Wednesday, April 12, 2006

Annual reports get less murky, but are far from transparent


"Nobody's perfect" is a theme running through many of the 2005 annual reports being circulated by companies.

Chief executives are acknowledging, if only in a sentence or two in their messages to shareholders, that their companies are not infallible:

—"…"Without question, 2005 was a difficult year for Pfizer and for our investors," begins Chief Executive Hank McKinnell.

—"…"I made a few tough calls in 2005 that may have had a short-term impact on the stock," states General Electric Co.'s Jeffrey Immelt.

See full Article.