The Online Report: Why One Size Doesn't Fit All

1. HOT
TOP
IC
SPRING 09
THE ONLINE REPORT:
WHY ONE SIZE DOESN’T FIT ALL
Welcome to our latest re-think supplement that looks at the most recent developments
in online annual reports. With the concept of best practice being an evolving area we
wanted to take a step back, draw breath, and assess what has actually happened over
the last six months in online financial reporting.
Richard Coope of salterbaxter identifies 10 companies that use their online reports to
solve different business-specific issues. He highlights emerging trends and provides
perspective on what really matters for online reporting in 2009. Stuart Bartram of Aviva,
shares why measurement and tracking is essential in developing a best-in-class online
reporting programme.
TE
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RE-THINK SUPPLEMENTS
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The re-think supplements are regular feature pieces linked to our online research and debate forum,
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GET I
About salterbaxter TOUC N
Established in 1998, salterbaxter is one of the UK’s leading creative consulting businesses.
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We advise organisations on corporate branding, corporate responsibility, employee
engagement, corporate reporting and digital programmes.
If you would like to find out more about us, please call or email Louise Dudley-Williams
T: +44 (0)20 7229 5720. E: ldudley-williams@salterbaxter.com
JOIN THE DEBATE: www.salterbaxter-rethinktank.com

2. RICHARD COOPE : HEAD OF DIGITAL : SALTERBAXTER
1 DMGT DEMONSTRATES DIGITAL
INNOVATION
THE ONLINE REPORT:
WHY ONE SIZE
DOESN’T FIT ALL The issue: DMGT diversified away from UK
newspapers to become a more international
WE ARE LIVING THROUGH AN AGE OF FUNDAMENTAL CHANGE IN
media business. Their reporting challenge was
CORPORATE REPORTING AND THE COMPANIES ACT PROVIDES AN to communicate their digital innovation and how
OPPORTUNITY TO CAST OFF THE RIGID CONVENTIONS OF THE they have moved from a traditional newspaper
business to a diversified media company.
PRINTED REPORT. MANY COMPANIES HAVE BEEN GRAPPLING WITH
The approach: The site includes an interactive
HOW BEST TO USE THIS NEW FREEDOM AND MAKE THE MOST OF Flash banner explaining their diverse business
THEIR ONLINE FINANCIAL REPORTS. portfolio and long-term commitment to ‘Creating
Media Brands That People Love’. The site
ONE THING IS CLEAR – THE DAYS OF ‘ONE SIZE FITS ALL’ FOR includes a dynamic timeline and interactive
CORPORATE REPORTING ARE OVER. PEOPLE WHO THOUGHT OF THE dividend chart showing how the business has
progressed over ten years.
ONLINE REPORT AS A BIT OF A HOLY GRAIL ARE REALISING THERE The result: DMGT are using specific interactivity
IS NO SIMPLE SOLUTION. EACH COMPANY IS APPROACHING ONLINE to demonstrate innovation and strong
REPORTING DIFFERENTLY AND FOLLOWING THE HERD IS NO LONGER performance. Only appropriate site tools are
used to deliver their clear strategic message.
DELIVERING THE BEST RESULTS. The investor response is positive with the report
experiencing a 63% increase in new visits
HERE ARE TEN CAREFULLY SELECTED EXAMPLES OF compared to last year.
COMPANIES THAT HAVE USED THEIR ONLINE REPORTS http://www.dmgtreports.com/2008
TO SOLVE UNIQUE BUSINESS-SPECIFIC ISSUES.
5 SHELL PUTS REPORT FINANCIALS
INTO CONTEXT 6 LEGAL & GENERAL SHOWCASE STRATEGY
THROUGH THEIR SENIOR TEAM 7 INTEGRATING CR INTO BG GROUP’S
CORPORATE REPORTING HUB
The issue: 2008 was a year of turbulent global The issue: Legal & General’s challenge was to The issue: BG Group needed to consolidate their
markets and extreme fluctuations of oil prices. address their investor concerns over financial approach to financial and non-financial reporting
Against this uncertain backdrop Shell needed transparency issues. They had to demonstrate to help investors truly assess their overall
to explain their overall performance within a clear strategic approach and showcase the business performance. They also wanted to
a long-term strategic context for investor strength of their leadership team. provide other shareholder information to provide
audiences. The approach: The report homepage shows a a broader context to business performance.
The approach: The new site has a simplified revolving carousel introducing the Executive The approach: BG Group have developed a
navigational structure. A useful download management team in video format. Clicking on corporate reporting hub, using a single microsite
manager includes detailed Excel spreadsheets the images directs users to video introductions with consistent navigational principles, that
allowing investors to review the raw financial data. that explain how the business has been incorporates the Annual Report, Corporate
This year the site tools include a ‘Compare to performing. The theme of leadership and a Responsibility Report, Summary Financial
2007’ button, allowing analysts to review cautious approach to risk management is Statements and AGM information.
year-on-year performance data. followed throughout the report. The result: The online reporting centre is a
The result: Shell clearly worked hard to make The result: The appropriate use of video creates unique example of how a combined approach
the report information as readable as possible. a sense of transparency, responsibility and can be used to communicate key reporting
Shell sets the report into an appropriate personal accountability in Legal & General’s material to stakeholders. It provides a single
context by providing useful supporting material, strategic management. It also clearly shows point of reference and is a fully integrated
such as a guide to the Financial Statements, a unified management team putting strategy approach to reporting for investors.
a ‘Chart Generator’ and Excel downloads for into action. http://www.bg-group.com/OnlineReports/ara/
the Financial Statements. http://legalandgeneralgroup.com/ara_2007/ index.html
http://www.annualreview.shell.com/2008/ servicepages/welcome.html
servicepages/keyfigurescomparison.php
CT
CONTA
CONTACT: ldudley-williams@salterbaxter.com : salterbaxter, 202 Kensington Church Street, London W8 4DP. T: +44 (0)20 7229 5720 US
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3. 2 AVIVA RECOGNISES RETAIL INVESTORS
WANT SOMETHING DIFFERENT 3 VODAFONE CREATES CLARITY
FROM COMPLEXITY 4 USERS ARE KEY FOR THE
BRITISH LIBRARY
The issue: Integration was the main issue Aviva The issue: With the printed report running at The issue: The British Library’s remit is broad
had to deal with this year. Financial information 160 pages, Vodafone’s Director of Corporate and their user groups diverse. They needed
had to be collected from 27 different countries Affairs, explained that the challenge for the to identify new ways to show how the expertise
worldwide, whilst the business re-branded under online version was ‘not to let the weight of all and knowledge gained by users transformed
the ‘one Aviva, twice the value’ proposition. that information obscure the message… people into tangible solutions.
The approach: Aviva kept it simple. The report need to find the information if they want to drill The approach: The online report features video
has an intuitive navigation and easy to read down further’. clips of the Library’s users talking about how
interface design. There is a specific section The approach: Vodafone has worked hard to the Library inspires and supports them. The
addressing retail investor concerns, called tell a complex story simply to their institutional Chief Executive’s video statement offers a
‘Recognising the needs of our customers’ investors. The homepage is presented within a behind-the-scenes insight into how the Library
and a private shareholder section for future portal interface, providing quick access to deeper works. Report readers can also ‘Add a comment’
e-communication. Users can also download content. The excellent ‘Business Overview’ or use an interactive poll to respond to the
their own report pack and review the Financial depicts in simple design terms how the Vodafone report content.
Statements in Excel format. business is structured and how the international The result: The British Library has won the
The result: Aviva has cleverly thought through operations connect. Best Annual Report (Public and Voluntary
the requirements of their retail and institutional The result: Vodafone provided page-turning sector) at the Accountancy Age Awards for the
shareholders. The structure, content and PDFs in the past, however institutional investors last three years. Many listed companies are now
functionality of the site has integrated well with required a more bespoke approach. The latest incorporating these interactive techniques to
the new Aviva brand. See Stuart Bartram’s article online report adds clarity and context for these engage report users.
overleaf for more details. investors and provides simple options to explore http://www.bl.uk/about/annual/2007to2008/
http://www.aviva.com/files/reports/2008ar/index. deeper content.
asp http://www.vodafone.com/static/annual_report/
index.html
8 TELIASONERA EMBRACES
MULTILINGUAL MULTIMEDIA 9 CENTRICA MAKES IT CLEAR
AT FIRST GLANCE 10 BARCLAYS BRAVELY OPENS
UP TO EXTERNAL SCRUTINY
The issue: Teliasonera is a mobile and fixed The issue: The challenge for Centrica was to The issue: Barclays has come under intense
network services provider to the Nordic and encourage private shareholders to view this year’s pressure for greater disclosure from regulators
Baltic countries. As a dual listed company on the Annual Report online. The focus was to clearly and investors alike. The challenge for the bank
NASDAQ OMX and Helsinki stock exchange it explain the Chief Executive’s strategy to be the was to be more open and transparent to rebuild
needed to find innovative ways to communicate leading integrated energy company to both shareholder confidence, in particular to the
its report content in multiple languages to specialist and non-specialist investors. bank’s approach to risk management.
international investors. The approach: Centrica focused on keeping The approach: The latest online report includes
The approach: The online report is published their report simple to read and easy to navigate. remarkably frank videos from the Chairman and
in English, Swedish and Finnish. The report It includes a clear and simple overview of CEO. Users are welcomed to the site and
provides an audio commentary making it Centrica’s integration strategy using an intuitive immediately asked for their opinions. The site
accessible to an international audience. An Flash animation. The ‘At a Glance’ section includes an excellent ‘Your view’ section where
interactive map provides country specific data, provides a snapshot that explains the integrated users are asked to post questions directly to the
in particular their expansion into the emerging nature of their business. Chairman. It provides FAQs, a site survey and an
markets of Russia, Turkey and Spain. The result: The online report skilfully balances invitation to join a shareholder workshop to help
The result: Incorporating regional differences into the needs of both retail and institutional Barclays improve their future online reporting.
one online report structure makes the report a audiences. It succeeds in this by helping The result: Barclays have taken the leadership
unique experience for online audiences. Expect investors to ‘self-serve’ the information they step of opening up to external scrutiny. This
more international companies to use multilingual need through clear information architecture, brave approach is likely to set a precedent for
multimedia like this in 2009. supportive FAQs and helpful additional future online reports and reflects their overall
http://www.teliasonera.com/annualreport/2008 shareholder information. It is also reassuringly external tone to these unprecedented times.
easy to navigate. http://www.barclaysannualreport.com/ar2008
http://www.centrica.com/files/reports/2008ar
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CONTACT: ldudley-williams@salterbaxter.com : salterbaxter, 202 Kensington Church Street, London W8 4DP. T: +44 (0)20 7229 5720 US
JOIN THE DEBATE: www.salterbaxter-rethinktank.com

4. THE ONLINE REPORT: WHY ONE SIZE DOESN’T FIT ALL CONTINUED STUART BARTRAM : SENIOR MANAGER, CORPORATE INTERNET & DESIGN :
AVIVA PLC
SO WHAT CAN WE LEARN FROM GOOD TO GREAT:
FROM THESE OBSERVATIONS?
1. You can’t achieve everything, so focus on what matters to your business
HOW SITE ANALYTICS
and its stakeholders – each company has a different investor profile and
a unique business issue that needs solving. Companies clearly need a ARE HELPING TO
tailored approach and should evolve a reporting programme over time.
2. Don’t forget to tell your story – find compelling ways to explain your
IMPROVE AVIVA’S
report narrative online. Flash animations, interactive maps and multimedia
help to bring that story to life. Keep your messages consistent and relevant.
ONLINE REPORTING
Consider contextual information for your retail audiences, where appropriate.
AT AVIVA WE ARE KEEN TO CONSTANTLY IMPROVE
3. Deliver what investors want quickly – investors are impatient so make
it easy for them to find the information they need. Focus on usability and OUR ONLINE REPORTING, AND MEASUREMENT
provide additional format options, such as Excel downloads of Financial PLAYS A KEY ROLE IN HELPING US UNDERSTAND
Statements, to help analysts compare performance within your sector. If
HOW READERS USE OUR HTML ANNUAL REPORT.
budget is limited then use simple PDFs, but avoid the dynamic page-turning
PDFs at all costs (they’re not compliant with accessibility guidelines). FEEDBACK AND USER TRACKING ALSO
PLAY A PART IN DETERMINING
4. Integrate – look at simple ways to integrate your suite of reports
into a Corporate Reporting Centre with a distinct URL (ie. www. WHO, WHAT, WHERE, WHEN.
barclaysannualreport.com). Be consistent with the information you
share and provide quick links to contextual investor information.
Visitor numbers to our online annual report has consistently risen and since
5. Measure success – spend time to understand how investors use your 2005 visits have been up 52% year-on-year. The 2008 online annual report
report. Track where they have come from (Registrars email, from your own site received 19,719 unique visits, or to put this in context, this amounted to
site, Google search, etc.) and research for how long they stay on your site. 2.5 visits every hour of every day.
Interestingly, 75% of people visiting the Aviva online annual report site also
downloaded the PDF of the printed report. That tells us that investors still
FINALLY A FEW WORDS OF CAUTION want to refer to a paper version, no matter how compelling the interactive
features of the report are.
Don’t be seduced by distracting ‘bells and whistles’ – avoid unnecessary
functionality that detracts from the user experience. Technology should The most popular area of the report site, after the homepage, was the
be used to help the user gain a better understanding of the company. financial statements, followed by the overview and business review. As
the financial section was the most visited area of the site we felt it was
Watch out for website restrictions – many companies suffer from restrictive important to provide this section in a compelling way for this specialist
corporate website templates that make their report content difficult to audience. Unsurprisingly, the ability to view the financial statements in
navigate. Consider developing a report microsite independent from the Excel was popular amongst institutional investors.
corporate website.
How users get to the online report is also revealing. We know 74% of traffic
Be clear who reads your report online – work on building a long-term to the report was directed from the corporate site. This tells us that we need
engagement with your shareholders through your e-communications. Offer to make the report link as prominent as possible on the corporate
surveys, ask for feedback and run usability workshops to understand what homepage. Whilst the initial visit length to the site was good it was felt more
investors really want to see from future online reports. could be done to make the content more relevant for returning visitors.
Avoid a tick box approach – ticking the so-called best practice boxes for In response to user feedback we have made sure the corporate and investor
online reports without due consideration to your unique business issues sections are both aligned with the annual report and accounts story. We
will only lead to investor disappointment. have also provided contextual links throughout the corporate site to help
increase traffic to the report and show how the performance of the business
Reassuringly the approach to online reporting is now starting to reflect the is integral to the corporate structure of our main website.
various audience needs and the different problems that companies want
to solve. We expect to see a marked improvement in the quality of online By measuring statistical results we know that access to the online report
reporting in 2009. Best practice will eventually emerge but it will be based was both wide and deep, with report users entering and exiting through the
on online innovations that are appropriately used to enhance stakeholders’ main site. The feedback we get is helping us to keep it simple and provide
overall experience and understanding of a company’s strategy. investors with content in the most appropriate ways. Reviewing site analytics
and understanding our users’ online behaviour is providing us with valuable
insight to improve our overall online reporting programme.
These types of metrics are not the ‘be all and end all’ for us, but we know
they give us deep insight into how readers actually use the online report.
N
TI
About salterbaxter
GE UCH Established in 1998, salterbaxter is one of the UK’s leading creative consulting businesses.
TO We advise organisations on corporate branding, corporate responsibility, employee
engagement, corporate reporting and digital programmes.
If you would like to find out more about us, please call or email Louise Dudley-Williams
T: +44 (0)20 7229 5720. E: ldudley-williams@salterbaxter.com
JOIN THE DEBATE: www.salterbaxter-rethinktank.com