Sun Microsystems CEO Jonathan Schwartz has sent a letter to Securities and Exchange Commissioner Christopher Cox, asking for permission to disclose important company information via his personal blog, according to the Red Herring.
In the letter, Schwartz said that using conference calls and press releases to disseminate information as required by Regulation Fair Disclosure is “anachronistic.”
“In order to make sure investors get important information about public companies at the same time, companies are required under so-called ‘Regulation Full Disclosure’ guidelines to distribute such information via press releases and conference calls.
“Mr. Schwartz, however, sees the web as a viable and equally public way to get information about Sun out to the public.
“‘If we have material news to disclose, we have to hold an anachronistic telephonic conference call, or issue an equivalently anachronistic press release,’ Mr. Schwartz wrote. ‘None of those routes are as accessible to the general public as this blog, or Sun’s web site.’
Read more here. Yes, Schwartz sent his letter to Cox via overnight mail and fax, not by e-mail.
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Bravo! Cox may just be libertarian enough to get it through.