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Article Excerpt
RECENT FOCUS upon the level of disclosure by Apple regarding CEO Steve Jobs' health suggests consideration of the larger issue: What should be the scope of disclosure about highly personal information concerning executives (and directors), and what should be off-limits?
The touchstone is disclosure of "material" information--what a reasonable investor might consider important in making a voting or investment decision. Sophisticated securities lawyers will, however, admit that deciding what is "material" can be difficult.
Arguably, there are many data that a reasonable investor would consider important in deciding whether to buy, sell, or hold, but that, to my knowledge, are not currently disclosed by any public company and that, at no time before or since 1933, have ever been systematically...
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