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1997 59 41 15 19 27 39 12 13 8
L&T 1975 83 17 –––– 24 7 5
L&T 1977 71 29 22 21 26 31 16 9 13the corporate report and the private shareholder 253
TABLE 2
Sections of annual financial report read by shareholders
Read thoroughly (%) Read briefly (%) Do not read at all (%) Importance
(mean scores)
B&C L&T L&T B&C L&T L&T B&C L&T L&T B&C
1997 1975 1977 1997 1975 1977 1997 1975 1977 1997
Chairman’s Statement 47·8 51·6 52 36·2 44·1 41 16·0 4·3 7 2·16
Financial Summary 44·9 37·7 17·4 1·68
Chief Executive’s Review 34·8 31·9 33·3 2·49
Directors’ Report: 35·0 27 43·3 48 21·7 25
Review of operations 30·4 36·2 33·4 2·59
Financial review 20·3 42·0 37·7 2·56
Board and corporate matters 8·7 31·9 59·4 3·53
Corporate Governance 8·8 14·7 76·5 3·74
Consolidated Profit and Loss Account 27·5 46·5 39 40·6 40·4 46 31·9 13·1 15 2·48
Shareholder Information 24·6 46·4 29·0 2·61
Consolidated Balance Sheet 17·4 34·0 29 42·0 41·7 48 40·6 34·3 23 2·69
Statement of Total Recognised Gains & 14·5 30·4 44·9 2·98
Losses
notes on the Accounts 13·1 29·4 21 33·3 36·4 42 53·6 34·2 37 3·13
Consolidated Cash Flow Statement 10·1 34·8 55·1 3·00
Sources and Application of Funds 18 39 43
Statement
Principal Subsidiary and Associated 10·1 31·9 58·0 3·34
Undertakings
Additional Financial Information 7·3 26·5 19 30·4 44 62·3 37 3·30
Directors’ Statement of Responsibility 5·8 26·1 68·1 3·49
Auditors’ Report 4·3 17·4 16 33·3 39·0 36 62·4 43·6 48 3·18s. a. bartlett & r. a. chandler 254
p. 53), who found that 51·8% of US investors read the cash flow statement
‘somewhat thoroughly’, although more than 40% would like more
information.
The narrative sections of the report seem to attract wider readership,
especially the Chairman’s Statement, Chief Executive’s Review, and the
Review of Operations. This finding suggests that shareholders are more
interested in obtaining an overview of the company and its performance
rather than pure financial data. This point is substantiated by the fact that
respondents are more likely to focus on the Financial Review section of the
report (which oVers a narrative-based account of the company’s financial
performance) than on the financial statements themselves.
The sections relating to corporate governance seem to have had little
impact on shareholders, with 31·9% reading the directors’ statement of
responsibility (but only 5·8% thoroughly), and even fewer (23·5%) reading
the corporate governance section (though 8·8% read it thoroughly). The
revised style of the auditors’ report has been significantly expanded in an
attempt to tackle the expectations gap. However, since only 4·3% of private
shareholders thoroughly read the report, thismight suggest that this medium
may not be the most suitable avenue for attempts to educate private
shareholders concerning the nature of auditing. One reason for the lack of
interest which shareholders continue to show in the auditors’ report is
provided by Humphrey et al. (1992, p. 147), who take the view that the
dominant emphasis in this development ‘has been on providing information
on generalized audit responsibilities rather than the detailing of specific
considerations and findings aVecting the enterprise which has been audited’.
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