OPINION

Online financial reports

Pressure from business groups as well as members of Parliament for the abolition of companies? legal obligation to publish their financial reports in national and local newspapers has created a great deal of controversy.

It is easy to see that doing so will put an economic strain on many newspapers which have become accustomed to this source of revenue.

At the same time, it is a also fact that the compulsory obligation does not necessarily help to promote transparency in the country?s business sector.

These days it is obviously easier to look for and read a company?s financial reports online — perhaps on a purpose-built website which would host the financial reports of all private firms — instead in a variety of different newspapers.

Given the major financial problems facing this country, it is crucial to help businesses and industries which are trying to survive in today?s difficult reality for which the cost of publication has become unbearable.