Proposed JSE changes raise eyebrows

Johannesburg - A proposal by the JSE Ltd [JSE:JSE] allowing listed companies to publish their earning statement in summarised, shortened format will affect the transparency and reputation of the bourse, according to a report on Wednesday.

The Business Day reported that advertising revenue at media companies such as Business Day and the Financial Mail and other print publications which publish statements, was expected to come under pressure when the change comes into effect in January.

The JSE's director of issuer services, John Burke, told Business Day in May that the changes had been under consideration for the past 12 years, meaning media companies had enough time to change their business model.

The short form announcement prescribes disclosure only on revenue and operating profit, headline earnings per share, earnings per share, dividend distribution and net asset value.