In a landmark announcement Wednesday, the Securities and Exchange Commission (SEC) now officially recognizes corporate blogs as a form of financial disclosure. Previously, companies had to send filings, usually in the form of a traditional press release, to the wire services for official disclosure. This ensured that information reached a majority of the market at one time, and no one person had access to important financial information before another. However, these wire services could charge $1,000 or more per filing, which creates restraints for small businesses and the amount of information availalble to the general public.
This new decision, however, opens the door to what some are calling the Social Media Release. By using multimedia tools, such as the corporate blog, linked to YouTube, with links on Del.icio.us, the traditional press release could be a thing of the past.
Brian Solis, on TechCrunch, wrote an excellence (and fully comprehensive) blog regarding this decision. If you are in PR, I highly recommend reading it.
One small decision by the SEC, one large leap for social media.
While we’re on the topics of blogs, here’s a list of some of the top corporate and/or CEO blogs:
- Jonathan Schwartz, President & CEO, Sun Microsystems – Let me say that I applaud Sun for creating a blogging culture. Just visit their website to see how many blogs they actually have.
- Mark Cuban, owner of the Dallas Mavericks and previous founder of Broadcast.com – Aside from the insane tyrant he can be on the basketball court, this man really is an Internet genius
- Kevin Lynch, Chief Software Architect, Adobe
- Robert Lutz, Vice Chairman, GM
- Mike Critelli, Executive Chairman of Pitney Bowes
- Bill Marriott, CEO, Marriott International
Some of these are fairly dry. Afterall, they are still CEO’s…just because you put a computer in front of them (or their intern – I’m not that easily fooled), doesn’t necessarily give them a personality.
The point is, company communications is definitely changing.