Baltimore Sun business columnist Jay Hancock argues that too many CEOs and other corporate executives refuse to talk to business journalists and use Regulation FD as their feeble excuse. He noted that a local CEO talked to him this week, and he thanked him for it.
“Which is wrong.
“Regulation FD allows corporations to talk to anybody about anything pertaining to their affairs, as long as it’s not ‘material’ and ‘non-public.’ In other words, unless the information reveals a substantial change in a company’s financial prospects, it’s fair game.
“But numerous companies are shy about discussing even basic issues such as hiring, layoffs and regulation. And even when information is financially significant, falling into the ‘material and non-public’ category, corporations get a free pass if they disclose it to the media. The ban on selective disclosure applies mainly to securities professionals and shareholders.”
Later in his column, Hancock noted that the PR people for the CEO wanted to read his column before it was published. Read more here.
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