Sun CEO calls for new Web-friendly rules on company disclosures
Jonathan Schwartz, the CEO and blogger-in-chief at Sun Microsystems, has posted an open letter to SEC Chairman Christopher Cox, calling on him to let blogs and corporate websites be used for official company statements under the agency's controversial Reg. FD, which regulates the disclosure of information by publicly-traded companies.
Writes Schwartz: Unfortunately, Reg. FD doesn't recognize the internet, or a blog, as the exclusive vehicle through which the public can be fairly informed. In order to be deemed compliant, if we have material news to disclose, we have to hold an anachronistic telephonic conference call, or issue an equivalently anachronistic press release...I would argue that none of those routes are as accessible to the general public as a this blog, or Sun's web site. Our blogs don't require a subscription, or even registration, and are available to anyone, across the globe, with an internet connection. Simultaneously.Good point. But perhaps bad news for PR Newswire and Business Wire. Ahh, disruption. The Browser can't wait to hear how the intriguing Mr. Cox responds. This was expected., especially from a company and exec that view themselves as innovative and cutting-edge because they blog. As blogs become more and more popular people feel they are suited for communicating news/fillings etc - which in my opinion as a professional communicator for a public company, is wrong. Blogs, while popular and far reaching in some respects are not controlled outlets for disclosing material information to a wide enough base. This is specifically why companies use wire services.
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LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer.
Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer
The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc.
Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.
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