PRSA’s independent auditor, PKF, recently completed its review of PRSA’s 2012 financial statements and issued a highly desirable “unqualified opinion” on the Society’s finances. This means that, in PFK’s opinion, the financial statements “present fairly, in all material respects, the financial position of [the organization],” and are prepared “in accordance with accounting principles generally accepted in the United States.”

At its quarterly meeting April 25-26 in Washington, D.C., the PRSA Board of Directors voted to accept the results of the audit, officially closing the books on 2012.

Continue reading " Cost Controls, Market Performance Help PRSA Best 2012 Financial Goals "

Digitally savvy corporations can finally stop worrying that their last Tweet or Facebook post might have inadvertently disclosed material information to investors. The Securities and Exchange Commission recently issued a new “Guidance Update” that provides welcome direction on when and how social media may be used by publicly traded companies while remaining in compliance with federal regulations.

The SEC has long been concerned with timely disclosure of company information to the public. In 2000, the agency promulgated Regulation FD in an effort to prevent earnings and other important information from trickling out to investors and the public at large. Through the use of the SEC’s online filing system, EDGAR, and the processes set forth in Reg FD, timely notification could be made. The problem? Reg FD does not address the digital world we now live in.

Continue reading " All the Public Companies: Put a #Hashtag on It "

These are challenging times in the news business.

According to the 2012 State of the News Media report produced by Pew Research Center’s Project for Excellence in Journalism, “newsrooms continue to shrink … but the remaining editors and reporters are also being stretched further by the need to generate content suitable for smartphones and tablets as well as establishing a social media presence. This is all in addition to putting out the print paper daily and feeding breaking news to websites.”

Continue reading " Of Press Releases and Plagiarism "

Change can be a good thing, right? That’s what we’re told throughout our careers and at almost every seminal moment in our lives.

When it comes to change in public relations, most practitioners readily embrace new ideas and ways of doing things. We thrive by implementing new concepts — from social media to blogger outreach — and using those to their advantage.

That’s what undergirded the “Public Relations Defined” initiative, which culminated a little over a week ago with the announcement of a new, modern definition of public relations.

It’s safe to say that most PR professionals have had a chance to voice their opinion. From the hundreds of blog posts, tweets and other commentary, there is no shortage of opinion.

For the most part, the “change is good” mantra is the reaction PR practitioners seem to have in response to the new definition. The overriding sentiment is positive.

Sure, there are some who criticize. That’s fine. In fact, we expected a diversity of opinion, regarding the initiative itself and its outcome. Or, as Stuart Elliot wryly put it in his New York Times column announcing the new definition, there was no “small amount of sniping, snide commentary and second-guessing.”

It’s unfortunate, but he’s right.

At the same time, a plethora of industry luminaries, including Jim Grunig, Neville Hobson and Jeremiah Owyang (analyst at the Altimeter Group) have given their blessing to the new definition.

Grunig says he’s “reasonably happy” with the new definition. Hobson called it a “far more contemporary interpretation of how the profession practices its craft.” And Owyang tweeted that the modernization of the definition of public relations “makes sense in the two-way sense that social has changed.”

Those are three influencers that any PR practitioner would be thrilled to have on board for a client campaign. And each supports the new definition.

Continue reading " Embracing Change: Reactions to the New Definition of Public Relations "

Following 1,447 votes, hundreds of submissions, abundant commentary and nearly a year of research, we are pleased to announce the winning modern definition of public relations. Based on a public vote, held Feb. 13–26, of three candidate definitions, the profession’s choice for the modern definition of PR is:

“Public relations is a strategic communication process that builds mutually beneficial relationships between organizations and their publics.”

Listed as Definition No. 2 in the public vote, it received 671 votes, or 46.4 percent, of 1,447 total votes.

Simple and straightforward, this definition focuses on the basic concept of public relations — as a communication process, one that is strategic in nature and emphasizing “mutually beneficial relationships.” “Process” is preferable to “management function,” which can evoke ideas of control and top-down, one-way communications. “Relationships” relates to public relations’ role in helping to bring together organizations and individuals with their key stakeholders. “Publics” is preferable to “stakeholders,” as the former relates to the very “public” nature of public relations, whereas “stakeholders” has connotations of publicly-traded companies.

You can read more about this exciting announcement in Friday’s New York Times advertising column.

Continue reading " A Modern Definition of Public Relations "