Netflix has long been a company known for its secrets: no Nielsen ratings, little feedback on why shows are canceled, no box office numbers for the rare movies that are actually released in theaters.

Yet for a place defined by its opaque approach to the outside world, the streaming giant has long been aggressively transparent internally. The company’s philosophy was immortalized in 2009 when Reed Hastings, the company’s co-founder and chief executive, first laid out the corporate ethos in a 125-slide presentation that introduced new buzzy phrases like “stunning colleagues,” “the keeper test” and “honesty always.”

The presentation, with its insistence on constant and unfiltered candor, felt both brutal and refreshingly antithetical to Hollywood’s normal way of doing business. To the frustration of former employees and current competitors, it may just be the blueprint that has enabled Netflix to have so much success while its rivals have stumbled.

Three more culture memos have followed over the years. Before being released, they are pored over and analyzed for months by top executives. At the same time, any employee can pop into the Google Doc where the memo is being assembled to leave a thought or a comment.

The latest iteration of the document, which was released internally on May 8 and will soon be made public, underwent eight months of vetting and received 1,500 comments from employees, according to Sergio Ezama, Netflix’s chief talent officer. It is five pages long (half the length of Mr. Hastings’s final memo in 2022), and some core tenets have changed, however slightly.

When Mr. Hastings titled his 2009 presentation “Netflix Culture,” he gave it the subhead “Freedom and Responsibility.” The idea was that Netflix trusted its employees to act in the best interest of the company. If you want a vacation, take a vacation. If you have a baby and need to go on leave, go on leave. Documents were shared widely throughout the company without any fear of leaks.

While those principles remain in practice, the new memo highlights Netflix’s philosophy of “People Over Process” first: “We hire unusually responsible people who thrive on this openness and freedom.”

The keeper test — which is defined as, “if X wanted to leave, would I fight to keep them?” — now includes this disclaimer: “The keeper test can sound scary. In reality, we encourage everyone to speak to their managers about what’s going well and what’s not on a regular basis.”

There is a sentence in the latest memo that reads, “Not all opinions are created equal” because as the organization has grown to more than 13,000 employees, it is no longer feasible for everyone to weigh in on every decision. “It does not scale,” said Elizabeth Stone, the company’s chief technology officer.