SEC Ruling Changes the Distribution Game: Social Media Now Acceptable for Material Disclosure - CSR Minute for April 9, 2013

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SEC Ruling Changes the Distribution Game: Social Media Now Acceptable for Material Disclosure - CSR Minute for April 9, 2013

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Tuesday, April 9, 2013 - 11:15am

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The SEC has ruled that postings on social media such as Facebook and Twitter are as officially valid as newswires and company websites for releasing material information. That judgment was the result of an investigation into Netflix after a Facebook post by CEO Reed Hastings was followed by a rise in the company’s stock price. The SEC has cleared Netflix of any violation of Regulation Fair Disclosure, Reg FD, which requires that non-public, material information be distributed broadly, and not selectively disclosed. The decision confirms social media as meeting the criteria for “broad” disclosure if investors are alerted to its use. We know that news about CSR and sustainability, about such issues as energy usage, supply chain, carbon footprint, and workplace practices, is very material to a company’s performance. And we know that using multi-format, multi-channel media is the best communications strategy to distribute those messages. CSR and sustainability issues are now widespread practices, active strategies, and integrated reporting models in thousands of businesses around the world. Thanks to the SEC’s ruling, more people will now be able to see more effectively just how much this news affects business performance through the communications channels we all use.

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Keywords: 3bl Media | Research, Reports & Publications | CSR Minute | Facebook | Securities and Exchange Commission | Social Media | csr | news distribution | regulation fair disclosure | sustainability

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