In the February 2001 issue of his monthly Newsletter on Annual Reports, Sid Cato cited the "growing number" of corporations that appear to be "seeking any way possible to avoid producing a full-bodied report." He said that for most executives, "Issuing a revelatory annual report is akin to walking barefoot on hot coals."

Cato said "more and more" companies are falling back on the legalistic Form 10-K—8.6% among 1999 reports, "double that so far" among early arriving 2000s.

"Either they make the 10-K (all the Securities and Exchange Commission requires of publicly held companies) the main portion of their book, or they produce a two-parter, a not-so-subtle segue to an incomplete summary report—which path a record 6.1%, or one in 16, took" in year-ago annuals. He criticized several firms, ranging from Texas' Atmos Energy to Sweden's SKF to Chicago-based Oil-Dri.

The former corporate officer, as a contributing editor to Chief Executive, for the last 17 years has picked the 10 best and 10 worst annuals worldwide.