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British investor LGIM says quarterly reporting not necessary

Reuters - UK Focus

LONDON, June 8 (Reuters) - Legal & General Investment Management, one of the largest investors in listed British companies, said it supported recent rule changes that remove the need for companies to report on a quarterly basis.

The Financial Conduct Authority said in November that companies no longer needed to issue first and third quarter financial reports, but an L&G (LSE: LGEN.L - news) spokesman said only four FTSE 100 companies had so far chosen not to do so.

"Reducing the time spent on frequent reporting could help management to focus more on long-term strategies," Mark Zinkula, chief executive at LGIM, said in a letter to the boards of FTSE 350 companies.

Legal & General, LGIM's parent and a FTSE 100 constituent, was itself reviewing whether to drop quarterly reporting, the L&G spokesman said.

LGIM has 730 billion pounds ($1.11 trillion) under management, mostly in British assets. ($1 = 0.6557 pounds) (Reporting by Carolyn Cohn; Editing by Susan Fenton)