Institutional investors negotiate a reporting package, and delivering it reliably is a governance signal as much as a contractual obligation.
Monthly or quarterly. Management accounts within a stated number of days — income statement, balance sheet, cash flow, against budget with variance commentary; a capitalisation table; headcount; and key operating metrics defined consistently.
Annual. Audited or reviewed financial statements within a stated period, the following year’s budget approved by the board, and tax information in time for the investor to file.
Event notices. Material litigation, regulatory matters, loss of a major customer, departure of a key employee, breach of a debt covenant, and any transaction requiring consent.
Board materials delivered a defined number of days before meetings.
Access. The right to meet management periodically, and to speak with the auditors.
Confidentiality obligations and permitted disclosures to the investor’s own partners and advisers.
Consequences of failure. Repeated late reporting is the most common early signal of trouble and is treated as such. Where the agreement provides an escalation — additional board rights, an audit right, a consent requirement — it concentrates attention.
Operational reality. Build the package into the close process rather than producing it separately, or it will be late.