Setting The Social Media Record Straight – Now It’s Your Responsibility

If your company is listed on the ASX, you are now responsible to correct any information published on social media that could impact the market.

a ‘Commonwealth Bank’ google search reveals over 2 billion results

The ASX’s new Listing Guidelines – published in March, and effective as of early May – feature a number of requirements, including the ability to monitor (within a reasonable limit) investor blogs, social media sites and any other internal or external channels available online for anything that could lead to a false market.

Monitoring these channels can be an expansive task; for example, a ‘Commonwealth Bank’ google search reveals over 2 billion results, ranging from mentions in blogs to highly scrutinized analysis by mainstream publications of their share price.

So, how can any reasonable company monitor such an enormous amount of information? Here’s what our Head of Digital at Cutting Edge, Paul Judge, advises.

1. Policy – Every company should have a digital social media policy in place that covers conduct of the brand and the employees charged with representing it. Ensure this is extended to key messaging and policies covering how to react to false or damaging comments.

2. Monitor – All brands should already be actively monitoring social media for brand engagement and comments. If, however, that is not the case, think about low cost solutions like Hootsuite, trendsmap, google alerts. For larger enterprises, consider more comprehensive solutions, like Sales Force, ‘Radian 6‘ or trackur.

3. Engage – Ensure that key resources are charged with reacting to keywords related to your company or brand in a timely manner. Broaden your alerts to terms related to the brand and actionable items like ASX terminology and listing codes. Establish a key set of common statements and answers to ensure a timely response. This may address:

- Removal of specific references

- Clarification that said comments or conjecture is not related to the brand or company and it should be removed

4. Log – Once action has been taken, ensure all correspondences are stored and seek advice from your company’s legal team for further action that may be required.

You can read the full requirements here.

Should you wish to talk about your digital strategy or roadmap, contact us