Find the annual report of a large listed company. (The Financial Times carries lists of major companies and, in particular, lists the largest 100 companies in a list called the FTSE 100 companies. Annual reports are on the websites of companies. Some companies will mail a paper copy free of charge.)

(a) Read each of the following:

• Corporate governance report

• Strategic report

• Directors’ report

• Directors’ remuneration report

• Reports of auditors and directors on ‘a true and fair view’

Comment on the usefulness of each of these sections of the annual report.

(b) Comment on the extent to which the annual report meets the needs of the users.