Trump asks SEC to consider ending required quarterly reports

18 August, 2018, 10:57 | Author: Regina Silva
  • US President Donald Trump

The SEC was created in 1934 in the midst of the Great Depression and requires publicly-traded companies to issue quarterly and annual earnings reports to keep the public informed on their operations and financial condition.

According to Mr Trump, top business leaders from around the world claimed that removing the administrative burden of such regular reporting would boost the USA economy and create jobs. In a tweet early today, Trump said that after speaking with "some of the world's top business leaders", he's asked the U.S. Securities and Exchange Commission to determine whether shifting to a six-month reporting regimen would make more sense. Many U.K. businesses have shifted to a six-month reporting schedule after the country's regulators eased requirements for quarterly reports. But moving away from reporting earnings every three months would be a much more dramatic change that would nearly certainly trigger resistance from shareholders who want transparency from the companies they invest in. "I have asked the SEC to study!"

Critics of quarterly reporting say they encourage companies to excessively focus on short-term results rather than the long-term performance of public companies.

While some business leaders have groaned about the rigors associated with having to meet targets and metrics four times a year, the SEC has been reticent to make any changes. "She said, two times a year reporting, not quarterly".

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SEC spokesmen didn't immediately respond to a request for comment.

Trump believes he has the support of some executives for a change.

He suggested that a switch to only half-yearly reporting would save companies money, echoing the wishes of several top chief executives.

The president did not name the leaders.

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