Cato, a contributing editor to Chief Executive, "an international journal of strategy and analysis," revealed his choices in the November issue of his monthly Newsletter on Annual Reports. His selections are contained in the November issue of the magazine.

Topping the list of world's worst is Barnes Group, South Windsor, Connecticut.

Others to achieve 10-best status, in order of their finish: RLI Corp., AFLAC, Colgate-Palmolive, St. Paul Cos., Dana, DTE Energy, Atlanta-based Southern Co., and Phillips Petroleum and Unisys. Those two tied for ninth best worldwide.

Others to make the list of world's worst, in order, include Eastman Chemical, Cinergy, Disney, Diamond Technology Partners, Evans & Sutherland, American International Group, NiSource, Black & Decker and Charter One Financial.