Annual Report 2025

We probed what are the sustainability initiatives of the selected Publicly Listed Companies in the Philippines that are advancing the pursuit of the UN Sustainable Development Goals, particularly on Good Health and Well-Being and Quality Education. Specifically, we mapped the sustainability programs implemented by the sample companies that are aligned with the 17 UN SDGs. We also determined if these UN SDGs are embedded and articulated in their corporate vision-mission statements. Then, we identified the explicit programs that were implemented by the selected firms that are advancing the pursuit of a few specific targets of SDG#3 and SDG#4. We anchored our study on the theories of Sustainable Development and Humanistic Management and used qualitative descriptive and exploratory research designs. We utilized purposive sampling to select the 20 Publicly Listed Companies based on four criteria. We employed content analysis to determine their specific programs from their Sustainability Reports and/or Annual Reports. Our numeral mapping analysis revealed that the average number of implemented programs related to the 17 UN SDGs by the sample corporations is 11(65%). Companies are pursuing all 17 SDGs while some implemented only six programs. Our data further showed that overall, 15 out of 20 (75%) corporations have articulated and embedded the essence of the UN SDGs either in their vision or mission or combined vision-mission statements. On SDG#3, our findings disclosed that all (100%) of the 20 sampled corporations implemented definite programs for "ending epidemics and communicable diseases" with specific reference to the COVID-19 pandemic in 2020. On SDG#3, our findings divulged that 13 out of the 20 (65%) sampled firms implemented specific programs that directly addressed the target of "achieving health coverage and wellness for all at all ages." On SDG#4, our results indicated that all (100%) of the 20 sample corporations have implemented programs on quality education. Our propositions that there are specific sustainability programs implemented by the selected Publicly Listed Companies that contributed to achieving Health and Well-Being, as well as Quality Education, were confirmed. We recommended including non-publicly listed companies across industries, increasing the sample size, and using of mixed method design in the methodology for a more rigorous investigation of the achievements and impact of SDG target indicators for future research. ReferencesApex Mining Co., Inc (2020). Sustainability Report. http://www.apexmines.com/wp-content/uploads/2021/05/2020-Sustainability-Report-Final.pdfAyala Land (2020). Integrated Report. https://ir.ayalaland.com.ph/wpcontent/uploads/2021/04/ALI-AR-2020-20210420_WEB-1.pdfBenedictus PP. XVI. (2007). 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Sustainability Report. https://www.delmontephil.com/hubfs/sustainability/sustainability-report/00,%20Del%20Monte%20FY2020%20Sustainability%20Report.pdfDror, E., Kypraios, E., & Forgues, B. (2019). Employing Finance in Pursuit of the Sustainable Development Goals: The Promise and Perils of Catastrophe bonds https://journals.aom.org/doi/abs/10.5465/amd.2018.0137Edralin, D. & Pastrana, R. (2019). Sustainability initiatives and practices of selected top universities in Asia, Europe, and the USA. Bedan Research Journal. 4, April,24-45.Edralin, D. & Pastrana, R. (2020). The Nexus between Sustainable Business Practices and the Quest for Peace. Bedan Research Journal.Elkington, J. (2018, June 25). 25 years ago I coined the phrase “triple bottom line.” Here’s why it’s time to rethink it. Harvard Business Review. https://hbr.org/2018/06/25-years-ago-i-coined-the-phrasetriple-bottom-line-heres-why-im-giving- up-on-it.Ercoskun, O. Y. (2005). Sustainable City Plans against Development Plans. https://dergipark.org.tr/en/download/article-file/83293Far Eastern University (2020). Annual Report. https://investors.feu.edu.ph/reports%20new%20format/2021/01072021/ASM2020_FEU_Chairman's%20_AnnualReport2020_Final_Updated(1)%20(1).pdfFraisl, D., Campbell, J., See, L., When, U., Wardlaw, J., Gold., M., Moorthy, I., Arias, R., Piera, J., Oliver, J., Maso, J., Penker, M., and Fritz, E. (2020). Mapping citizen science contributions to the UN sustainable development goals. Sustain Sci 15, 1735–1751. https://doi.org/10.1007/s11625-020-00833-7Freeman, R. E. (1994). The politics of stakeholder theory: Some future directions. Business Ethics Quarterly, 4(4), 409–421. https://doi.org/10.2307/3857340George, G., Howard-Grenville, J., Joshi, A., & Tihanyi, L. (2016). Understanding and tackling societal grand challenges through management research. Academy of Management Journal, 59(6), 1880–1895.Global Compact, United Nations. (2006). What is the Global Compact? https://www.unglobal compact.org/aboutGlobe (2020). Integrated Report. https://www.globe.com.ph/content/dam/globe/brie/About-s/sustainability/documents/GLO_IR2020.pdfHoward-Grenville, J., Davis G. F., Dyllick, T., Miller, C. C., Thau, S., & Tsui, A. S. (2019) Sustainable development for a better world: contributions of leadership, management, and organizations. Academy of Management Discoveries, 5(4), 355–366.Johnson, G., Whittington, R., Scholes, K., Angwin, D and Regner, P. (2014). Exploring Strategy, 10th Edition. Pearson Education, Ltd.Jollibee Foods Corp. (2020). SEC Sustainability Report. https://bucketeer-9d45a0bc-28bd-439b-9619-e2bfda478d44.s3.amazonaws.com/public/uploads/ETnPKOuI-FINAL-JFC-2020-SEC-Sustainability-Report-with-Audited-Figures.pdfLBC Express Holdings, Inc. (2020). Annual Report. https://lbcexpressholdings.com/files/2021/09/17/1318/LBCEH_2020_Annual_Report.pdfLu, Y., Nakicenovic, N., Visbeck, M., & Stevance, A. (2015). Five Priorities for the UN Sustainable Development Goals. Nature, 520(7548), 432–433.Megaworld (2020). Annual Report. https://www.megaworldcorp.com/investors/sites/investors/files/2021-06/MEG%202020%20Annual%20Report.pdfMele, D. (2013). Antecedents and current situation of humanistic management. African Journal of Business Ethics, 7(2), 52-61. https://www//doi.org/10.4103/1817-7417.123079]Meralco (2020). Sustainability Report. https://meralcomain.s3.apsoutheast-1.amazonaws.com/2021-07/2020_meralco_sustainability_report_for_web_063021.pdf?nullMetro Retail Stores Group, INC. (2020). Annual Report. https://www.metroretail.com.ph/images/Investor_Relations/Annual_Report/MRSGI_Annual_Report_2020.pdfMorseletto, P. (2020) Restorative and regenerative: Exploring the concepts in the circular economy. https://onlinelibrary.wiley.com/doi/full/10.1111/jiec.12987#:~:text=A%20link%20to%20a%20role,Jawahir%20%26%20Bradley%2C%202016).Pilipinas Shell (2020). Annual and Sustainability Report. https://pilipinas.shell.com.ph/sustainability/pilipinas-shell-annualsustainability-report-2020/_jcr_content/par/toptasks_copy.stream/1621654702710/a864f6dffad9daf8c7585772f2322923d148d6b7/pspc-asr-2020.pdfPhilex (2020). Annual and Sustainability Report. http://www.philexmining.com.ph/wp-content/uploads/2020/Philex%20Mining%202020%20Annual%20Report%20FA.pdfPhilippine Airlines (2020). Sustainability Report. https://phi.com.ph/wpcontent/uploads/bsk-pdf-manager/2021/08/Sustainability-Report-2020.pdfPLDT (2020). Sustainability Report. https://pldt.com/docs/defaultsource/annual-reports/2020/pldt-2020-interactive-sr.pdf?sfvrsn=0Robinson Retail (2020). Annual and Sustainability Report. https://www.robinsonsretailholdings.com.ph/wp-content/uploads/2021/06/Salute-to-Frontliners-RRHIs-2020-Annual-and-Sustainability-Report.pdfRousseau, H. E., Berrone, P., & Gelabert, L. (2019). Localizing sustainable development goals: nonprofit density and city sustainability. Academy of Management Discoveries, 5(4), 487– 513.Sachs, J. D., Schmidt-Traub, G., Mazzucato, M., Messner, D., Nakicenovic, N., & Rockström, J. (2019). Six transformations to achieve the sustainable development goals. Nature Sustainability, 2(9), 805–814.San Miguel Corporation (2020). Annual Report. https://www.sanmiguel.com.ph/storage/images/article/file/SMC%20AR%202020_0601Aforweb.pdfSaunders, M., Lewis, P., & Thornhill, A. (2019). Research methods for business students (8th ed.). Pearson Education Limited.SM Investments Corporation (2020). Sustainability Report. https://www.sminvestments.com/wp-content/uploads/2021/05/SMIC-Integrated-Report-2020.pdfSpreitzer, G. (2007) Giving peace a chance: organizational leadership, empowerment, and peace https://onlinelibrary.wiley.com/doi/abs/10.1002/job.487Sustainable Energy Fund (2021), Regenerative Organizations: Developing an Understanding of How We Work. https://www.thesef.org/regenerative-organizations/#:~:text=Regenerative%20organizations%20use%20or%20develop,work%20in%2C%20and%20Earth%20itselfUN (2016). Report of the Inter-Agency and Expert Group on Sustainable Development Goal Indicators. https://unstats.un.org/unsd/statcom/47th-session/documents/2016-2-iaeg-sdgs-rev1-e.pdfUN (2017). The Sustainable Development Goals Report. https://unstats.un.org/sdgs/files/report/201

ON OCTOBER 24, 1992, PRESIDENT GEORGE H.W. Bush signed the Fertility Clinic Success Rate and Certification Act (FCSRCA) into law. Sponsored by then-Representative Ron Wyden (DOR), the statute set out to establish a national public reporting framework for the clinical outcomes of assisted reproductive technology (ART) programs offering in vitro fertilization and egg donation services. Specifically, FCSRCA mandated that by 1994 “each assisted reproductive technology program shall annually report . . . pregnancy success rates achieved by such program” through the Centers for Disease Control and Prevention (CDC) and that effective in 1995, the CDC “annually publish and distribute” the same data. Also to be publicly reported were the “identity of each embryo laboratory used” and the accreditation status thereof as well as those ART programs “which failed to report . . . as required.” In the ensuing years, beginning in 1997, the CDC issued 12 annual reports detailing the clinical outcomes of ART programs. A one-stop, data-rich portal for couples experiencing infertility, the CDC ART Web site, although in need of user-friendly redesign, is presently the subject of more than 250 000 page views per year. Like-minded (consumercentered) federal efforts have followed suit to include “Nursing Homes Compare” (1999), “Dialysis Facility Compare” (2001), “Hospital Compare” (2004), and “Physician Compare” (2010). Within this growing group, the ART example occupies a unique space characterized by its emphasis on clinical outcomes as distinct from process measures. However, not unlike most established “Compare” platforms, the ART effort offers clinic-specific rather than physician-level data. As with all public reporting initiatives, data accuracy is paramount to attain credibility. To ensure such for its annual report, the CDC has established a rigorous quality control program. Submitted directly online to the National ART Surveillance System (or indirectly courtesy of the Society for Assisted Reproductive Technologies), the data of each ART program must first be verified by the relevant medical director. Following an in-house review by the CDC, data are further validated through site visits to randomly chosen ART programs. For example, a total of 35 ART programs (out of 436 reporting) were site visited in the process of compiling the latest annual CDC report (2008). Sitevisit protocols call for the abstraction of the medical records of 50 random ART cycles as well as all ART cycles resulting in multiple (twin and higher order) gestations (2008). These quality measures, along with the required follow-up on the ensuing gestation, account for the 2-year lag from data collection to publication. In compliance with FCSRCA, the annual CDC report focuses on clinic-specific pregnancy and live birth success rates. The latter are stratified by ART modality and maternal age. Special emphasis is placed on the live birth rate per initiated ART cycle, per (oocyte) retrieval, and per (embryo) transfer. In addition, the CDC reports the accreditation status of attendant embryo laboratories and the identity of nonreporting ART programs. However, the annual CDC report does not stop there. Instead, a rich pallet of additional consumer-usable information is offered at a level rivaling the present day “Compare” series. Examples include but are not limited to program-specific procedural volumes, percentage of cycle cancellations, average number of embryos transferred, embryo or gamete cryopreservation capability, and the incidence of resultant multiple pregnancies or births. Ranking, rating, or otherwise directly comparing ART programs is not undertaken in recognition of the variation in clinic-specific case mix. In another useful departure, the annual CDC reports offer aggregated annualized national data. Viewed and used by both consumers and researchers, the rolled-up database powerfully defines the national ART practice and the key variables thereof. The amount of data collected is substantial. The last annual CDC report (2008) included 148 055 discrete ART cycles, which resulted in the birth of 61 426 live infants. Aggregated over time, annual CDC reports offer longitudinal trending of outcomes not otherwise apparent when examining a single yearly time frame. Public reporting of health care outcomes is premised on the tenets of transparency and accountability with consumers in mind. The prospect that public reporting will bring about improved clinical outcomes, although attractive and

The aspects of disclosure of information on corporate social responsibility (CSR) in the annual reports are analyzed in the article. Although the importance of CSR is rather widely discussed in scientific literature there is lack of empirical research on basic CSR disclosure situation, especially in developing countries. Thus, the main goal of this article is to investigate the level of social information disclosure in the annual reports of Lithuanian companies after the execution of analysis of the factors of social responsibility disclosure distinguished in scientific literature. Profit pursuit has been one of the most important company goals for a long time, first and foremost because revenue earning is an essential condition for activity succession. However, spreading CSR conception impels to ensure the implementation of needs and goals of all groups concerned. Thus, responsible company has to solve many important problems such as: how to maintain natural resources and produce goods, how to keep environment unpolluted and preserve human health, how to ensure safe, acceptable and healthy work environment. Implementation of responsible business practice may help company in creating competitive advantage, may have positive influence on its reputation, employee loyalty and employment, activity efficiency and sales volumes. Based on the analysis of scientific literature, there are four main activities distinguished that raise interest of various groups concerned: human resources’ activity, product design and development activities, community activity and environmental activity. According to the annual activity report of the Lithuanian National Responsible Business Network for the year 2008, this Network had united 57 Lithuanian companies and organizations on 31st of December, 2008. However, only 11 Lithuanian companies have presented social progress reports for 2008. This shows that major part of Lithuanian companies is oriented towards compulsory presentation of financial reports and financial information disclosure on requisition. Thus, while investigating the level of social information disclosure, compulsory reports – annual reports have been used where companies may voluntary disclose more social information on their activity. Content analysis as one of the most common methods for social information analysis was used for research. Full sentences on company social responsibility and page ratio to full volume of annual report in percents were used as a measurement unit for content analysis. There were annual reports for the years 2007 - 2008 of four companies from diary industry that had been quoted in the stock exchange used, aiming to ensure data comparability and logical conclusions. The results of research have revealed that the content of disclosure in Lithuanian companies is not comprehensive and is highly various, even in the same branch of industry. Investigated companies use written narrative but not quantifiable methods to disclose CSR in their reports. None of companies have disclosed information on community activity. Only one of surveyed companies has presented information on environment protection. Information on human resources has been presented mainly in digital form and in tables. Information on product quality and safety has been presented in the annual reports of all companies, as well as green (environmentally-friendly) products have been distinguished.

Research Aim s : This study aims to examine, understand, and prove the embodiment of Islamic values in the annual report of Sharia Banks. The results of this study are expected to provide information or data to all parties regarding the layout and Islamic values in the Sharia Banks' annual report, which can be a form of a real differentiator between Sharia Banks and conventional banks if viewed in terms of the content of the annual report. Design/Methodology/Approach : The interpretive method in this study is suitable for research purposes that are not intended to perform hypothesis testing but to do an interpretation of research data. The interpretive method used in this research is to analyze the data by using semiotic analysis. Differential semiotic analysis is an analysis of data that focuses on meaning and sign. Semiotic analysis of the annual sharia bank report is carried out on the narrative texts on the annual report. Semiotic analysis in this study is based on Charles Sanders Pierce's semiotic analysis which uses the triangles of meaning. Research findings : The results of the study showed that the annual reports of Muamalat Bank from 2012 to 2016 had indicated Islamic values. Islamic values were found most frequently in the annual report of Muamalat Bank from 2014 to 2016. The Islamic values in the annual reports of Muamalat Bank were included in the Sharia Supervisory Board Report, the Board of Commissioner Report, the Board of Directors, corporate governance information, and information related to Corporate Social Responsibility (CSR). Thus, the presence of Islamic values in the annual reports of Muamalat Bank can create the sharia value added to the company. Theoretical contribution/Originality : The results of this study have contributed to the application of the Shari'ah Enterprise Theory (SET) theory. The existence of the application of Islamic values in the financial statements of Bank Muamalat shows that Bank Muamalat is not only responsible for its business activities to humans (investors) but also to God. Practitioner/Policy implication : The results of this study indicate that Bank Muamalat must continue to maintain the existence of Islamic values in operational activities that are presented in its annual report. This is due to the fact that Bank Muamalat's operational activities are truly in accordance with Islamic law. Research limitation/Implication : The Islamic values were found most frequently in the annual reports of Muamalat Bank from 2014 to 2016. A good practice of Islamic values is finally expected to result in the meaningful added value of sharia. The limitations in this article that are the number of the theory and methodologies related to the phenomenon of Islamic values on the disclosure of information in the annual reports is still limited. So, further researches will be necessary to find another theory and develop methodologies to investigate the Islamic values represented in the annual report of sharia banking.

Sustainable development goal disclosures: Do they support responsible consumption and production?

Although there are globalization and digitalization trends affecting all companies, some things can never be changed. Similarly, when speaking about investor relations, although there are new tools, annual reports are the main communication tools with the stakeholders. One of the most important issues with them is independent assurance and timely sharing with stakeholders. Also, there is a new trend named as integrated report regarding annual reports. So, in this study, it is aimed at evaluating the role and importance of independent audit and annual integrated reports as corporate communication tools from the point of view of investor relations. It is concluded that annual reports are still main corporate communication tools with the stakeholders for companies although there are other instruments like web site, social media and investor presentations. Integrated report trend is intensifying this role. Therefore, independent audit has a substantially important role in providing assurance to stakeholders regarding integrity of information in annual (integrated) reports.

Trends in Organ Donation and Transplantation in the United States, 1998–2007

Corporate reporting on non-financial information has been currently gaining much more interest compared to the past. Most food enterprises believe that performing responsibly and showing an interest in society and the environment will produce a profit and benefit them as well as society. Such cases, in which enterprises report on non-financial information, were the subject of this research. The study aims to discover the managerial reporting of 2017 on the social and environmental effects of food companies in Slovakia to better understand problems in this regard. 2017 was the first year when enterprises were required to draft annual reports containing non-financial information following the amendment to the Slovak law that resulted from the European Union requirements. Across the world, reporting on non-financial information is regulated by voluntary guidelines. The paper presents conclusions of a content analysis of annual food business reports in the Slovak Republic in the context of G4 (GRI) directives from social and environmental points of view as key elements in social responsibility reporting. Individual social and environmental aspects of the research are disclosed by an enterprise if the information in its annual report conforms to defined G4 activities (GRI). All the food enterprises operating in Slovakia that compiled annual reports for 2017 were included in the research. Therefore, 142 annual reports with economic activities in 26 subclasses in the food industry sector were selected. The results present a current and comprehensive (full) reporting overview of this industry in Slovakia and reveal several shortcomings in executive reporting. The analysis of the environmental information in the annual reports shows that food enterprises reporting on environmental protection mainly focus on waste, product services, wastewater, materials and energy, evidenced by information about ongoing monitoring of the environmental impacts of production. In the social category, the G4 (GRI) directive defines four main aspects: (i) labour relations and the environment, (ii) human rights, (iii) society and (iv) liability for products.

This article presents a corpus-based analysis of stance in a specialized corpus of annual and corporate social responsibility (CSR) reports. It investigates how companies use stance expressions to construct and promote a positive corporate identity in order to gain the trust of the stakeholder groups that these texts target. The results show that companies profile distinct identities in annual and CSR reports. In annual reports, they use stance resources to portray themselves as unbiased, rational, and competent decision makers. In CSR reports, they present themselves as committed, honest, and caring corporate citizens. These discursive identities are interpreted as strategic self-representations that optimize the persuasive appeal of the reports by addressing the specific expectations of the target readerships. This study sheds some new light on the identity work performed by companies in their public discourse. It also provides novel insights into the impression management strategies used by companies in annual and CSR reports. Finally, it provides both linguists and business communication scholars with a robust descriptive basis for critically assessing financial and CSR reporting.

The ‘Revolution’ of 27 May 1960 in Turkey: British Policy towards Turkey

Editor—I scarcely recognise my paper Reporting the Public Health from reading Scally’s editorial.1,2 I do not argue for centralisation of funding, merely that the budget for the production and dissemination...

Patient safety in anaesthesia

PurposeThis paper aims to investigate whether corporate social responsibility (CSR), as evidenced in annual financial reports, is associated with a firm’s financial performance in New Zealand.Design/methodology/approachA word count approach of several key CSR indicators found in the audited financial reports of NZX50 constituent firms is used. Several variables are constructed that measure the presence of CSR within the annual report such as sustainability, responsibility, social, environment, diversity, employee and community, and eight other variables within the annual report that measure the penetration of stakeholder engagement. Control variables and alternative measures of CSR are also included. Descriptive statistics and results of both univariate and multivariate tests are provided.FindingsThe findings establish a positive connection between CSR and financial performance. It is shown that firms that are unable to focus their attention on key stakeholders, but instead waste managerial capital on vague social policies and activities, are associated with weaker performance. Firms that consider the protected indigenous peoples as key stakeholders are associated with superior performance, especially when the firm is seeking regulatory approval.Social implicationsEvidence is provided that CSR and Maori stakeholder engagement is implied by financial reports that have a significant association with corporate financial performance.Originality/valueThe results provide one of the first analyses linking the interplay between CSR, Maori and corporate financial performance using information publicly observable in annual financial reports. Evidence of an association between firms that indicate awareness of their community and higher levels of return on assets (ROA) is provided.

The Systeme d'Observation Permanente sur les Migrations (SOPEMI) was established in 1973 to provide the European member states of the organization for Economic Cooperation and Development (OECD) with a mechanism for the timely sharing of information on international migration. The core of the SOPEMI has always been a group of national experts who prepare annual reports on the migration situation in their respective countries. A summary of those national reports constitutes the annual SOPEMI report. 11 European countries have been consistently represented by SOPEMI membership while overseas member states (Australia, Canada, and the US) have joined only recently. Currently, the functioning of SOPEMI can be described in terms of 6 elements: 1) The Working Party on Migration. The principal function of SOPEMI is to provide information to this body, whose mandate is to collect systematically information trends and policies in the OECD member states to identify emerging problems in international cooperation. 2) Correspondents. These are academic or government officials who are experts on international migration and whose appointment to SOPEMI has been deemed acceptable by both OECD and national authorities in their respective member states. 3) National Reports. Correspondents produce national reports summarizing the main features of international migration in their respective countries during the most recent calendar year. 4) The Meeting. In November of each year, SOPEMI correspondents meet in Paris for 2 days to compare national experiences and exchange information. 5) SOPEMI's Annual Report. The annual report contains an assessment of the major themes emerging from national reports and a series of statistical tables. 6) The Grid. In an attempt to enhance the comparability of national reports, the OECD Secretariat has prepared a grid outlining the main topics deserving attention. In its latest format, the Annual SOPEMI Report includes 4 types of statistical tables: 1) cross national tables (for OECD Europe), 2) host-country tables (for OECD Europe), 3) emigration country tables, and 4) tables for non-European countries. To the extent possible, data on both stocks and flows of foreigners are presented. 1 of the greatest contributions of SOPEMI has been its ability to signal changes in the patterns and processes of international migration in Western Europe and North America as they have happened. Since flexibility is 1 of the key factors allowing such an accomplishment, it would be unwise to restrict it now that both the similarities and differences between national experiences need to be carefully disentangled.

This research examines and interprets the security market response around annual report release dates. Annual reports contain data beyond that reported in preliminary earnings announcements. While prior research has concentrated on the price response to annual report releases and the issue of information content with mixed results, this paper extends earlier work by employing both price and trading measures. The trading measures, which include number of transactions, size-stratified transactions, and mean transaction size, enable the analysis to address not only information content issues, but also social welfare issues in the sense of Lev and Ohlson (1982) and to coarsely identify what type of investor responds to the annual report by trading. inferences as to the relative usefulness of annual reports to different investor groups are also made based on these trading measures. A number of studies address, often indirectly, annual report informativeness by examining the price response accompanying the report's release. Of these, studies by Wilson (1987) and Lobo and Song (1989) suggest a price response to the earlier of the annual report or 10-K. However, other studies, including Foster et al. (1986), Mynatt (1988), and Bernard and Stober (1989), fail to detect such a price response. The informativeness of annual reports from a price-based perspective remains an open question and from a trading-based perspective it is an unaddressed question. In this study, price response to the annual report is measured using both absolute value and squared unexpected returns. A market model approach is used to estimate unexpected returns. A simulation analysis is included to substantiate the ability of these two metrics to detect a price response. Unexpected volume and unexpected number of transactions, both in general and for size-stratified trading, are estimated via market model regressions. Unexpected mean transaction sizes are estimated from a temporal drift regression. No evidence of a price response and little evidence of a volume of shares response at annual report dates is found. Number of transactions, however, increases significantly around annual reports, peaking four to five trading days after the annual report release date. This trading response suggests that investors find annual reports informative. The simultaneous absence of an economically significant price response is interpreted as indicating that annual reports provide social welfare value in the sense proposed by Lev and Ohlson (1982). Most notably, the analysis of trading response stratified by transaction size suggests that the trading response occurs mostly within the smallest size strata (i.e., 100 and 200 share transactions, transactions of less than $30,000 in value). Consistent with this, mean transaction sizes during the annual report period are less than expected. This is contrary to mean trans- action size behavior at earnings announcement dates (Cready 1988) and suggests that annual reports are of greater value to less wealthy individual investors relative to wealtheir individual and institutional investors. Such a finding is consistent with Hakansson (1977) in that it suggests that "small" investors rely on the public information system (i.e., the annual report) while "large" investors rely more on predisclosure information in making investment decisions.