Key facts
- The head of the Financial Reporting Council (FRC) is Richard Moriarty.
- Moriarty warns that annual corporate reports have become excessively long.
- He describes the reports as "swollen."
- The length of reports consumes too much of directors' time.
- Excessive length obscures crucial information for investors.
- Moriarty calls for a "once in a generation reset" to address the issue.
Richard Moriarty, the head of the Financial Reporting Council (FRC), has issued a strong warning regarding the excessive length of corporate annual reports. He stated that these reports have become "swollen" to the point where they consume a disproportionate amount of directors' time and attention. Moriarty's concern is that this verbosity actively obscures crucial information that investors need to make informed decisions. He is advocating for a fundamental change, describing the necessary reform as a "once in a generation reset." This call for a reset aims to address the current state of corporate reporting and improve its effectiveness and efficiency for all stakeholders involved.