SGX must be vigilant in a modified quarterly reporting regime

AFTER almost a year of waiting on tenterhooks for the regime to unveil its plans for mandatory quarterly reporting (QR) here, many will heave a sigh of relief that the much-trumped-about "review" of the practice has turned out to be more about finetuning the current system than an outright demolition of it.

That's not to say that QR is here to stay - the consultation paper only says "if QR is retained". But, it's important to note that the regime, in wording this consultation paper, has left much of the decision-making in the hands of the public; and its provision of options, of alternative ways in which the current system can be retained but tweaked, sends the signal that the regime appears to be in favour of retaining the practice for the near future, while finding ways to address some of the issues raised by the naysayers.

Because, have no doubt, Thursday's public consultation paper on the proposed changes to QR is not going to elicit universal praise; there will be grumbles from several quarters - most likely from a number of listed companies - that had hoped outright to be spared what some have termed an "onerous" responsibility. Companies have oft said that the need to churn out quarterly financial statements adds much to their reporting duties and costs, and the regime has been pressured with the argument that the practice makes Singapore unattractive to future listings.