Annual Report On Annual Reports 2010 Ranking

Annual Report on Annual Reports 2010
Annual Report on Annual Reports 2010 Ranking

How reports are rated ...................................................................................................................................................... 3 Global top 300 annual reports .......................................................................................................................................... 4 200 reports ranking under .............................................................................................................................................. 17 How is your report doing? The report scan .................................................................................................................... 20 Who ranks where? .......................................................................................................................................................... 21 AR Q&A ........................................................................................................................................................................... 31 How reports were selected, scored, rated ..................................................................................................................... 35 The report rating panel ................................................................................................................................................... 38 e.com - ReportWatch ...................................................................................................................................................... 41 Making reports pay off? .................................................................................................................................................. 43
Picks - Close-up
The Annual Report on Annual Reports 2010 comprises 3 files which can be downloaded separately.
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How reports are rated
A+ A AB+ B BC C+ CD
First-rate Excellent Very good Sound Average Uneven Common Substandard Poor Uncompetitive
Global top 300 annual reports
Electrolux (n 1)
SAS (n 2)
Wienerberger (n 3)
Akzonobel (n 4)

Report rank Company Country Report rating Compare
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
ELECTROLUX SAS WIENERBERGER AKZONOBEL BASF TELUS PHILIPS DANONE NOVARTIS LAND SECURITIES CLP AIR LIQUIDE SCA SASOL CASCADES WRTSIL TRELLEBORG WPP BOLIDEN DAIWA HOUSE ENCANA WOLSELEY SAINT-GOBAIN ADIDAS ALFA LAVAL BAYER AGRIUM SKANSKA FORTUM STRABAG SAPPI ATLAS COPCO DEUTSCHE POST DHL VOLKSWAGEN ASAHI BREWERIES VOLVO LINDE VATTENFALL POTASHCORP STORA ENSO SKF NESTE OIL AKADEMISKA HUS METSO LUFTHANSA REZIDOR Hotel ERICSSON NOVO NORDISK ASSA ABLOY METRO
Sweden Sweden Austria Netherlands Germany Canada Netherlands France Switzerland UK Hong Kong France Sweden South Africa Canada Finland Sweden Ireland Sweden Japan Canada UK France Germany Sweden Germany Canada Sweden Finland Austria South Africa Sweden Germany Germany Japan Sweden Germany Sweden Canada Finland Sweden Finland Sweden Finland Germany Sweden-Belgium Sweden Denmark Sweden Germany
A+ A+ A+ A A A A A A A A A A A AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAB+ B+ B+ B+
WHIRLPOOL LUFTHANSA HOLCIM DUPONT DOW Chemical BCE PANASONIC NESTLE ROCHE UNIBAIL-RODAMCO HK ELECTRIC LINDE KIMBERLY-CLARK RELIANCE Industries DOMTAR MITSUBISHI BRIDGESTONE PUBLICIS XSTRATA LAND SECURITIES CANADIAN NATURAL Resources SAINT-GOBAIN AGC (Asahi Glass) AMER Sports TRELLEBORG BASF POTASHCORP VINCI VATTENFALL HOCHTIEF STORA ENSO SANDVIK TNT DAIMLER SAPPORO DAIMLER AIR LIQUIDE FORTUM AGRIUM UPM MINEBEA STATOIL VASAKRONAN ABB AIR FRANCE-KLM ACCOR CISCO Systems LILLY (Eli Lilly) INGERSOLL RAND CARREFOUR
Novartis (n 9)
Air Liquide (n 12)
Sasol (n 14)

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100
PERNOD RICARD INFINEON Technologies KEMIRA TOTAL FINNAIR ESSILOR HEINEKEN M&S (Marks and Spencer) KESKO COMPASS HUSQVARNA TATE & LYLE OMRON LANXESS TEIJIN TNT TESCO SODEXO HOLMEN WOOLWORTHS HEIDELBERG ROCHE EXXONMOBIL LUNDBECK MICHELIN RWE PROCTER & GAMBLE RENAULT RANDSTAD PEPSICO L'OREAL GDF SUEZ REED ELSEVIER BAE Systems ADECCO FUJITSU ASTELLAS Pharma HENKEL DIAGEO CONCORDIA Maritime AMER Sports DIMO (Diesel & Motor Engineering) EDF ITOCHU HITACHI METALS SSE (Scottish and Southern Energy) BRITISH AMERICAN TOBACCO NEXEN RTL KONICA MINOLTA
France Germany Finland France Finland France Netherlands UK Finland UK Sweden UK Japan Germany Japan Netherlands UK France Sweden Australia Germany Switzerland U.S. Denmark France Germany U.S. France Netherlands U.S. France France UK-Netherlands UK Switzerland Japan Japan Germany UK Sweden Finland Sri Lanka France Japan Japan UK UK Canada Luxembourg Japan
B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+
DIAGEO SAMSUNG Electronics AKZONOBEL BP SAS ALLERGAN CARLSBERG H&M (Hennes & Mauritz) MACINTOSH Retail SODEXO ELECTROLUX ASSOCIATED BRITISH FOODS HONEYWELL ARKEMA TORAY DEUTSCHE POST DHL J SAINSBURY COMPASS M-REAL LOBLAW CANON NOVARTIS ROYAL DUTCH SHELL NOVO NORDISK BRIDGESTONE E.ON UNILEVER PSA PEUGEOT CITROEN ADECCO COCA-COLA ESTEE LAUDER EDF WOLTERS KLUWER SAAB RANDSTAD IBM TAKEDA Pharmaceutical UNILEVER PERNOD RICARD A.P. MOLLER-MAERSK ADIDAS BARLOWORLD GDF SUEZ MITSUBISHI MITSUBISHI CENTRICA IMPERIAL TOBACCO SUNCOR Energy NEWS Corporation CANON
Cascades (n 15)
Encana (n 21)
Alfa Laval (n 25)

101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150
JOHNSON & JOHNSON VINCI DAIMLER PFIZER BAXTER UCB ABBOTT ACCOR HYDRO-QUEBEC TORAY PANASONIC THYSSENKRUPP ASSOCIATED BRITISH FOODS DELHAIZE JOHNSON MATTHEY ROLLS-ROYCE IHG (InterContinental Hotels) SOLVAY IOI FUJIFILM DOMTAR SWEDISH MATCH GFK HONDA MOTOR DSM SANDVIK AUTOLIV ROYAL DUTCH SHELL SIEMENS UPM NESTLE UNILEVER BG CAMECO ANGLO AMERICAN MITSUBISHI SAAB YAMAHA BARLOWORLD DR. REDDY'S Laboratories COCA-COLA BELGACOM KINGFISHER AF ENTERGY SSL AIR FRANCE-KLM INDITEX TOYOTA MOTOR BP
U.S. France Germany U.S. U.S. Belgium U.S. France Canada Japan Japan Germany UK Belgium UK UK UK Belgium Malaysia Japan Canada Sweden Germany Japan Netherlands Sweden Sweden-U.S. Netherlands-UK Germany Finland Switzerland Netherlands-UK UK Canada UK Japan Sweden Japan South Africa India U.S. Belgium UK Sweden U.S. UK France Spain Japan UK
B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B+ B B B B B B B B B B B B B
PFIZER BOUYGUES VOLKSWAGEN JOHNSON & JOHNSON MEDTRONIC SOLVAY MERCK IHG (InterContinental Hotels) TRANSALTA TEIJIN SONY ARCELORMITTAL TATE & LYLE AHOLD UMICORE GENERAL ELECTRIC ACCOR UCB SIME DARBY KODAK (Eastman) CASCADES IMPERIAL TOBACCO WPP TOYOTA MOTOR AKZONOBEL ATLAS COPCO DENSO BP ABB STORA ENSO DANONE PROCTER & GAMBLE CENTRICA AREVA BHP BILLITON ITOCHU BAE Systems SONY KOMATSU RANBAXY Laboratories PEPSICO KPN WOLSELEY SEMCON AEP (American Electric Power) SHIRE LUFTHANSA H&M (Hennes & Mauritz) HONDA MOTOR ROYAL DUTCH SHELL
Strabag (n 30)
Sappi (n 31)
Deutsche Post DHL (n 33)
10

151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200
MERCK KGaA JAPAN TOBACCO NIPPON MINING PEARSON ARCELORMITTAL ABB TELEKOM AUSTRIA SHISEIDO EVN BHP BILLITON GSK (GlaxoSmithKline) THOMAS COOK TELIASONERA NTT DoCoMo JKH (John Keells) AUDI ESTEE LAUDER ENIRO PSA PEUGEOT CITROEN KAO J SAINSBURY INVENSYS STRAUMANN YELL TRANSALTA MVV ENERGIE FOSTER'S SPEEDY HIRE INFOSYS Technologies MACINTOSH Retail CARLSBERG MEDTRONIC XEROX GENERAL MILLS UMICORE LAFARGE IBERDROLA E.ON HSH (Hongkong and Shanghai Hotels) HOLCIM DENSO XSTRATA BARRICK DUKE ENERGY SIGNET LVMH WHIRLPOOL H&M (Hennes & Mauritz) CATERPILLAR ARKEMA
Germany Japan Japan UK Luxembourg Switzerland Austria Japan Austria Australia-UK UK UK Sweden Japan Sri Lanka Germany U.S. Sweden France Japan UK UK Switzerland UK Canada Germany Australia UK India Netherlands Denmark U.S. U.S. U.S. Belgium France Spain Germany Hong Kong Switzerland Japan Switzerland-UK Canada U.S. UK France U.S. Sweden U.S. France
B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B
BAYER BRITISH AMERICAN TOBACCO SINOPEC McGRAW-HILL NIPPON STEEL SIEMENS DEUTSCHE TELEKOM L'OREAL VATTENFALL RIO TINTO PFIZER TUI TELENOR NTT FINLAYS Colombo BMW L'OREAL YELL RENAULT SHISEIDO TESCO HONEYWELL NOBEL BIOCARE ENIRO HYDRO-QUEBEC RWE DIAGEO WOLSELEY TATA Consultancy KESKO HEINEKEN BAXTER CANON KELLOGG JOHNSON MATTHEY SAINT-GOBAIN GAS NATURAL FENOSA RWE SHANGRI-LA Asia LAFARGE JOHNSON CONTROLS BHP BILLITON NEWMONT Mining AEP (American Electric Power) RICHEMONT PPR ELECTROLUX INDITEX KOMATSU LANXESS
11
Asahi Breweries (n 35)
Metro (n 50)
Kemira (n 53)
12

201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250
VESTAS Wind Systems SHARP IBM TOSHIBA WHITBREAD AHOLD UNIBAIL-RODAMCO KOMATSU ANGLOGOLD ASHANTI SABMILLER CIC (Chemical Industries Colombo) EADS CHINA TELECOM DAIICHI SANKYO FEDEX CHEVRON MANPOWER TAKEDA Pharmaceutical HOCHTIEF RIO TINTO ADARO Energy SINGAPORE AIRLINES ROGERS Communications DANISCO ASTRAZENECA VODAFONE SANOFI-AVENTIS SHIRE ESPRIT ANHEUSER-BUSCH INBEV SYNGENTA BURBERRY BEKAERT NOBEL BIOCARE BMW UNITED TECHNOLOGIES ALLERGAN RAPALA NIPPON EXPRESS CONOCOPHILLIPS NORSKE SKOG COLGATE-PALMOLIVE SARA LEE AVERY DENNISON NOVOZYMES JENOPTIK NTT NEC WEYERHAEUSER SONY
Denmark Japan U.S. Japan UK Netherlands France Japan South Africa UK Sri Lanka Netherlands China Japan U.S. U.S. U.S. Japan Germany Australia-UK Indonesia Singapore Canada Denmark UK UK France UK Hong Kong-Bermuda Belgium Switzerland UK Belgium Switzerland Germany U.S. U.S. Finland Japan U.S. Norway U.S. U.S. U.S. Denmark Germany Japan Japan U.S. Japan
B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B BBBBBBBBBBBBBBB-
SUZLON Energy PANASONIC MICROSOFT NEC ACCOR DELHAIZE LAND SECURITIES CATERPILLAR BARRICK ANHEUSER-BUSCH INBEV SYNGENTA BOEING BT TAKEDA Pharmaceutical UPS CONOCOPHILLIPS RANDSTAD ASTELLAS Pharma STRABAG BHP BILLITON ANTAM CATHAY Pacific Airways TELUS NOVOZYMES GSK (GlaxoSmithKline) CHINA MOBILE NOVARTIS UCB INDITEX HEINEKEN MONSANTO M&S (Marks and Spencer) ARCELORMITTAL STRAUMANN DAIMLER GENERAL ELECTRIC ESSILOR AMER Sports TNT CHEVRON HOLMEN PROCTER & GAMBLE CONAGRA FOODS BEMIS DANISCO ROFIN CHINA TELECOM FUJITSU INTERNATIONAL PAPER PANASONIC
13
Essilor (n 56)
Compass (n 60)
RWE (n 76)
14

251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300
DEUTSCHE TELEKOM GENERAL ELECTRIC CENTRICA M-REAL OMV IMPERIAL TOBACCO TENNECO USG PEOPLE CONTINENTAL SUZLON Energy KPN HUSKY Energy CANADIAN NATURAL Resources TOMKINS ALTRIA FRANCE TELECOM-ORANGE NIPPON STEEL HARLEY-DAVIDSON MINEBEA LOBLAW NORILSK NICKEL WOLTERS KLUWER NATIONAL GRID VASAKRONAN KELLOGG TUI TDC BRITISH AIRWAYS SUMITOMO MARUBENI BT WALT DISNEY PAPERLINX McGRAW-HILL NYRSTAR SCHINDLER SEMCON WALMART HK ELECTRIC EMERSON BABCOCK RICOH BOUYGUES SAP REXAM WESSANEN ENEL STATOIL DENTSU VOSSLOH
Germany U.S. UK Finland Austria UK U.S. Netherlands Germany India Netherlands Canada Canada UK U.S. France Japan U.S. Japan Canada Russia Netherlands UK Sweden U.S. Germany Denmark UK Japan Japan UK U.S. Australia U.S. Belgium Switzerland Sweden U.S. Hong Kong U.S. UK Japan France Germany UK Netherlands Italy Norway Japan Germany
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB-
FRANCE TELECOM-ORANGE SIEMENS BG HOLMEN NESTE OIL BRITISH AMERICAN TOBACCO AUTOLIV RANDSTAD PIRELLI VESTAS Wind Systems BELGACOM SUNCOR Energy ENCANA CONTINENTAL BRITISH AMERICAN TOBACCO BT ARCELORMITTAL HONDA MOTOR SKF WOOLWORTHS XSTRATA REED ELSEVIER SSE (Scottish and Southern Energy) AKADEMISKA HUS GENERAL MILLS THOMAS COOK TELIASONERA LUFTHANSA MITSUBISHI MITSUBISHI VODAFONE NEWS CORPORATION MONDI PEARSON UMICORE KONE AF CARREFOUR CLP GENERAL ELECTRIC ROLLS-ROYCE CANON VINCI ORACLE AMCOR ASSOCIATED BRITISH FOODS EDF NESTE OIL PUBLICIS SIEMENS
15
Procter & Gamble (n 77)
DIMO (n 92)
SSE (Scottish and Southern Energy) (n 96)
16
200 reports ranking under

Company A.P MOLLER-MAERSK ACCENTURE ACER ADM (Archer Daniels Midland) AEP (American Electric Power) AES AGC (Asahi Glass) ALCATEL-LUCENT ALCOA AMCOR AMGEN ANTAM APPLE ARCELIK AREVA A-TEC Industries BARCO BCE BD (Becton Dickinson) BEMIS BHARAT PETROLEUM BIOGEN IDEC BOEING BRIDGESTONE BRISTOL-MYERS SQUIBB BRITISH LAND BURGER KING CABLE & WIRELESS CAMPBELL SOUP CANON CARREFOUR CATHAY Pacific Airways CELANESE CHINA MOBILE CIPLA CISCO Systems CLARIANT CNOOC CONAGRA FOODS CONSOL ENERGY CORIO CRH DALMIA CEMENT DELL DOW Chemical DPL (Dipped Products) DUPONT EGCO Country Denmark Ireland Taiwan U.S. U.S. U.S. Japan France U.S. Australia U.S. Indonesia U.S. Turkey France Austria Belgium Canada U.S. U.S. India U.S. U.S. Japan U.S. UK U.S. UK U.S. Japan France Hong Kong U.S. Hong Kong India U.S. Switzerland China U.S. U.S. Netherlands Ireland India U.S. U.S. Sri Lanka U.S. Thailand Report rating C CC C C+ C+ C+ C C+ C+ CBC BBC+ BC+ C C+ BC+ C C+ C+ BCC+ C+ BBC+ CC+ C BC+ C BC BC C+ CBC+ BC+ Compare CONCORDIA Maritime IBM LENOVO TATE & LYLE ENTERGY DUKE ENERGY SAINT-GOBAIN CISCO Systems RIO TINTO REXAM ROCHE ADARO Energy MICROSOFT WHIRLPOOL GENERAL ELECTRIC GEA PANASONIC TELUS BAXTER AVERY DENNISON HINDUSTAN PETROLEUM FOREST Laboratories EADS CONTINENTAL LILLY (Eli Lilly) LAND SECURITIES McDONALD's BT H.J. HEINZ XEROX METRO AG SINGAPORE AIRLINES LANXESS VODAFONE DR. REDDY'S Laboratories ALCATEL-LUCENT BASF PETROCHINA NESTLE PEABODY ENERGY UNIBAIL-RODAMCO WIENERBERGER LAFARGE HP (Hewlett-Packard) DUPONT HAYLEYS DOW Chemical CLP
17

ENERGIZER EPSON (Seiko Epson) FIAT FINLAYS Colombo FORD MOTOR FOREST Laboratories GAS NATURAL FENOSA GEA GENERAL DYNAMICS GENERAL MOTORS GILEAD Sciences GOODYEAR H.J. HEINZ HANESBRANDS HAYLEYS HINDALCO Industries HINDUSTAN PETROLEUM HONEYWELL HONG KONG AND CHINA GAS HP (Hewlett-Packard) INDIAN OIL INGERSOLL RAND INTEL INTERNATIONAL PAPER JOHNSON CONTROLS KIMBERLY-CLARK KODAK (Eastman) KONE KRAFT Foods KYOCERA LENOVO LILLY (Eli Lilly) LOCKHEED MARTIN 3M MAGNA MARRIOTT McDONALD's MERCK MICROSOFT MOLEX MONDI MONSANTO MOSAIC MOTOROLA NEW YORK TIMES NEWMONT Mining NEWS Corporation NIKE NIKON NOKIA NORTEL Networks OMAN AIR U.S. Japan Italy Sri Lanka U.S. U.S. Spain Germany U.S. U.S. U.S. U.S. U.S. U.S. Sri Lanka India India U.S. Hong Kong U.S. India Ireland U.S. U.S. U.S. U.S. U.S. Finland U.S. Japan Hong Kong U.S. U.S. U.S. Canada U.S. U.S. U.S. U.S. U.S. UK-South Africa U.S. U.S. U.S. U.S. U.S. U.S. U.S. Japan Finland Canada Oman C+ C+ BC+ C CBC+ C+ CBCC+ CBBC+ CC+ CC+ CC CC C+ CC+ C C+ BC C+ CC BC C C CBBBCCC BC BC+ C C SPECTRUM BRANDS CANON PSA PEUGEOT CITROEN JKH (John Keells) GENERAL MOTORS BIOGEN IDEC IBERDROLA ALFA LAVAL BAE Systems TOYOTA MOTOR AMGEN BRIDGESTONE CAMPBELL SOUP WOLFORD SIME DARBY BHP BILLITON BHARAT PETROLEUM UNITED TECHNOLOGIES HK ELECTRIC XEROX PETROCHINA ASSA ABLOY SAMSUNG Electronics WEYERHAEUSER OMRON SCA FUJIFILM SCHINDLER NESTLE SHARP ACER BRISTOL-MYERS SQUIBB BOEING DUPONT AUTOLIV ACCOR BURGER KING ABBOTT IBM TYCO Electronics HOLMEN SYNGENTA POTASHCORP SAMSUNG Electronics TIME WARNER BARRICK TIME WARNER ADIDAS CANON SAMSUNG Electronics ERICSSON CATHAY Pacific Airways
18

OMNICOM ORACLE PEABODY ENERGY PETROCHINA PIONEER PIRELLI POLO RALPH LAUREN PORSCHE POSTEN NORDEN PPG Industries PPR PUBLICIS PUMA QUALCOMM RANBAXY Laboratories RECKITT BENCKISER RELIANCE Industries REPSOL YPF RICHEMONT RIM (Research In Motion) ROCKWOOL ROFIN RYANAIR SAMSUNG Electronics SAPPORO SHANGRI-LA Asia SIME DARBY SINOPEC SMITH & NEPHEW SPECTRUM BRANDS STARBUCKS STMICROELECTRONICS SUNCOR Energy SWATCH SYMANTEC TATA Consultancy TELE2 TELENOR TELSTRA TERUMO TEXAS INSTRUMENTS TIME WARNER TSMC TYCO TYCO Electronics UPS VALE VALSPAR VEOLIA Environnement WIPRO WOLFORD ZIMMER U.S. U.S. U.S. China Japan Italy U.S. Germany Sweden U.S. France France Germany U.S. India UK India Spain Switzerland-Luxembourg Canada Denmark Germany-U.S. Ireland South Korea Japan Bermuda-Hong Kong Malaysia China UK U.S. U.S. Switzerland Canada Switzerland U.S. India Sweden Norway Australia Japan U.S. U.S. Taiwan U.S. Switzerland-U.S. U.S. Brazil U.S. France India Austria U.S. CD BC+ C+ C+ C+ BBC+ BC+ C+ C+ C+ C+ C+ BC+ BC+ CC BC C C+ C C+ CC+ C BBC C+ C CC+ C+ CC C+ C CC+ C C+ C+ BC+ BWPP MICROSOFT CONSOL ENERGY SINOPEC PANASONIC MICHELIN BURBERRY VOLKSWAGEN DEUTSCHE POST AKZONOBEL LVMH WPP ADIDAS NOKIA DR. REDDY'S Laboratories HENKEL SASOL TOTAL SIGNET NOKIA SAINT-GOBAIN JENOPTIK SAS PANASONIC ASAHI BREWERIES HSH (Hongkong and Shanghai Hotels) IOI PETROCHINA ZIMMER ENERGIZER McDONALD's TEXAS INSTRUMENTS HUSKY Energy RICHEMONT MICROSOFT INFOSYS Technologies TELIASONERA TELIASONERA CHINA TELECOM BD (Becton Dickinson) INTEL NEWS Corporation INTEL EMERSON MOLEX FEDEX RIO TINTO AKZO NOBEL GDF SUEZ INFOSYS Technologies HANESBRANDS SMITH & NEPHEW
19
How is your report doing? The report scan

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1. Packaging 2. Highlights 3. Strategy 4. Business 5. Financials 6. Investors 7. Governance 8. Accounting 9. Responsibility 10. Communication
20
Pfizer (n 104) Entergy (n 145) Shiseido (n 158) Speedy Hire (n 178)
Macintosh Retail (n 180) IBM (n 203) China Telecom (n 213) Tenneco (n 257)
Norilsk Nickel (n 271)
Paperlinx (n 283) Walmart (n 288)
21
Who ranks where?

Company A.P MOLLER-MAERSK ABB ABBOTT ACCENTURE ACCOR ACER ADARO Energy ADECCO ADIDAS ADM (Archer Daniels Midland) AEP (American Electric Power) AES AF AGC (Asahi Glass) AGRIUM AHOLD AIR FRANCE-KLM AIR LIQUIDE AKADEMISKA HUS AKZONOBEL ALCATEL-LUCENT ALCOA ALFA LAVAL ALLERGAN ALTRIA AMCOR AMER Sports AMGEN ANGLO AMERICAN ANGLOGOLD ASHANTI ANHEUSER-BUSCH INBEV ANTAM APPLE ARCELIK ARCELORMITTAL AREVA ARKEMA ASAHI BREWERIES ASSA ABLOY ASSOCIATED BRITISH FOODS ASTELLAS Pharma ASTRAZENECA A-TEC Industries ATLAS COPCO AUDI AUTOLIV AVERY DENNISON BABCOCK Rank Under 300 156 107 Under 300 108 Under 300 221 85 24 Under 300 Under 300 Under 300 144 Under 300 27 206 147 12 43 4 Under 300 Under 300 25 237 265 Under 300 91 Under 300 135 209 230 Under 300 Under 300 Under 300 155 Under 300 200 35 49 113 87 225 Under 300 32 166 127 244 291 Compare CONCORDIA Maritime SIEMENS MERCK IBM IHG (InterContinental Hotels) LENOVO ANTAM RANDSTAD AMER Sports TATE & LYLE ENTERGY DUKE ENERGY SEMCON SAINT-GOBAIN POTASHCORP DELHAIZE LUFTHANSA LINDE VASAKRONAN DUPONT CISCO Systems RIO TINTO TRELLEBORG ESSILOR BRITISH AMERICAN TOBACCO REXAM ADIDAS ROCHE BHP BILLITON BARRICK HEINEKEN ADARO Energy MICROSOFT WHIRLPOOL NIPPON STEEL GENERAL ELECTRIC LANXESS SAPPORO INGERSOLL RAND TATE & LYLE TAKEDA Pharmaceutical GSK (GlaxoSmithKline) GEA SANDVIK BMW DENSO BEMIS ROLLS-ROYCE
22

BAE Systems BARCO BARLOWORLD BARRICK BASF BAXTER BAYER BCE BD (Becton Dickinson) BEKAERT BELGACOM BEMIS BG BHARAT PETROLEUM BHP BILLITON BIOGEN IDEC BMW BOEING BOLIDEN BOUYGUES BP BRIDGESTONE BRISTOL-MYERS SQUIBB BRITISH AIRWAYS BRITISH AMERICAN TOBACCO BRITISH LAND BT BURBERRY BURGER KING CABLE & WIRELESS CAMECO CAMPBELL SOUP CANADIAN NATURAL Resources CANON CARLSBERG CARREFOUR CASCADES CATERPILLAR CATHAY Pacific Airways CELANESE CENTRICA CHEVRON CHINA MOBILE CHINA TELECOM CIC (Chemical Industries Colombo) CIPLA CISCO Systems CLARIANT CLP CNOOC COCA-COLA COLGATE-PALMOLIVE 84 Under 300 139 193 5 105 26 Under 300 Under 300 233 142 Under 300 133 Under 300 160 Under 300 235 Under 300 19 293 150 Under 300 Under 300 278 97 Under 300 281 232 Under 300 Under 300 134 Under 300 263 Under 300 181 Under 300 15 199 Under 300 Under 300 253 216 Under 300 213 211 Under 300 Under 300 Under 300 11 Under 300 141 242 SAAB PANASONIC KOMATSU NEWMONT Mining DOW Chemical MEDTRONIC BASF TELUS BAXTER ARCELORMITTAL KPN AVERY DENNISON CENTRICA HINDUSTAN PETROLEUM RIO TINTO FOREST Laboratories DAIMLER EADS XSTRATA VINCI ROYAL DUTCH SHELL CONTINENTAL LILLY (Eli Lilly) LUFTHANSA IMPERIAL TOBACCO LAND SECURITIES VODAFONE M&S (Marks and Spencer) McDONALD's BT AREVA H.J. HEINZ ENCANA XEROX HEINEKEN METRO AG DOMTAR KOMATSU SINGAPORE AIRLINES LANXESS BG CONOCOPHILLIPS VODAFONE BT SYNGENTA DR. REDDY'S Laboratories ALCATEL-LUCENT BASF HK ELECTRIC PETROCHINA PEPSICO PROCTER & GAMBLE
23

COMPASS CONAGRA FOODS CONCORDIA Maritime CONOCOPHILLIPS CONSOL ENERGY CONTINENTAL CORIO CRH DAIICHI SANKYO DAIMLER DAIWA HOUSE DALMIA CEMENT DANISCO DANONE DELHAIZE DELL DENSO DENTSU DEUTSCHE POST DHL DEUTSCHE TELEKOM DIAGEO DIMO (Diesel & Motor Engineering) DOMTAR DOW Chemical DPL (Dipped Products) DR. REDDY'S Laboratories DSM DUKE ENERGY DUPONT E.ON EADS EDF EGCO ELECTROLUX EMERSON ENCANA ENEL ENERGIZER ENIRO ENTERGY EPSON (Seiko Epson) ERICSSON ESPRIT ESSILOR ESTEE LAUDER EVN EXXONMOBIL FEDEX FIAT FINLAYS Colombo FINNAIR FORD MOTOR 60 Under 300 90 240 Under 300 259 Under 300 Under 300 214 103 20 Under 300 224 8 114 Under 300 191 299 33 251 89 92 121 Under 300 Under 300 140 125 194 Under 300 188 212 93 Under 300 1 290 21 297 Under 300 168 145 Under 300 47 229 56 167 159 73 215 Under 300 Under 300 55 Under 300 SODEXO NESTLE A.P. MOLLER-MAERSK CHEVRON PEABODY ENERGY PIRELLI UNIBAIL-RODAMCO WIENERBERGER TAKEDA Pharmaceutical VOLKSWAGEN LAND SECURITIES LAFARGE NOVOZYMES NESTLE AHOLD HP (Hewlett-Packard) JOHNSON CONTROLS PUBLICIS TNT FRANCE TELECOM-ORANGE PERNOD RICARD BARLOWORLD CASCADES DUPONT HAYLEYS RANBAXY Laboratories AKZONOBEL AEP (American Electric Power) DOW Chemical RWE BOEING GDF SUEZ CLP WHIRLPOOL GENERAL ELECTRIC CANADIAN NATURAL Resources EDF SPECTRUM BRANDS YELL AEP (American Electric Power) CANON CISCO Systems INDITEX ALLERGAN L'OREAL VATTENFALL ROYAL DUTCH SHELL UPS PSA PEUGEOT CITROEN JKH (John Keells) SAS GENERAL MOTORS
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FOREST Laboratories FORTUM FOSTER'S FRANCE TELECOM-ORANGE FUJIFILM FUJITSU GAS NATURAL FENOSA GDF SUEZ GEA GENERAL DYNAMICS GENERAL ELECTRIC GENERAL MILLS GENERAL MOTORS GFK GILEAD Sciences GOODYEAR GSK (GlaxoSmithKline) H&M (Hennes & Mauritz) H.J. HEINZ HANESBRANDS HARLEY-DAVIDSON HAYLEYS HEIDELBERG HEINEKEN HENKEL HINDALCO Industries HINDUSTAN PETROLEUM HITACHI METALS HK ELECTRIC HOCHTIEF HOLCIM HOLMEN HONDA MOTOR HONEYWELL HONG KONG AND CHINA GAS HP (Hewlett-Packard) HSH (Hongkong and Shanghai Hotels) HUSKY Energy HUSQVARNA HYDRO-QUEBEC IBERDROLA IBM IHG (InterContinental Hotels) IMPERIAL TOBACCO INDIAN OIL INDITEX INFINEON Technologies INFOSYS Technologies INGERSOLL RAND INTEL INTERNATIONAL PAPER INVENSYS Under 300 29 177 266 120 86 Under 300 82 Under 300 Under 300 252 184 Under 300 123 Under 300 Under 300 161 198 Under 300 Under 300 268 Under 300 71 57 88 Under 300 Under 300 95 289 219 190 69 124 Under 300 Under 300 Under 300 189 262 61 109 187 203 117 256 Under 300 148 52 179 Under 300 Under 300 Under 300 172 BIOGEN IDEC VATTENFALL DIAGEO BT KODAK (Eastman) IBM IBERDROLA EDF ALFA LAVAL BAE Systems SIEMENS KELLOGG TOYOTA MOTOR WPP AMGEN BRIDGESTONE PFIZER INDITEX CAMPBELL SOUP WOLFORD HONDA MOTOR SIME DARBY CANON CARLSBERG UNILEVER BHP BILLITON BHARAT PETROLEUM MITSUBISHI CLP STRABAG LAFARGE M-REAL TOYOTA MOTOR UNITED TECHNOLOGIES HK ELECTRIC XEROX SHANGRI-LA Asia SUNCOR Energy ELECTROLUX TRANSALTA GAS NATURAL FENOSA MICROSOFT ACCOR BRITISH AMERICAN TOBACCO PETROCHINA H&M (Hennes & Mauritz) SAMSUNG Electronics TATA Consultancy ASSA ABLOY SAMSUNG Electronics WEYERHAEUSER HONEYWELL
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IOI ITOCHU J SAINSBURY JAPAN TOBACCO JENOPTIK JKH (John Keells) JOHNSON & JOHNSON JOHNSON CONTROLS JOHNSON MATTHEY KAO KELLOGG KEMIRA KESKO KIMBERLY-CLARK KINGFISHER KODAK (Eastman) KOMATSU KONE KONICA MINOLTA KPN KRAFT Foods KYOCERA LAFARGE LAND SECURITIES LANXESS LENOVO LILLY (Eli Lilly) LINDE LOBLAW LOCKHEED MARTIN L'OREAL LUFTHANSA LUNDBECK LVMH 3M M&S (Marks and Spencer) MACINTOSH Retail MAGNA MANPOWER MARRIOTT MARUBENI McDONALD's McGRAW-HILL MEDTRONIC MERCK MERCK KGaA METRO METSO MICHELIN MICROSOFT MINEBEA MITSUBISHI 119 94 171 152 246 165 101 Under 300 115 170 275 53 59 Under 300 143 Under 300 208 Under 300 100 261 Under 300 Under 300 186 10 64 Under 300 Under 300 37 270 Under 300 81 45 74 196 Under 300 58 180 Under 300 217 Under 300 280 Under 300 284 182 Under 300 151 50 44 75 Under 300 269 136 SIME DARBY MITSUBISHI TESCO BRITISH AMERICAN TOBACCO ROFIN FINLAYS Colombo PFIZER OMRON UMICORE SHISEIDO GENERAL MILLS AKZONOBEL MACINTOSH Retail SCA WOLSELEY FUJIFILM CATERPILLAR SCHINDLER CANON BELGACOM NESTLE SHARP SAINT-GOBAIN UNIBAIL-RODAMCO ARKEMA ACER BRISTOL-MYERS SQUIBB AIR LIQUIDE WOOLWORTHS BOEING ESTEE LAUDER AIR FRANCE-KLM NOVO NORDISK PPR DUPONT H&M (Hennes & Mauritz) KESKO AUTOLIV RANDSTAD ACCOR MITSUBISHI BURGER KING PEARSON BAXTER ABBOTT BAYER CARREFOUR ABB BRIDGESTONE IBM SKF ITOCHU
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MOLEX MONDI MONSANTO MOSAIC MOTOROLA M-REAL MVV ENERGIE NATIONAL GRID NEC NESTE OIL NESTLE NEW YORK TIMES NEWMONT Mining NEWS Corporation NEXEN NIKE NIKON NIPPON EXPRESS NIPPON MINING NIPPON STEEL NOBEL BIOCARE NOKIA NORILSK NICKEL NORSKE SKOG NORTEL Networks NOVARTIS NOVO NORDISK NOVOZYMES NTT NTT DoCoMo NYRSTAR OMAN AIR OMNICOM OMRON OMV ORACLE PANASONIC PAPERLINX PEABODY ENERGY PEARSON PEPSICO PERNOD RICARD PETROCHINA PFIZER PHILIPS PIONEER PIRELLI POLO RALPH LAUREN PORSCHE POSTEN NORDEN POTASHCORP PPG Industries Under 300 Under 300 Under 300 Under 300 Under 300 254 176 273 248 42 131 Under 300 Under 300 Under 300 98 Under 300 Under 300 239 153 267 234 Under 300 271 241 Under 300 9 48 245 247 164 285 Under 300 Under 300 63 255 Under 300 111 283 Under 300 154 80 51 Under 300 104 7 Under 300 Under 300 Under 300 Under 300 Under 300 39 Under 300 TYCO Electronics HOLMEN SYNGENTA POTASHCORP SAMSUNG Electronics HOLMEN RWE SSE (Scottish and Southern Energy) FUJITSU STATOIL DANONE TIME WARNER BARRICK TIME WARNER SUNCOR Energy ADIDAS CANON TNT SINOPEC ARCELORMITTAL STRAUMANN SAMSUNG Electronics XSTRATA HOLMEN ERICSSON ROCHE LILLY (Eli Lilly) DANISCO CHINA TELECOM NTT UMICORE CATHAY Pacific Airways WPP HONEYWELL NESTE OIL MICROSOFT SONY MONDI CONSOL ENERGY McGRAW-HILL COCA-COLA DIAGEO SINOPEC JOHNSON & JOHNSON PANASONIC PANASONIC MICHELIN BURBERRY VOLKSWAGEN DEUTSCHE POST AGRIUM AKZONOBEL
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PPR PROCTER & GAMBLE PSA PEUGEOT CITROEN PUBLICIS PUMA QUALCOMM RANBAXY Laboratories RANDSTAD RAPALA RECKITT BENCKISER REED ELSEVIER RELIANCE Industries RENAULT REPSOL YPF REXAM REZIDOR Hotel RICHEMONT RICOH RIM (Research In Motion) RIO TINTO ROCHE ROCKWOOL ROFIN ROGERS Communications ROLLS-ROYCE ROYAL DUTCH SHELL RTL RWE RYANAIR SAAB SABMILLER SAINT-GOBAIN SAMSUNG Electronics SANDVIK SANOFI-AVENTIS SAP SAPPI SAPPORO SARA LEE SAS SASOL SCA SCHINDLER SEMCON SHANGRI-LA Asia SHARP SHIRE SHISEIDO SIEMENS SIGNET SIME DARBY SINGAPORE AIRLINES Under 300 77 169 Under 300 Under 300 Under 300 Under 300 79 238 Under 300 83 Under 300 78 Under 300 295 46 Under 300 292 Under 300 220 72 Under 300 Under 300 223 116 128 99 76 Under 300 137 210 23 Under 300 126 227 294 31 Under 300 243 2 14 13 286 287 Under 300 202 228 158 129 195 Under 300 222 LVMH UNILEVER RENAULT WPP ADIDAS NOKIA DR. REDDY'S Laboratories ADECCO AMER Sports HENKEL WOLTERS KLUWER SASOL PSA PEUGEOT CITROEN TOTAL AMCOR ACCOR SIGNET CANON NOKIA BHP BILLITON NOVARTIS SAINT-GOBAIN JENOPTIK TELUS GENERAL ELECTRIC BP NEWS Corporation E.ON SAS BAE Systems ANHEUSER-BUSCH INBEV AGC (Asahi Glass) PANASONIC ATLAS COPCO NOVARTIS ORACLE STORA ENSO ASAHI BREWERIES CONAGRA FOODS LUFTHANSA RELIANCE Industries KIMBERLY-CLARK KONE AF HSH (Hongkong and Shanghai Hotels) PANASONIC UCB L'OREAL ABB RICHEMONT IOI CATHAY Pacific Airways
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SINOPEC SKANSKA SKF SMITH & NEPHEW SODEXO SOLVAY SONY SPECTRUM BRANDS SPEEDY HIRE SSE (Scottish and Southern Energy) SSL STARBUCKS STATOIL STMICROELECTRONICS STORA ENSO STRABAG STRAUMANN SUMITOMO SUNCOR Energy SUZLON Energy SWATCH SWEDISH MATCH SYMANTEC SYNGENTA TAKEDA Pharmaceutical TATA Consultancy TATE & LYLE TDC TEIJIN TELE2 TELEKOM AUSTRIA TELENOR TELIASONERA TELSTRA TELUS TENNECO TERUMO TESCO TEXAS INSTRUMENTS THOMAS COOK THYSSENKRUPP TIME WARNER TNT TOMKINS TORAY TOSHIBA TOTAL TOYOTA MOTOR TRANSALTA TRELLEBORG TSMC TUI Under 300 28 41 Under 300 68 118 250 Under 300 178 96 146 Under 300 298 Under 300 40 30 173 279 Under 300 260 Under 300 122 Under 300 231 218 Under 300 62 277 65 Under 300 157 Under 300 163 Under 300 6 257 Under 300 67 Under 300 162 112 Under 300 66 264 110 204 54 149 175 17 Under 300 276 PETROCHINA VINCI MINEBEA ZIMMER COMPASS UCB PANASONIC ENERGIZER WOLSELEY CENTRICA SHIRE McDONALD's NESTE OIL TEXAS INSTRUMENTS UPM HOCHTIEF NOBEL BIOCARE MITSUBISHI HUSKY Energy VESTAS Wind Systems RICHEMONT IMPERIAL TOBACCO MICROSOFT MONSANTO ASTELLAS Pharma INFOSYS Technologies ASSOCIATED BRITISH FOODS TELIASONERA TORAY TELIASONERA DEUTSCHE TELEKOM TELIASONERA TELENOR CHINA TELECOM BCE AUTOLIV BD (Becton Dickinson) J SAINSBURY INTEL TUI ARCELORMITTAL NEWS Corporation DEUTSCHE POST DHL CONTINENTAL TEIJIN NEC BP HONDA MOTOR HYDRO-QUEBEC BRIDGESTONE INTEL THOMAS COOK
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TYCO TYCO Electronics UCB UMICORE UNIBAIL-RODAMCO UNILEVER UNITED TECHNOLOGIES UPM UPS USG PEOPLE VALE VALSPAR VASAKRONAN VATTENFALL VEOLIA Environnement VESTAS Wind Systems VINCI VODAFONE VOLKSWAGEN VOLVO VOSSLOH WALMART WALT DISNEY WRTSIL WESSANEN WEYERHAEUSER WHIRLPOOL WHITBREAD WIENERBERGER WIPRO WOLFORD WOLSELEY WOLTERS KLUWER WOOLWORTHS WPP XEROX XSTRATA YAMAHA YELL ZIMMER Under 300 Under 300 106 185 207 132 236 130 Under 300 258 Under 300 Under 300 274 38 Under 300 201 102 226 34 36 300 288 282 16 296 249 197 205 3 Under 300 Under 300 22 272 70 18 183 192 138 174 Under 300 EMERSON MOLEX SOLVAY JOHNSON MATTHEY LAND SECURITIES PROCTER & GAMBLE GENERAL ELECTRIC STORA ENSO FEDEX RANDSTAD RIO TINTO AKZO NOBEL AKADEMISKA HUS FORTUM GDF SUEZ SUZLON Energy BOUYGUES CHINA MOBILE DAIMLER DAIMLER SIEMENS CARREFOUR NEWS CORPORATION MITSUBISHI ASSOCIATED BRITISH FOODS INTERNATIONAL PAPER ELECTROLUX ACCOR HOLCIM INFOSYS Technologies HANESBRANDS SAINT-GOBAIN REED ELSEVIER LOBLAW PUBLICIS CANON BHP BILLITON SONY ENIRO SMITH & NEPHEW
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AR Q&A
Why making an annual report? For some companies, the primary purpose of an annual report is simply to meet legal requirements. Consequently, they don't invest much in corporate reporting. On the contrary, many large (and smaller) ones still devote large sums of money, dedicate significant human resources, and show a commitment to making their annual reports informative, communicative and attractive, in printed format and/or online version. Besides providing the figures for the past year(s) and complying with regulatory requirements, their report becomes a strategic document, a reference book, and for some a beacon for investors and stakeholders. Through good times and crises, and thanks to its content and a number of distinctive attributes, an annual report may also prove to be an information antidote to short-termism, the herd instinct, and blind stock-picking, three flaws in today's global capitalism. It takes some time and energy to make a good report! The Annual Report on Annual Reports was created to benchmark, rate and rank reports -and reward the annual report teams and managers, and their external advisers and agencies for their efforts. What is the main purpose of the Annual Report on Annual Reports? The purpose is to look for and benchmark best practice in order to strive for higher -and highest- standards in financial and performance reporting, investor and stakeholder information, and corporate communication. With richer report content, higher report value, better access to company information and decreased cost of capital as subsequent results. When was the Annual Report on Annual Reports created? In 1996. The Annual Report on Annual Reports was created at the Enterprise Group, a small Brussels-based international consulting boutique whose main shareholders were one of the founders and a Dutch holding group. Like many ideas, it originated in a customer request (a bank) for getting their company report compared with best practice in their industry (the financial sector). First a limited survey faxed to customers and interested contacts focused on a few industries, it took off as a wider survey in 1997 and has expanded ever since (see http://www.reportwatch.net/best-annual-reports/archive).
Covers of the first edition and the 10th anniversary issue of the Annual Report on Annual Reports.
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Who created the survey? The two "generators" of the idea were Vero Escarmelle (a marketing and communication consultant) and Mike Guillaume (an economist and financial specialist). Both were heavy users of reports in their consulting practice ("Volvo, Philips, Saint-Gobain, Canadian banks and a few U.S. industrials were among the references regarding content at that time," remembers Mike) and had an inside experience through the coordination of annual reports for financial institutions. After the spin-off of the reporting unit renamed enterprise.com (or e.com) in 1999, the Annual Report on Annual Reports became a trademark of e.com.
Volvo 1997 and BMO (Bank of Montreal) 2001 annuals. What is our (report) world? From the outset the perspective was most international. e.com's founding members had a European, American and Asian background, experience or leaning. Teams initially in charge of the Annual Report on Annual Reports included American, Belgian, British, Canadian, Chinese, French, German, Italian, Russian, Spanish people. Our staff and network have operated in 30 countries and consulted for 100-plus corporate clients from London to Stockholm, from Vancouver to Tokyo, from Illinois to Hong Kong. The rating panel has also always been characterized by its diversity (check at http://www.reportwatch.net/best-annual-reports/report-rating). The roots, the angle and, last but not least, the geographical selection -over 50 countries this year- have probably guaranteed a rating that doesn't sound as national or doesn't look as "best foreign oscar report" as other report competitions. How many companies are selected? The ReportWatch monitoring process consists of selecting a sample of listed -and an increasing number of non- or partly-listed companies around the globe. We do not claim to have all companies from everywhere selected. But it is fair to say that our list of companies is a representative cross section based on the relative importance of stock markets, aiming at reflecting the industrial and geographical diversity. The number of companies selected has grown to a range of 1,000 to 1,500 these last three years from 250 to 500 in the first years. That number is both big and small. Although striving for a sample as representative and large as possible, we easily admit to cover a small portion of the worldwide quantity of listed companies, now estimated at about 40,000. A survey of all of them would be a mission impossible to accomplish. Our main goal is to be representative more than to be comprehensive.
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How much does it cost to participate? Nothing. Participation in the survey is entirely free of charge, except of course for mailing, downloading, copying or printing costs incurred. The use of e.com report evaluation services is no prerequisite to -and no guarantee for- being selected, rated and ranked and is independent of the ReportWatch process and the results as published in the Annual Report on Annual Reports. We view this as a guarantee of neutrality. What company names are used in the publication? The name of the company that appears in this document is the one as referred to on the covers or as written or abbreviated in key report sections. For legibility reasons, legal forms or words such as corporation, company, group, holding, etc. have not been reproduced. Names do no take into account mergers, acquisitions or brand identity changes that might have occurred and been approved after the fiscal year-end or the report release. Which documents are assessed? Documents named and referred to as "Annual Reports" are assessed, as well as summary versions (reviews, overviews...). Corporate social responsibility (CSR) and sustainability reports are checked, either in printed, PDF or online format, not as such but as a component of annual reporting. Proxy forms or separate governance documents are considered when made accessible enough. Reports simply made up of a legal file (e.g. 10-K, 20-F or other similar GAAP and proxy forms) are considered as eligible -even if they fail to match a significant number of our evaluation criteria- only when they are compared to more elaborate reports. That explains why a number of well-known blue chips do not qualify for being rated and do not appear in the ranking. What about online reporting? The sharply increasing use of Internet as a corporate communication and investor relations tool has to be reckoned with. 70 percent of the report evaluation job was based on HTML or PDF versions, downloaded from corporate websites. The rest was done like "in the good old days" with printed copies received from companies. Note that for a number of people, including some of our analysts and panel members, prints are still needed for getting the "feel and touch." The ReportWatch criteria are based on report content and apply whether published on paper or on screen. The investor, analyst, stakeholder and any reader should find the information required by regulatory bodies as well as what the company makes available beyond compliance in print or online. Does this imply that an online report should be a copy-and -paste of a printed one or, in the future, vice versa? Certainly not. Corporate and investor websites can be used to (re)format, (re)structure, (re)build annual and other reports, and, for the best, to add value by providing extra features and contents for stakeholders. These aspects are increasingly taken into account in our scoring and rating job. Which criteria are used to score reports? See: How reports were selected, scored, rated. Are the report marks made public? No. Only the ratings are made public. In line with our tradition since the launch of this survey the total score or its breakdown is never publicly disclosed. It may be obtained by companies or their advisers through an order for a Report Scan (an edited output of e.com's internal desk research). The revenues generated through scans and other evaluation services help us produce the Annual Report on Annual Reports -and keep it independent. How are reports rated? See: How reports were selected, scored, rated.
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What is judged -the company or the report?
Enron 2000 and Microsoft 2007 report covers. The ranking as well as the (public) rating and (undisclosed) score are based on an evaluation of the company report and output and cannot be interpreted as such as an assessment -and a rating!- of the company that releases the report. That said, investors, and especially long-term ones and other stakeholders, might infer some opinions and decisions based on report content. Robert J. Samuelson once wrote, "Annual reports often tell us more than their authors know or intend." (Newsweek, April 21, 1997). Even though a relationship may be found -or argued- between company, report and shareholder value, mind the deductions! Enron used to produce a decent annual report before its collapse, while a market leader such as Microsoft, among many, has never been capable of publishing an attractive one (even online).Good performance and even less company size don't necessarily translate into good reports. The survey does not therefore represent directly an offer to buy, sell, hold or trade the securities to which the reports cited or ranked in this survey are related.
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How reports were selected, scored, rated

The ReportWatch monitoring process consists of selecting a sample of listed companies around the globe (around 1,100 this year). We do not claim to have all companies from everywhere. Far from that, as the final report ranking represents about one percent of all listed companies worldwide (estimated at 40,000)! But it is fair to say that our list of companies -and reports- is a representative cross section which reflects the company, industrial and geographical diversity. Although the selection and the evaluation criteria remain primarily based on stock-listed companies we leave the doors open to any company which wants to submit its annuals for rating. And the number of spontaneous applications has sharply increased these last years. That explains why the readers find an increasing number of less known (yet) companies, including privately or government-owned companies (small or larger) in our ranking -some of them producing annuals that rival with listed firms, except naturally on share and investor areas. A ranking is competitive in nature, but we have made competition tougher by going for a direct comparative approach. Every report scanned in a printed or online PDF format is immediately compared with a peer. Practically, it implies that our lower-ranked reports are there for comparison but that there are certainly hundreds of ones performing much better than them. The result of this option is that some industries, companies and reports are left out. This brings us back to our starting point: considering all reports from all countries and all industries would be mission impossible. e.com - ReportWatch is both more modest and at the same time more ambitious. Modest, because we focus on a selection. Ambitious, because we aim to build a benchmark against which report standards and reporting practices can be measured. Were not considered for selection: Financial sector companies (banks, insurance, investment funds, financial holdings); Privately owned companies (except those electing to compete); Purely government-owned companies (except those electing to compete or those compared to); Wholly-owned subsidiaries (except those electing to compete); Investment, income, mutual or real estate funds and trusts; Listed stock exchanges; Central banks; Development or reconstruction banks and similar financial institutions; Public agencies; Non-profit organizations; Reports for a fiscal year before or after 2009 or interim/quarterly reports. The above are not included in our survey due to the inapplicability of a significant part of report evaluation criteria, as well as to various comparability, consistency and sometimes credibility reasons.
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The report evaluation criteria are: 1. Packaging 2. Highlights 3. Strategy 4. Business 5. Financials 6. Investors 7. Governance 8. Accounting 9. Responsibility 10. Communication Each set of criteria is split into 5 items. The total number of evaluation criteria is 50, with each item scored on a scale of 0 to 2. The maximum score is 100. The scoring process is the first stage of the ReportWatch assessment. It is carried out by e.com report analysts (financial analysts, investor relations specialists, corporate communication advisers, accountants, economists, copywriters at senior or junior and intern levels) and it provides a basis for final ratings by the rating panel and results in the report ranking published in the Annual Report on Annual Reports. Neither the score nor the breakdown is publicly disclosed. These are only available through an order for a Report Scan () placed directly by the company or through an internal representative or external agency. In addition to the marks, the Report Scan gives an overview of pluses and minuses based on e.coms desk research for the Annual Report on Annual Reports.
() Scans are among the numerous evaluation services that enable e.com to publish a self-financed survey based on
independent research. Go to Making reports pay off? for more information.
The top reports were then submitted to an independent rating panel.
The primary role of the rating panel is to cross-check reports scored by e.com and to help move from a very quantitative and dry scoring to a more qualitative rating, based both on intrinsic report value and communication towards various investor and stakeholder audiences. As a result, some reports were upgraded while others were marked down, from slightly to significantly. Panel members have to judge independently of their own interests, and their individual votes are not publicly disclosed. The final results and ranking as published are the sole responsibility of e.com - ReportWatch.
Report ratings are:
A+ A AB+ B BC C+ CD
First-rate Excellent Very good Sound Average Uneven Common Substandard Poor Uncompetitive
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The report rating panel After having passed the scanning and scoring phase performed by e.com report watchers the reports -at least some of them- were submitted to an independent rating panel. The members for the Annual Report on Annual Reports 2010 were: Rob Berick For the past twenty years, Rob has provided counsel and strategy on a wide range of investor relations and corporate governance issues to the senior leadership teams of publicly traded, global companies of all marketcap sizes. A former corporate investor relations officer, Rob currently serves as a senior managing director of Dix & Eaton, where he oversees the firm's investor relations practice. During his career, he has played a pivotal role in the conceptualization and execution of award-winning annual reports. Rob is a regular author on emerging capital markets and investor relations trends, and frequently serves as a panelist for various industry organizations, including the U.S. National Investor Relations Institute. E-mail: rberick@dix-eaton.com Vero Escarmelle A marketing and communications manager at RICS Europe (the European organization of UK-based Royal Institution of Chartered Surveyors), Vero previously worked in marcom positions at Research International (a WPP company), for a U.S. company and at The Enterprise Group (where she was involved in marketing and communication activities in Southeast Asian markets). Vero was the co-founder and marketing manager of the reporting unit at The Enterprise Group (1992) and set up the Annual Report on Annual Reports (1996), both later spun off into e.com (1999), for which she reviewed hundreds of annuals. In that context she spent five years on the annual report coordination (of communication, design and content areas) for insurance and banking institutions. She has stayed a consultant and panel member to the ReportWatch team ever since. E-mail: vero.e@reportwatch.net
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Kaevan Gazdar Kaevan Gazdar is responsible for corporate reporting at HypoVereinsbank, one of Germanys largest banks, now part of Italian-based Unicredit Group. The bank was awarded many times in German report rating competitions. Kaevan is co-author of the annual report book Geschftsbericht ohne Fehl und Tadel and also published books on corporate citizenship and corporate communication (including Unternehmerische Wohltaten: Last oder Lust?). He is a member of the jury of the Good Company ranking, the author of Reporting Nonfinancials and has held seminars and talks at various venues, including FT Knowledge, MCE and Ethical Corporation. E-mail: kaevan.gazdar@unicreditgroup.de Wesley Gee Wesley Gee has worked within the management and sustainability consulting for more than ten years. Currently, Wesley is on the management team of Stantec's Strategic Sustainability Services practice area. He is a recognized expert in corporate strategic planning, performance measurement, governance, reporting and communication, stakeholder engagement, community investment, and integrated water management. As a former Senior Corporate Social Responsibility Advisor at Canadian Business for Social Responsibility (CBSR), he has advised leading companies on their sustainability reporting, including Canada Post, Hydro-Quebec, RONA, Scotiabank, TD Bank, De Beers and Wal-Mart. He has also worked at executive and operational levels to improve their identification of key business risks and opportunities, and approaches toward leadership in sustainability. E-mail: wesley_gee@yahoo.com Mike Guillaume Mike is the co-founder and manager of e.com-ReportWatch, a Europeanrooted, U.S.-headquartered and London-based company that specializes in report assessment and benchmarking. He has reviewed thousands of reports, consulted for hundred-plus international report teams, and has been the editor of the Annual Report on Annual Reports that he co-founded in 1996. Prior to that, his track record has included an extensive entrepreneurial and international management consulting experience in Europe, North America and Southeast Asia, as the co-founder and then executive director of The Enterprise Group. An economist and financial analysis and communication specialist, he has contributed to various publications, analyses and seminars, and has written a book about The Seven Deadly Sins of Capitalism. And some ways to reinvent free markets for welfare.
E-mail: mike.g@reportwatch.net
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Jakob Ivarsson Jakob Ivarsson is a highly respected communication consultant with a rich experience acquired through the production of several annual reports for some of the largest Swedish companies. He contributes with strategy, structure and contents in order to clarify the companys message and the report as a vehicle towards stakeholders. Jakob runs the Stakeholder Communication company from Gothenburg. Prior to his present occupation he held a position as senior advisor and partner at Solberg, one of Sweden's leading corporate communication consultancies on financial reporting. He is also a deputy board member of the Swedish IR Association. E-mail: jakob.ivarsson@stakeholder.se
Reg Pauffley Reg Pauffley is acknowledged as one of the most widely experienced figures in global corporate communications. His offering is simple: original, pragmatic and creative solutions based on many years of experience at the forefront of the industry. Reg's credentials stem largely from his experience as the founder of what is now Further Creative, a major UK corporate design consultancy. Under Reg's direction (1984 to 2001), Pauffley became a reference in both corporate brand development and global reporting and communications. Clients included BP, Nokia, GSK, Aegon, Ahold, Credit Suisse, BT, Novartis, Marks & Spencer and many other FT European top 300 companies. After having been in charge of business development at Merchant and having acted as chairman's at Likemind, Reg has set up Creative Consortia, which gathers small best-in-class firms covering all corporate communication needs. E-mail: reg.p@creativeconsortia.com Pravin K Ujjain Pravin K Ujjain has been consulting on investor and marketing communications for over fifteen years. An avid annual report enthusiast, he studies over 150 global annuals every year. 'AR Insight' - his annual report consultancy firm helps a few select companies improve their annual report and provides investor relations assistance to more than one hundred Indian companies. Besides investor communication, Pravin's company also offers marketing and marketing communication consulting to a host of global and Indian brands through a dedicated brand consultancy arm named 'Bootstrap'. E-mail: pravin@arinsight.com
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e.com - ReportWatch
enterprise.com enterprise.com (e.com) specializes in report input, evaluation, analysis and benchmarking. Our goal is to help our customers improve their reporting bottom lines, by enhancing report value, reflecting company value, showing investor value, and finally increasing stakeholder value. e.com has developed an international, independent, integrated, content-based and competitive approach to assess and compare annual reports -in print and online- as well as other investor information instruments and market communication tools. Our founders, staff and network have operated in 30 countries and consulted for 120 corporate clients on more than 400 reporting operations and customized reviews, from Amsterdam to Tokyo, Stockholm to Vancouver; from Greater London to Illinois to Hong Kong. Our clientele mainly consists of CFOs, IR officers, CC managers, report teams of listed blue chips. It also includes spin-offs, IPOs, consultants, analysts, design agencies and -private or institutional- investors. A spin-off from The Enterprise Group (est. 1986, inc. 1990, liq. 1999), e.com is controlled by U.S.-based Corporate Essentials, Inc. The company is independent and not affiliated with any bank, government, accounting, auditing or rating institution or professional organization. With head offices and network partners based near major financial centers in Britain, Europe, North America and Asia-Pacific, e.com is in the loop on reporting standards, requirements and best practices. ReportWatch ReportWatch is the trademark -and the website- for the report monitoring, scanning, scoring and rating process that results in the Annual Report on Annual Reports. Created in 1996, and based both on e.coms internal desk research and an external panel of reporting specialists, this survey of annual reports best practice is often regarded as the most comprehensive, international and authoritative survey on annual reports. e.com ReportWatch Head Office 5 St Johns Lane London EC1M 4BH t +44 (0)207 250 47 25 f +44 (0)207 250 47 26 e e.com@reportwatch.net www.reportwatch.net
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Annual Report on Annual Reports A publication of enterprise.com (e.com). Publisher and Editor: Mike Guillaume. Report Watch research, scanning and scoring: e.com staff, interns and network supervised by Mike Guillaume, Jrme Ption, Franklin Manchester, Tim Williams. Report rating panel: Rob Berick, Veronique Escarmelle, Kaevan Gazdar, Wesley Gee, Mike Guillaume, Jakob Ivarsson, Reg Pauffley, Pravin Ujjain. Report concept: e.com. Original report template: Dart Group (Amsterdam, The Netherlands). Web design and layout: Inventis (Limburg, Belgium). ISSN 1782-1037 Survey and research methodology created in 1996 at The Enterprise Group. Copying for other than personal or internal company reference is prohibited. Quoting is authorized with prior permission of the publisher. Additional copies of this report and back copies of previous issues may be ordered (free of charge) from e.com. All prices for report evaluation services advertised in this publication are subject to change, due to currency fluctuations, company policy, or modified product content. The material included in this publication does not represent an advice or offer to buy, sell or trade the securities related to companies herein referred to. Copyright 2010 enterprise.com - ReportWatch
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Making reports pay off?

Report evaluation and benchmarking services by e.com e.com provides report evaluation tools and reporting assessment services to help companies report better or best. The bottom lines: Mirror company value Show investor value Enhance report value Increase stakeholder value
For a complete list of services go to www.reportwatch.net/e-com/making-reports-pay-off/
Report scan?
How is your report doing? What is your report rating? How does it score -in total and on all evaluation criteria used for the Annual Report on Annual Reports? Order a REPORT SCAN. An edited output () of desk research done by e.com report analysts, it provides your company (or advisers) with the complete score breakdown for 50 report items plus a summary of pluses and minuses for each of them. The price? 900 or US$ 1,200 or 800. () For copywriting and editing reasons allow a few weeks for delivery. E-mail your order to: e.com@reportwatch.net
Report match?
How does your report compare with a competitor? What is your report rating and score compared to your closest peer? Order a REPORT MATCH. An edited output () of desk research done by e.com report analysts, it provides your company with a comparative review of 25 reporting areas against one major competitor or rival. The price? 1,800 or US$ 2,400 or 1,600. () For copywriting and editing reasons allow a few weeks for delivery. The competitor may be the one selected in this survey or any other chosen by the client company. Price applies to a single competitive review. For broader peer review see details on this website. E-mail your order to: e.com@reportwatch.net
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Report benchmarking?
How does your report compare with peers, best practice...? e.com has developed a number of comparative report asssessment and benchmarking tools. The price? Depends on the number of peers and areas. () For report availability and analysis reasons allow a couple of months for delivery. E-mail your order to: e.com@reportwatch.net
IR web screening?
How effectively do you use your investor relations website? What are the strengths and weaknesses of your investor relations website and reporting tools? Which value added for investors? Order an ONLINE IR SCREENING. 40 website features and online items are reviewed. () The price? 1,200 or US$ 1,800 or 1,200. () The online annual report as such is not part of this evaluation. E-mail your order to: e.com@reportwatch.net
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Company Value > Report Value
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Annual Report On Annual Reports 2010 Ranking

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