Management's role 'crucial in annual reports' | Bahrain Business News

Management's role 'crucial in annual reports' | Bahrain Business News

MANAMA: Annual reports can play a major role in bridging the gap between the perceptions of the Middle Eastern market and in improving them.

That was the message from Smart Media chairman Dr Vijith Kannangara at the First Power Annual Report chief executive officer luncheon at the Capital Club, Bahrain Financial Harbour, with the participation of an exclusive gathering of kingdom's corporate leaders.

"The good thing about the current state of play is that annual reports in the Gulf tend to be simple and devoid of a barrage of compliance material that dilutes the communications," he said.

"Instead of merely bringing their annual reports up to global standards, the Gulf is well positioned to go beyond benchmarking and develop a new breed of annual report that is fitting for the unique situation in the Gulf as well as addresses the burning issues that most users of annual reports the world over are faced with.

"This is not an imposing task. Having said that, not all companies in the Gulf would make for suitable candidates either. It will be those new age companies in the Gulf that have a burning desire to project themselves as second to none in a global context, that would lend themselves to such an initiative."

"There are two important things that these companies should do when producing their annual reports," he said.

"Firstly, they should start with an open mind and a blank sheet of paper. Ask the fundamental questions such as, what job of work do you want the annual report to do, who are your most important audiences, and then build the structure and content of the annual report ground up.

"Secondly, top management involvement in the annual report production process is vital."

Smart Media was recently officially recognised as the number one in the world for annual reports, when they won the Platinum Achievement Award for their bag of 41 awards at the 2010 International ARC Awards in New York.

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