Kay report to call for end to quarterly reporting

A government-backed report on the UK's financial services industry is expected to call for an end to the requirement for companies to issue quarterly updates.

John Kay, a professor at the London School of Economics, will warn that the culture of "short-termism" is hurting Britain's economy. Within that, Kay's report - due out today - will criticise remuneration policies at companies which reward short-term performance. As such, he is understood to be calling for an end to quarterly updates from listed companies, with a return to half-yearly updates instead. Kay has criticised the breakdown of trust between the financial world and the rest of the populace. He told BBC Radio 4's Today programme: "A culture of trust relationships, which ...