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News digest 11/12/15: Legal & General ends quarterly reporting

11 December 2015 by Henry Ker

Legal & General ends quarterly reporting - read more

Legal & General ends quarterly reporting

Legal & General, the UK’s largest asset manager, has announced it will end quarterly reporting next year to focus on the long-term goals of the company.

In a statement to the London Stock Exchange, it said: ‘The board feels the decision will enhance its communications with investors and other stakeholders, as it will allow the company to better articulate Legal & General's business strategies and the long-term dynamics of its markets, through timely and frequent updates, rather than quarterly trading figures.’

The decision came after the company wrote to the FTSE 350 in June, advising them to abolish quarterly reporting, as it risks personnel focusing on short-term goals over longer-term sustainable business.

 

Care Quality Commission not effective

The Care Quality Commission (CQC) is ‘not yet an effective regulator’, according to MPs.

Weaknesses in consistency, accuracy and timeliness of inspection reports, as well as staff shortages have all been raised as areas of ‘concern’ by the Public Accounts Committee. According to the MPs’ report, the CQC's inspection programmes for hospitals, primary care and adult social care services in England are all behind schedule, and there are concerns over responses to information received from whistleblowers, patients and staff.

 

Half FTSE 350 failing to meet corporate governance standards

Almost half of the FTSE 350 have failed to reach the standards required in the Financial Reporting Council’s (FRC) UK Corporate Governance Code.

Professional services firm Grant Thornton has published a report in which only 57% of the 312 companies studied were fully compliant with the Code in their last set of accounts. The findings represent a drop from 61% last year.

 

Failure to safeguard confidential information

Financial services firms have to do more to safeguard against confidential and inside information risk, according to a FCA review. The review discovered that there was a variance in the quality of sensitive information control and some practices heightened risks.

 

Charity Commission's governance disconnect between board and organisation

A summary of a review of the Charity Commission’s governance structure says there is ‘a risk of a disconnect between the board and the rest of the organisation’. It goes on to suggest there should be comprehensive induction and development programmes for new board members.

The summary also says, ‘the board, the chief executive and the directors should focus on achieving a strong sense of connection and common purpose’.

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