Transparency Awards
What is not measured does not exist.
What is measured gets rewarded.
Since 2019, the Transparency Awards have been honoring businesses for their high-quality transparent disclosure and information sharing. Today, our assessment covers the practices of the top companies in the S&P 100.
These awards allow companies to track their annual transparency performance and spotlight the best practices in the market.
Transparency Scientific Committee
The Transparency Scientific Committee is made up of eight well-known independent members of our disclosure community representing the interests of the readers of corporate communications. The independence of the committee helps to ensure the neutrality and fairness of each annual ranking.
The Transparency Scientific Committee meets at least twice a year:
One meeting is held in the months preceding the development of the study and the rankings to facilitate an annual update of the methodology and criteria.
A second meeting is held once the data has been collected and analyzed to validate the results of the study and the rankings.
2025 Transparency Awards
The Transparency Awards recognize the transparency and high quality of information that top U.S. companies make available to investors and other stakeholders. Each year, the awards criteria evolve and address more topics as the needs of the investor and other stakeholder communities grow. In 2025, company rankings were determined through a review of proxy statements, Form 10-Ks, sustainability reports, investor relations websites, and codes of conduct. The 2025 awards/study utilized 238 criteria to outline the five pillars of transparency.
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Companies in the S&P 100 (plus 2024 award winners) are ranked, with no need to enter and
no fee. - The criteria are objective.
- The criteria are available on our website.
We hope the Transparency Awards ranking and the specific criteria we have identified encourage companies to continuously improve their regulated disclosure.
The Winners
The 2025 Transparency Awards Winners
Best Overall Transparency
Lowe’s
Runners-Up:
- AIG
- American Express
- ConocoPhillips
- Dow
Proxy Statement
Lockheed Martin
Runners-Up:
- 3M
- Freeport-McMoRan
- Gilead Sciences
- VICI Properties
Form 10-K
Allstate
Runners-Up:
- Bank of America
- ConocoPhillips
- Home Depot
- Moody's
Sustainability/ESG Report
Dow
Runners-Up:
- American Express
- Ecolab
- Lowe's
- Philip Morris
IR Website
Duke Energy, GE Aerospace and Johnson & Johnson
Runners-Up:
- American Express
- ConocoPhillips
- CVS Health
- Meta Platforms
- Morgan Stanley
Code of Conduct
Procter & Gamble and Xcel Energy
Runners-Up:
- ConocoPhillips
- Elevance Health
- John Deere
Plain Language – Proxy
Johnson & Johnson
Runners-Up:
- Booking Holdings
- ExxonMobil
- General Dynamics
- Microsoft
Most Improved
Ford Motor Company
Runners-Up:
- Ford Motor Company
- CVS Health
- Ecolab
Archives
Explore our previous editions of the Transparency Awards.
Learn more about transparency at RealTransparentDisclosure.com.
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