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Wim Duisenberg, former president of the European Central Bank (ECB), asserted that the ECB, as compared to the Federal Reserve, follows a policy of total transparency; Pascal Lamy, while a member of the European Commission, said that transparency is a key component of the governance developments required by globalization; the European Union has increased transparency to be closer to its citizens (Deckmyn and Thompson, 1998; Peterson, 1995). International treaties like the Aarhus Convention (which establishes a number of rights of the public with regard to environmental information and decision-making) try to set norms of transparency for specific policy domains such as the environment. The Director of the French financial markets’ regulator and the Governor of the Banque de France say that financial transparency is one of the conditions for the efficacy of markets (COB and Commission Bancaire, 1998, pp. 5–10). On the cover of a recent book about financial markets, electronic trading is said to bring liquidity, accessibility and transparency to the markets (Young and Theys, 1999). Management scholars experience an increasing inclination to explore this term (Larsson and Lundberg, 1998), as do avant-garde essayists (Brin, 1998). The International Corporate Governance Network (ICGN), a group of powerful institutional investors, calls for transparency in all aspects of the shareholders–management nexus; ICGN principles build on and amplify the Organisation for Economic Co-operation and Development (OECD) Principles of Corporate Governance (OECD, 2004). Law and administration are increasingly required to be …