Trump backs CEOs, proposes easing corporate reporting rules

US President Donald Trump

Ultimately, the SEC would need the majority of its sitting commissioners (there are now four) to vote for the final changes.

Half-yearly reporting would mark a huge change in USA disclosure requirements and put them in line with European Union and United Kingdom rules. Japan, though, moved in the opposite direction, gradually forcing companies to shift from semi-annual to quarterly reporting during the 2000s.

"It's cockamamie idea. For starters, what's the difference between six and three months?". "So we're looking at that very, very seriously".

The SEC consists of five commissioners appointed by the president, although there now are only four in place, three named by Trump, including Clayton.

No. The SEC is independent of the administration and sets its own agenda.

In a tweet early today, Trump said that after speaking with several top business leaders, he's asking the Securities and Exchange Commission to determine whether shifting to a six-month reporting requirement would help companies grow faster and create more jobs.

The discussion with Pepsi's CEO wasn't the first time White House officials have heard from the business community about quarterly reporting requirements.

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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). Trump said in a Twitter post.

Currently, all publicly traded companies in the US must file reports with the SEC four times a year, every three months.

President Trump called on financial regulators Friday to consider allowing public companies to share information with investors less often, a potentially major shake-up of how corporate America operates. In 1998, there were around 7,500 listed companies in the United States, compared with around 4,300 in 2017, according to the World Bank.

Last fall it laid out changes to capital market rules in a U.S. Treasury report, but did not advocate scrapping quarterly reporting.

It "also 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", Musk said. The most recent data from the United Kingdom shows that only 57 of the companies in the benchmark FTSE 100 index were still issuing quarterly reports as of September 2017, according to the Investment Association. Some high-profile executives, including JPMorgan Chase chief executive Jamie Dimon, have recommended that companies stop providing Wall Street analysts guidance on what to expect from quarterly profits, for example.

"Investors need timely, accurate financial information to make informed investment decisions", Amy Borrus, deputy director of the Council of Institutional Investors, said in a statement.

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