{"id":1377,"date":"2008-09-03T12:36:07","date_gmt":"2008-09-03T11:36:07","guid":{"rendered":"http:\/\/www.corporate-eye.com\/?p=1377"},"modified":"2021-01-04T14:17:59","modified_gmt":"2021-01-04T13:17:59","slug":"summary-information-on-company-investor-pages","status":"publish","type":"post","link":"https:\/\/www.corporate-eye.com\/main\/summary-information-on-company-investor-pages\/","title":{"rendered":"Summary Information on Company Investor Pages"},"content":{"rendered":"

>The U.S. Securities and Exchange Commission (SEC) recently put forth some guidance for publicly traded companies with respect to summary financial information posted on the company’s website.\u00a0 While earlier topics covered from this release (here<\/a> and here<\/a>) required some rooting around in the details and language for full understanding, the concepts put forth by the SEC here are simpler.\u00a0 Indeed, the comments regarding the posting of summary information span just three and half pages of the 47 page document.<\/p>\n

Using Summary Information<\/strong><\/p>\n

The SEC in some cases actually requires the inclusion of a summary in certain filings or prospectuses in order to highlight important information that could otherwise be lost within the lengthy pages of details, boilerplate, and disclaimers that make up such documents.\u00a0 The SEC further notes that summaries are particularly appropriate when information provided is either long or complex.<\/p>\n

So, it comes as no surprise that the SEC does not oppose, and in fact encourages, the use of such summaries on a company web site as well.\u00a0 The key issue, however, is that such a summary must not give any indication of being complete information.\u00a0 In other words, a summary published in such a way that a reasonable investor might believe he is reading the complete report or filing, is unacceptable.\u00a0 While most IR sites and their staff’s have no intention of misleading investors into thinking that they are reading anything other than a summary, just how to go about properly posting such information comes down to a few easy sign posts that can be marked by the IR staff.<\/p>\n

First, while documenting that the information on the web site is a summary either in the title of the document itself, or via accompanying text on the IR site, is a natural first step, the SEC suggests taking the next step and providing a guide to where the full information is located.\u00a0 For the IR professional looking for best practices, such information should be linked both within the document’s web presence itself, and at the point of entry.\u00a0 For example, if a summary of a complex financial transaction is made available from a web page via a link, a corresponding link to the full information should be included as well.\u00a0 Such a link should be coded and positioned in such a way as to be obviously related to the link to the summary information.\u00a0 Further, at the end of the summary itself, should be something along the lines of:<\/p>\n

“This summary provides an overview.\u00a0 The complete report can be found here.”<\/p>\n

In this way, the IR site both makes clear to the investor that the information is a summary AND provides unfettered access to the full documentation.<\/p>\n

Layered or Tiered Information<\/strong><\/p>\n

The SEC is a proponent of presenting information, not just on company web sites, in a format in which the most important summary or overview is presented first.\u00a0 Within that summary or overview, directions to more detailed information would be included at the appropriate points.\u00a0 Thus, an overview that included summary explanations of three concepts would also include the means with which to find further details on those three topics.\u00a0 In published materials, such pointers would take the form of something like, “For more information, see page 173.”\u00a0 On an IR web site, obviously, these pointers would take the form of “For more information, click here.”\u00a0 Indeed, the argument could be made that simply telling someone where the additional details could be found might be insufficient without a direct link.\u00a0 This raises the issue for IR professionals to carefully review material that is being published to ensure that when appropriate, actual links are added or substituted for the existing “go here” directive from print materials.<\/p>\n

Depending upon how a company publishes such materials, the difficulty may rest in having the link not only send the user to the right web page, but also the right location on that web page.\u00a0 For example, an overview which mentions stock option compensation and has a link to more details would be much less effective if by clicking the link, the investor simply arrived at the top of a lengthy web page about all aspects of executive compensation.<\/p>\n

IR Action Items<\/strong><\/p>\n

The information and guidance from the SEC in regards to providing summary information on a company web site is hardly earth shaking.\u00a0 None the less, it does provide some sign posts for the savvy IR professional.<\/p>\n

First, don’t leave summary information out there on its own.\u00a0 Just because it was a previously approved publication doesn’t mean that it belongs front and center on your IR page without any context.<\/p>\n

Second, always provide clearly marked and easily accessible links to the detailed information from which any summary or overview is drawn.<\/p>\n

Third, always review any such summary or overview for references to additional materials that may have been appropriate for the printed version, but may not be ideal for an on line version.\u00a0 Most importantly, if an item is referenced, make sure it is made available in some form via the same web site that the summary and overview are available from.<\/p>\n","protected":false},"excerpt":{"rendered":"

>The U.S. Securities and Exchange Commission (SEC) recently put forth some guidance for publicly traded companies with respect to summary financial information posted on the company’s website.\u00a0 While earlier topics covered from this release (here and here) required some rooting around in the details and language for full understanding, the concepts put forth by the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[9,3],"tags":[75,402,576],"class_list":{"0":"post-1377","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-best-practices","7":"category-investor","8":"tag-investor-relations","9":"tag-sec","10":"tag-summary-information","11":"entry"},"yoast_head":"\nSEC Guidance for Summary Information<\/title>\n<meta name=\"description\" content=\"The SEC provided additional guidance for using summary information on company web sites in an Interpretive Release. 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