OpenCorporates, a UK-based enterprise founded by Chris Taggart and Rob McKinnon, was created with a simple yet ambitious goal in mind: to have a web page for every company in the world. How would one go about it? OpenCorporates started with taking a closer look at the basic source of information on companies registered in any given country – that country’s corporate registry.
While in principle corporate registries are a part of the official public record and should be easily accessible to the public, in practice that is not always the case. Some countries have registries that are non-searchable or very difficult to search; some require registration and/or payment to search the registry; some carry a licence that explicitly prohibits the reuse of data. The quality and depth of available data also varies. Some registries are incomplete and out of date. Many provide only very basic information that contains no statutory filings or information about directors and significant shareholders, which does not allow for establishing beneficial ownership.
OpenCorporates, with support from The World Bank Institute through its Open and Collaborative Private Sector initiative, set out to change that through establishing the Open Company Data Index. The idea came out of the Open Government Partnership meeting in Brasilia in 2012 and OpenCorporates has since explored over 100 registers to score the access to data and the ability to reuse that data for over 70 countries around the world. Chris Taggart and WBI’s Benjamin Herzberg explained how the index works and why it is important at a lively event on Monday at the OpenGovHub in Washington, DC.