The composition of top management with general counsel and voluntary information disclosure

► Is General Counsel in Top Management related to properties of management forecast? ► Firms with GC in TM are more likely to issue MFs, particularly bad news forecasts. ► MFs issued by firms with GC in TM are less optimistic and more accurate. ► The stock price reaction to MFs is stronger for firms with GC in TM. ► The composition of TM with GC affects the corporate disclosure policy.