Their 1996 annual reports to shareholders were named world's best. Each scored all of a potential 135 points, judged against criteria (copyrighted) established in 1984 by industry monitor Sid Cato.

Each likewise achieved a 100% positive rating, meaning their reports contained all three dozen elements Cato advocates for a successful annual report.

This is his 14th year, as a contributing editor to Chief Executive, to choose the world's best and worst reports. His selections are contained in the October issue, No. 170, of his long-running (since September 1983) Newsletter on Annual Reports. Named world's worst was the 1996 report of Gulf Canada, followed by Walt Disney Co.'s annual in second place.

Others to make Cato's list of 10 best, appearing in the November issue of the magazine of corporate chieftains:

Third: Armco Inc.; fourth, Eastman Chemical; fifth, Chevron; tied for sixth: Northwest Natural Gas and Southern Co.; eighth, Phillips Petroleum; ninth, AFLAC; 10th, Hillenbrand Industries.

Making Cato's list of world's worst, in addition to Gulf Canada and Disney:

Cato is a former corporate officer and newsman. Subscribers to his publication range from corporate chief executives to financial and communications officers, here, in Mexico and Canada, in the United Kingdom, Sweden, Taiwan, Finland, Australia, New Zealand, Malaysia, Singapore and the Philippines. He evaluates more than 750 annuals a year from around the world, using computer programs he invented 15 years ago.