How long does a public company need to keep audio replays of its conference calls on its web site?
According to a Forbes.com study of 30 Dow Jones Industrial Average companies in May 2003, 50% archive calls for more than 90 days, 7 offer access for 1 - 2 weeks, 8 offer access for 30 or 60 days. How long a company keeps audio replays of its conference calls such as earnings releases on its web site seems to vary with no consistency.
Under Regulation G, public companies that disclose or release Non-GAAP financial measures are required to include, in the disclosure or release, a presentation of the most directly comparable GAAP financial measure and a reconciliation of the disclosed Non-GAAP financial measure to the most directly comparable GAAP financial measure. In Footnote 61, when financial and statistical information contained in an oral, telephone, webcast presentation is provided on a web site, together with information that would be required under Regulation G, it is encouraged that companies provide ongoing web site access to the information. There is the suggestion that companies provide web site access to the information for at least 12 months on the investor relations web site.
Under Regulation FD, an issuer can use a press release to provide the initial broad distribution of information, and then discuss its release with analysts in a subsequent conference call In Footnote 73, if an issuer is using a webcast or conference call as part of its method of effecting public distribution, it is suggested that it consider providing a means of making the webcast or call available for some reasonable period of time.
Unless records are relevant to litigation, or potential litigation, conference call records do not need to be retained for any particular period of time under the law.
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