AstraZeneca
– Comprehensive, balanced employee discussion which positions people as a strategic asset
– Strong connection between marketplace discussion, strategy disclosure and KPIs
– Tricky issues, like Brexit and climate change, discussed in prominent spots
Experian
– Business model description demystifies an expansive international business operating in several fast-moving sectors
– Forward-looking strategy discussion and high-quality case studies
– Capital allocation discussed in a sophisticated and meaningful way
– Detailed, clearly written and presented viability statement
Fresnillo
– Poor financial performance tackled head-on, in multiple places within the report, without dissembling
– Detailed strategy disclosure, including coverage of longer-term objectives
– Clear and insightful segmental reporting
– Sophisticated TCFD response, including relevant risks and opportunities
Glencore
– Convincing investment case, supported by numbers
– Concise but effective discussion of the business’ external context
– Meaningful strategy disclosure incorporating sustainability concerns, with good links to KPIs and risks
Legal & General
– Clear effort all the way through to limit big blocks of copy and focus on communicating the most important information
– Great mix of content and visuals
– Climate change and sustainability are recurring themes throughout
– Useful Q&A with the CFO
Lloyds Banking Group
– Detailed, relevant discussion of market trends, and the bank’s response
– High-quality strategy reporting, incorporating performance indicators, case studies and forward-looking information
– Comprehensive TCFD response, and strong analysis of current risk themes
– Highly detailed s172(1) statement, incorporating several Board decisions
Rentokil Initial
– Fair and balanced tone throughout, particularly in the CEO’s Q&A
– Case studies are accessible, relevant and intriguing
– Excellent segmental reporting, with the focus on markets, growth drivers and strategy
– Meaningful culture discussion
Standard Chartered
– Insightful views on the macroeconomic factors affecting the global landscape and the bank’s four regions
– Key risk priorities laid out in detail in a review owned by the Chief Risk Officer
– Detailed stakeholder section and s172(1) statement incorporating Board decisions
– Concise and informative writing style throughout
Taylor Wimpey
– Very high-quality marketplace content feels strategic and relevant to the overall narrative
– Clear update on strategic performance, with a very strong link to KPIs
– Just seven principal risks listed
– Communicative Q&A with the Group management team and well-written CFO’s statement
United Utilities
– Considerable detail on stakeholders, their interests and how they are considered
– Fair and balanced narrative throughout – challenges are discussed openly and often
– Comprehensive yet accessible TCFD response