The Black Sun award for:
Most Improved Narrative
David Christopherson, Black Sun, Louise O’Shea, Admiral Group, and Penny Shepherd, UKSIFAdmiral Group plc
Liberty International (now Capital Shopping Centres plc)
William Hill plc
Shire plc
There is a growing awareness of the importance of forward-looking content in corporate reporting and of the benefits this can confer. Much of the change and improvement in narrative reporting is incremental. Only a few companies attempt anything more radical, and there is good reason. Improving substantially a company’s reporting narrative presents a significant challenge to those who undertake it – a challenge that usually has as much to do with change in the business as a whole as it does with how the business is reported.
The Society believes the very best of these challenging efforts deserves recognition. Substantial improvement in a company’s Annual Report narrative reflects an awakening to the power of more open, transparent and objective reporting for the benefit of all stakeholders, and to the possibilities of adding strategic value.
Each of the four short-listed companies made a significant step change in the quality of their reporting in this 2009/10 reporting cycle compared to the previous period. One company in particular, Admiral Group, was exceptional in the advance made with its 2009 Annual Report. Admiral achieved FTSE100 status in 2009 and clearly recognised the importance of aspiring to a better standard of corporate reporting to match its enhanced corporate status.
Admiral Group published here an attractive and accessible Annual Report that will surely have been effective in underpinning the confidence of investors through the vastly improved narrative content. The strength of this narrative rests on the clarity of the Group’s business model and on the robustness of the presentation of the Group’s competitive position.
About Black Sun:
Black Sun is a specialist corporate reporting consultancy. We set the standard and we drive the agenda for our profession. As corporate reporting specialists we are focused on helping large international businesses build trust and confidence with their key stakeholders. Our reputation has been established through a unique combination of in-depth market analysis, ambitious creative thinking and over 20 years experience working with some of the biggest and most respected companies in the UK and international markets.
We are committed to driving the debate in corporate reporting whether through our industry research or consultations with Government and regulators.