The UK's accounting watchdog claimed earlier this month that printed reports represented a waste of time and money.

However, in an open letter to FRC director of corporate reporting Ian Wright, Johnson said he was "dismayed" by the organisation's stance, which could wipe out a large area of print.

He said: "We take great exception to this statement, which will do nothing to improve communication between companies and their shareholders.

"Many shareholders who are able to access the internet and who use it regularly still like to read a company report on paper and bring it with them to the annual meeting as a reference.

"The paper industry is one of the great success stories of modern day recycling. Paper isn’t the enemy of the environment it’s often made out to be.

"Widely assumed myths, such as that paper destroys forests, wastes energy and increases landfill, badly need debunking."

To read the letter in full, see here.