That's the word from Sid Cato, who monitors the annual report industry worldwide full time, using computer programs he conceived and whose creation he directed 17 years ago.

In his August Newsletter on Annual Reports, Issue No. 204 (every month since September 1983), he said the Ford report "at a minimum is assured of first place, whether alone or tied to be determined." He said it has been awarded all 135 points possible and has a 100 percent positive rating, indicating presence of all the three dozen elements Cato considers essential to the key corporate communiqué. They range from extensive financial disclosure to full-bodied CEO involvement.

The GM annual, by contrast, scored only 78 points. Its positive rating is 30.6 percent. Cato said that, "among other drawbacks, nothing on the inside relates graphically to GM's cover featuring an infant."