Investors are overwhelmingly rejecting the SEC's proposal to allow public companies to file financial reports only twice a year, arguing it would reduce transparency and weaken accountability. Calpers CEO Marcie Frost, whose pension holds about $162 billion in equities, wrote that the change would widen information asymmetry, while financial data firm Calcbench noted institutional demand for company data rose roughly 20% over the past year. The Managed Funds Association and other groups asked the SEC to extend the July 6 comment deadline by 60 days, calling the proposal a fundamental restructuring of a 55-year quarterly disclosure framework. Support has come mainly from issuers, with Foley & Lardner partners estimating annual savings of up to $200,000 for public companies, though they suggested the SEC could limit the option to smaller firms. The rule, which would not take effect before 2027, could benefit newly public biotech and R&D-focused companies that have fewer material quarterly developments.
Apple Inc.
Amazon.com Inc
Microsoft Corporation
NVIDIA Corporation