Investor Relations

IMPLEMENTING BEST PRACTICES IN INVESTOR RELATIONS 127directly with investors or others interested in your company. Those in favorof blogging will say that it is an additional opportunity for Investor Relationsto best position their company, engage with online journalists, and developrelationships with the investment community. Opponents will argue that itis hard to monitor and bears considerable legal and image risks.Today, there is still insufficient evidence decisively supporting either themerits or the hazards of the Investor Relations blog.3.6.5 The Annual ReportFrom a legal standpoint, listed companies are required to publish annualreports, the content of which is tightly regulated. Over the years, annualreports and financial documentation have tended to become heavy documentswith always increasing details while not necessarily making thingsclearer. This has led companies to produce summaries, abridged versions,and interactive online annual reports. But let us not be mistaken: The printedannual report is there to stay.Together with the press release for ongoing information reporting, theannual report is and will continue to be the primary document for financialcommunications, although it is increasingly sharing the spotlight withcorporate Web sites. The quality of both documents, in form and in content,shows when you have given consideration to the writing as well as thedesign.Companies are nonetheless free to select any format they choose, dependingon their budget, image, and how they intend to use the annual report.The latter can be divided into two or more documents including a summaryreport, full report, sustainable development report, financial statements,and so on.One of the many challenges of the annual report is to make it interestingto a wide audience with very different concerns. This is why it is producedby a multidisciplinary project team from within the company, with helpfrom outside specialists.3.6.5.1 The purpose of the annual reportThe main objectives of publishing an annual report are as follows: Inform shareholders. Copies should be distributed before theAGM according to a specific legal timetable that varies from country tocountry. Create and reflect the company’s image. The annual reportis in fact a corporate brochure and a tool for developing its reputation. Itcan help boost marketing efforts, for instance, by being displayed at the