Sid Cato has published, since September 1983, his self-named Newsletter on Annual Reports. He evaluates annuals against standards he promulgated—15 copyrighted criteria on what makes a good report. He also rates the key corporate communique against three dozen indicators of a report’s positive or negative nature—the Cato Positive Index. He said this year’s crop averages a decidedly positive 4.9% CPI, as contrasted with -1.2% a year prior at the same stage of his evaluation process, now in its 16th year.

Also, he said that "for the first time ever," a split-run document has been printed. It’s IBM’s 1997 report. Said Cato: "One could guess that, should anyone truly break new ground with its annual, it would be...Big Blue."

Cato said two early-arriving reports have perfect scores of 135 points. They’re for Chicago-based Ameritech and Canada’s Bruncor. Each is a telecommunications company, and both companies’ annuals feature a little girl on the report cover.

Cato said three of 10 early 1997 annuals have what he calls "a newsmagazine appearance—in other words, they’re decidedly external in orientation." He criticizes reports that are internally oriented—"aimed, for instance, at directors or officers."