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MARSHALL, Mich., Jan. 1, 2005.—Of the early-arriving 2004 annual reports to
shareholders of publicly held companies—from corporations on a fiscal-year basis—
only one, by Walgreen Co., has achieved "world-class" status by scoring at least 100
of a potential 135 points.
So reports Sid Cato in Issue No. 256 of his monthly Newsletter on Annual Reports. With computer programs he conceived and directed creation of, Cato began monitoring three dozen annual report elements as far back as the 1982 crop of what he sees as "the key corporate communiqué." He said Walgreen’s annual is "head and shoulders" above the pack, which overall is averaging a -5.6% positive\negative assessment—"decidedly the latter." He hailed the Chicagoland report as "one that truly impresses." Cato, journalist, author and former corporate officer, said Walgreen’s approach "is external, rather than, as with so many annuals, internally oriented." Among other Walgreen innovations, Cato said its letter to shareholders "is presented in a question-and-answer format," containing responses, respectively, of the company’s chief executive and its president/chief operating officer. |