The self-described "annual report activist" referred to his "quest to prevent women and/or minorities from being excluded from boards of directors." He opposes such exclusion.

His comments came in Issue No. 186 of his Newsletter on Annual Reports.

When, five years ago, he began to spotlight companies whose boards were comprised solely of "white-bread males," he said "one in four pictured directors, a hefty 35% of which were seen to exclude women and/or minorities."

Today, nearly two in five include director photos. He said "Half so many as among 1993 reports—17.6%—are seen to be exclusionary."

Cato views "those who practice such exclusion (as) schlocks, the kind of Neanderthal types you wouldn’t want to do business with, let alone associate with, even if they’d have you."

He said none so guilty can make his list of Top 10 reports.