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Annual Reports

Like a year in review, the annual report is a comprehensive disclosure filing that provides shareholders, stakeholders and the public with a thorough run down of the company’s yearly activities and financial results. A combination of narrative and financial information, the annual report includes:

  • Letter to shareholders
  • An executive summary, corporate governance and general corporate information
  • MD&A
  • Financial statements
  • Notes to financial statements
  • The auditor’s report

The annual report differs from the 10K by being less formally written. As much as it is an informational document for shareholders, it’s also a marketing document for prospective shareholders. With the annual report, shareholders are the target audience, where as with the 10K, the regulators are the target audience.


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annual reports