Sid Cato began his Newsletter on Annual Reports in Chicago in September 1983. He says it came about "without forethought" June 1 of that year. "Issues one and two were in the mail in September and October" while he vacationed in Ireland. His association with the key corporate communiqué dates back nearly four decades.

In his current issue, Cato listed the 45 best ("that is, most positive") reports from around the world. Among those cited: the United Kingdom’s Reuters, Mexico’s Grupo Vitro and Bahrain’s Batelco, a telecommunications company.

Cato said nearly half the 1998 reports he has analyzed contain a mission or vision statement, which he advocates, but only 4.5%—one in 22—"make the financials more inviting by extending design look of front part of the book throughout."