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MARSHALL, Mich., Nov. 8, 2004.—There's progress in one area involving the
annual report to shareholders of publicly held companies: Fewer—far fewer—have
boards of directors seen to exclude women and/or minorities.
So reports Sid Cato in Issue No. 255 of his monthly Newsletter on Annual Reports. He disclosed that, among other findings. With computer programs he conceived, and directed creation of, Cato began monitoring annual report elements as far back as the 1982 crop of "the key corporate communiqué." He disclosed that the prevalence of what he calls "white bread males" among boards stood, in 1992 books, at 41.2% "a more seemly" 7.5% currently. He said honesty among corporate chieftains stands at 90.1%—"very same, by coincidence," as among 1989 annuals. In other areas, he indicated chagrin—use of 11-year financial data, for instance. That stood at "a hefty 27% among 1990 annuals." Today? "13.9%, half that." His biggest disappointment? "Inclusion, in whole or in part, of the legalistic Form 10-K, never intended for public consumption; it's a document to be filed with government agencies." He said only 2.2% of 1983 annuals contained that legalistic document. "Twenty years later, that door-opening 2.2% has mushroomed to 39.1%. Told you so," he said. |