The Securities and Exchange Commission regulates public companies through an extensive system of disclosure requirements. The concept behind the SEC’s disclosure system is that investors are able to adequately judge the quality of an investment when they are in possession of all material information concerning that investment. Information is considered material if the reasonable investor would consider the information important to making an investment decision. To this end, the SEC requires a variety of disclosures which provide investors with a wide array of information about a company, including financial information, information on company directors and senior management changes, important current events, and executive compensation. The disclosures come in a variety of different forms and at different times on a calendar basis or due to the occurrence of triggering events (such as the termination of a senior executive). Throughout the history of the SEC, there has been considerable legal and scholarly debate with regards to what exactly constitutes “material” information that companies are required to disclose.