IR Society lobbies against quarterly reporting plans

Investor relations practitioners are urging the European Union to scrap plans for mandatory quarterly reporting which they fear could damage financial disclosure.

The IR Society has stepped up its lobbying efforts against the introduction of quarterly reporting as the EU announces that the publication of its proposed Transparency Directive has been postponed.

A poll of 100 IR Society members conducted late last month by the body reveals that 71 per cent are against quarterly reporting, with just 21 showing their support.

IR Society CEO Andrew Hawkins said the directive is an 'unhelpful' attempt at preventing further corporate scandals following the collapse of Enron in the US.

'The introduction of mandatory reporting is a knee-jerk reaction on the part of legislators who don't understand the implications of what is being proposed,' he said.

'We see the UK as sleep-walking into an unhelpful regime that would be to the detriment of just about every listed company.'

The society wrote to the director general for competition at the European Commission Alexander Schaub last week urging him to listen to the concerns of its members, which represent many of the UK's corporates.

Hawkins said quarterly reporting could lead to companies preferring not to disclose on a continuous basis, holding information over to the quarterly announcements.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in

Would you like to post a comment?

Please Sign in or register.