Who should they disclose this information to? Shareholders can negotiate this right when they make their investment, just as founders can. Why should someone who isn't an owner have access to private information about someone elses business?

Lets say you and a friend develop an innovative new startup (let's call it "Instawham"). Some friends join you and very quickly you become successful enough to have a bunch of customers and strong VC funding, but you are still a small company with a few dozen employees. You are a forward thinking CEO so you share information about the business with all of your employees, but caution them it's all proprietary and that sharing with competitors could hurt the business, so you are confident they won't share.

A big company, say Facebook, offers to buy you for a few billion dollars. But besides not wanting to work for Zuckerberg, you think they are just trying to get access to your financials and business plans to compete with you and will pull the offer as soon as you disclose. So you say no.

Now TechCrunch approaches you, and reminds you that by the newly passed "saycheese law" any multibillion dollar valued startup must release it's financials, shareholder lists, risk assessments, etc. They demand all of that information so they can publish it and sue you when you decline. Your lawyer tells you because of "saycheese law" you will lose, so you turn it over and Facebook launches their competitor soon after the TechCrunch article.