The UK’s biggest manager Legal & General will no longer give its shareholder quarterly updates on its financial performance, arguing that frequent reporting promotes short-term thinking (Ethical Investing Bristol).
The financial services giant will instead give “timely and frequently updates” as well as full year and half-year reports to investors. Crawford Spence, Professor of Accounting at Warwick Business School lauded the move “Although the requirement to produce quarterly financial reports for shareholders was relaxed in 2014, very few organisations have been bold enough to stop doing it. This is no doubt because of the fear of shareholder backlash. That Legal & General have decided to do so is a very positive step”.
(Ethical Performance, January 2016)
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