Earnings Guidance : the Current State of Play, a Follow-up Discussion of Earnings Guidance and Other Forward-looking Information Provided to Investors

Table of Contents......Page 3 Foreword......Page 4 Introduction......Page 5 Long-term focus: What has changed since our last report?......Page 6 Leading Thinkers Speak Out......Page 7 A. Long-Term Value Creation: Guiding Principles for Corporations and Investors......Page 8 B. Breaking the Short-Term Cycle: Discussion and Recommendations on How Corporate Leaders, Asset Managers, Investors, and Analysts Can Refocus on Long-Term Value......Page 10 C. Accounting Irregularities and Financial Fraud: A Corporate Governance Guide......Page 12 D. Built To Last: Focusing Corporations on Long-term Performance (CED)......Page 14 The Case at Hand: Company Perspectives......Page 16 Conclusion: And a Call to Action......Page 23 Appendices......Page 24 A. In Memoriam: An Interview with Mr. James Cantalupo......Page 25 B. Facing an Unpredictable World: How to Change Earnings Guidance Practices......Page 26 C. Apples to Apples: A Template for Reporting Quarterly Earnings, by the CFA Center for Financial Market Integrity......Page 29 D. Long-Term Value Creation: Guiding Principles for Corporations and Investors, The Aspen Institute’s Business and Society Program......Page 37