesfarmers Ltd
- Coles Group Ltd
- Sonic Healthcare Ltd,
Computershare Ltd,
Rio Tinto Ltd,
Transurban Group,
Macquarie Group Ltd,
Vanguard Australian Shares Index ETF,
Xero Ltd,
Goodman Group,
QBE Insurance Group Ltd,
Stockland Corporation Ltd,
Amcor Plc,
Telstra Group Ltd
- Macquarie Group Ltd,
Woolworths Group Ltd - BHP Group Ltd,
Woodside Energy Group - Newmont Corporation,
Fortescue Ltd,
Fisher & Paykel Healthcare Corporation Ltd,
Coles Group Ltd
Key Findings - ASX50 October 2024
- The practice of companies voluntarily, visibly and accessibly disclosing information related to government interactions is nascent in Australia and this is reflected in the findings of the inaugural Openly Transparency Index©.
- Notably, none of the ASX50 achieved ‘Advanced’ or ‘Leading’ ratings. However, amongst the cohort assessed in the Index, there are early-adopters establishing processes, controls and culture to increase transparency. These companies are pioneering disclosure on matters such as:
- Details of government contracts and grants
- Membership of industry associations and alignment with advocacy positions
- Paid attendance at political fund-raising dinners and events
- Policies governing the employment of former politicians and public servants
- A common denominator amongst the top performers is clear guidance on integrity from boards. Further, several of the top performers have experienced considerable reputation challenges and have developed and/or built their transparency practices in response.
- Although encouraging to see ‘green shoots’, there is significant work to be undertaken for the ASX50 to reach the level of transparency practice increasingly expected by stakeholders.
Recommendations - ASX50 October 2024
- Don’t wait for a crisis to improve integrity practices.
- Embed transparency in corporate-government dealings as a key governance focus.
- Adopt positive and negative disclosure.
- Work to the highest jurisdictional standard of disclosure across all markets for companies working multi-nationally.
- Look to ‘new horizon’-type disclosure opportunities.
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Openly supports companies seeking to set a new standard in integrity when dealing with government.
