Notable - Positives and Negatives
from 100 Reports

X5 Retail

Well-charted review of operations.

What's the meaning of the front cover?


Board Skills and Experience – Key Questions about remuneration.

Wolters Kluwer

Reporting as a compliance exercise more than a communication piece.


Building for People to read about the Value Proposition and Creation, Strategy and Targets. Solid facts and sleek presentation.


Solid sustainability targets, substantiated with a commitment and implementation facts.

PDF layout is a letdown.


A truckload of facts and figures reported thoroughly and intelligibly.

Sustainability goals not clearest.

Vestas Wind Systems

No windy talk here. Check e.g. Environmental impact, revenue recognition, impact of joint ventures...


Well-illustrated Business Model and well-balanced KPIs.


There is some food inside, to be sure...

... But a refreshing change is needed to make the PDF less indigestible.


Our business model, What we do, capitals, Strategy and resource allocation, risks... presented with great clarity and many details.


Corporate Risk Map for 2018 is very comprehensive.


This is Our Portrait cover consistent with inside theme and contents. Performance Forecasts.


A benchmark in operating and financial reporting that also deals smartly with sustainability issues.

Tate & Lyle

Strong governance culture demonstrated in Board's presentation, responsibilities, activities, internal control system, committee reports.

Tata Steel

Very comprehensive Business Model - rich in figures too.

Length is a letdown.


Value Creation Model, Management Bases, Examples of Group Businesses.


Excellent review of assets, strategic insights (including a SWOT), KPI selection.


Factors influencing the business model of construction. How we measure our strategy's success.

What is New Now?

ST Engineering

Risk & Sustainability Highlights.


A digital report that has the right chemistry.

Although informative, the PDF is more conventional.

Smith & Nephew

Thorough approach to risk: team, risk management life cycle and next year plan, impact...


Objectives and results to the point. Clear overview of How SKF creates value.

Shell (Royal Dutch Shell)

A digital format makes up (at least partly)...

... For a long tiring 20-Fish PDF.


An interesting read, also thanks to a leaning towards a magazine rather than a conventional report. Check Materiality Matrix, too.

Severn Trent

This report highlights the progress… in achieving that vision through our strategic objectives and … focus on delivering value for all of our stakeholders. Read this elsewhere, haven’t you?


CFO's strategic review on value targets, with financial framework and value through disciplined capital allocation.


Comprehensive financial and sustainability report (Non-financial results clarify the position as regards all SDGs).

Heavy and uninspiring Registration Document.


High-flying Corporate Governance chapter (also re. board key matters, focus, audit committee et al.).


The Annual Report is short -too short. The Registration Document is way too long.


Underlying, adjusted, constant currency, restated items may not always give the most accurate picture.


Easy-to-navigate online review. Understanding the External Environment.

Pernod Ricard

Does it go the extra mile? Delivers better as a storyteller and photographer than as a reporter.


Poor efforts on disclosure and CSR.


Why ROIC? Embracing ROIC Management. ROIC Management Builds True Earnings Power.


Shareholder Returns highlight historical Share Buybacks as much as Annual Dividends.

Novo Nordisk

In-depth Outlook 2019.


Product category and operating segment review as strengths, as well as commitments in SDG areas.

Value-creating strategy not always most explicit.

MVV Energie

A smart and energetic My world. My energy magazine supplements the thorough combined annual report.


Outside Directors and Outside Audit & Supervisory Board Members + Selection Criteria.


Our customer-centric approach sets forth Market- and customer-specific sales and upply chain network.


We are on the move (cover). This report doesn't transport the reader most convincingly.

M&S (Marks & Spencer)

Upfront about challenges.

Nonfinancial reporting is sketchier.


Extensive use of charts and maps.


Striving for the right combination of HTML and PDF reporting -yet not fully optimized.

Lindt & Sprüngli

Not short on Research and development, i.e. more than a chocolate-box story.

Financials make up a less solid meal.


Discover and select your favourite Annual Report themes via a few clicks on the homepage.


Substantiated five-year corporate responsibility approach.

Johnson Matthey

The chairman is delighted to write for the first time and takes two minutes to reflect on 365 days.


Not that common, a Forecast Report quickly downloadable from the digital report homepage.


Our Business Model, as Seen… through the Corporate Value Formula, Business Development, in the Value Chain, through a Functional Example.


Extensive highlights and key figures.


Nice layout for committees' composition and attendance records.

Dull design and difficult read.


Delivers on CSR matters...

... For those who can wait until the report is released. Very late, that is.


Comprehensive Key Figures. Installed capacity… by country and technology. Well-defined Business Model.

Hefty 400-plus-page Sustainability Report.

Hugo Boss

Not most suitably dressed for reporting.


This 100% Holmen-produced report is succinct and to the point.


Comprehensive, transparent on segments and risks, supported effectively.


Classy design and rich content.

Who really reads a 400-page annual report?

GSK (GlaxoSmithKline)

Financial review and governance up to expectations.

Far from most reader-friendly. Too short on KPIs, ESG and risk management.


No-fuss and easy-to-grasp with an integrated sustainability framework.

Branding lags behind.


How we create value video in the online report.

General Mills

Interesting Global Responsibility report.

Uninteresting 10-K Annual Report.

General Electric

The letter from the new CEO is worth reading.

The whole report isn’t electrifying (another churned-out 10-K).


Roundtable Discussion with External Directors. Corporate Governance That Brings Out Fujitsu's True Value.


Energizing Financial & Operating Review made up of solid fuel.


Straightforward Letter to Stakeholders.

KPI reporting not up to expectations.


Helpful segment reporting.

Theme a bit confusing.


Most issues are reviewed with care.

The long and dry report isn’t a gas.


The Annual Reports archive includes reports from 1950 until today.

Well positioned to create value makes a banal report message.


Very informative, e.g. about next-generation treatments. to Stakeholders.

Suffers from information overload.

EDP (Energias de Portugal)

Energy required to go through about 500 pages.

Dr. Reddy's Laboratories

Fine selection of historical ratios.

Deutsche Telekom

Looking for a reader-friendly digital report? This is a good example.

The PDF isn't up to the HTML.

Deutsche Bahn

Ambitious and rich in content.

Some can't see the wood for the trees.

Daiwa House

Basic Strategy for Capital Policy to support CFO message.


The power of C has informative content...

... But is sometimes cryptic and not always convincing.


Finally a Business & Sustainability Report refreshingly different from previous contents.

Another unpalatable 10-K, and sustainability still years away from best practice.


Why Board Diversity is Important to CLP, among other strengths in putting governance matters in plain language.


A wealth of Key sustainability indicators.


Financing costs, capital structure and equity (including liquidity, of course) explained very clearly in notes to statements.

Cairn Energy

How We Manage Risk thoroughly addresses principal risks associated with strategic objectives.


Measuring our progress.

Heavy fuel: a 326-page AR. Obviously, the 80-page SR is much lighter.


Dashboard of... Group's CSR approach. Overall contents up to it.


Details about the Production Network. Glossary. Index (also for graphs).

Lackluster printed report.


Detailed Risk and opportunity report. Sustainability Report is worthy of note too.


All graphics at a glance display more than sixty charts in a user-friendly online report.

Information overkill. Complicated sustainability approach.


The Magazine part enlightens about the metal portfolio -old and new.


A Magazine about electric mobility, digital business, China, and responsibility. How original!


Comprehensive Therapy Area Review and Financial Review.

Report design pedestrian and not super-duper.

Astellas Pharma

Research and Development and Manufacturing to Sales and Procurement sections.

Associated British Foods

From bread winners to sugar business, from Primark to other ingredients, nice design and read appeal effectively serve reporting purposes.


Designed in great magazine style without sacrificing informative content.

Anglogold Ashanti

An impressive Annual Report Suite...

... That runs over more than 700 pages in total.


Progress? The overall design looks very much like thousands of annuals churned out by many British agencies these last thirty years.

Ahold Delhaize

An online reporting hub that goes to the point.


Committed to investment-grade credit rating, Exploit buy-and-build M&A opportunities, Return excess cash to shareholders as finish lines to CEO review. Mmm.

Committed to investment-grade credit rating, Exploit buy-and-build M&A opportunities, Return excess cash to shareholders as finish lines to CEO review. Mmm.

Adaro Energy

CSR reporting neither up to best practice nor to expectations from such a large mining group.


Rich contents and solid structure.


The Annual Overview does a great branding job.

Getting access to reporting documents is far from easy.