Abstract: Based on cogovernance theory, this article researches commonweal organizations in terms of financial information disclosure by evaluating their fulfillment of social responsibility. An information disclosure theory is innovatively proposed from the following four aspects: finding disclosure goals, identifying disclosure subjects, improving disclosure content and selecting disclosure forms. Accordingly, four responsibilities should be clarified in financial information disclosure: upward social responsibility, downward social responsibility, cost management responsibility and investment risk and revenue management responsibility. The research results are expected to help reduce the social cost of commonweal organizations and develop more reasonable charity policies to better promote philanthropy.

Key words: co-governance, social responsibility, subject of financial information disclosure, information disclosure theory