In Many Styles - The Second Year’s Interim Management Statements

Executive summary

"The present letter is a very long one, simply because I had no leisure to make it shorter" is a famous quotation of the 17th century French mathematician, Pascal. Sadly what drives much corporate communication from UK public companies in the 21st century is a need to comply with the numerous disclosure rules. So what would happen if the rules were cut back to only a few?

Clues to the answer may be found in the way companies have responded to the need to publish twice a year an Interim Management Statement (IMS). The rules are short. The IMS must describe the financial position and performance, and explain material events and transactions, including their financial impact, that have occurred, during the relevant period. In addition, a few rules on timing are added. So how do companies fare?