He references the ubiquity of the word "transparency" even in the television shows he and his wife Amy love (which have absolutely nothing to do with tech vc investing...), with an acknowledgment that once a word has made it to mainstream media, it may have lost much of it's meaning. So Feld pushes for objectivity and offers a way to find out how well words and actions align, and, if it's you running the show, how to communicate what you're doing well - by showing, rather than telling.
Feld says "When an entrepreneur says he’s transparent, I now ask “do you publish your board book to your entire company?” I view this as a benchmark for transparency. If the answer is “no”, then I ask the entrepreneur what he means by “I’m transparent.” If you can’t be open with your company about the information you report to your board, how can you actually be transparent?"
Link to the full article here - Happy reading!