Companies generate a wide range of internal documents and records in the course of their operations, including emails, internal reports, financial records, logs of decision-making, and safety audits. For the purposes of this debate, these documents will be referred to as 'disclosable records'.
'Disclosable records' exclude sensitive information but include all other information generated in the company’s regular course of conduct. Sensitive information is defined as (a) personal data that can identify individuals; (b) narrowly defined commercially sensitive information, including trade secrets and information whose disclosure would directly undermine a company’s competitive position; (c) information whose disclosure would pose a clear risk to public safety or security; and (d) legally privileged communications.
In the status quo, these disclosable records are generally not accessible to the public. While governments and regulators can access some of this information, this typically occurs only under specific circumstances, such as investigations, audits, or legal requirements, and the extent of access varies depending on the jurisdiction and industry. At present, instances of corporate wrongdoing (such as corruption, negligence, or malfeasance) are most commonly brought to light by whistleblowers within companies, investigative journalism, or government regulators.