This Staff Report from the Federal Reserve Bank of New York argues that the existing regime for information disclosure is primarily one of compliance, and that to improve corporate governance, reforms should be directed toward providing incentives for disclosure, rather than mandating it. An example provided is the development of resolution regimes, or “living wills”. The paper calls for more research to be done on the relationship between information, disclosure, and governance, so that regulation can better judge the balance between mandated and incentivised disclosure regimes.