Sun CEO Jonathan Schwartz, who runs one of the more visible executive blogs in the industry, has pitched the SEC to consider corporate blogs as legitimate vehicles for public companies to disseminate material information. The SF Chronicle ran a short piece in its news digest section today on Schwartz’s proposal. Reg FD (for Fair Disclosure) is designed to ensure that material non-public information doesn’t get selectively disclosed to one group at the expense of others. But the regulation doesn’t recognize the Internet as a channel for broad dissemination of material information. Schwartz argues in his blog that the Internet and blogs provide, in fact, the most direct way to disseminate information to the general public. With more and more people getting their information on line, the argument that the Internet isn’t as widely available as, say, a wire service or New York Times story, becomes increasingly less compelling.
Needless to say, we at Novell are big believers in blogs as a great way for dialogue with folks interested in Novell. It’ll be interesting to see how this issue plays out with the SEC.