This study aims to examine the effect of corporate governance, as measured by the effectiveness of the board of commissioners, the effectiveness of the directors, as well as the concentration of ownership to the level of mandatory forward-looking disclosures in the annual report. This study also aims to test the  effect of mandatory forward-looking disclosures in the ability to anticipate future earnings in the current stock price. This study uses a manufacturing company listed in the Indonesia Stock Exchange in 2012-2013 as a sample. The results of the study support that the effectiveness of directors is positively associated with the level of forward-looking disclosures and ownership concentration is negatively associated with the level of forward-looking disclosures. However, this study found no significant relationship between the level of  forward-looking disclosure and the effectiveness of the board of commissioners. The study also found  no association between the level of  forward-looking disclosures and  the ability to anticipate future earnings in  current stock prices.