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Forty years ago, the CEO of a Brazilian manufacturer, Semco, opened the company’s books and discovered that, in this case, full financial transparency produced better decisions and higher revenue. What Ricardo Semler did voluntarily at Semco, the EU Pay Transparency Directive now requires — in a considerably narrower form — of every employer in Europe.

This decision, made on 16 January 2014, is available online and full translation is published in the 2014 Yearbook Commercial Arbitration.