That's the finding of an industry newsletter monitoring annual reports since September 1983. In issue No. 173, Sid Cato in his Newsletter on Annual Reports assessed the readability of the first 89 reports received from around the world. Four of the 10 that qualified in Editor Cato's mind as "readable" were produced by international companies:

TDK; Amway Asia Pacific; Mitsubishi, and Amway Japan.

Cato said he found only 10 of the 89 - one in nine - "decently readable."

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