SEC Proposes Making Quarterly Reporting Optional for Public Companies

If semiannual reporting becomes optional, regulators should scrutinize disclosures between reports and potentially strengthen Form 8-K and enforce Regulation FD. Wyatt identified three risks from optional semiannual reporting: greater informational asymmetry and reduced pricing efficiency, higher risk premiums and cost of capital, and more reliance on third-party information which could reduce accuracy and accountability.

She noted that with AI spreading third-party data, company-certified filings may become more important.

Kunal Kapoor, CEO of Morningstar, argued in a Fortune opinion piece that semiannual reporting could reduce burdens especially for smaller firms and make public markets more attractive if disclosure remains strong. He said incentives drive short-termism more than reporting frequency. Shivaram Rajgopal, a professor of accounting and auditing at Columbia Business School, was more skeptical.

U.K. when something similar was enacted, very few firms stopped quarterly reporting in the short run. But over a decade or so everyone stopped reporting quarterly. Rajgopal said relying on Form 8-K disclosures misses the value of interim financial statements which translate events into concrete financial metrics.

Forms 10-Q serve that market need. Potential downsides include more insider activity, greater volatility and surprises, and reduced analyst coverage. He questioned whether the proposal addresses short-termism.

This is a solution looking for a problem. Myopia over three months, the intended target, will simply be myopia over six months. What exactly have we accomplished? Separately, several public companies announced chief financial officer changes this week.

Theodora "Doretta" Mistras will depart as CFO of Viatris Inc. for a new professional opportunity. Paul Campbell will serve as interim CFO of Viatris Inc. effective May 8, and Mistras will remain until May 22 for a transition period.

Michelle Hook was appointed CFO of Shake Shack Inc. effective May 11. She served as CFO of Portillo’s beginning in December 2020 and spent more than 17 years at Domino’s Pizza, Inc. Chris Monroe was appointed EVP and CFO of CEC Entertainment, LLC.

He most recently served as CFO of Texas Roadhouse and spent more than three decades at Southwest Airlines, serving as SVP of finance, treasurer, and sustainability. Paul DiCicco was appointed EVP, CFO, and treasurer of Madison Square Garden Sports Corp. effective May 11.

He served as CFO of Stephen Gould Corporation. Jennifer Kartychak was promoted to CFO of Worksport Ltd. effective May 1. She worked with Worksport since August 2023 through Arend Advisory Group, LLC, and joined the company full-time as VP of finance on Jan.

1, 2026. Michael Mioska was appointed CFO of Birchtech Corp. Jorge Beristain was appointed CFO of Almonty Industries Inc. effective June 1. Brian Fox has departed from his role as CFO of Almonty Industries Inc.

Effective immediately, and Guillaume de Lamaziere will serve as interim CFO until June 1. Kari Wimmer was appointed CFO of Couchbase, Inc. In economic data, payroll growth in Bank of America customer deposit account data was strong in April, according to the Bank of America Institute.

9% year over year. Small business payroll growth was negative in March according to Bank of America data. After-tax wage growth for higher-income households was 6% year over year in April.