Transparency in governance is one of the most defining signals of corporate maturity, especially for companies preparing to enter the public markets. As organisations approach an IPO, their ability to communicate clearly about risk management, internal controls, and board oversight often shapes investor confidence as much as their commercial story. To understand what strong governance disclosure looks like in practice, it is helpful to examine companies recognised for excellence in this area. The FTSE 100 companies 3i, Aviva and BAE Systems were celebrated in the 2010 Transparency in Governance Awards for their disclosures on risk management and internal control. These organisations were distinguished not merely by reporting risks, but by explaining governance architecture with precision: board responsibilities, committee structures, internal audit mechanisms, risk identification, mitigation processes and links to strategic oversight. Their reports show discipline, clarity and an investor-minded approach to communication. When compared to another major listed company like BT Group, one sees clear differences. BT’s 2010 disclosures were comprehensive and compliant, with detailed risk sections, robust financial statements and committee reporting. However, the award-winning organisations demonstrated a deeper narrative about how risks are governed, how internal controls function continuously, and how oversight structures are embedded into culture and strategy. It is this narrative, rather than compliance alone, that gives investors confidence during an IPO.