But when you have access to info that could conceivably impact the stock price if revealed, you cannot do any trading even during those trading windows. That's why the top execs can typically (always, I think) only trade via pre-planned schedules.
I've been placed on the insider list in public companies when involved in secret projects (future acquisitions, typically) and that means zero trading for the duration of the project regardless of when employee trading windows open or close.
Usually only executive-level and higher employees have access to information considered material to the business trajectory at large. Emphasis on usually; all that boring bigcorp training covers the ins and outs.
I greatly prefer total transparency and have pushed for it when in situations that I have a say, but I'm curious how that can be achieved in a public company? Once it's public, a lot more regulations apply, many of which force reducing transparency.
No company has ever had 100% smooth sailing.
We went public, are now north of 8,000 employees, and it’s still nearly as transparent as when I joined - financials, product metrics, anonymized employee trends/HR data, major decisions… the list goes on but pretty much everything is done in the open with only a handful of exceptions.
I can’t think of a situation where that level of transparency was a hindrance to the company or regretted by our founders as far as I know… in fact the opposite, I think it creates a culture of ownership and makes people feel valued and respected.
As an employee, now that I’ve experienced having that level of access, I’ll never join a place that doesn’t offer a similar level of transparency.
Edit: Adding a couple thoughts based on some comments I’m seeing. I really believe that restricting information to specific people or keeping it from people who “might not understand it” is wrongheaded.
If people are interested and curious, help them learn. If they aren’t, who cares? When there was feedback about wanting to better understand financials, our CFO did an hour long walkthrough of SaaS economics. When new legislation forced operational changes, our general counsel walked us through not only what we needed to do differently but how he approached his job and situations like this. People come to work (especially at startups) to stretch and to learn, regardless of their role or level.