 |  Periodic editorials concerning everything from the very worst industry—from an annual report standpoint, that is—to what's wrong with the Fourth Estate. Reporters who can't hit an accuracy with a cannon. |
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| Periodic editorials concerning everything from the very worst industry—from an annual report standpoint, that is—to what's wrong with the Fourth Estate. Reporters who can't hit an accuracy with a cannon. |
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The International Annual Report; the world keeps getting smaller
It wasn't until four or five years after I began my Newsletter on Annual Reports that I met David E. Mielke. At that time, he was affiliated with Milwaukee, Wisconsin-based Marquette University's business department—its executive MBA program. Which had invited me to speak to one of its classes, having read a brief item concerning my activities on Pg. 1 of The Wall Street Journal. He brought to breakfast a handful of annual reports from such exotic places as Poland (a bank) and South Africa (a brewing company). I recalled being startled—that annuals were produced, not just in the United States, Canada and Mexico but, indeed, around the world. So was born my evaluation of the "international" annual. From a public utility in the Philippines, to electronics companies in Japan, the automaker AB Volvo, British Petroleum, a South African paper company. From the Czech Republic, which I was reminded no longer was called Czechoslovakia, now that it no longer was under Russia's control, and its bottler of champagne. A Swiss pharmaceutical company, an electronics firm based in Israel. And, now, a voice from Russia—from a man with an oil company "In most Russian companies (which he describes as "still very young and still developing"), annual reports as well as other shareholder and investor communications (came into being) only two or three years ago; some companies still do not have them." He said his company's 2001 annual "was the second report we have published according to international standards and practices—we were among the pioneers." "Because Russian law requires companies to publish their annuals according to Russian accounting standards (not consolidated), we do not consider such accounts as reflecting the real business." He said his firm's U.S. GAAP (generally accepted accounting principles) statements are audited by "the internationally recognized auditing firm of PriceWaterhouseCoopers." "However, we still have to stick with Russian law, so we publish two different reports—some in English, and some in Russian." Described as "still on the learning curve," he refers the visitor to its website, www.2001.yukos.ru He said its printed annual report is at www.yukos.com/pdf/YUKOS_AR2001.pdf Finally, said Russian chap writes "I am indeed considering attending your annual conference next year" in Charleston, South Carolina, Sept. 10-12, 2003. Small world—increasingly so, thanks especially to the Internet. P.S. Dave Mielke, who takes credit for turning me on to the international annual report, now is dean of the Seidman Business School at Grand Valley State University, Grand Rapids, Michigan. He spoke at a Cato conference in Atlanta in 1997, accompanied me to Prague in the fall of 1998 to address a seminar sponsored by the Czech Stock Exchange. |
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