David Tyler, group FD at GUS – parent company of high street retailer Argos and luxury clothing chain Burberry as well as credit checking agency Experian – believes quarterly reporting, being reviewed by the Financial Services Authority, will not help UK plc.
‘I think it encourages too much short-termism which you see in the United States in particular and far too little emphasis on building shareholder value in the medium and long-term,’ said Tyler. He added: ‘Most of the finance directors that I talk to would take a similar view.’
Quarterly reporting has been on the agenda since the FSA began its review of listing rules in March of this year.
There has been widespread concern expressed about quarterly reporting with most fears focused on the issue of whether any extra information for investors would emerge if companies were obliged to report four times a year.
Earlier in the year the Institute of Directors turned on the idea. ‘The frequency of regular reports might tempt directors not to make additional announcements between reporting dates,’ it said.
A profile of David Tyler will appear on AccountancyAge.com tomorrow.
UK senior partner Phil Verity has been elected for a second term at Mazars
An audit partner has been appointed at Grant Thornton in its North West offices
KPMG has been appointed with “immediate” effect as the auditor of Dorcaster
The audit for Ibstock will be taken over by Deloitte following a competitive tender process