SEC Meeting to Address Questions From Investors

The Securities and Exchange Commission said Wednesday that it will hold its first “investor summit” May 10 to give ordinary investors a chance to ask questions and comment on the agency’s actions in the aftermath of Enron Corp.’s collapse.

The Enron debacle and the role of its former auditor Arthur Andersen, along with recent accounting failures at other big companies, have made many investors wary of the accuracy of corporate financial reports and skittish about the stock market.

“We are moving aggressively to restore investor confidence on every front, including corporate disclosure, auditor oversight and analyst recommendations,” SEC Chairman Harvey L. Pitt said. “As we work with lawmakers, regulators, consumer organizations and industry groups, there is no more important voice for us to hear than that of the investing public.”

The SEC, which is pursuing a civil investigation of Enron and Andersen, recently proposed new rules requiring firms to file quarterly and annual reports faster and to disclose more information to investors. On Tuesday, the agency proposed rules that would require firms to better explain their financial condition in annual reports.

The investor meeting will be held at the SEC’s headquarters in Washington and broadcast over the Internet so anyone can participate.

It will begin with a panel discussion moderated by Pitt. In another session, Pitt, SEC commissioners and SEC division directors will respond to questions and comments from the public.

People who want to ask questions or offer comments ahead of time may send an e-mail to summit@sec.gov or call (877) 404-3222. Questions and comments also can be submitted during the event by e-mail or telephone.

The live audio Webcast will be available on the SEC Web site at www.sec.gov.