What CEOs think of the Trump priority secure ” plan to end quarterly reports for public companies

President Trump wants to remove quarterly reports yesterday, arguing in a social article from truth yesterday that “will save money and allow managers to focus on the correct management of their companies”. The Securities and Exchange Commission, which requires quarterly deposits for public companies since 1970, would have “prioritized” the proposal.

But what do CEOs think? I have heard a lot of complaints over the years, but when they are in a hurry, appreciate the discipline and transparency that come with quarterly deposits. As a CEO said to me yesterday: “It also requires internal rigor and responsibility.”

For the president and chief executive officer of QXO, Brad Jacobs, who made several companies public, that is part of the package. As he told me earlier this year, before going up to ring the bell of the New York Stock Exchange for the ninth time, the 10-Q strengthens the credibility and transparency that accompany the public. “You get a bulletin every 90 days,” he told me. “You have thousands of people who vote with their wallet on how they think you are doing … And every day you get tons of people who give you advice on how to improve the business.”

That said, Trump may be right to delete an aspect of quarterly reports: pressure to give advice. As my colleague Geoff Colvin noted it earlier this year when companies have given up advice in the middle of tariff chaos, “profits are unpredictable all the time, not only in the midst of extraordinary uncertainty.”

Warren Buffett has never given advice for Berkshire Hathaway, nor the managers of Amazon. This has not prevented current income over the years either. Companies like GM, Starbucks and Unitedhealth Group have paused for a recent uncertainty. But still, none of them complained of having to deposit a 10-q.

Do revenues encourage short-term reflection? Perhaps, for leaders and short-sighted investors. But private companies often include a risk premium because they do not have to disclose to the same extent as their public brothers. With better access to capital, it is very responsible to tell shareholders what you do with their money.

Contact the CEO every day via Diane Brady in Diane.brady@fortune.com

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