AR on AR 2021

Susan's favourites

Susan Blesener is an angel investor and start-up founder, as well as the CEO of The Art of Value, a consultancy that helps companies define, manage and report on what matters most. As an investor, she works closely with budding entrepreneurs to develop innovative, investible business models and strategies. At The Art of Value, her clients include companies in Africa, Asia, and Europe that are publicly disclosing their journey to successfully create profits through the process of creating value for all stakeholders, particularly customers and employees.

Based in Belgium, Susan holds advanced degrees in economics, business administration and strategy. Prior to launching The Art of Value, Susan managed disclosure and accountability practices at the International Finance Corporation, the World Bank’s private-sector investment arm, and Novo Nordisk, the world’s largest producer of insulin.

1. Ahold (Netherlands)

Well-integrated, almost hyper strategic, high marks for readability + style. Figures really pop.

2. British Land (United Kingdom)

In a year with a lot more climate disclosure, this was hands down the very best. The best TCFD report I've seen.

3. BASF (Germany)

Always a great report, it seems to have gotten even better while reports like Akzo Nobel show signs of weakening and disinvestment. The chemical group reports in great detail, but this is the clear winner. It has a German level of detail with great readability--something few other German companies achieve. Kudos.

4. Glencore and Rio Tinto (United Kingdom)

Mining companies are required to do lots more reporting than most companies, but these two both impressed me. Rio Tinto is a massive company with duel listings and massive regulatory issues. They both not only are fantastic on strategy and ESG, but they are also well integrated with great data. Both hit home runs for doing what reports are meant to do--gain investor/stakeholder confidence, provide transparency and accountability. These reports deliver hugely. 

5. Novozymes (Denmark)

Novozymes is always great, so it surprises me when a great report continues to take leaps forward. It's both very complete but also very readable. Great data. Still world-leading in terms of integration.

Kellie's favourites

As co-leader of Dix & Eaton’s investor relations practice, Kellie Friery provides strategic counsel to public company management teams to elevate the effectiveness of their investor relations programs and enhance the value for shareholders and other stakeholders. Drawing on more than 15 years of accounting, investor relations and financial communications experience, Kellie works with newly public companies to establish the investor relations function and helps elevate existing programs through the tailored implementation of industry best practices. She has also served as an onsite resource to clients preparing for initial public offerings, launching strategies that support business initiatives and raise brand awareness, and managing integrated communications for mergers, acquisitions and other transactions. This firsthand experience as an extension of communications teams provides a unique perspective that is reflected in her counsel to clients.

Kellie began her career as an auditor with Ernst & Young, LLP. She graduated cum laude from the University of Notre Dame with bachelor’s and master’s degrees in accountancy and earned her designation as a CPA (inactive). Kellie is a member of the National Investor Relations Institute (NIRI) and the NIRI Senior Roundtable.

1. SKF (Sweden)

The report is well organized and easy to read. I like the clear introductions to the business and strategy as well as the company's mission and vision. It is also clear how sustainability is embedded within the business strategy. The “Why” and “How” explanations they include with their financial targets are also highlights for me – straightforward, simple and helpful to the reader.

2. Orkla (Norway)

The dedicated, well-designed website that shares key financial and sustainability information with reader in an easy-to-digest manner stood out to me. The PDF pages of the full report maximize space of the computer screen and are user-friendly with clean, impactful design.

3. Intercontinental Hotels Group (United Kingdom)

I really like how the online summary presents sections in digestible segments and provides easily accessible downloads on the business model, strategy, industry trends, etc. The report clearly articulates the strategy while infusing elements of the company’s culture and customer-centric brand. ESG/approach to supporting colleagues and communities are identified as essential pillars of strategy. I found the report to be reader-friendly and graphically appealing; appreciate navigational cues of where to find information.

4. SCA (Sweden)

The report is well designed. I appreciate the use of simple graphics and illustrations to visually share the company's value proposition. The report features a great mix of text lengths with supporting callout elements (such as the strategy boxes in each section), charts, photography, etc. which make the content more digestible and a much easier read than some of the text-heavier pieces.

5. Heineken (Netherlands)

The report is on brand and is written in an authentic, genuine tone. I liked the CEO message presented in Q&A format. I found the table comparisons of the company's 2020 sustainability commitments versus actual results to be useful and user-friendly. In particular, the table allows the company to celebrate its achievements while acknowledging and taking ownership in areas where they did not meet commitment (they made it clear to the reader where they met and did not meet expectations). I also appreciated the substitutional discussion of the company’s five business priorities, with multiple pages dedicated to each with easily digestible content, photos and additional visual elements that support the story.

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