Legal & General to cease quarterly reporting

Legal & General has announced it will cease quarterly reporting in 2016.

It follows regulatory changes that removed requirements for Interim Management Statements, a position it advocated for earlier this year.

In a letter to all the FTSE 350 boards in June, the company said it believed that it was up to individual company boards to make the appropriate decision on quarterly reporting, based upon their own business environment.

The board said it took the decision as they believe it is in the best long-term interests of the company, shareholders and customers.

It said it will allow the company to better articulate its business strategies through timely and frequent updates instead of quarterly trading figures.

Group chief executive Nigel Wilson said the future success of the UK economy is dependent on companies and shareholders making the correct long-term business decisions.

“Legal & General believes making this change will help management and the Board make the right long-term decisions in the interests of all our stakeholders.

"Our business cycle is long-term, with many of our investment and business decisions playing out over years and sometimes decades, rather than quarters.”