Open dissemination of key information about the social security institution does not necessarily imply transparency. To be transparent, such information, which is a basic right for stakeholders, members and beneficiaries of the social security scheme, should be timely, reliable, relevant, accurate and objectively verifiable.

Transparency is of the highest importance to enlightened policy-making. It underpins and reinforces the capacity of the stakeholders to hold responsible the persons entrusted with the management and administration of the social security institution. It is a prerequisite to effective and meaningful stakeholder participation. To the extent that it improves the availability and quality of market information, transparency can significantly lower transaction costs.

The board should conduct its business in a transparent way, and promote transparency in its decision-making process and in its relationship with the management, members, beneficiaries and other stakeholders of the social security programmes.

These four guidelines will assist the board to promote the principle of transparency in the administration of a social security institution.