HERE’S a quick tip for U.S. companies that are complying with the SEC’s requirement for posting their proxy statements and annual reports on the Internet — post them on your website!
No, really, I’m not joking. I’m stating the obvious because at least three companies at this early stage of the proxy season have forgotten to post their proxy statements and annual reports on their own websites.
Instead, they are paying to host the documents on a third-party domain that cannot be accessed directly from the company’s own website.
As a result, it looks to anyone visiting the companies’ websites that they haven’t published this year’s documents yet, when in fact they have.
No good reason to post materials on another site
I can think of no good reason why most companies need to post their annual reports and proxy statements on someone else’s website.
Based on the fact that very few people are bothering to go to company websites to access their proxy materials, there’s little risk of increased traffic crashing companies’ servers.
And most companies are not using technologies that “infringe on the anonymity” of their website visitors, so there’s little to worry about there.
Below, in pictures, is an example of one company that has forgotten to post its annual report and proxy statement on its own website while paying an outside service provider to host them.
|Visitors to Universal Technical Institute’s website won’t find this year’s annual report and proxy statement posted. But if they happen to go to www.proxydocs.com/utc …|
|UTC is paying service provider Bowne to host its proxy materials, but there is no link to them on the company’s own website.|
Companies are making many little mistakes around the new proxy material requirements, as well as some rather big ones. Instead of being bamboozled by the requirements, why not take the time to ask someone what you should be doing? Don’t take my word for it, call your legal counsel or the SEC directly.