Professional Documents
Culture Documents
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Contents:
02 AR TRENDS 2007
answers essential
questions
03 How the survey
was done
BarnesMcInerney
Capital Market
Communications profile
The Craib Group of
Companies profile
04 Section 1:
First impressions 14 Section 2:
Leadership 24 Section 3:
Commitment
06 Great covers: 16 Special report: 26 Strategy:
Turning heads, turning pages Barron’s most respected CEOs Laying the groundwork
08 At-a-glance: 18 Message to shareholders: 30 Objectives & targets:
Something to be remembered by In their own words Putting it on the scoreboard
10 Investment argument: 22 Corporate governance: 32 Sustainability:
Stating your case Guiding the ship forward Preparing for the future
34 Section 4:
Credibility 42 Section 5:
Performance 48 Section 6:
Accessibility
36 Testimonials: 44 MD&A: 50 Websites:
Let them do the talking Making sense of it all Ready when you are
38 Visuals: 46 Risk management:
What you see, what you get Keeping things under control
54 Who we surveyed
56 Credits
The contents of this book are protected by copyright and may not be reproduced without permission.
© Craib Design & Communications, 2007.
To download a PDF version of this book or to obtain printed copies, visit www.barnesmcinerney.com or www.craib.com.
AR TRENDS 2007 answers essential questions:
With the business environment changing so rapidly, It can have more impact. It’s easier to use. And a printed
with so many new regulations and fresh approaches report invites leisurely reading. As designers, writers and
– and so little time – it has become even more important communication consultants we strongly believe a well
to benchmark our performance. This report is intended written, well designed report remains at the heart of an
to give annual report producers a clearer view of current effective investor relations program.
standards and practices. We wanted to provide you with
Third, how does my last report compare to
some insight into annual report trends in Canada and
other reports? In our review of the traditional reports
the United States so that you can formulate a framework
we received, there is striking consistency in production
and rationale for your own annual report.
quality, cover treatment, use of colour, use of graphs,
First, what are other companies doing? In the use of photography, number of pages, structure, thematic
United States, most companies now issue only Form 10Ks. emphasis, use of at-a-glance and corporate objectives
In fact, in 2006 only 35% of US companies that sent us features and the content of the MD&A over the four
a copy of their annual report sent a traditional report. years that we’ve conducted this survey.
The rest sent a Form 10K, a Form 10K in a glossy wrap
Inside this book, you’ll find benchmarks, trends, best
or a summary report. In contrast, 91% of Canadian
practices, tips and guidelines with plenty of examples
companies on the TSX/S&P and 99% of companies
and illustrations. Please, enjoy.
on the Euro 350 published reports very similar in content
and production quality to the reports they’ve been issuing
since we began this survey.
Second, is an annual report worth the effort
and expense? We have to agree with the hundreds
of Canadian, American and European companies that
continue to spend hundreds of hours and thousands of
dollars to explain their performance and investment merit
to investors. Print remains more invasive than the web.
80% 80%
60% 60%
40% 40%
CND
20% 20%
US 0% 0%
2005 2006 2007 2004 2005 2006 2007
02 AR TRENDS 2007
How the survey was done:
We ordered 625 reports from the TSX/S&P Composite, of qualified professionals dedicated to delivering all
S&P 500 and Euro 350 indices. We selected 130 Canadian the benefits of professional investor relations to each
and 76 US reports to collect data on 106 items and of our clients.
characteristics that we believe define an annual report.
Our goal is to explore how companies use traditional Craib Design & Communications and
annual reports to inform and engage investors as Craib Strategic Directions
effectively as possible. This is not a survey of financial The Craib group of companies is a dynamic team of
disclosure, therefore we did not order or review any professional designers, strategists, researchers and writers
Form 10Ks. All of the reports that flooded into our with almost 30 years of communications experience. We
offices were used to collect examples of best practices. have worked with a diverse range of organizations, from
prominent TSX 300 companies to small, private firms.
BarnesMcInerney Inc. Clients entrust their communications needs to us year
Capital Market Communications after year, and often our relationships with them extend
Over the past 20 years, BarnesMcInerney has built well beyond the scope of our original assignment.
a reputation as one of Canada’s leading full-service
Our approach is based on listening to and understanding
investor relations firms. This reputation has been earned
our clients’ key business issues and communications
by working with clients across a spectrum of industries –
objectives. The more we know about your goals
from their infancy as public companies to their zenith
and business, the better. Because we put effective,
as leaders in their sectors.
content-driven communication first, extensive work
Our success has been forged on a foundation of trust. is done to establish a project’s direction prior to any
We work closely with senior management to develop thoughts on design.
a thorough understanding of their business. This intimate
We use the medium that best delivers the message,
knowledge of a client’s business, combined with our
be it print, electronic or otherwise. Our services include
unmatched understanding of investor expectations,
design and art direction, production management,
empowers us to deliver compelling solutions to the
photography and illustration, website design and
most difficult investor relations challenges.
construction, writing and editing, capital market research,
We are committed to continually raising the bar for our best practice guidance and perception audits. The net
clients. This commitment is brought to life by a team result is solutions that are tailored to specific needs.
Posting reports in both PDF and Canadian CEOs are writing shorter 45% of Canadian companies use
HTML is less common letters to their investors special production techniques
100% 2,500 100%
0% 0 0%
2005 2006 2007 2004 2005 2006 2007 2005 2006 2007
Although HTML is a more powerful format The length of letters by Canadian CEOs has The use of special production techniques
for the web, more companies are using only steadily declined from 1,948 words in 2004 such as gatefolds, tip-ins, die-cuts and spot
PDF for their annual reports. to 1,658 in 2007, a drop of 23%. gloss is increasing.
AR TRENDS 2007 03
Section 1:
First impressions
Busy investors need a quick yet thorough
explanation of your company’s performance
and investment merit. On the covers and inside,
outstanding annual reports effectively deliver
succinct, meaningful, credible information.
04 AR TRENDS 2007
“You never get a
second chance to make
a first impression.”
Author Unknown
AR TRENDS 2007 05
Section 1: First impressions
Great covers:
Turning heads, turning pages
Gre 1
Cover contains a key message or theme > DO use a theme or key message that is relevant and
firmly backed up by the information inside the reports.
100%
80%
> DON’T waste your reader’s time with platitudes. If you
60%
can’t say something truly useful, and back it up, maybe
it’s best to leave the message approach to
40%
CND
next year.
20%
06 AR TRENDS 2007
While annual reports do not
sell on newsstands, covers are
critical in capturing reader interest.
Good covers reflect the nature of a
company’s business, performance,
strengths and/or strategy. The best
will distinguish your company
from your peers through striking
visuals, unique messages and
original design.
eat covers:
provides a succinct explanation of each concept.
2. Yum! Brands
3. Canadian Tire
3
3
AR TRENDS 2007 07
Section 1: First impressions
At-a-glance:
Something to be remembered by
At
1
Companies that provide an at-a-glance > DO use a multi-faceted approach that includes diverse
elements such as charts, photos, lists, text, maps
100% and illustrations.
80%
> DO consider a grid to organize information by business unit
60%
into categories – such as operations, sites, results, business
40%
CND
climate, strategy and outlook – that will allow the reader to
20%
understand your business segments, past performance and
US 0% the drivers of future performance.
2004 2005 2006 2007
The use of an at-a-glance to provide a succinct overview of > DON’T bury the at-a-glance. Consider using the inside front
a company’s businesses showed a resurgence in 2007 after
two years of declining in Canada and the United States. cover and page one or a gatefold for maximum exposure.
08 AR TRENDS 2007
You should never overestimate
the reader’s knowledge about
your company. Even with well-
known companies, there can be
misunderstandings about the scope
or thrust of the business. A well-
done at-a-glance is a powerful tool
for distilling a wealth of information
on your business in an organized,
highly visual manner.
1. Fortis
t-a-glance:
as well as selected financial data for each. Graphs
and bullet points are used to make the information
more accessible.
3. MDS
AR TRENDS 2007 09
Section 1: First impressions
Investment argument:
Stating your case
Investment a
1
Financial highlights: Providing a succinct overview > DO state your investment argument succinctly and with clarity.
Think, “if a reader spent five minutes with this report, could he
100% or she explain to a friend why we’re a good investment?”
80%
> DO support your argument with tangible evidence
60%
of your capabilities, strengths, strategic progress and
40%
CND
competitive advantages.
20%
10 AR TRENDS 2007
The annual report is a crucial
opportunity for companies to state
their case to potential new investors
– it should not be used simply
to describe past performance.
A persuasive, straightforward and
succinct investment argument
creates a context for every other
piece of information in the report.
1. PotashCorp
argument:
to guide the reader through the next six spreads.
The section is full of subheads, graphs, tables,
diagrams and bullet points to present the
company’s strengths with crystal clarity.
2. CIBC
AR TRENDS 2007 11
Section 1: First impressions
Investment argument:
(Cont’d)
Investment a
4
Benchmarks
12 AR TRENDS 2007
5
4. Inter Pipeline
argument:
The cover of Inter Pipeline’s report features
a suit-clad investor and the phrase “Some
would call us conventional.” Inside, the company
endeavours to explain what that means and
why, in fact, it’s a good thing – all in the time
it takes to tie a Windsor knot. The material is
written in a crisp, easy-to-comprehend tone, and
as a neat visual touch, each spread has a visual
demonstrating one step in tying a Windsor knot.
5. TransAlta
6. PrimeWest
AR TRENDS 2007 13
Section 2:
Leadership
Once you get them interested, the next challenge
lies in convincing your reader to believe what
you say. Readers tend to be very skeptical about
the information in an annual report, so winning
credibility is a challenge. Begin at the top with
messages from the CEO and Chairman that
are sincere.
14 AR TRENDS 2007
“Leadership and
learning are
indispensable to
each other.”
John F. Kennedy
AR TRENDS 2007 15
Section 2: Leadership
Special report:
Barron’s most respected CEOs
Many CEO letters were very good, displaying one or more
of the following strengths:
16 AR TRENDS 2007
3. They explain the factors driving shareholder 6. They are not only written in plain English,
value, including the market conditions that they carry the voice of the people who signed
underpin corporate strategy. their names at the end.
This not only ensures the reader understands the Many of them carry a sense of both intimacy and urgency.
competitive circumstances driving strategy; it allows These are individuals who obviously care passionately
them to understand the company’s performance as the about their businesses. Because this passion is usually
year unfolds. The most comprehensive discussion of combined with solid evidence, the letters become
market circumstances driving corporate strategy is in the extraordinarily credible. Whole Foods co-founder and
News Corporation letter. CEO Rupert Murdoch explains CEO John Mackey tells readers that on January 1, 2007
that “all of the historic constraints inherent in distribution his salary was reduced to $1 per year. He explains, “The
are being swept away by digital technology. For the first time tremendous success of Whole Foods Market has provided
in media history, complete access to a truly global audience me with far more money than I ever dreamed I’d have and
is within our grasp… and we are taking advantage of it.” far more than is necessary for either my financial security or
personal happiness. I continue to work for Whole Foods not
4. They provide third party support for because of the money I can make but because of the pleasure
their arguments. I get from leading such a great company.”
Danone CEO Franck Riboud uses a quote from
Muhammad Yunus, Nobel Peace Prize laureate and 7. They make the structure of the letter’s
president of the Grameen Bank: “With Danone we have content obvious with heads and subheads that
taken a giant step. The Grameen Danone foods joint venture make the letter easy to navigate and deliver
shows that it is possible to do business differently. Profit is no core messages.
longer an end in itself, but the means to social ends.” The content of the letter and its organization are very
important. So too is the design. We like to see letters
5. They have excellent introductions that that can be scanned. If done well, they are more likely
deliver the year’s core messages and draw to effectively pull the more hesitant reader into the body
the readers into the body of the letter. of the letter for a more thorough reading. Use type or
GE CEO Jeffrey Immelt began his letter this way: graphical devices to draw out the messages in the letter.
“I assumed the CEO job on September 7, 2001, a fact most Imagine the reader looking only at those words in 16-point
of you know. The week after September 11, GE’s stock was type and ask if he or she would get all of the key points
in a ‘freefall’. On September 21, GE opened at $29 and then that you would like taken away from the report.
stabilized. As the stock hit $34 during the fall, I bought 15,000 In summary, the characteristics that defined a great
shares thinking, ‘I love the company and when will it ever be letter are clarity, evidence, thoroughness and voice.
this cheap again?’ The answer turned out to be – in 2006.” Of course, humour is always a bonus.
Immelt obviously shares his investors’ pain, but doesn’t
sugar coat the message: “This is a long-term investment.
There are no short-term tricks.”
John Mackey, Whole Foods Michael O’Leary, Ryanair Holdings Bob Simpson, XTO Energy
Lakshmi Mittal, Arcelor Mittal Franck Riboud, Group Danone James Sinegal, Costco Wholesale
Allan Moss, Macquarie Peter Rose, Expeditors International Fred Smith, FedEx
Angelo Mozilo, Countrywide Financial Steven Roth, Vornado Realty Ratan Tata, Tata Sons
Rupert Murdoch, News Corp. James Schiro, Zurich Financial Jong-Yong Yun, Samsung Electronics
AR TRENDS 2007 17
Section 2: Leadership
Message to shareholders:
In their own words
Message to shar 1
% of CEO messages that begin on page 1 or 2 > DO provide insight into what shareholders might expect
in the coming year. This is not a forecast, but a reasonable
100% explanation of expectations.
80%
> DON’T be afraid to draw conclusions for the reader. Readers
60%
don’t have time to figure out what you are trying to say. They
40%
CND
prefer managers who know what they are doing and why –
20%
and aren’t afraid to say so.
US 0%
2005 2006 2007 > DO deal with the bad news openly. To be credible, the CEO’s
The CEO’s message to investors remains the essential annual letter must be balanced. If you’ve had a bad year, don’t gloss
report feature in establishing the foundation for all the information
that follows. over it. Provide some true perspective.
18 AR TRENDS 2007
A good letter from the CEO should
explain and place key events
and results of the past year into
perspective, but the bulk of the letter
should focus squarely on strategy,
framed within the context of the
company’s strengths as well as
industry trends and developments.
1. Home Capital
2
The Home Capital letter to shareholders covers
five pages, replacing most of the feature material.
It thoroughly documents and explains the five
reasons to invest in Home Capital – as promised
on the report’s front cover. The joint CEO/Chair
letter clearly lays out the company’s strengths
reholders:
in its core business, explains the company’s
performance over the past year and sets hard
targets for the upcoming year.
2. GE
3. TELUS
AR TRENDS 2007 19
Section 2: Leadership
Message to shareholders:
(Cont’d)
Message to shar
4
Benchmarks
20 AR TRENDS 2007
4. Cameco
reholders:
The letter is complemented by photos, graphs,
pull quotes and a financial highlights table to
support the CEO’s discussion.
5. BMO
6. Wells Fargo
AR TRENDS 2007 21
Section 2: Leadership
Corporate governance:
Guiding the ship forward
Corporate go
1
% of reports with a message from the > DON’T sacrifice biographies for photographs. Having both is
Chair of the Board ideal, but biographies have more substance than photos.
100%
80%
> DO provide a summary of changes made in the previous year
60%
and/or planned for the coming year.
40% > DO consider using a letter from the Chair to discuss Board
CND
20% practices, policies and composition.
US 0%
2005 2006 2007
22 AR TRENDS 2007
The intense scrutiny of corporate
governance that encouraged
many companies to focus their
discussions of governance on
improvements to their processes
and structure has, unfortunately,
gravitated back to boilerplate.
Directors are the stewards of
shareholder interests and the annual
report should demonstrate their
quality and depth of expertise.
1. Barclays
overnance:
do in 2006?” and very practical questions such
as “How do you assess the performance of the
Board?” The Chairman mentions that the Board
must possess “the right balance of Directors and
a good mix of skills and experience,” and then
demonstrates that this is the case with detailed
biographies of its Directors.
3. RBC
3
> More best practices...
TELUS
TransAlta
AR TRENDS 2007 23
Section 3:
Commitment
Where are you going? How will you get there?
Have you made any progress? And, importantly,
are your operations and results sustainable?
The best annual reports address these critical
questions with precision, and with evidence.
24 AR TRENDS 2007
“A goal without a plan
is just a wish.”
Antoine de Saint-Exupery
AR TRENDS 2007 25
Section 3: Commitment
Strategy:
Laying the groundwork
% of reports that emphasize the company’s strategy > DO deal with bad news openly. To be credible, the commentary
or investment argument must be balanced. If you have had a bad year, don’t gloss
100% over it.
80%
> DON’T just tell, show. Provide proof that your strategy is
60%
working with statistics, examples and anecdotes. Readers
40%
CND
will believe you if you give them evidence.
20%
26 AR TRENDS 2007
At the heart of any annual report
are your strategies for improving
performance and building
shareholder value. This discussion
should be framed in terms of
corporate strengths as well as
industry trends and developments.
Be specific wherever possible.
The more evidence and concrete
examples, the better.
1. Monsanto
Strategy:
2
provided to demonstrate the real-world impact of
the company’s strategic initiatives.
2. Canadian Tire
3. 3i Group
AR TRENDS 2007 27
Section 3: Commitment
Strategy:
(Cont’d)
Benchmarks
100%
80%
60%
40%
CND
20%
US 0%
2004 2005 2006 2007
28 AR TRENDS 2007
4. GE
Strategy:
5 “Winning in the Future.”
5. IBM
6. Inmet Mining
AR TRENDS 2007 29
Section 3: Commitment
Objectives 1
% of companies that provide dedicated corporate > DO illustrate the relationship between your goals and
objectives pages or spreads your strategies.
100%
80%
> DON’T set goals that can’t be measured. “We will expand
60%
EBITDA margin to 20% in three years” is significantly more
meaningful than “We will maximize shareholder value.”
40%
CND
20% > DON’T hide missed targets. Acknowledge the situation,
US 0% explain the results, and discuss how you plan to do better
2004 2005 2006 2007
next year.
It takes courage to set targets which can be used to measure
performance, and fewer companies are taking the risk.
30 AR TRENDS 2007
The best annual reports not
only describe the company’s
strategic direction, they quantify
it by establishing financial and
operating objectives – and measure
their performance against those
objectives. Some companies
produce detailed spreads featuring
an objectives scorecard with goals,
key metrics and relevant graphs.
1. CIBC
& targets:
in a “comments” column for additional context.
2. Alcan
3. PotashCorp
AR TRENDS 2007 31
Section 3: Commitment
Sustainability:
Preparing for the future
Sust
1
32 AR TRENDS 2007
More companies are voluntarily
focusing on broader corporate
sustainability and responsibility
issues than ever before. The better
reports include some sort of
measurements of performance,
rather than simply motherhood
sentiment. They also outline
corporate goals, practices and beliefs
in these sections. For an in-depth
discussion of sustainability issues,
see this year’s CSR Trends booklet.
1. Abitibi-Consolidated
tainability:
2
2. Norsk Hydro
3. Entergy
AR TRENDS 2007 33
Section 4:
Credibility
Sometimes it’s not enough to tell your story –
you need to show it. Photographs, illustrations
and third-party testimonials can give readers
a refined insight into the effectiveness of your
company’s operations and strategies.
34 AR TRENDS 2007
“Honesty has a beautiful and
refreshing simplicity about it.
No ulterior motives. No hidden
meanings. An absence of
hypocrisy, duplicity, political
games, and verbal superficiality.”
Charles Swindoll
AR TRENDS 2007 35
Section 4: Credibility
Testimonials:
Let them do the talking
Test
1
9%
or communities.
of testimonials were
from customers. > DON’T put words in the speaker’s mouth. A testimonial
that sounds prepared or inauthentic can do more harm
than good.
36 AR TRENDS 2007
The best advertisement is a
satisfied customer. In the same
way, a company’s capabilities or the
quality of its products and services
can be confirmed by a few words
from a credible and relevant outside
party, lending significant credibility
to your investment argument.
1. MAN AG
timonials:
company’s activities in those different regions.
2. BMO
3. QUALCOMM
AR TRENDS 2007 37
Section 4: Credibility
Visuals:
What you see, what you get
% of annual reports with photographs > DON’T use images as wallpaper. Every image
should support the reader’s understanding of your
100% company’s messages.
80%
> DON’T use too many images. A small number of
60%
remarkable images will have more impact than a cavalcade
40%
CND
of mediocre ones.
20%
38 AR TRENDS 2007
Photos, illustrations, maps and
graphs can effectively deliver facts
and messages that the reader
might otherwise miss if all of your
information is buried in text. They
can catch the eye of the reader who
simply scans through annual reports
or supplement your investment
argument with credible evidence.
1. United Technologies
Visuals:
application. On subsequent pages, the reader
can see the parts in action, be it on an offshore
oil platform in treacherous conditions or in a
construction project in Dubai.
2. Thomson Pharma
AR TRENDS 2007 39
Section 4: Credibility
Visuals:
(Cont’d)
Benchmarks
12 +
15
average number of graphs
CND 10
5
in a report.
US 0
2004 2005 2006 2007
40 AR TRENDS 2007
4. PG&E
Visuals:
impression of the issue that is addressed by a
member of management on the following page.
5. McDonald’s
6. Armtec
AR TRENDS 2007 41
Section 5:
Performance
While the feature material in a good annual report
will provide a thorough, but concise explanation
of a company’s investment merit, management’s
discussion and analysis along with the financial
results and notes continue to represent the
annual report’s raison d’être.
42 AR TRENDS 2007
“The toughest thing
about success is that
you’ve got to keep on
being a success.”
Irving Berlin
AR TRENDS 2007 43
Section 5: Performance
MD&A:
Making sense of it all
% of reports that provide an outlook in > DO follow the Canadian Institute of Chartered Accountants’
their MD&A MD&A Guidance on Preparation and Disclosure. You can
100% find it at www.cica.ca under Research & Guidance.
80%
> DO design the pages of the MD&A to encourage readers
60%
beyond the institutional investors and financial analysts
40%
CND
to explore at least some of the information provided. This
20%
can be done by layering information, and using call-outs
US 0% and graphs.
2004 2005 2006 2007
The regulatory and economic environments appear to be driving > DO consider a table of contents for easier navigation.
a trend to less discussion about future performance.
44 AR TRENDS 2007
The most thorough MD&As have
adopted the guidelines issued by
the Canadian Institute of Chartered
Accountants, which recommends
that companies discuss their vision,
strategy, key performance drivers,
capabilities to deliver results and
risks. The best MD&As are also
written in plain English, making them
comprehensive and comprehensible.
1. Inmet Mining
MD&A:
2 worker safety) into the MD&A, showing that
these topics are intrinsically connected to
financial results.
2. TELUS
3. Agrium
AR TRENDS 2007 45
Section 5: Performance
Risk management:
Keeping things under control
Risk man
1
91% discussed risk in the MD&A. > DO devote more discussion to those risks that are
more likely to challenge your ability to achieve your
established goals.
46 AR TRENDS 2007
Every company faces risks that arise
from the global economy, industry
trends and circumstances within the
company itself. An annual report
should include a discussion of
those risks as well as the policies
in place and measures being taken
to mitigate risk.
1. PotashCorp
nagement:
each risk factor.
2. ITV
3. 3i Group
AR TRENDS 2007 47
Section 6:
Accessibility
While a printed annual report remains the
backbone of an effective IR program, the Internet
has become the source to which many investors
will turn for the mother lode of information
on your company. A good website will not only
reinforce your key messages, it will provide
readers with the depth of detail that was not
possible in the past.
48 AR TRENDS 2007
“One of the Internet’s
strengths is its ability to
help consumers find the
right needle in a digital
haystack of data.”
Jared Sandberg
AR TRENDS 2007 49
Section 6: Accessibility
Websites:
Ready when you are
% of corporate websites with pages devoted > DO provide an intuitive interface, making common links
to sustainability/CSR reporting such as corporate overview, financial statements and
100% corporate governance readily accessible.
80%
> DO give the reader choice: offer documents in HTML and
60%
PDF, break reports down into their individual sections, and
40%
CND
list various options for contacting IR.
20%
US 0% > DON’T treat the site as a static repository for data. Keep
2005 2006 2007
it updated with stock numbers, press releases, industry
Sustainability and corporate responsibility tend to be web-only information and other news.
discussions, although more companies are producing printed
CSR reports as well.
50 AR TRENDS 2007
A good investor relations website
is not simply a bulletin board for
the company’s print documents. It
provides context and supplementary
data while making full use of
the Internet’s capabilities for
interactivity, including the ability
to be constantly updated.
1. Cameco
Websites:
of conference calls. Unlike most companies,
Cameco posts the entire annual report in HTML.
3. Talisman
AR TRENDS 2007 51
Section 6: Accessibility
Websites:
(Cont’d)
Benchmarks
52 AR TRENDS 2007
Some companies direct readers
to their website for additional
commentary through their printed
report. The print and Web version
of the annual report should work in
tandem to strengthen its usefulness
to investors.
5
4. GE
Websites:
strategies and goals discussed in the annual report.
5. BP
6. BMO
AR TRENDS 2007 53
Who we surveyed:
• indicates annual reports chosen as best practices
We began by ordering reports from 625 Canadian, US and European companies. Of those, we
identified 206 Canadian and US reports to be included in our benchmarking analysis. We did not
benchmark the European reports, but did survey 133 of them for best practices. We also surveyed
all of the Canadian and US reports for best practices. Below are the 220 companies whose reports
were included in our benchmarking analysis and/or identified as a best practice.
54 AR TRENDS 2007
• High Liner Foods Incorporated National Semiconductor Sherwin-Williams
Highpine Oil & Gas Limited Corporation Shore Gold Inc.
• Home Capital Group Inc. Neurochem Inc. Silver Wheaton Corp.
Huntington Bancshares Inc. Newalta Income Fund Sino-Forest Corporation
• Husky Energy Inc. • News Corporation St. Jude Medical, Inc.
IAMGOLD Corporation Norbord Inc. Stanley Works
Imperial Oil Limited • Norsk Hydro ASA Stantec Inc.
ING Canada Inc. Northbridge Financial Corporation Stryker Corp.
• Inmet Mining Corporation Northgate Minerals Corporation Suncor Energy Inc.
InnVest Real Estate NOVA Chemicals Corporation Superior Plus Income Fund
Investment Trust NovaGold Resources Inc. Synenco Energy Inc.
Integrys Energy Group, Inc. Nucor Corp. • Talisman Energy Inc.
• Inter Pipeline Fund Oilexco Incorporated Teck Cominco Limited
• International Business Paramount Energy Trust • TELUS Corporation
Machines Corporation Patheon Inc. • Thomson Corporation
• ITV plc • Peabody Energy TimberWest Forest Corp.
• Jazz Air Income Fund Pembina Pipeline Income Fund • Toronto-Dominion Bank
• Johnson & Johnson Pengrowth Energy Trust Torstar Corporation
JPMorgan Chase & Co. Petrobank Energy and • TransAlta Corporation
• Kellogg Co. Resources Ltd. Transat A.T. Inc.
Keyera Facilities Income Fund • PG&E Corp. TransCanada Corporation
Keyspan Energy Corporation Pinnacle West Capital Trilogy Energy Trust
Kinross Gold Corporation Polo Ralph Lauren Corp. TSX Group Inc.
Laboratory Corporation of • Potash Corporation of Tyson Foods Inc.
America Holding Saskatchewan Inc. U.S. Bancorp
Laurentian Bank Of Canada Power Corporation of Canada Unisys Corp.
Legacy Hotels Real Estate PPL Corporation • United Technologies
Investment Trust Praxair, Inc. Corporation
Liz Claiborne, Inc. Precision Drilling Trust • Verizon Communications
Lowe’s Cos. • Primaris Retail Real Estate Vermilion Energy Trust
• Macquarie Power & Investment Trust Vulcan Materials Co.
Infrastructure Income Fund • PrimeWest Energy Trust Wachovia Corp.
Magna International Inc. • Procter & Gamble Co. Walgreen Co.
• MAN AG • QUALCOMM Inc. • Wells Fargo & Co.
Maple Leaf Foods Inc. Quebecor World Inc. Western Union Co.
Marriott International, Inc. Regions Financial Corp. • WestJet Airlines Ltd.
MBIA Inc. Reitmans (Canada) Limited Xerox Corp.
McCormick & Co. RioCan Real Estate Yamana Gold Inc.
• McDonald’s Corp. Investment Trust Yellow Pages Income Fund
• The McGraw-Hill Companies Robert Half International Inc. • Yum! Brands, Inc.
• MDS Inc. Rogers Communications Inc.
Medco Health Solutions Inc. • Royal Bank of Canada
Medtronic Inc. • Royal Dutch Shell plc
Merrill Lynch & Co., Inc. • Santos Ltd.
Metro Inc. Saskatchewan Wheat Pool Inc.
• Monsanto Co. Sears Canada Inc.
Mylan Laboratories Inc. ShawCor Ltd.
AR TRENDS 2007 55
For further information please contact:
56 AR TRENDS 2007
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