'Stop quarterly reporting', Trump tweets for his business friends

Trump Directs SEC to Study Six-Month Reporting for Public Companies

U.S. President Donald Trump said on Friday he had asked the U.S. Securities and Exchange Commission to study the impact of allowing companies to file reports with the financial regulator every six months instead of every quarter.

In a tweet dispatched Friday morning, Trump said he had spoken to "some of the world's top business leaders" about making business and jobs "even better" in the USA and they had advocated an end to quarterly reporting.

At present companies report four times a year but should a change be implemented this would help companies cut costs, the president said.

"Many market participants, as well as the Business Roundtable which we are a part of, have been discussing how to better orient corporations to have a more long-term view", Nooyi said in a statement emailed to Reuters.

President Trump has instructed the American markets watchdog to investigate ending the quarterly reporting requirement for public companies that has been in place for almost 50 years.

Some investors on Friday said quarterly disclosures are essential for investment decisions and supported richer USA stock valuations, and that shares could become more volatile if companies report twice yearly. "In the end, all companies have to balance short-term and long-term performance", Nooyi said. We start preparing three weeks in advance every quarter, essentially taking nearly a third of executives´ time each quarter, ' said Bryan Sheffield, chief executive of shale oil producer Parsley Energy Inc.

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Others said quarterly disclosures are essential for investment decisions and support richer US stock valuations, and that a change could make shares more volatile.

The SEC is an independent agency, and the president can not force it to implement rule changes.

But critics contend that new reporting requirements may not spur meaningful change given the deluge of company information available on social media. "So we're looking at that very, very seriously", Trump said as he was boarding Marine One on the White House lawn Friday morning. The SEC requires public companies to report profit, revenue and other figures publicly every three months.

The SEC consists of five commissioners appointed by the president, although there now are only four in place, three named by Trump. Trump said in a Twitter post.

Last fall it laid out changes to capital market rules in a U.S. Treasury report, but did not advocate scrapping quarterly reporting. "Investors need timely, accurate financial information to make informed investment decisions".

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. Well-known chief executives, including JPMorgan Chase boss Jamie Dimon, Warren Buffett and BlackRock's Larry Fink have raised concerns about the focus placed on earnings reports and guidance.

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