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MARSHALL, Mich., March 1, 2003.—Of the first 44 annual reports to
shareholders for 2002 produced by companies worldwide, only three have achieved
what industry observer Sid Cato describes as "world-class" status, scoring at least 100
of a potential 135 points.
His evaluation formula encompasses everything from extensive financial disclosure to complete honesty by a company's chief executive officer to a book that says "open me, read me—that is, possessing various readability enhancements." Joining Tyson Foods and Andrew Corp., whose achievements were announced previously, is the 2002 report of Pittsburgh-based Alcoa, the aluminum manufacturer. Its report preliminarily scored 104 of a potential 135 points. Cato's Newsletter on Annual Reports has been published monthly since September 1983. He described the Alcoa report—"forthrightness in the face of adversity"—as a perennial world's-best finisher. |