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Evolution of the annual report - lessons from a first strategic report
Premier Farnell PLC outlines advancements in their strategic report, highlighting CEO Laurence Bain's focus on sales growth and regulatory compliance. The report emphasizes the evolution of their business model and improved clarity in communicating strategic priorities. Future efforts will include clearer reporting linked to key performance indicators (KPIs).
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Evolution of the annual report - lessons from a first strategic report
- 1. Premier Farnell plc Lessons from a first strategic report
- 2. Background » CEOLaurence Bain’s 2nd report » Beginning to outline evolution of strategy; acquired AVID » Return to sales growth » Continuing to evolve our reporting 2
- 3. Initial reaction tonew regulations 3
- 4. What we did » Changed the contents page name! » Focused on telling the strategic story up front and online » Extended business model and focused on value creation » Looked up ‘fair, balanced and understandable’ in the dictionary and defined how we would approach this » Provided the Board with more detail, earlier in the process through a storyboard 4
- 5. What’s next »Interim results provided greater clarity on our strategy » Linked strategic priorities more clearly to our KPIs » Continuing towards clear and concise reporting 5
Editor's Notes
- #3 CEO Laurence Bain’s 2nd report – wanted to make this look and feel different Beginning to outline evolution of strategy; acquired AVID technologies Return to sales growth but still not firing on all cylinders. Continue to evolve our reporting – move away from quarterly reporting. Work previous year to streamline the report and remove duplication plus to outline business model.
- #4 Was this just a name change? How forward looking should the strategic report be? What was meant by ‘fair, balanced and understandable’? How would FBU impact our sign off process? How could we better explain our business model? Where did sustainability/carbon reporting fit? How could we link different sections of the report?
- #5 We changed the contents page name! Focused on telling the strategic story Looked up ‘fair, balanced and understandable’ in the dictionary Provided the Board with more detail, earlier in the process through a storyboard of contents We took a materiality approach to sustainability reporting & included it in the strategic report PWC have advised that in response to the question to the regulator as to what exactly was meant by the words “fair, balanced and understandable”, the regulator advised them to look in a dictionary. Accordingly, extracts from the Cambridge on-line dictionary are set out below: Fair (adjective) treating people equally without favouritism or discrimination: the group has achieved fair and equal representation for all its members; a fairer distribution of wealth just or appropriate in the circumstances: to be fair, this subject poses special problems it’s not fair to take it out on her archaic (of a means or procedure) not violent: try first by fair means Balanced (adjective) keeping or showing a balance; in good proportions: she assembled a balanced team taking everything into account; fairly judged or presented: accurate and balanced information (especially of food) having different elements in the correct proportions: a healthy, balanced diet (of a person or state of mind) having no emotion too strong or too weak; stable: a balanced personality (of an electric circuit or signal) being symmetrical with respect to a reference point, usually earth. Understandable (adjective) able to be understood: though his accent was strange, the words were perfectly understandable to be expected; natural, reasonable, or forgivable: such fears are understandable; it is understandable that mistakes occur sometimes