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One thing the preoccupation with ethics demonstrates is the concern for transparency that characterizes companies today. An analysis of the evolution of corporate law, both in France and in Canada, shows a growing emphasis on the transparency of executive remuneration. Despite a few gray areas, the French situation in this area has clearly evolved and is now relatively complete. While Canadian law has enshrined the obligation to disclose executive compensation, capital markets law plays a key role in this area. Indeed, the latter attaches special importance to the disclosure of executive compensation, as demonstrated by the project of the Quebecois Autorité des marchés financiers of March 29, 2007. However, the compensation disclosure regime for listed companies in France and Canada raises the question of a potential disunity between transparency and ethics: a disunity that finds its origin in law.