Highlight the OECD Principles of Corporate Governance with respect to Disclosures and Transparency.

OECD has defined corporate governance to mean "A system by which business corporations are directed and controlled". Corporate governance structure specifies the distribution of rights and responsibilities among different participants in the company such as board, management, shareholders and other stakeholders; and spells out the rules and procedures for corporate decision making. The OECD principles of Corporate Governance with respect to Disclosures and transparency are given hereunder- The corporate governance framework should ensure that timely and accurate disclosure is made on all material matters regarding the corporation, including the financial situation, performance, ownership, and governance of the company: Disclosure should include, but not be limited to, material information on: The financial and operating results of the company. Company objectives and non-financial information. Major share ownership, including beneficial owners, and voting rights. Remuneration of members of the board and key executives. Information about board members, including their qualifications, the selection process, other company directorships and whether they are regarded as independent by the board. Related party transactions. Foreseeable risk factors. Issues regarding employees and other stakeholders. Governance structures and policies, including the content of any corporate governance code or policy and the process by which it is implemented. Information should be prepared and disclosed in accordance with high quality standards of accounting and financial and non-financial reporting. An annual audit should be conducted by an independent, competent and qualified, auditor in accordance with high-quality auditing standards in order to provide an external and objective assurance to the board and shareholders that the financial statements fairly represent the financial position and performance of the company in all material respects. External auditors should be accountable to the shareholders and owe a duty to the company to exercise due professional care in the conduct of the audit. Channels for disseminating information should provide for equal, timely and cost-efficient access to relevant information by users.