The 1990s: A new era of formal and informal corporate disclosure

The 1990s promise to usher in a new era of formal and informal disclosure. Through the “formal” disclosure process, shareholders and institutional investors have and will continue to assume a more active role in corporate governance. Moreover, corporate management must also be wary of its increased liability for “informal” disclosure of material, nonpublic information. Now, more than ever, corporate management must be cognizant of the importance of formal and informal disclosure. This article examines both formal and informal corporate disclosures under current law.