In light of the hullabaloo concerning corporate scandals, widespread (it seems) "cooking the books" and absence of transparency, have companies become more forthcoming? Is transparency the new, in-bred code of ethics?

Not according to annual report observer Sid Cato. In the 233rd issue of his self-named Newsletter on Annual Reports, Cato says he perceives "little improvement in forthrightness, in full disclosure, in management accepting its rightful share of responsibility for the financials."

Glowing example of what Cato said stockholders have a right to expect: the annual report from an Australian financially oriented firm, Perpetual Trustees Australia Limited. He devoted a full page of his six-page newsletter, published monthly since September 1983, to its annual, which he said "reeks of rectitude."