our 5th comprehensive survey of

annual report trends, benchmarks

and best practices

Sponsored by

Strategy • Design
Communications
Corporate websites have quickly
become the investor’s primary source of
information on public companies. Why?
Because the internet cannot be rivalled
when it comes to breadth or depth of
information, or for the immediacy with
which it’s presented.
And yet, as this annual report survey
confirms, most of the leading companies
in North America and Europe continue
to devote substantial time and resources
to the printed annual report. They do
so because only the printed report offers
the control required – over structure,
pacing and context – to ensure that the
right story reaches the right audience,
with impact.
 02 Who did the research and how
03 Why the survey was done
04 What we found

section
1 06

10
Focus
08 C overs:
Readers often judge a report by
its cover
 hemes:
T
A strong theme anchors and unifies
the report
12 Investment argument:
There’s not much point in a report
without it

section
2 14  redibility
C
16 Message to shareholders:

18
Investors want to know what the CEO
really thinks
 orporate governance:
C
Current initiatives, not boilerplate
descriptions are best
20 Sustainability:
Investors feel good about responsible
corporate behaviour

section
3 22  torytelling
S
24 At-a-glance:

26
A snapshot of the scale and scope of
your business
 arket environment:
M
Explaining your place in the universe
28 Strategy at work:
It’s best to show them what you mean
32 Testimonials:
Straight from the horse’s mouth
34 Visuals & design:
A picture is worth more than a
thousand words

section
4 36
38

40
 erformance
P
 pecial report:
S
IFRS... not just an accounting exercise
 D&A:
M
Through the eyes of management
42 Measuring performance:
Bringing your numbers to life
44 Risk management:
Sharing your plans for the unexpected
46  bjectives & targets:
O
Helping your investors keep score
CSR TRENDS 2008 is Craib’s

5
our 2nd comprehensive survey of second annual review of
sustainability report trends,
benchmarks and best practices
48  ccessibility
A
section
benchmarks and best practices
in sustainability/corporate
social responsibility reporting, 50  ebsites:
W
and serves as a complementary Not just a web-based print library
resource to AR TRENDS.
For information on obtaining
copies, visit www.craib.com or
www.cbsr.ca. 54  ho we surveyed
W
56 Credits
The contents of this book are protected by copyright and may not be reproduced without permission.
© Craib Design & Communications, 2008.
To download a PDF version of this book or to obtain printed copies, visit www.craib.com or www.blunnco.com.

AR TRENDS 2008 1

who did the
research and how
Craib Design & Communications
Craib is a dynamic team of professional designers,
strategists, researchers and writers with almost
30 years of communications experience. We have
worked with a diverse range of organizations, from
prominent TSX 300 companies to small, private
firms. Clients entrust their communications needs
to us year after year, and often our relationships
with them extend well beyond the scope of our
original assignment.
Our approach is based on listening to and
understanding our clients’ key issues and
communications objectives. We put effective,
content-driven communication first.
This year marks the fifth year of our AR TRENDS
survey and the second edition of our CSR TRENDS
survey. Our experience in compiling these reports,
as well as our wealth of experience in tailoring
communications material to our clients’ needs,
leaves us in an exceptionally strong position to work
with you to create an effective annual report.
2 AR TRENDS 2008
Making sense of it all
We ordered 680 reports from the TSX/S&P
Composite as well as S&P’s 500, Global 100,
EURO 350, Africa, Australia, Middle East and Japan/
Korea indexes. We selected 130 Canadian and
75 U.S. reports to collect data on more than 100
items and characteristics that we believe define an
annual report. Our goal is to explore how companies
use traditional annual reports to inform and engage
investors as effectively as possible. This is not a
survey of financial disclosure, therefore we did not
order or review any Form 10-Ks. All of the reports
that flooded into our offices were used to collect
examples of best practices.
Blunn & Company
Blunn & Company is an investor relations consulting
firm that specializes in determining, creating and
delivering effective investor communications. We
believe the best communication is a matter of good
storytelling. Accordingly, our focus is much wider
than writing a convincing argument; in fact we start
from the premise that the intended audience will
not bother to read much of our carefully crafted
prose. From the outset, we think in terms of how the
story will appear in the mind’s eye of the reader and
strive to layer information in a way that delivers key
messages with impact.
Understanding the needs and motivations of
different investor audiences is an important
part of that process. For more than 15 years,
Blunn & Company has been helping clients improve
the effectiveness of their communication efforts with
complementary services such as our annual report,
website and investor perceptions audits.
Why we do this survey
Whether it’s writing or designing an annual
report, nothing else provides the perspective of
pouring over hundreds of the best reports in the
world. Trouble is – who has the time? AR TRENDS
solves that problem by imposing a systematic,
disciplined process that ensures we keep abreast
of benchmarks, best practices and great ideas from
around the world every year. Better yet, each of us
– from writers and editors to graphic designers and
production staff – get in on the act. And that helps
all of us see how content and design work together
to deliver a story with impact.

why the survey

was done
Answering three fundamental questions
The annual report continued to evolve during
the past year in response to budgetary pressures,
changing stakeholder needs and the ascendancy of
the IR website. In times like these, most companies
want to make sense of the trends and benchmark
their own practices against what others are doing.
This report is intended to help you do that by
answering three fundamental questions.
First, what are other companies doing? In the
United States, most companies now issue only
Form 10-Ks. In fact, in 2008 only 27% of U.S.
companies published a traditional annual report.
The rest issued a Form 10-K, a Form 10-K in a glossy
wrap, or a summary annual report. In contrast,
83% of Canadian companies on the TSX/S&P
published reports very similar in content and
production quality to the reports they’ve been
issuing since we began this survey.
Second, is the annual report worth the effort?
We have to agree with the hundreds of Canadian,
American and European companies that continue to
spend significant time and resources to explain their
performance and investment merit. Print remains
the best way to place an important story before
the eyes of your intended audience with impact.
It’s easier to use, it invites leisurely reading and
it doesn’t have to wait on a server until someone
comes to find it.
Third, how does my last report compare to other
reports? In our review of the traditional annual
reports we received, there is striking consistency
in production quality, design elements, structure
and thematic emphasis over the five years we’ve
conducted this survey.
Inside this book, you’ll find benchmarks, trends,
best practices, tips and guidelines and plenty of
examples and illustrations.

AR TRENDS 2008 3
 Print is still important
The internet has had a profound impact on the size
and shape of the printed annual report, but as this
year’s survey confirms, public companies are still
devoting significant resources to its production. IR
websites are great for storing reams of information
or disseminating news in the blink of an eye, but
most companies still rely on the traditional annual
report to convincingly place their most important
messages before the eyes of investors.
Evidence of that commitment can be seen in the
prevalence of reports with high production values.
90% of the reports in our survey were produced
in four or more colours, 85% contained colour
photography and 41% incorporated design extras
such as gatefolds, tip-ins, die-cuts and spot glosses.

what we found

More than 50% of Performance reporting on

companies note the paper’s
environmental quality
Of the reports surveyed, 35% identified the
percentage of post consumer waste in the
paper while 45% used FSC-assured paper.
CSR issues is becoming
more quantified
41% of all companies are providing
performance indicators or statistics along
with their discussion of CSR policies,
philosophy and initiatives.

100% 100
100% 100

80% 80%80 80

60% 60%60 60

40% 40%40 40
CDN

20% 20%20 20
U.S.
0% 0% 0 0
07 08 07 08

4 AR TRENDS 2008
 At the same time, having to spread the IR budget Canada and Europe versus the U.S.
between on-line and print initiatives has caused
While many of the best U.S. companies mirror
companies to find new and creative ways to meet
these trends, the majority seem less committed to
their communication objectives. This year’s survey
the annual report. According to National Investor
revealed a resurgence in the number of reports in a
Relations Institute, nearly 60% of today’s U.S.
tabloid format; the number of North American and
reports are 10-K wraps. The reported reasons are
European companies splitting the annual report into
cost savings and ease of production. But the 10-K is
two volumes also continued to increase. This isn’t
a regulatory document driven by SEC disclosure and
surprising given the fact that some European reports
we think companies going this route are paying a big
are now weighing in at 300 pages and contain much
price in terms of communication effectiveness.
of the information found in Canadian management
information circulars. But the two-report approach Fewer HTML reports
also had a liberating effect here at home by allowing
As for the internet, it’s undoubtedly the best place
companies to channel precious resources into the
for the massive amounts of information companies
higher circulation, higher impact business review,
have to present about their financial history,
while producing a comparatively plain vanilla
corporate governance, sustainability performance
financial report for the people who need it.
and many other subjects. That’s why the best printed
Whether it’s a separate annual review or the front annual reports – while often containing highlights of
end of a traditional report, today’s companies are the company’s performance in these areas – include
also working harder to paint the big picture in a visible pointers to the IR website.
shorter, more focused document for time-pressed
One thing visitors will find on the web, of course,
investors. Often, this includes prominent investment
is the annual report itself. One unfortunate trend
arguments and illustrated features of the company’s
we’ve noticed is that more companies are simply
strategies at work. Such features are characterized
posting a PDF of the print report on their websites.
by active headlines that draw conclusions, leaner
We think that’s a shame. As the best examples cited
copy that delivers bite-sized chunks of information
in this survey make clear, the inherent advantages of
and a heavier reliance on photography, graphs and
HTML – from Flash animation to embedded video
other visual devices to present supporting evidence.
to dynamic links – create a uniquely interactive and
At the same time, traditional elements that might
entertaining experience.
interrupt the flow of key messages – such as tables
of contents, profiles, or even highlights pages – have
been eliminated, modified or moved to another
section of the report.

Reporting against objectives
remains more common in Canada
The percentage of U.S. reports providing
quantified objectives remains substantially
below the percentage of Canadian
companies willing to report against targets.
44% of Canadian reports use
special production techniques
The use of special production techniques
such as gatefolds, tip-ins, die-cuts and
spot gloss continues to increase.
Companies continue to use the
front cover to establish a theme
Almost 40% of the cover themes on 2007
reports were generic, 22% were related to
the company’s strategic direction and 13%
introduced the investment argument.

100% 100
100% 100
100%

80% 80%80 80%80

60% 60%60 60%60

40% 40%40 40%40

20% 20%20 20%20

0% 0% 0 0% 0
04 05 06 07 08 04 05 06 07 08 04 05 06 07 08

AR TRENDS 2008 5
 section  1:
the best reports
focus on what
matters most

Outstanding report : PotashCorp

PotashCorp knows exactly what it wants investors to think and each element
of the report is designed to reinforce the company’s story. At the heart of the
annual review is a double-gatefold spread entitled “6 Keys to Understanding our
Business”. Using an engaging mix of lean copy and compelling photography,
charts and other visual devices, PotashCorp delivers a convincing, easily absorbed
case for investment.
Top marks for:
Defining cover theme on inside front cover to create context;
Effective use of white space makes information digestible and eases readers
into the report;
Liberal use of visual devices to layer information and engage readers;
Prominent presentation of investment argument.

6 AR TRENDS 2008
 OUTSTANDING

OUTSTANDING

Cover 6 Keys to Understanding our Business Operating highlights

AR TRENDS 2008 7
Section 1

While they aren’t sold in book stores,

effective annual reports usually
start with a cover that helps them
stand out from the crowd. Covers
are critical in capturing interest and
distinguishing your company from
its peers. The best ones also give
the reader important context for
experiencing the report through
striking visuals, unique messages
and original design.

covers:
readers often
judge a report
by its cover
Best practices

DO use a theme or key message that is relevant and

firmly supported by information inside the report.

DON’T waste your reader’s time with platitudes.

DON’T forget the back cover – it’s the second most

visible space in an annual report.

What investors need…

At the most fundamental level, readers need a good
reason to delve inside your report. True, they asked Benchmarks
to be on the mailing list and you spent a lot of
money to honour that request. But when your report
arrives with a pile of other annuals, it’s easy to get
lost in the avalanche.
83% of annual report covers contain
a theme or positioning statement.

That’s why the best covers promise investors what

they inevitably want. And that’s a fresh perspective – 5% of annual report covers provide
only the name of the company
and year.
one that reinforces the wisdom of their investment
or distinguishes your company in the minds of
prospective shareholders. They’ll have to go inside
the report for the strategy, or market fundamentals,
or other supporting evidence. If the cover encourages
32% of annual reports contain
meaningful content on the
back cover.
them to do that, it will have done its job.

8 AR TRENDS 2008
 westjet Airlines Ltd.
WestJet’s 2007 annual report takes full
advantage of its large tabloid format to
present what the company considers to be
“Our Biggest Year Yet”. Employee ownership
– a mainstay of the WestJet brand – is very
much in evidence in the sea of enthusiastic
employees, some of whom are literally
carrying the report’s theme.
• Large tabloid format heightens visual
impact of the report.
• Unusual birds-eye view of the airliner
cleverly integrates front and back cover.
• The company’s familiar branding
is creatively reflected by
placard-carrying “owners”.

Back cover Front cover

domtar Corporation
Domtar’s magazine-style cover creatively
mixes visual elements to engage the reader
while heralding the company’s new status
as North America’s leading fine paper
manufacturer. The intriguing photograph of
CEO Raymond Royer with a very large cat is
explained immediately inside the report by an
ad for the company’s Cougar® brand paper.
• Magazine-style cover engages readers with
prominent photography and teaser copy for
various features.
• Juxtaposition of wild animal and calmly
seated executive creates immediate interest.

research in motion limited

Canada’s biggest technology company
makes clever use of one of its elegant smart
phones to provide a visual anchor for the
annual report. The cover quickly commands
readers’ attention with an intriguing text
message and sets the stage for a powerful
presentation of product capabilities in the
first few pages.
• The promise of an answered question
effectively draws the reader into the report.
• Simple, elegant product photography
creates interest and provides a powerful
visual link to inside spreads.
• Creative rear view of smart phone makes
clever use of back cover.

Front cover Back cover More best practices

Barrick Gold Corporation / Canadian Tire
Corporation, Limited / Cineplex Galaxy Income
Fund / Duke Energy Corporation / The Western
Union Company / Westpac Banking Corporation
AR TRENDS 2008 9
Section 1

In a world of information overload,

a strong theme serves as the vital
anchor with which your report’s key
messages are delivered with impact.
The best thematic approaches
start right on the front cover with
powerful statements and/or visual
elements that arrest the reader’s
attention and promise a unique
context for experiencing the report.

themes:
a strong theme
anchors and
unifies the report
Best practices

DO make a point of explaining the significance of

the theme on the inside front cover/page one or in
the introduction to the feature section.

DO remember to reinforce the theme wherever

possible throughout the front section of the report.

DON’T expect to capture the reader’s attention

with generic theme statements such as “building
What investors need… shareholder value”.
It’s equally important to elaborate upon the theme
immediately inside the report by explaining the
significance of cover information or modifying the
corporate profile. By the same token, every other Benchmarks
element of the front section – from the highlights
to the at-a-glance to the shareholders letter to the
feature pages – should be designed and written to
reinforce the theme.
87% of annual reports have a graphic
on the cover.

If your aim is to capture the reader’s imagination,

stay far away from worn-out messages such as 77% of annual reports elaborate on the
themes on the IFC and/or page one.
“creating shareholder value” or “building on our
strengths”. Such expressions may legitimately
describe the company’s strategies or prospects but
readers will tune out such a generic approach.
45% of annual reports focus on the company’s
strategy or investment argument.

10 AR TRENDS 2008
wells fargo & company
The theme of the Wells Fargo annual report
– “Working Together” – is established
immediately with an authentically friendly
employee/customer shot on the front cover.
Case studies throughout the report support
the theme by exploring how the company
uncovers emerging customer needs and
creates new financial products and services
to meet them.

southern company
“Facing Realities”, the theme of Southern
Company’s 2007 annual report, conveys a
message remarkably similar to TransAlta’s
by asking: How will we meet the world’s
growing energy needs while minimizing
man’s impact on the environment? Each
section of the report is designed to answer
that question with illustrated examples of
the company’s key strategies.

transalta Corporation
TransAlta’s report makes good use of the
theme – “We’re Ready for a Changing World” –
to showcase the diversity and sustainability
of the company’s energy assets. Every
element of the annual report – from key
strategies to market fundamentals to
financial strength – is designed and written
to reinforce and elaborate upon the theme.

More best practices

Canadian Tire Corporation, Limited /
Goldman Sachs Group

AR TRENDS 2008 11
Section 1

While most annual reports are also

directed at employees, customers
and other interested stakeholders,
there’s no doubt that investors are
the reports’ primary audience. No
matter how you choose to present
it, successful communication of the
investment argument should be the
“bottom line” objective by which any
annual report is measured.

investment argument:
there’s not much
point in a report
without it Best practices

DO state your case clearly and succinctly and ask

yourself: “Could an investor spend five minutes with
this report and explain to someone else what makes
us a good investment?”

DO support your argument with tangible

evidence of competitive strengths, positive market
fundamentals and progress against objectives.

DO consider summarizing the investment

argument on a visible surface such as the back
cover of the report.

What investors need...

Current shareholders are looking for confirmation
that their investment continues to make sense. Benchmarks
Prospective shareholders are looking for reasons
they might invest. In either case, you need to
demonstrate that your company has a strategy
for profitable growth and the financial, human and
11% of annual reports contain
themes that describe the
investment argument.
other resources needed to carry it out.
Most reports contain some elements of an investor
proposition in the form of performance highlights, 6% of Canadian annual reports contain
an investment argument that is
unique to the company.
elements of the strategic plan or an analysis of
growth opportunities. However, it’s too much to
expect readers to connect all the dots and draw
the right conclusions. The best reports spell out
their investment merits and organize the evidence
9% of U.S. annual reports contain an
investment argument that is specific
to the company.
required to support those conclusions.

12 AR TRENDS 2008
enbridge inc.
Enbridge’s investment argument leads
from the cover which literally promises to
deliver “3 Solid Investment Propositions”.
The first seven pages of the report are
devoted to a sparsely worded, powerfully
illustrated presentation of the company’s
attractive investment characteristics. Each
section is supported by relevant metrics
to help make the case.
• Investment argument strategically
placed at the front of the report.
• C leverly stylized illustrations of pipe
are used to metaphorically support
investment points.
•  omprehension is enhanced through
C
succinct, direct copy.

agnico-eagle Mines LIMITED

Agnico-Eagle takes an unusual but effective
approach by summarizing its investment
argument on the back cover of the annual
report. By posing the simple question “Why
Invest?”, the company takes the opportunity
to communicate seven distinct reasons why
Agnico-Eagle will continue to generate solid
returns throughout the gold cycle.
• Makes efficient use of the second most
visible surface on the annual report –
the back cover.
• Unusual photograph of core samples
creates visual interest.
• Investment merits efficiently distilled into
seven reasons for continued success.

barrick gold corporation

Barrick makes a powerful case right up front
with a double gatefold that explains the
company’s investment merits from gold
industry fundamentals to a growing project
pipeline to operating strengths to financial
results. The entire investment case is neatly
summarized in a single frame of reference.
• Four-panel gatefold at the front of
the report commands attention.
• Beautiful photography creates
visual interest.
• Key metrics are included in support
of each argument.

More best practices

Abertis Infraestructuras S.A. /
AltaGas Income Trust / Penn West
Energy Trust / PotashCorp / Viterra Inc.

AR TRENDS 2008 13
 section  2:
achieving credibility
doesn’t happen
by accident

Outstanding report : Telus corporation

TELUS takes its responsibilities to stakeholders seriously as evidenced by
numerous elements in the report including: a candid and balanced letter to
shareholders, a detailed assessment of performance against annual objectives,
a presentation of the company’s share price performance versus North American
peers and dedicated corporate governance and sustainability sections with
prominent pointers to the IR website.
Top marks for:
Clear and comprehensive presentation of performance against objectives;
Captioned five-year performance graphs communicate important trends
and accomplishments;
Plain language writing style enhances comprehension and credibility.

14 AR TRENDS 2008
 OUTSTANDING

OUTSTANDING

Cover Corporate social responsibility

AR TRENDS 2008 15
Section 2

A good letter from the CEO should

explain all the major events of the
past year and help put them into
perspective, but the bulk of the
letter should look ahead. The CEO
must explain where the company is
going and why its strategy makes
sense in the context of company
strengths and industry trends and
developments. Above all, an effective
letter must be credible.

message to shareholders:
investors want
to know what the
CEO really thinks
Best practices

DO provide insight into what shareholders might

expect in the coming year. This is not a forecast,
but a reasonable explanation of what management
sees ahead.

DO deal with bad news openly. Investors would

rather get all the bad news at once and be assured
by an executive who appears to be fully aware of the
company’s problems.

DON’T be afraid to draw conclusions for the reader.

Investors prefer management that isn’t afraid to
What investors need... make a stand.
Today’s investors can tell in an instant when the
CEO’s rosy perspective doesn’t square with reality.
Neither of the two possibilities – an executive
unaware of the facts or one who has chosen to Benchmarks
ignore them – is reassuring.
More often than not, however, it’s the unintended
consequences of platitudes, jargon and convoluted
95% of reports contain a conventional
letter to shareholders.

5%
language that cause readers to tune out. Investors
of reports contain an illustrated
want to believe that they’re being treated to a candid,
letter to shareholders in lieu of
balanced assessment of the company’s performance
a conventional feature section.
and prospects. Creating that impression requires
plain, straightforward language and a fulsome
discussion of both successes and failures in the
context of the company’s strategies and relevant
performance metrics.
46% of shareholder letters begin on
page one or page two.

16 AR TRENDS 2008
high liner Foods
Incorporated
High Liner’s well-written letter to shareholders
is brief but covers all the bases including
an important 2007 acquisition. The tone is
candid with open acknowledgement of goals
not met as well as those reached. Visual
interest is enhanced through the use of pull-
quotes and captioned product photography.
• Candid tone addresses performance
against objectives.
• V isual interest is maintained through
the use of pull-quotes and captioned
product photography.
•  idebar within the letter gives extra
S
attention to strategic priorities.

limited brands, inc.

The feature section of this 10-K-wrap is
comprised solely of a lavishly produced
letter to shareholders. It’s unusually candid,
striking a credible balance between 2007’s
successes and failures. Visual interest is
maintained through an engaging mix of type
and colour, not to mention the full-page
photographs of beautiful models clad in the
company’s undergarments.
• Entire feature section comprised of
15-page letter from the CEO.
• Lavish photography illustrates the
company’s aim to make customers feel
“sophisticated, forever young and sexy”.
• Unusual approach couples the look and
feel of a glamour magazine with a plain
vanilla 10-K.

volkswagen aG
This German company’s 300-page annual
report is anchored by a polished and
confident letter to shareholders that outlines
Volkswagen’s ambitious plans to become
the world’s best and largest automobile
company. The letter includes a hard-hitting
Q&A with an unusual twist; the interviewer
is Dirk Maxeiner, a freelance publisher and
columnist with the Die Welt newspaper.
• Unashamedly boastful call-outs invite
further investigation.
• Interview-style photography creates
visual interest.
• Unusual format includes interview
conducted by independent journalist.

More best practices

Agrium Inc. / Cameco Corporation /
Domtar Corporation / InnVest REIT /
TELUS Corporation /
Wells Fargo & Company
AR TRENDS 2008 17
Section 2

Directors are the stewards of

shareholder interests and the annual
report should demonstrate their
quality and depth of expertise. The
best governance sections focus on
the past year’s activities rather than
boilerplate committee descriptions
and point the reader to the corporate
website and other sources for more
detailed information.

corporate governance:
current initiatives,
not boilerplate
descriptions are best
Best practices

DO provide a summary of governance initiatives

undertaken in the previous year as well as those
planned for the coming year.

DO consider a letter from the chair to discuss

board practices, policies and initiatives.

DON’T sacrifice biographies for photography.

What investors need... Having both is ideal but biographies are
Total shareholder return is the ultimate measure of more important.
value for an investment but annual report readers
also want to see evidence that their money is in good
hands. Unfortunately, while the amount of space
devoted to corporate governance mushroomed in Benchmarks
the wake of widespread corporate malfeasance a few
years back, the subject is receiving comparatively
scant attention in today’s reports, especially in the
United States.
25% of reports explain governance
policies and procedures.

Some companies continue to see their commitment

to governance as a strategic advantage, however,
and use the report to highlight best practices and
35% of Canadian reports include a letter
from the chair; only 8% of U.S.
reports contain one.
ongoing initiatives with a prominent pointer to the
IR website for additional information. It’s also
an ideal place to convey the qualifications and
experience of the company’s directors.
7% of annual reports contain highlights
on current governance initiatives.

18 AR TRENDS 2008
bmo Financial Group
While most company reports dutifully
contain boilerplate descriptions of
governance practices, BMO’s report is
full of best practices including a detailed
description of 2007 governance initiatives,
a list of various governance awards,
conveniently located board of directors
information and prominent pointers to
relevant sources for more information.
• 2007 initiatives fully explained.
• Governance chart illustrates
reporting structure.
• Includes pointers to additional information.

telus Corporation
Similar to other leading reports, this
one goes beyond the norm with detailed
information on recent governance initiatives
including SOX compliance, risk assessment
and investor communication activities.
The governance section is also designed
to make the company’s commitment
to governance visible with a prominent
summary of “long-standing best practices”.
• Offers handy summary of governance
best practices.
• Prominent pointer to related
information on-line.
• Explanation of recent initiatives shows
commitment to good governance
in action.

tullow oil
European reports continue to raise the bar
for corporate governance reporting and
Tullow Oil is one of the best. The 22-page
governance section includes comprehensive
director biographies and a letter from the
chair highlighting 2007 activities. It also
includes much of the information found
in Canadian information circulars such
as director remuneration.
• European report with leading-edge
governance communication.
• Includes detailed director remuneration
and other information that is buried in
the information circulars of North
American companies.

More best practices

Kinross Gold Corporation /
Royal Bank of Canada /
Scotiabank / TD Bank Financial Group

AR TRENDS 2008 19
Section 2

More companies are voluntarily

focusing on broader corporate
sustainability and responsibility
issues than ever before. Even
if you produce a separate,
full-blown sustainability report,
best practice is to include an
outline of corporate goals, practices
and beliefs in the annual report
along with performance highlights
in key areas of responsibility.

sustainability:
investors feel good
about responsible
corporate behaviour
Best practices

DO consider including a summary of sustainability

performance highlights along with financial and
operating highlights at the front of the report.

DO provide industry-specific sustainability metrics

and detail your performance against them.
What investors need...
The practice of corporate sustainability reporting DON’T forget to mention your sustainability/CSR
continues to grow in Canada and throughout the report if you publish one.
world in terms of both the number and quality
of reports. More and more companies seem to
recognize the growing importance of sustainable
business practices to their investors, as reflected Benchmarks
in rising shareholder activism and the growing
use of ethical investment performance criteria.
Today, more than 52% of the companies in our
52% of reports include a dedicated
sustainability section.

49%
survey included a dedicated CSR section in the
of these are located in the middle
annual report compared to just 35% a few years
of the report, usually at the end of
ago. The best ones offer evidence of the company’s
the feature section.
commitment to sustainability with a high level
description of core values and operating principles,
a description of continuous improvement
practices and highlights of quantifiable
performance measures.
14 % of companies also produce
a separate sustainability report.

20 AR TRENDS 2008
royal bank of canada
The Canadian banks have a tradition of
extensive CSR reporting through their public
accountability reports. Even though much
of this information is available elsewhere,
RBC makes convenient access the priority
with a nine-page summary of highlights of its
commitment and performance. Captioned
photography and relevant performance
metrics heighten visual interest throughout.
• Dedicated nine-page section
showcases CSR initiatives and points
to complementary documents.
• Effective layered information approach with
captioned photography and performance
measurement charts.
• 2007 highlights tables summarize recent
progress in each area of involvement.

aviva PLC
A 10-page section entitled “Employees and
responsibility” provides a comprehensive
summary of Aviva’s CSR initiatives in
the 2007 annual report. Sidebars are
used throughout to showcase corporate
achievements. Environmental performance
is particularly impressive with six-year
charts tracking direct and indirect emissions,
paper and water consumption and
waste production.
• Section anchored by letter from HR
director with prominent pointer to full
CSR report on company’s website.
• Six-year charts of key indicators illustrate
company’s direct and indirect impact on
the environment in a glance.

sasol Limited Group

Sasol’s commitment to CSR is evident from
the highlights section in the front of the
report which gives equal billing to financial,
operating and sustainability performance.
The balanced 12-page sustainability review
highlights accomplishments as well as
disappointments and includes quantitative
long-term goals for health, safety and
environmental performance.
• Material health, safety and environmental
risks neatly organized in a single table.
• Liberal use of captioned photography and
multi-year graphs to showcase important
corporate initiatives and track performance.

More best practices

Canadian Imperial Bank of Commerce /
EnCana Corporation / Logica /
TransAlta Corporation / UBS AG

AR TRENDS 2008 21
 section  3:
the ancient art of
storytelling is
the heart of a
good report

Outstanding report : General electric company

The central story of the GE report revolves around six essential themes that are
changing the world and the reasons GE is poised to win the race to tomorrow.
The story is told with compelling writing and imaginatively supported by a
magazine-style mix of gorgeous captioned photography and a variety of eye-
catching charts, maps and illustrations.
Top marks for:
Exceptionally well-written letter is candid, balanced and convincing;
Eye-catching feature spreads provide compelling support for the theme;
Engaging magazine-style layout offers interest and variety to the reader;
Excellent leadership section details executive development and compensation
policies including quantitative strategic and operational goals for CEO.

22 AR TRENDS 2008
 OUTSTANDING

OUTSTANDING

Cover Essential themes: digital connections & origination Business portfolio at-a-glance

AR TRENDS 2008 23
Section 3

You should never overestimate the

reader’s knowledge of your company.
Even with well-known companies,
there can be misunderstandings
about the scope or thrust of the
business. A well-designed at-a-glance
is a powerful tool for distilling a
wealth of information on your
business in an organized, highly
visual manner.

at-a-glance:
a snapshot of the
scale and scope
of your business
Best practices

DO use a multi-faceted approach that includes

diverse elements such as charts, photos, lists,
text, maps and illustrations.

DO consider a grid to organize information by

business unit or category – such as operations,
performance, strategy and outlook – in a way that
will allow the reader to understand the nature
of each business segment and the drivers of
future performance.
What investors need...
Understanding the nature of a diversified company’s DON’T hide the at-a-glance. Place it at the front
operations can be daunting for investors, let to provide context for the balance of the report.
alone figuring out how all the parts of the puzzle
fit together in support of corporate strategy and
financial goals. The at-a-glance gives you a chance to
satisfy those information needs while providing vital Benchmarks
context for experiencing the balance of the report.
The most effective at-a-glances take their jobs
a step further in support of the annual report’s
31% of annual reports contain
an at-a-glance.

75%
overall objectives. Rather than providing an
of at-a-glances are two or
isolated synopsis of the company’s operations, they
more pages.
incorporate photography, illustrations and other
visual devices to link with different segments of the
report. They are also anchored by strong headlines
that help present operations in a way that supports
the report’s central theme.
4% of at-a-glances contain one or more
columns devoted to objectives.

24 AR TRENDS 2008
macquarie power
& Infrastructure
Income Fund
This detailed, yet easy-to-read spread
uses captioned charts and bullet-point
copy to effectively communicate financial
highlights and key performance drivers in
the company’s six operating segments.
The section is anchored by an introductory
paragraph that establishes an important
connection between the company’s
investment proposition and its assets.

monsanto Company
Monsanto’s at-a-glance meets the challenge
of distilling the company’s complex
agricultural technologies into two, easy to
understand businesses. It also effectively
communicates the practical connections
between growing worldwide demand for
food and the innovative agricultural
technologies the company is developing
to meet that challenge.

the coca-cola company

This highly visual, four-page at-a-glance
mixes sparse copy, illustrated vignettes,
ample product photography and colourful
maps and charts to create a compelling,
easy-to-read presentation. The section
reflects a strong commitment to CSR
with prominent reference to Coca-Cola’s
“Manifesto for Growth” – the company’s
holistic vision for the sustainability of
its business and communities.

More best practices

Mondi Group /
TELUS Corporation / Viterra Inc. /
Agnico-Eagle Mines Limited

AR TRENDS 2008 25
Section 3

During the past few years, the

Toronto Stock Exchange has
significantly outperformed its
counterparts south of the border.
The reason is a heavier concentration
of companies in the until-recently
red-hot resource sectors. Market
fundamentals are always an
important part of the story and
the best reports make a point of
explaining them.

market environment:
explaining your place
in the universe
Best practices

DO make your analysis of the market fundamentals

the starting point for the investor proposition.
A rising tide raises all boats.

DO use a multi-faceted approach that presents

supporting evidence in the form of charts, photos,
lists, text, maps and illustrations.

DON’T confine your analysis solely to the MD&A.

Increasingly, companies are describing how trends in
What investors need... their market tie into corporate strategy in the front of
Your company may be better managed than any the annual report.
of its competitors in the sector but if you aren’t
explaining your position in the context of the market
environment in which you operate, your investors
are only getting part of the story. Imagine a retailer Benchmarks

40%
that ignores consumer spending projections or a
of annual reports provide a
telecommunications company which fails to address
discussion of the company’s market
the potential impact of rival technology platforms.
environment within the MD&A.
To varying degrees, most annual reports give Emerging best practice, however,
coverage to trends in the market environment in is a more visible presentation in
which they operate. All too often, however, this the feature section of the report,
important information is buried in the low-impact often supported by captioned
MD&A. If the competitive landscape is shifting in photography and graphs to
ways that have a major impact on your investment illustrate key trends. Often, the
proposition, you need to bring them to light as a discussion is part of a wider
high profile feature in the report with all the requisite investment argument.
visual support.

26 AR TRENDS 2008
viterra inc.
Viterra’s 2007 report featured a six-page
essay on the reasons Canadian agriculture
has a bright future. Why? Global population
growth, higher protein consumption and
diversion of acreage to ethanol are driving
the cost of all agricultural commodities
higher. And as the country’s largest grain
handler and agricultural retailer, Viterra is
positioned to benefit.
• Effective layered design includes
numerous captioned charts to draw
the reader into the essay.
• Extensive use of independent statistics
to support conclusions about key trends
and challenges.

potashCORP
Like Viterra, PotashCorp is focused on
agricultural fundamentals and its annual
analysis of factors affecting its business
is one of the best. The report helpfully
summarizes 13 economic, agricultural and
other trends that describe the company’s
market environment and ably supports the
discussion with relevant charts and graphs.
• Comprehensive discussion of factors
affecting supply and demand in all of
the company’s key markets.
• Series of eight long-term charts quickly
conveys supporting industry information.

l’orÉal S.A.
The L’Oréal report relies on an engaging
mix of beautiful faces, charts and graphs to
readily convey information and create visual
interest. This spread is designed for scanners
with a compelling variety of information
bites on the global cosmetic market trends
that underpin the company’s abundant
opportunities for growth.
• Matrix page layout offers an engaging
amount of variety.
• Obscure but compelling statistics make
a convincing case for the company’s
growth prospects.

More best practices

Alcoa Inc. / British Petrolium plc /
Security Capital Assurance Ltd. /
Silver Standard Resources Inc.

AR TRENDS 2008 27
Section 3

At the heart of any annual report

are the strategies for improving
performance and building
shareholder value. The best
presentations are highly visual
with a variety of illustrated vignettes
to create interest and showcase
the various initiatives that are
enabling the company to realize
its growth strategies.

strategy at work:
it’s best to show
them what
you mean
Best practices

DO remember to draw conclusions for readers

with strong headlines and back them up with the
required evidence.

DO use a variety of visual devices such as captioned

photos or illustrations to show how your strategies
are being carried out at the operational level.

DO remember to provide evidence that the strategy

is working in the form of captioned graphs or other
What investors need... performance metrics.
Most investors will not take the time to read an
essay on the company’s strategic approach from
beginning to end no matter how skilled the writing or
compelling the argument. What they need is a high Benchmarks
level view of the important elements of your strategy
and a highly-visual presentation of the initiatives that
show the strategy in action. The best presentations
use bold headlines to actively draw conclusions
42% of reports discuss strategy in
the MD&A.

for readers but are equally careful to furnish the

evidence that supports their claims. 85% of reports use colour photography
(usually captioned) to showcase
their strategies in action.
Each of the examples in this section of our report
illustrates the successful execution of this approach.
They employ a variety of elements – from intriguing
copy to customer testimonials to prominent
performance measurement charts – to show their
22 pages is the average length of the
front section (preceding financials)
in Canadian and U.S. annual reports.
strategies successfully at work.

28 AR TRENDS 2008
chevron Corporation
Chevron successfully conveys its core
strategies through a series of intriguing
questions about the challenges facing the
company. Beautifully supported by expansive
colour photography, impressive statistics
and clean, succinct copy, it’s hard not
to be curious about the answers to
these questions.
• Question and answer format
successfully piques curiosity about
the company’s strategies.
• Beautiful colour photography exemplifies
strategy in action.
• Liberal use of facts and figures provides
evidence of impressive achievements in
response to enormous technical challenges.

bae systems plc

The approach taken in BAE’s 2007 report
is a decidedly denser read but a rewarding
one for those willing to make the effort.
BAE offers a comprehensive explanation of
core strategies including the resources, key
performance indicators and risks for each.
The subsequent series of illustrated case
studies shows the strategy in action.
• Section anchored by thorough explanation
of growth strategies.
• Creative mix of captioned photography,
illustrations and charts employed in case
studies to support arguments.
• Prominent pointer to key performance
measures offers proof that the strategy
is working.

campbell soup company

Campbell boldly summarizes the five
core strategies by which it is winning in
the marketplace and workplace and then
illustrates each in a lively and engaging
series of spreads. A mix of the company’s
traditional and new products features
prominently in these spreads to capture
the attention of readers.
• Each element of the five-part strategy
clearly defined in bold type.
• Each spread features captioned
photography of well-known products to
command attention and show strategy
at work.

AR TRENDS 2008 29
 Section 3

strategy at work:
(Cont’d)

edf Group
The heart of EDF’s annual report is its
17-page “A Strategy of Investment” which
summarizes the un-sustainability of current
energy policies. The five strategies that follow
offer proof of the company’s progress on
all fronts. The text is relatively dense but the
design incorporates a variety of captioned
photography, maps and other visual devices
to create interest.
• Alarming quote from EDF’s chairman
successfully commands attention.
• Assessment of current energy challenges
is authoritative and credible.
• Each element of the strategy is clearly
set out to show the merits of the
company’s positioning.

bank of america corporation

The best reports do more than state
the company’s strategy; they show it in
action with words and visuals. The theme
of Bank of America’s annual report
– “Insight + Innovation = Opportunity” –
is well supported by feature spreads
which illustrate the key innovations that
are advancing the company’s strategy
for growth.
• Interesting customer profiles used to
demonstrate the value of new services.
• Layered design approach invites readership.
• Claims are well supported by testimonials
and relevant metrics.

30 AR TRENDS 2008
 general electric company
GE’s excellent annual report is anchored by
an exploration of “six essential themes” that
are driving the transformation of the world
economy. Each is convincingly argued and
the report is equally adept in showing how
GE is ideally positioned – in terms of scale,
breadth and depth – to take advantage
of extraordinary opportunities in the
years ahead.
• Introductory page sets out compelling
vision of the future.
• Exploration of broad global themes
suggests fundamental demand and
opportunity for GE’s businesses.
• Magazine-style design employs a variety
of visual devices and layouts to reward
the reader.

vodafone group plc

Rather than present a series of feature
spreads to show the company’s strategy
in action, the Vodafone annual report uses
a two-page at-a-glance to show how it is
meeting its objectives. Each of the strategic
plan elements elaborates upon comments
in the CEO letter, with details on relevant
company initiatives and statistical evidence
of progress.
• Unique single-spread summary of key
strategic initiatives with strong links to
commentary in the CEO letter.
• Lots of information in a small space
but visual interest is enhanced though
the presence of graphs, tables and
familiar logos.

Benchmarks

% of reports that emphasize the company’s

strategy or investment argument
100% 100

80% 80

60% 60

40% 40
CDN
20% 20
U.S.
More best practices
0% 0
04 05 06 07 08 Duke Energy Corporation /
The Coca-Cola Company /
More Canadian and U.S. reports are emphasizing
Newell Rubbermaid Inc. /
strategy and/or investment merit.
SABMiller plc / Volvo AB
AR TRENDS 2008 31
7
Section 3

The best evidence that your

business model is working often
comes in the person of a satisfied
customer, operating employee, or
both. Readers of annual reports are
attracted by photographs of people
and, as long as the scenarios that
you choose to present do not appear
too contrived, testimonials can lend
a sense of authenticity to your story.

testimonials:
straight from
the horse’s mouth
Best practices

DO ensure the choice of speakers is consistent with

the theme and tone of the report.

DO include case studies to illustrate the strength

of your relationship with customers, suppliers,
employees and communities.

DON’T put words in the speaker’s mouth.

What investors need... A testimonial that sounds contrived or inauthentic
Photographs of people are one of the most sure- can do more harm than good.
fire ways of getting readers to plunge into any
publication. They inevitably pique our human
curiosity. That’s why some of the most effective
annual reports feature their customers, suppliers Benchmarks
or own employees to give voice to the company’s
strategy, strengths or competitive advantages.
Some of the most effective presentations combine
33% of U.S. and 12% of Canadian
reports use testimonials to reinforce
key messages.
the perspectives of people inside and outside the

11 %
organization to illustrate an understanding of
of testimonials feature employees,
the customer’s point of view or demonstrate the
11% feature customers.
strength of important relationships. While readers
recognize that any presentation of this type is
inevitably “staged” to show the company’s initiatives
in a favourable light, investors can be won over with
authentic testimonials that convey the independence
7% of testimonials feature other
stakeholder groups such as
members of the community.
or expertise of the speaker.

32 AR TRENDS 2008
stryker Corporation
Stryker is a company that knows its success
depends on “fostering ongoing collaboration
with thought leaders in the medical
technology industry”. The annual report
pays tribute to such relationships with dual
testimonials that allow prominent
physicians and scientists, as well as Stryker
executives, to comment on the importance
of critical initiatives.
• Well-written message from the chairman
establishes importance of relationships
and sets context for testimonials.
• Variety of layouts includes expansive
portraits and spare copy.
• Captioned product photography
used effectively to show the fruits
of collaboration.

american express Company

By giving voice to the opinions of its
own customers, American Express has
successfully conveyed the enduring value of
the relationships upon which its business
depends. The design is sophisticated,
elegant and minimalistic with polished
writing, a brevity of text and beautiful black
and white photography.
• Each of the five beautifully designed
spreads cleverly supports a different
facet of the report’s theme –
“Uncommon Service”.
• Spare copy and minimalistic design approach
confer a sense of causal sophistication.
• Skilled writing lends a sense of authenticity
to the testimonials.

TelefonaktieBolaget LM
ericsson
The Ericsson report does a great job of
showing how its products are increasingly
vital in the lives of everyday customers.
This section tells a convincing story, using
customers’ own enthusiasm, expansive
photography and a sophisticated design to
quickly convey benefits. Each testimonial
is twinned with a more detailed spread on
related strategy and operations.
• Short, prominent quotes anchor each section.
• Compelling customer photography is
expansive and engaging.
• Complementary fact box provides
a synopsis of the scale and benefits of
each product and service.

More best practices

Baxter International Inc. /
Merrill Lynch & Co., Inc. /
Pfizer, Inc. / Yum! Brands, Inc.

AR TRENDS 2008 33
Section 3

Photographs, illustrations, maps

and graphs can effectively deliver
facts and messages that the reader
might otherwise miss if all of your
information is buried in text. They
can catch the eye of the reader
who’s inclined to scan through
annual reports or supplement
your investment argument with
credible evidence.

visuals & design:

a picture is worth
more than a
thousand words
Best practices

DO be sure to provide captions for photographs,

illustrations and graphs. The captions should
explain the significance of your images, not just
describe them.

DON’T use images as wallpaper. Every image

should support the reader’s understanding of
key messages.

DON’T use too many images. A judicious number

of remarkable images will have more impact than
a cavalcade of mediocre ones.
What investors need...
Almost every annual report designer has had to
defend his or her work against those who regard
white space as a waste of costly real estate. But Benchmarks
as this year’s survey of annual reports reveals,
sometimes less is more – a lot more.
Much of the annual report is a regulatory document
90% of annual reports use a layered
information approach to create
visual interest.
and it’s important to give investors the level of detail

41%
they need to assess the company’s performance,
of annual reports incorporate
progress and prospects. But the most effective
design extras such as gatefolds,
annual reports are designed to pace the reader’s
tip-ins, die-cuts and spot glosses.
experience and provide valuable context at the front
end. They accomplish this not by hitting readers
with a wall of text but by delicately painting “the big
picture” with expansive photography/illustration
and lively copy.
80% of MD&As are produced in one
or two colours.

34 AR TRENDS 2008
westjet Airlines Ltd.
WestJet takes advantage of its oversized
tabloid format to bring new life to the
MD&A. Ownership through profit sharing
is an important element of the company’s
brand and here, employees get in on the act
to proudly demonstrate their commitment.
Similar two-page photographs appear
throughout the MD&A to create interest
and communicate company values
and achievements.

cml healthcare
Income Fund
CML is a growing laboratory services
company whose prospects are buoyed by
fundamental demographic trends. The
company’s 2007 annual report anchors its
investment case with a series of illustrated
charts that quickly and convincingly
communicate the reasons for growing
demand and rising spending in the health
care segment.

british sky broadcasting

Group plc
Eye-popping visuals such as this HD
television image instantly command
attention and help draw readers into British
Sky’s 2007 annual report. The feature section
consists of six similarly exciting spreads,
each of which employs bold numbers and
cleverly layered sidebars to create interest
and communicate the scope and nature
of the company’s operations.

More best practices

Ameriprise Financial, Inc. /
General Electric Company / Harley-
Davidson, Inc. / Silver Wheaton Corp.

AR TRENDS 2008 35
 section  4:
an excellent
performance
deserves some
profile

Outstanding report: BMO Financial Group

BMO respects the legitimate interests of its shareholders by providing a
comprehensive picture of the bank’s performance relative to its North American
peers as well as its own objectives. “Numbers that Matter” greets readers on
page one; each key performance indicator refers the reader to a more detailed
explanation of its importance within the operating review or MD&A.
Top marks for:
Exceptional commitment to accountability with detailed performance against
targets and comparisons to North American peers;
Outstanding MD&A with detailed descriptions of “Value Measures” and
informative captioned charts throughout;
Offers interest and variety.

36 AR TRENDS 2008
 OUTSTANDING

OUTSTANDING

Cover Three point strategy Objectives & targets

AR TRENDS 2008 37
Section 4
special report:
IFRS...not just an
accounting exercise
Diane Kazarian
PricewaterhouseCoopers LLP
It may be easy to dismiss the transition to
International Financial Reporting Standards (IFRS)
as an issue solely for accountants, but the implications
and changes will affect everyone within a company,
from CEOs to analysts and investors.
IFRS are the global accounting standards that will
replace Canadian Generally Accepted Accounting
Principles (GAAP). The Canadian Accounting Standards
Board (AcSB) has decided that Canada will adopt IFRS
by 2011, and will join the 100 countries that have already
transitioned, including all of the European Union. Public
companies are required to disclose their transition plans
in 2008 and the anticipated effects of their changeover
in 2009. After a recent confirmation by the Canadian
December 31
2008
Disclose plan for
IFRS convergence *
The timeline assumes a calendar year in which a company first reports under IFRS in 2011 and presents a single year of comparatives.
38 AR TRENDS 2008
Even though the Canadian
changeover to IFRS is not scheduled
to happen until 2011, the scale
of the transition means there are
decisions to be made today.
Securities Administrators, companies may also pursue
early adoption of IFRS on a case by case basis.
With IFRS, company senior management will be
tasked with discussing and explaining the changes to
stakeholders. HR faces a large-scale, cross-function
training initiative to prepare for the transition. Legal will
be revisiting debt agreements and other contracts which
rely on accounting results. IT and systems may need
to be re-tooled, upgraded or changed. The marketing,
public and investor relations departments will need to
educate stakeholders and manage perceptions.
It’s not just corporate either. Employees with profit
sharing options, or who are expecting bonuses or
commissions on revenue, will find themselves keenly
interested in the new financial statements produced
under IFRS. Furthermore, investors may find that IFRS
will have a real impact on the way that they perceive
companies and consequently the investment decisions
that they make.
December 31 January 1
2009 2010
Disclose plan for IFRS opening
IFRS convergence balance sheet
and anticipated
effects quarterly  *
 In addition to being more lengthy – mail carriers in
the U.K. struggled under the weight of delivering What we’ve heard...
HSBC’s 1.5 kg, 454-page annual report last year – the
Findings from a PricewaterhouseCoopers/
financial statements – which are like bread and butter
MORI survey of UK Fund Managers,
for analysts, investors, lenders, shareholders and board
April/May 2006.
members – could look very different under IFRS.
Furthermore, business units may need to provide new
or different information in order to comply with IFRS.
IFRS compliance may also dictate that companies
76% think that the change to IFRS
is significant.
report new and additional data, which can have a direct
impact on IT systems and processes. Given that all of
Canada’s public companies are working on the same
timetable, companies needing additional staff to assist
47% said the impact of information
reported under IFRS had influenced their
in the transition are likely to find themselves in a very
investment decisions directly.
tight labour market.
PricewaterhouseCoopers has some recommendations
for companies just beginning to consider their
transition strategy. The first is the significant task
13% said that the impact had influenced
them to invest in a specific company.
of collecting, collating and understanding IFRS
numbers and disclosures. Secondly, companies
need to anticipate and plan for changes to reporting
procedures, financial and management information
76% of fund managers surveyed believe
that the information presented by companies
systems, and the skills and knowledge of staff. Finally, in their annual accounts, including any
embedding IFRS across the organization enables the restatements, has been very or fairly clear
business to implement change in a smooth transition and understandable.
to a new way of operating, using the new IFRS language
comfortably and authoritatively.
Even though the Canadian changeover to IFRS is
68% found the detailed final accounts
very or fairly useful compared to information
not scheduled to happen until 2011, the scale of the
provided during interim reporting.
transition means there are decisions to be made
today. In order to have a smooth conversion process,
companies which have not yet considered IFRS need to
come to grips with it, and soon.
24% said IFRS has had a great impact on
their perception of a company’s value.
For more information visit www.pwcifrs.ca
Diane Kazarian is PricewaterhouseCoopers Canada’s
International Financial Reporting Standards (IFRS)
84% said they know a great deal or a fair
amount about the new standards and a similar
leader and a partner in the Audit and Assurance Group of
proportion also felt very or fairly confident in
PricewaterhouseCoopers LLP working in the Toronto office.
their understanding of the impact of IFRS on
She also leads the national Banking and Capital Markets
the companies they invest in.
Industry Assurance practice.

December 31 January 1 March 31 December 31

2010 2011 2011 2011

First annual IFRS go-live First interim First annual

comparative figures IFRS-based financial IFRS-based financial
under IFRS statements with Q1, statements
2010 comparatives

* C
 anadian Securities Administrators Staff Notice 52-320 requires quarterly disclosures in Management’s Discussion and Analysis
starting in 2008 on the plan for IFRS convergence and, starting in 2009, the expected impact of the adoption of IFRS. Quantification
of the impact of adoption of IFRS will be required in 2010 in the annual Management’s Discussion and Analysis at the latest.

AR TRENDS 2008 39
Section 4

The most thorough MD&As have

adopted either the letter or the
spirit of the guidelines issued by
the Canadian Institute of Chartered
Accountants, which recommend
that companies discuss their vision,
strategy, key performance drivers,
capabilities to deliver results and
risks. The best MD&As are also
written in plain language that
makes them comprehensible.

md&a:
through the eyes
of management

Best practices

DO follow the CICA’s guidelines on preparation

and disclosure. You can find them at www.cica.ca.

DO design the pages of the MD&A to appeal

to the widest possible audience. A layered
information approach benefits even the most
seasoned number-cruncher.
What investors need...
The MD&A is very much a regulatory document; in DO consider a table of contents and use colour
fact, along with the financial statements and notes, or other visual elements for easier navigation.
it’s the only part of the traditional annual report that
public companies are required to produce. Yet some
companies make the extra effort required to bring
this vital performance document alive in the minds Benchmarks
of their investors.
While production values are usually much more
modest, the most effective MD&As offer evidence of
75% of Canadian and 32% of U.S.
MD&As contain an outlook section.

5%
a layered information approach with bold headlines,
of Canadian reports follow all of
captioned charts and graphs, and sometimes
the CICA reporting guidelines.
photography and illustration to capture attention
and draw readers into the body text. Investors also
want to hear from management in plain, non-
promotional language that explains the company’s
progress in a balanced, credible manner.
8% of MD&As include photography
and/or illustration.

40 AR TRENDS 2008
potashcorp
PotashCorp’s MD&A has long been
recognized for the excellence of its disclosure
and the 2007 report was no exception. Every
element – from market fundamentals to the
SWOT analyses of operating segments to the
balanced scorecard – is exemplary. All of this
information is made more engaging through
the use of plain language and a variety of
visual devices.
• Engaging, reader-friendly writing style
invites readership.
• Two-colour production brought to life with
pull-quotes and captioned photography
and charts throughout.
• Preceding CFO letter includes key
performance metrics against industry peers.

BMO Financial Group

Year after year, BMO’s MD&A can be
counted on to provide a clear and candid
assessment of performance against clearly
defined strategies and objectives. The
three page “Financial Performance and
Condition at a Glance” is exemplary with 12
five-year graphs illustrating the company’s
performance relative to its North American
peer group.
• Comprehensive discussion of enterprise-
wide strategy provides context for the
bank’s priorities and initiatives.
• Dedicated value measures section tracks
performance and describes importance
of total shareholder return, EPS growth,
return on equity, etc.
• Layered information approach includes
more than 60 captioned charts to highlight
key trends and provide context.

innvest reit
Canada’s largest hotel REIT combines the
CICA-recommended structure with a variety
of captioned photographs, charts and other
visual devices to create an inviting, reader-
friendly MD&A. The company’s showcase
properties figure prominently in the report,
conveying a palpable sense of the quality of
the REIT’s assets and lending vitality to a
traditionally regulatory document.
• Adherence to CICA guidelines enhances
the MD&A’s effectiveness.
• Captioned colour photography shows off
the quality of assets and creates interest.
• Captioned fact boxes offer vital statistics
that pull readers into the body text.

More best practices

Barrick Gold Corporation /
Viterra Inc. / Petro-Canada /
TELUS Corporation

AR TRENDS 2008 41
Section 4

Most of the performance

measurements an investor could
want are contained in the MD&A and
financial statements. But the best
reports make a point of assembling
the most important financial,
operating and other highlights
within a single frame of reference.
They also help draw conclusions
for readers by presenting highlights
in the context of the company’s
overall strategy.

measuring performance:
bringing your
numbers to life
Best practices

DO consider including CSR metrics on the

highlights page even if they appear elsewhere
in the annual or the CSR report.

DO consider moving the highlights from their

traditional spot at the front of the report if they are
interrupting the flow of your investor proposition.

What investors need... DON’T cherry pick only the most flattering metrics
Investors can hunt through your annual report to or change the line-up from year to year; consistency
find all the year’s highlights but presenting them builds credibility.
in a single spread is not only more convenient, it
gives you a chance to present the most important
measures of the company’s performance in the
right context. Benchmarks

89%
Doing that with impact requires a dynamic of annual reports use performance
visual presentation, one that includes a variety of graphs in the feature section.
information in the form of captioned multi-year

48%
graphs, bullet points and perhaps photographs or
use graphs in the MD&A.
illustrations. Some of the most effective performance
highlight sections are anchored by active headlines
which serve to support the key messages or draw
a connection between the company’s strategic
direction and its results. They also make it easier to
identify trends with three years of data or year-over-
83% of annual reports include a financial
highlights page and 26% provide
operating highlights.
year percentage changes.

42 AR TRENDS 2008
ameriprise financial, inc.
The annual’s financial highlights section
strikes a playful mood by introducing three
employees who are presenting evidence
of the company’s growing earnings per
share – a thematic device that’s carried on
throughout the report. Consolidated financial
highlights on the adjacent page include
percentage changes year-over-year, an
investor friendly best practice.

SASOL limited group

Sasol’s 2007 annual report welcomes
readers with a comprehensive mix of
financial, operating and – something
we’re seeing much more of – sustainable
development highlights. Visual impact
is enhanced through a combination of
bullet points, tables and charts. The
highlights achieve a credible tone by
also acknowledging setbacks.

Prudential plc
Prudential’s 2007 annual report
includes an excellent two-page spread
on key performance indicators. Detailed
commentary defines each KPI and
explains its significance in measuring
performance while bold typography
highlights year-over-year results and
colourful four-year charts make it easy
to track the company’s progress.

More best practices

Aviva plc / PotashCorp /
BMO Financial Group

AR TRENDS 2008 43
Section 4

Most public companies operate in

extremely competitive dynamic
environments where success
depends on their ability to respond
quickly to changing customer needs,
new competitors, shifting regulatory
environments and a host of other
significant risks to their performance.
The best reports identify every
aspect of known exposures and
describe the processes with which
they are mitigated.

risk management:
sharing your plans
for the unexpected

Best practices

DO devote more discussion to those risks more

likely to challenge your ability to achieve your goals.

DON’T resort to boilerplate descriptions; describe

how each risk affects your company with specific
plans for mitigation.
What investors need...
The annual reports of North American and DO take a look at the CICA’s performance resource
European financial services companies contain the centre at cica.ca/cpr for more examples of best
most comprehensive discussion of risk and risk practice reporting.
management you are likely to find, and yet, the past
year’s meltdown in the world’s credit markets took
almost everyone by surprise. Rather than causing
companies to throw in the towel, however, we Benchmarks
expect such events will give renewed impetus to
the growing amount of space and detail that annual
reports devote to risk. 93% of annual reports discuss risks
in the MD&A.

41%
Investors want to see evidence of the enterprise-
of these discussions describe the
wide risk management approach that is used
company’s specific exposure to
to identify, measure, monitor and manage risk
these risks.
throughout a company’s operations. In order to aid
comprehension, you should try to visually segment
the presentation into primary areas of exposure such
as competitive, financial, operational, reputational
and environmental risks.
56% provide risk mitigation strategies.

44 AR TRENDS 2008
royal bank of canada
Thirty pages of RBC’s annual report are
set aside for risk, so if you’re wondering
what’s missing in your report, start looking
here. The discussion ranges from risk
management and governance to credit,
trading, liquidity, legal and environmental
risk. The discussion is exhaustive and well
supported with illustrations, graphs and
other visual devices.

bae systems PLC

BAE’s seven-page section on risk relies
heavily on visuals to help readers picture
how the company’s risk management
system works. It’s followed by an easy-to-
read matrix of key financial and operating
risks with helpful high-level summaries of
each risk and detailed descriptions of risk
mitigation strategies.

altagas income trust

The profitability of AltaGas’ transmission
and processing facilities is dependent on
a number of factors including the volatile
supply and demand dynamics of natural gas.
This table helps make sense of a complex
puzzle with a straightforward synopsis of
risks, mitigation strategies and evidence
of progress.

More best practices

3i Group plc / Agrium Inc. /
Metso GYJ / PotashCorp

AR TRENDS 2008 45
Section 4

The best annual reports not only

describe the company’s strategic
direction, they quantify progress by
establishing financial and operating
objectives – and measure their
annual performance against them.
Some companies produce detailed
spreads featuring an objectives
scorecard with goals, key metrics
and relevant graphs.

objectives & targets:

helping your
investors keep score
Best practices

DO illustrate the relationship between your goals

and your strategies.

DON’T set goals that cannot be measured.

“We will expand EBITDA margin to 20% in three
years” is far more meaningful than “We will
maximize shareholder value”.

DON’T hide missed targets. Acknowledge the

situation, explain the results, and discuss how you
plan to improve.
What investors need...
While the feature material in a good annual report
provides a clear explanation of the company’s
strategies, investors are most impressed when Benchmarks
management shows the courage of its convictions
by making itself accountable in advance for specific,
measurable results. 24% of Canadian reports include a
corporate objectives scorecard.

3%
The best reports in our survey publish a range of
of U.S. reports contain the same
financial, operating and other objectives that make
kind of information.
it easy to see if the strategy is working. And they do
so year-in and year-out without worrying that every
objective is met. Investors don’t expect you to reach
every objective; in fact the scorecard approach can
backfire if they think management is hopping over a
15% of Canadian reports include
quantifiable objectives in
their scorecards.
bar that’s been set too low.

46 AR TRENDS 2008
canadian tire
Corporation, limited
This unique Canadian retailer has a long
history of publishing its corporate objectives.
In keeping with the theme of this year’s
report – “Bigger and Better” – the company
clearly describes the initiatives that will help
it reach 12 operating and financial objectives.
The targets immediately precede the feature
section to help give the company’s activities
more context.

telus Corporation
TELUS’ remarkably comprehensive
presentation includes a handy scorecard
which tracks 2007 performance against
13 consolidated and segmented objectives.
2008 objectives are also clearly laid out with
five-year bar charts illustrating the magnitude
of future targets in the context of past
results. A synopsis of the presentation also
appears in the shorter annual review.

potashCorp
Three pages of the MD&A are devoted to
discussing the company’s performance
against the past year’s objectives and setting
out new targets for 2008. PotashCorp’s
“Pathway to Success” emphasizes the
importance of a balanced performance
with employees, communities, customers
and investors and, accordingly, each group
is subject to its own targets.

More best practices

Aviva plc / BMO Financial Group /
Canadian Imperial Bank of Commerce /
Inmet Mining Corporation

AR TRENDS 2008 47
 section  5:
the on-line annual
report makes
accessibility
a priority

Outstanding report: Land Securities group plc

The best on-line annual reports are much more than repurposed print documents.
They are designed to take advantage of the inherent advantages of the Web.
The Land Securities 2007 annual report provides a good example of this approach.
Judicious use of Flash animation welcomes readers into the report with a highly
visual contents page that offers viewers a peak inside the report. Once inside,
there are plenty of features to make the report a rewarding experience.
Top marks for:
A build-your-own-report feature and a dedicated downloads page;
Financial statements available in Excel;
Interactive property maps and 3-D animated videos of projects in development.
www.landsecurities.com

48 AR TRENDS 2008
 ON-LINE

HTML annual report All you need to know Portfolio section with video Pop-up graphs

AR TRENDS 2008 49
Section 5

A good investor relations website

should be much more than an
electronic bulletin board for the
company’s print documents.
Ideally, it should make use of the
internet’s capabilities to engage the
visitor with a dynamic experience,
encourage exploration and link
each frame of reference to related
sections of the site.

websites:
not just a web-based
print library
Best practices

DO provide an intuitive interface, making

common links such as corporate overview,
financial statements and corporate governance
readily accessible.

DO offer documents in both HTML and PDF and

break downloads down into manageable segments.

DON’T treat the site as a static repository for

data. Keep it up to date with news releases, industry
information and other news.
What investors need...
The best IR websites offer a full statutory
annual report for downloading, ideally in several
manageable segments, as well as an on-line Benchmarks
version that incorporates video and/or
animation to add visual interest and create
a more dynamic experience. 28% of corporate websites have a direct
link to the current annual report on
the homepage.
The on-line annual report also offers the advantage

13 %
of being easier to read and navigate with features
of Canadian and 24% of U.S.
such as variable text size, related links and key word
companies offer an HTML version
search functions. Its capacity for interactivity is also
of the report.
a plus as it gives viewers a welcome opportunity
to shape their own experience – whether they’re
drilling down for more information on a director’s
attendance record or clicking to access a footnote
on one of the financial statements.
7% of companies offer the entire
annual report in HTML.

50 AR TRENDS 2008
cameco corporation
Cameco takes full advantage of web-based
communication with functions such as
variable-size graphs, mouse-over highlighting
of financial tables, an interactive map that
highlights strategic developments and a Flash
introduction that deftly places the investment
argument right up front. The full print report
is available in HTML and a handy PDF print
button allows viewers to select sections for
printing without interruption.

www.cameco.com

potashcorp
PotashCorp’s on-line annual is exceptionally
easy to use thanks to features like variable
text size, search functions, pop-up graphs, an
interactive board presentation, mouse-over
highlighting for financial tables and a handy
“my shortcuts” button that saves preferences
for subsequent visits. The Flash intro –
“yesterday today tomorrow” – is directed
squarely at investors.

www.potashcorp.com

AR TRENDS 2008 51
 Section 5

websites:
(Cont’d)

bmo financial group

BMO’s on-line annual report combines loads
of functionality and leading-edge content.
Features include variable text size, search
functions, a build your own report feature,
horizontal mouse-over highlighting for
financial tables, roll-over board of director
photos that expand and highlight individual
members, Excel downloads for financial
tables and a welcome audio from the CEO.

www.bmo.com

general electric company

This is a cleanly designed, easy to use on-line
annual report with horizontal and vertical
mouse-over highlighting for financial tables,
a dedicated downloads section, intuitively
designed tabs and horizontal navigation
within sections and content features such
as a great interview-style video. The letter to
shareholders is available in five languages.

www.ge.com

52 AR TRENDS 2008
 marks & spencer group plc
This UK-based retailer offers visitors a
dynamic on-line annual report experience
with outstanding features such as a Flash
timeline of key events for the year, interactive
maps highlighting the company’s stores
and an emerging markets interactive map
with expansion plans per region. Navigation
is clean and intuitive and functionality is
enhanced by large print and audio options.

www.marksandspencer.com

aviva plc
Aviva’s first rate on-line annual report
incorporates all the usual best practices and
adds a new one – the option of recording
your own notes in the report. Beyond the
report, the IR site contains an abundance
of great tools including the ability to “create
your own page” which lets you create your
own bookmarks, email alert criteria, dates
of interest, reading list and more.

www.aviva.com

Benchmarks 100

Posting reports in both PDF and HTML 80

is becoming less common
60
100%
40
80%
20
60%
0
40%
CDN
20%
U.S.
More best practices
0%
05 06 07 08 Barclays plc / British Petrolium plc /
Enbridge Inc. / Royal Dutch Shell plc /
Although HTML is a more powerful format for the web,
Land Securities Group plc /
more companies are using only PDF for their annual reports.
Legal & General Group plc
AR TRENDS 2008 53
7
 Our survey began by ordering
reports from 680 companies on
every continent. Of those we
identified 205 Canadian and
U.S. reports to be included in our
benchmarking analysis. We did not
benchmark the European reports
owing to dissimilarities in the
regulatory environment but we
did look at over 300 of them for
best practices. Below are the 248
companies that were surveyed or
identified for a best practice.

who we surveyed
• 3i Group plc
Aastra Technologies Limited
• Abertis Infraestructuras S.A.
Aecon Group Inc.
Aeroplan Income Fund
AFLAC Inc.
AGF Management Limited
• Agnico-Eagle Mines Limited
• Agrium Inc.
Air Products & Chemicals
Alamos Gold Inc.
• Alcoa Inc.
Algonquin Power Income Fund
Alimentation Couche-Tard Inc.
• AltaGas Income Trust
• American Express Company
• Ameriprise Financial, Inc.
AmerisourceBergen Corp.
Anheuser-Busch
ARC Energy Trust
AT&T Inc.
Avery Dennison Corp.
• Aviva plc
• BAE Systems plc
• Bank of America Corporation
• Barclays plc
Barr Pharmaceuticals, Inc.
• Barrick Gold Corporation
• Baxter International Inc.
Becton, Dickinson
Bell Aliant Regional Communication
BFI Canada Income Fund
• BMO Financial Group
Boardwalk Real Estate Investment
• British Petroleum plc
• British Sky Broadcasting Group plc
Brookfield Asset Management Inc.
Brown-Forman Corporation
C.H. Robinson Worldwide
CAE Inc.
• Calfrac Well Services Ltd.
• Cameco Corporation
• Cameron International Corp.
• Campbell Soup Company
• Canadian Imperial Bank
of Commerce
Canadian National Railway Company
Canadian Natural Resources Limited
Canadian Oil Sands Trust
Canadian Pacific Railway Limited
• Canadian Tire Corporation, Limited
Canadian Western Bank
CanWest Global
Communications Corp.
Cascades Inc.
CCL Industries Inc.
CGI Group Inc.
CHC Helicopter Corporation
• Chevron Corporation
• Cineplex Galaxy Income Fund
Cisco Systems
• CML HealthCare Income Fund
• The Coca-Cola Company
Cognizant Technology Solutions
Colgate-Palmolive
Cominar Real Estate
Investment Trust
Compton Petroleum Corporation
ConocoPhillips
Constellation Brands
Consumers’ Waterheater
Income Fund
Corning Inc.
Crescent Point Energy Trust
CVS Caremark Corp.
Davis + Henderson Income Fund
Denison Mines Corp.
Developers Diversified
Realty Corporation
Devon Energy Corp.
Discover Financial Services
• Domtar Corporation
• Duke Energy Corporation
Dundee Real Estate
Investment Trust
• EDF Group
Emera Incorporated
• Enbridge Inc.
• EnCana Corporation
Enerflex Systems Income Funds
Energy Savings Income Fund
Enerplus Resources Fund
Entergy Corp.

• indicates AR reports chosen as best practices

54 AR TRENDS 2008
 Equinox Minerals Limited
FedEx Corporation
Finning International Inc.
First Quantum Minerals Ltd.
Flint Energy Services Ltd.
Fort Chicago Energy Partners L.P.
Fortis Inc.
Freehold Royalty Trust
Freeport-McMoRan Copper
& Gold, Inc.
Galleon Energy Inc.
• General Electric Company
General Mills
Genuine Parts Company
Gildan Activewear Inc.
Gold Eagle Mines Ltd.
Golden Star Resources Ltd.
• Goldman Sachs Group
Great-West Lifeco Inc.
• Harley-Davidson, Inc.
Harvest Energy Trust
• High Liner Foods Incorporated
HudBay Minerals Inc.
Huntington Bancshares
Husky Energy Inc.
IGM Financial Inc.
Imperial Oil Limited
Industrial Alliance Insurance and
Financial Services Inc.
ING Canada Inc.
• Inmet Mining Corporation
Inter Pipeline Fund
• InnVest REIT
Jazz Air Income Fund
Johnson & Johnson Inc.
KeyCorp Limited
Keyera Facilities Income Fund
Kimco Realty
Kingsway Financial Services Inc.
• Kinross Gold Corporation
Laboratory Corporation of
America Holding
• Land Securities Group plc
Laurentian Bank of Canada
• Legal & General Group plc
Legg Mason, Inc.
Lehman Brothers
• Limited Brands, Inc.
Linamar Corporation
Loblaw Companies Limited
• Logica
• L’Oréal S.A.
Lowe’s Companies, Inc.
• Macquarie Power & Infrastructure
Income Funds
Major Drilling Group
International Inc.
Maple Leaf Foods Inc.
• Marks & Spencer Group plc
Marshall & Ilsley Corporation
McDonald’s Corporation
McGraw-Hill Companies
MDS Inc.
• Merrill Lynch & Co., Inc.
Metro Inc.
• Metso GYJ
• Mondi Group Thomson Corporation
• Monsanto Company Timinco Limited
Moody’s Corp Toromont Industries Ltd.
NAL Oil & Gas Trust • TD Bank Financial Group
Newalta Income Fund Torstar Corporation
• Newell Rubbermaid Inc. Total System Services, Inc.
News Corporation TransCanada Corporation
Norbord Inc. Transcontinental Inc.
Northbridge Financial Corporation • TransAlta Corporation
Nova Chemicals Corporation Transat A.T. Inc.
NovaGold Resources Inc. TransForce Income Fund
Nucor Corp. Trinidad Drilling Ltd.
OPTI Canada Inc. TSX Group Inc.
Pan American Silver Corp. • Tullow Oil
Paramount Resources Ltd. Tyson Foods, Inc.
Parker-Hannifin Corporation U.S. Bancorp
Pembina Pipeline Income Fund • UBS AG
• Penn West Energy Trust United Technologies Corporation
Petrobank Energy and Vermilion Energy Trust
Resources Ltd. • Viterra Inc.
• Petro-Canada • Vodafone Group plc
• Pfizer, Inc. • Volkswagen AG
Polo Ralph Lauren Corp. • Volvo AB
• PotashCorp Vulcan Materials Company
Power Financial Corporation Walgreen Co.
PPL Corp. Walmart Stores, Inc.
ProEx Energy Ltd. • Wells Fargo & Company
Progress Energy Trust • WestJet Airlines Ltd.
• Prudential plc • The Western Union Company
Reitmans (Canada) Limited • Westpac Banking Corporation
• Research in Motion Limited Wm. Wrigley Jr. Company
RioCan Real Estate Investment Trust Xerox Corporation
Rockwell Collins, Inc. Yamana Gold Inc.
RONA Inc. Yellow Pages Income Fund
• Royal Bank of Canada • Yum! Brands, Inc.
• Royal Dutch Shell plc Zions Bancorp
• SABMiller plc
Saputo Inc.
• Sasol Limited Group
Schering-Plough Corporation
• Scotiabank
Sears Canada Inc.
• Security Capital Assurance Ltd.
Shaw Communications Inc.
ShawCor Ltd.
The Sherwin-Williams Company
Shoppers Drug Mart Corporation
Sigma-Aldrich Corporation
• Silver Standard Resources Inc.
• Silver Wheaton Corp.
Sino-Forest Corporation
SNC-Lavalin Group Inc.
• Southern Company
St. Jude Medical, Inc.
The Stanley Works
• Stryker Corporation
Sun Life Financial Inc.
Suncor Energy Inc.
Superior Plus Income Fund
Teck Cominco Limited
• Telefonaktiebolaget LM Ericsson
• TELUS Corporation
Teradata Corp.
Teranet Income Fund
Thompson Creek Metals
Company Inc.
AR TRENDS 2008 55
 For further information please contact:

Craib Design & Communications Blunn & Company

42 Wellington Street East, 2nd Floor 42 Wellington Street East, 2nd Floor
Toronto, Ontario M5E 1C7 Toronto, Ontario M5E 1C7
416.363.5206 416.368.8545
Strategy • Design
Communications www.craib.com www.blunnco.com
Kevin Ward, Creative Director Chuck Midgette, President
Craib Design & Communications cmidgette@blunnco.com
kward@craib.com
Elaine Wyatt, President
Craib Strategic Directions 
elaine_wyatt@craib.com
Courtney Craib, Web Development Manager
Craib Design & Communications
ccraib@craib.com

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56 AR TRENDS 2008
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 our 2nd comprehensive survey of
sustainability report trends,
benchmarks and best practices

Strategy • Design
Communications

CSR TRENDS 2008 is a complementary resource to

AR TRENDS. It is Craib’s second annual review
of trends, benchmarks and best practices in
sustainability reports.

www.craib.com
www.blunnco.com