4. Can you judge an annual report by its cover? What are the most important elements of a top annual report? Go to Sid Cato’s Official Annual Report Web site, http://www.sidcato.com, to find his 15 standards for annual reports and read about the reports that receive his honors.

Then get a copy of an annual report and evaluate it using Cato’s 135-point scale. How well does it compare to his top picks?