In the FTSE 100, getting on for half (43) of companies no longer report quarterly, while in the FTSE 250, over 60% of companies (167) companies have abandoned this option.

Listed companies have not been required to publish quarterly financial reports, since 2014, when the Financial Conduct Authority brought the UK into line with European legislation.

However, the IA says companies have been slow to respond to this, and it points out that 57 of the FTSE 100 and 83 of the FTSE 250 still produce quarterly reports. Among those which have recently abandoned the practice are Schroders, Legal and General, Centrica, Diageo and Aviva. 

In March 2016 the IA launched a bid to discourage companies from engaging in short-term behaviour, such as managing the business to meet quarterly targets rather than developing their long term strategies, with a call to stop issuing quarterly reports and earnings guidance.

This formed part of the IA’s wider productivity action plan which aims to help boost UK productivity through long-term investment and enhanced investor stewardship.

Chris Cummings, the IA’s CEO, said: ‘The UK’s productivity puzzle is one of the biggest challenges of our generation. Solving it is crucial to closing the gap with our major international rivals and to helping the UK become more competitive on the global stage.

‘Stronger, more productive businesses are more likely to deliver the long-term investment returns for the millions of people whose savings and investments are managed by our industry.’

The association has published long term reporting guidance and a stewardship reporting framework designed to encourage companies to focus on the long-term drivers of value creation in their business.

Over the next 12 months, IA says it will look to develop best-practice guidance on how long-term investment principles can be better incorporated into investment mandates, as well as developing a standard approach across the asset management industry for calculating average holding periods.