The article explores what makes companies disclose high risks in their Corporate Governance Annual Reports. By studying 271 Spanish listed companies, the researchers found that factors like Board of Directors independence, size, gender diversity, and being audited by Big Four firms are linked to high risk disclosure. They also discovered that having institutional investors and being audited by Big Four firms are common in companies with high risk disclosure. The study showed similar patterns in 2006 and 2012, but fewer in 2009.