Donald Trump Asks SEC For Half-Year Earnings Report For Public Companies
20 August, 2018, 04:32 | Author: Martin Tyler
The U.S. enacted quarterly reporting in. The SEC requires publiccompanies to report profit, revenue and other figures publicly every three months.
But executives and other investors said Trump's argument made sense because it would cut costs of compiling and filing results and remove short-term distractions for those running companies. The Commissioners' offices did not immediately respond to a request for comment.
The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, U.S., on July 6, 2009.
Yesterday, Clayton said in a statement that many investors and market participants share the president's perspective "on the importance of long-term investing" and that the SEC's corporate finance division is continuing to study company reporting requirements.
Tesla CEO Elon Musk, for instance, wrote in a letter to employees last week that being a publicly traded company "subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term". The statements are generally less detailed than the reports companies file with the SEC.
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"We are looking at that very, very seriously".
It's a move that would benefit businesses and workers, the president said.
Scrapping the quarterly requirement "is a solution in search of a problem", said Charles Elson, a professor and director of the University of Delaware's Weinberg Center for Corporate Governance.
"There are often quarterly metric fluctuations that tend to even out over six months, so one would think that some of the extreme, arguably knee-jerk reactions invests have would be reduced", explained B. Riley FBR analyst Jeff Van Sinderen.
Trump recently hosted company leaders at his private golf club in Bedminster, New Jersey, including the heads of Apple Inc (AAPL.O), Fiat Chrysler Automobiles NV (FCHA.MI), Boeing Co (BA.N), FedEx Corp (FDX.N), and Honeywell International Inc (HON.N). Chief Executive Officer Indra Nooyi - would do away with quarterly reports and move to a semi-annual system.
The move would improve "flexibility and save money", Mr. Trump said.
The change, if enacted, would have the US following other countries in reducing the frequency of reporting requirements.
However, they said, their view on the harm caused by corporate "short-termism" shouldn't be interpreted as opposition to quarterly and annual reporting.
And he said, the SEC already had implemented some regulatory changes and continued to consider others that "encourage long-term capital formation while preserving and, in many instances, enhancing key investor protections".
Companies that want to distance themselves from short-term scrutiny should instead stop publicly projecting the next quarter's earnings, Pozen added.
In theory, this information helps investors make informed decisions about the future success of a company.
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