In an earlier post, I announced the appointment of Sam Palmisano to serve as an independent adviser regarding the company’s privacy and data standards and to make recommendations on possible enhancements. I also announced the appointment of Clark Hoyt to review Bloomberg News’ relationship with the company’s commercial operations. Here are answers to some common questions that provide additional information about the scope and details of their reviews:
Question: Will the results of Mr. Palmisano’s independent review be shared with clients?
Answer: Yes. The goal of the review is to provide transparency into our client data practices and policies and to implement Mr. Palmisano’s recommendations. Upon the completion of Mr. Palmisano’s review, the Company will share with our clients his findings, conclusions, and recommendations.
Question: When will Mr. Palmisano complete his review?
Answer: Because Mr. Palmisano will have substantial authority and discretion to shape his review as he sees fit, we cannot state the exact timeline for completion of the review and publication of results. However, the Board has made clear to Mr. Palmisano its desire to move as expeditiously as is appropriate and possible.
Question: Will the Company audit and verify its client data and privacy practices and procedures?
Answer: Yes. The Company is committed to rigorous and regular audit and verification procedures. As part of his review, Mr. Palmisano will review whether the Company has appropriate audit and verification procedures both at the time of his review and on an ongoing basis.
Question: Will Mr. Palmisano’s review include an examination of reporter access to client data?
Answer: Yes. Mr. Palmisano will report on how client data was accessed by reporters and ways in which such data was used.
Question: How will Mr. Hoyt’s review relate to Mr. Palmisano’s?
Answer: Mr. Hoyt will examine the relationship between the Company’s news and commercial operations, and make recommendations about appropriate policies and procedures including any structural changes. Messrs. Palmisano and Hoyt will liaise on an ongoing basis and their reviews will occur contemporaneously.
Contributed by Dan Doctoroff, Chief Executive Officer and President of Bloomberg L.P.