Trump gets support from all sides in renewed call to end quarterly reporting

SEC says it is prioritising the proposal, which sustainability champions believe could support long-term strategies

Donald Trump has drawn reluctant support from sustainability professionals, after calling for the end of quarterly financial reporting. 

In a social media post, the US President said “companies and corporations should no longer be forced to ‘Report’ on a quarterly basis” – something the country’s regulators have required since the 1970s. 

He suggested that reporting every six months instead would “save money, and allow managers to focus on properly running their companies”. 

Trump made similar statements during his last presidency, and his position has been echoed by the US Chamber of Commerce.   

But it is also a campaigning point for many sustainability leaders, who argue that forcing firms to focus on their short-term financial performance makes it harder to justify investments into long-term environmental and social goals. 

Former US vice-president and climate champion Al Gore has previously called for an end to the practice, and Unilever’s ex- CEO Paul Polman stopped its quarterly reports in 2009, as part of efforts to prioritise long-term sustainable growth.    

This month, the Long-Term Stock Exchange (LTSE) announced plans to petition the US Securities and Exchange Commission (SEC) on the topic. 

LTSE is regulated by the SEC, but wants the rules changed so that quarterly reporting is optional. 

Since he regained power in January, Trump has been clamping down on rules designed to increase transparency and accountability at US-listed companies – especially those that empower shareholders – with the support of the SEC.   

In response to his original call for biannual reporting back in 2018, the SEC issued a request for comment, but nothing more.   

This time around, a spokesperson from the regulator told Reuters that “the SEC is prioritising this proposal to further eliminate unnecessary regulatory burdens on companies”.