It's his 17th year of selecting the best, and worst, among this key corporate communiqué. He's also a contributing editor to Chief Executive, as well as creator and editor/publisher of his self-named Newsletter on Annual Reports.

His picks of the 43 to score at least 100 of a potential 135 points, thus achieving "world-class" status, appear in the December 2000 issue of his newsletter, published monthly since September 1983.

Using computer programs he invented back in 1983, Cato named Ford Motor Co.'s 1999 annual report to shareholders world's best, its score a perfect 135 points.

He said it was the second year in a row that fewer than four dozen reports worldwide scored the requisite 100-point minimum – necessary to qualify as "world class." Among 1998 annuals, 42 reports were so honored.

Said Cato: "The more things change, the more they stay the same."