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MEPs dismiss US-style reporting schedule

The quarterly reporting lobby has been dealt a severe body blow after an influential European parliamentary committee rejected the proposal.

MEPs from the European Parliament Economic and Monetary Affairs rejected proposals for all listed companies in the EU to report every three months, as is the case in the US.

Theresa Villiers, MEP and Conservative Party finance spokesperson on Europe, called the decision a significant victory in the battle against unnecessary EU red tape.

"Quarterly reporting would have cost business billions without providing any benefits to investors. The Enron scandal revealed that the quarterly reporting system is flawed and MEPs are right to reject it," she adds.

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