Novozymes
This is an extraordinary report, particularly because it is one of the most integrated reports, so well-written, and so concise. While some things aren’t in it they do a great job of linking to additional content online. Extra points for ESG as they are already using double materiality.
Ahold Dalhaize
has the best table of contents—with value drivers and related icons on the table of contents. It’s very well organized and easy to find everything—including the well-done sustainability statements with the financial statements in the performance section. It’s very complete and easy to read. While there is lots of forward looking info, strategic targets could be sharper. They have great sustainability statements and well-integrated disclosure with a strong governance section.
Randstad
Wonderful connectivity, so everything that is disclosed has good context. Great purpose and values. One of the best people sections, great use of material issues. Good info graphics.
One of the best risk sections—fantastic risk appetite reporting. Risks and strategy are so thoroughly linked, gives great confidence strategy implementation is being thoughtfully managed. Report of supervisory board (Governance) written in a conversational, highly readable style. GRI index is where it belongs—in an appendix with glossary.
Anglo American
This is a really strong report. I really love the ‘how we make decisions section.’ While the strategy is too high level, I like how they present it with business model in what is essentially the intro.
Their website is a delight to navigate. The table of contents is much clearer than their peers. They do a much better job of presenting their reporting suite and linking various reports.
Shell
Best business model. One of the best CEO letters. I always read their leadership letters first when reviewing reports because they are ALWAYS great and give me a way to benchmark others. Here, they did the best job of addressing the war in Ukraine, which is a nightmare that is also adding to their profits.
HSBC
Intro content—highlights/leadership letters—is fantastic. Good at-a-glance and review of financial and non-financial performance. This is one of the most enjoyable reports I had the pleasure of reading this year. The fabulous Chair letter gives a great job giving the global economic context while tying to business context—setting the tone for whole report. Concise but clear. A lot of remarkable detail but easy to navigate. ESG extremely well embedded, outstanding one page commentaries following income and balance sheets.