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Changes in the way of doing business that have resulted from globalization of markets have enabled countless benefits, but also a significant number of risks, that have been evident as since 2001 revelations about financial scandals around the world have occurred one after another. These unfortunate events showed the vulnerability to which investors (and other stakeholders) are exposed for not having timely, clear and accurate information of the business progress in which they invest, and therefore not being able to take precautions. In addition, these business disasters have shown how the most unscrupulous executives do not hesitate to act illegally to hide their shady financial and accounting manoeuvres, in order to promote their personal benefit. Then the executive compensations policy lies behind. At this juncture, the importance of migrating to a new model of disclosure where the global financial community can take shelter of these malpractices and trust the board controls and the management stablishes has been increasing. This new model of disclosure has one of its pillars in non-financial information reports. This is not an alchemist solution, but is one of many efforts to be undertaken by companies to recover damaged trust. The international financial crisis affecting the world economy at the moment is another example of the need to give greater trust to the stakeholders –through transparency in the information they provide–. Only then, their participation in the capital market will be maintained and increased, and the costs that brings widespread lack of trust in which we live will be reduced.

Changes in the way of doing business that have resulted from globalization of markets have enabled countless benefits, but also a significant number of risks, that have been evident as since 2001 revelations about financial scandals around the world have occurred one after another. These unfortunate events showed the vulnerability to which investors (and other stakeholders) are exposed for not having timely, clear and accurate information of the business progress in which they invest, and therefore not being able to take precautions. In addition, these business disasters have shown how the most unscrupulous executives do not hesitate to act illegally to hide their shady financial and accounting manoeuvres, in order to promote their personal benefit. Then the executive compensations policy lies behind. At this juncture, the importance of migrating to a new model of disclosure where the global financial community can take shelter of these malpractices and trust the board controls and the management stablishes has been increasing. This new model of disclosure has one of its pillars in non-financial information reports. This is not an alchemist solution, but is one of many efforts to be undertaken by companies to recover damaged trust. The international financial crisis affecting the world economy at the moment is another example of the need to give greater trust to the stakeholders –through transparency in the information they provide–. Only then, their participation in the capital market will be maintained and increased, and the costs that brings widespread lack of trust in which we live will be reduced., Los cambios en la forma de hacer negocios que se han propiciado a partir de la globalización de losmercados han permitido un sinnúmero de beneficios, pero también un número importante de riesgos, quese comprobaron cuando a partir del año 2001 se sucedieron uno tras otro los destapes de escándalosfinancieros en todas partes del mundo. Estos lamentables hechos pusieron al descubierto la vulnerabilidada la que están expuestos los inversionistas (y demás stakeholders) por no contar con información oportuna,clara y precisa de la marcha de la empresa en la que invierten, razón por la cual no pueden tomar precauciones.Además, estas catástrofes empresariales fueron muestra de cómo los ejecutivos más inescrupulosos nodudan en actuar de manera ilegal para ocultar sus turbias maniobras financieras y contables, con el fin depropiciar su beneficio personal. Subyace entonces la política de compensación de ejecutivos. Ante estacoyuntura se empieza a hablar con más fuerza de la importancia de migrar hacia un nuevo modelo dedivulgación, donde la comunidad financiera global pueda tomar refugio de estas malas prácticas y confiaren los controles que el directorio y la gerencia establecen. Este nuevo modelo de divulgación tiene uno desus pilares en los reportes de información no-financiera. Esta no es una solución alquimista, sino que es unode los muchos esfuerzos que deben emprender las empresas para recuperar la confianza dañada por otros.La crisis financiera internacional que afecta a la economía mundial en estos momentos es otro ejemplo dela necesidad de dotar de mayor confianza a los stakeholders –mediante la transparencia en la informaciónque se les provea–. Solo así se podrá mantener e incrementar su participación en el mercado de capitales yreducir, además, los sobrecostos que trae consigo la falta de confianza generalizada en que vivimos.