As design plays a more pivotal role in making annual reports more readable and informative, good companies recognise the need to steer clear of letting presentation 'camouflage' the facts, say the judges of this year's Hong Kong Management Association (HKMA) Best Annual Reports Awards.
And in an age when corporate governance and regulatory requirements demand that companies provide more disclosure as to the state of their finance and business activities, the annual report becomes a vital snapshot of events.
These were among the findings of the adjudication panel in its report on the Best Annual Reports Awards, which were presented last night at the Island Shangri-La in a ceremony co-organised by the South China Morning Post.
Howard Gorges, chairman of the judges' panel, praised the higher standards of the company reports entered into the competition, which this year had sub-category awards extended to recognise achievements in design and good corporate governance.
'We don't discourage glossy reports, but sometimes the minimum can be necessary,' said Mr Gorges, who is vice-chairman of South China Brokerage and HKMA council member.
'Many companies do well-designed reports, but the object is to get your readers' attention and put the message across. It is not meant to be camouflage for a report that is not very good.'