HSBC Holdings has won the prestigious Best Report Award in this year's Hong Kong Management Association Best Annual Reports competition. It is the first time the banking group has won the coveted top award, although it took the Gold Award last year.
'Of course, we are very pleased to receive this award,' an HSBC spokesperson said.
The report is produced entirely within HSBC and published in English, Chinese, Japanese and French.
The HKMA says HSBC won the award for its 2001 report because it is 'a high quality report with comprehensive coverage and professional presentation, and overall excellence in all aspects comparable to the highest international standard'.
'HSBC Holdings plc deserves special mention for making the report more user friendly, and in the full version the report definitely had excellent disclosure to better understand their businesses,' the HKMA judges said.
One reason for HSBC's high level of disclosure is its wide international presence: the group is listed on four exchanges and follows a policy of complying with the most onerous requirements, according to the spokesperson.
The HSBC annual report was issued in two versions for the first time in 2001: a full version of more than 300 pages and a shorter 'annual review' with all the main points.