The Securities and Exchange Commission should study moving the reporting requirement to every six months instead of every three, Trump said.
According to Mr Trump, top business leaders from around the world claimed that removing the administrative burden of such regular reporting would boost the U.S. economy and create jobs.
Trump has asked the Securities and Exchange Commission to study the impact of such a change.
"Many market participants, as well as the Business Roundtable which we are a part of, have been discussing how to better orient corporations to have a more long-term view", Nooyi said in a statement emailed to Reuters. Japan, though, moved in the opposite direction, gradually forcing companies to shift from semi-annual to quarterly reporting during the 2000s.
Quarterly reporting by public companies has always been a cornerstone of USA capital markets, with Wall Street analysts known for making closely monitored recommendations on buying or selling stock. "'Stop quarterly reporting & go to a six month system, ' said one".
"It made sense to me", he added.
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Experts have long asserted that the practice of companies publicly forecasting every quarter how they expect earnings to shake out puts too much stress on short-term performance and stock price gains. They found that long-term investments declined at companies that were required to step up the frequency of their reporting.
Trump believes he has the support of some executives for a change. While some business leaders have groaned about the rigors associated with having to meet targets and metrics four times a year, the SEC has been reticent to make any changes. A spokeswoman for Chairman Jay Clayton did not respond to a request for comment. "So we're looking at that very, very seriously", Trump said as he was boarding Marine One on the White House lawn Friday morning.
Trump recently hosted company leaders at his private golf club in Bedminster, New Jersey, including the heads of Apple Inc (AAPL.O), Fiat Chrysler Automobiles NV (FCHA.MI), Boeing Co (BA.N), FedEx Corp (FDX.N), and Honeywell International Inc (HON.N).
Under Clayton, a Trump appointee, the SEC has taken steps to relax rules for issuers, including allowing firms going public to file information confidentially, and is now discussing easing other compliance rules. Trump said in a Twitter post. The SEC requires public companies to report profit, revenue and other figures publicly every three months.
Last fall it laid out changes to capital market rules in a U.S. Treasury report, but did not advocate scrapping quarterly reporting.
In theory, this information helps investors make informed decisions about the future success of a company. But quarterly reports on results are distinct from the so-called earnings guidance that company executives provide as a forecast.