Despite the many hours and dollars spent on annual reports since 1934 when the US Securities Exchange Act first required them, annual reports have barely changed over the years. The vast majority amount to little more than one-way communications from a company to shareholders and other stakeholders.

In the UK, registered companies have been required to file reports and accounts since 1844. These documents remain on file with Companies House, the official UK government register of UK companies, as long as the company continues to operate.

Annual reports do not invite the two-way dialogue that many have come to expect in this digital age and that most of the public now associates with greater company transparency.

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