Dimon is the chairman of the Business Roundtable, an association of CEOs of America's leading companies working to promote a thriving USA economy.
The guidance "often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability", the two powerful CEOs wrote in a commentary piece in the The Wall Street Journal. The group said public companies should be managed for long-term prosperity, not to meet the latest forecast.
Dimon, is chairman of the Business Roundtable, an association of almost 200 CEOs that is also backing the push to eliminate so-called short-termism.
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Executives often feel pressure to make quarterly forecasts, but "it can often put a company in a position where management from the CEO down feels obligated to deliver earnings and therefore may do things that they wouldn't otherwise have done", Dimon said in a rare joint interview with Buffett airing Thursday on CNBC's Squawk Box .
Dimon has blasted excessive reporting requirements and the short-term focus of quarterly earnings. "Short-term-oriented capital markets have discouraged companies with a longer-term view from going public at all, depriving the economy of innovation and opportunity", they said.
On Thursday morning, the Business Roundtable which includes CEOs of US companies with more than 16 million employees and more than $7 trillion in annual revenues, weighed in supporting the proposal.
However, companies that are in favor of issuing guidance say that it improves communications with Wall Street, lowers share price volatility and results in higher valuations.
Both men said they still want companies to release detailed quarterly and annual financial data, so investors can evaluate them. Public companies owe it to all of them to get this right, they said.