The Quality Of Narrative Disclosure Essay example

The Quality Of Narrative Disclosure Essay example

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Introduction The company’s narrative disclosure is a direct way to let the management communicate with its shareholders and external stakeholders. Through assessing the information disclosed in the narrative disclosure, the performance, strategy and market position of the company can be evaluated by shareholders and external stakeholders. Therefore, it is important to guarantee the quality of narrative disclosure. However, the standard criterion of quality of narrative disclosure is very difficult and complicated to define as it depends on the purpose of users who assess those disclosures. In order to clearly show how the quality of narrative disclosure is evaluated, a company from FTSE 350 will be selected in this report. Rexam PLC is a leading manufacturer of beverage cans in the world. This company summarizes its performance yearly through the annual report. In order to fit the different purpose of different users, the annual report is splitting into different segments. This report primarily concentrates on last two years’ chairman reports which were disclosed by Rexam’s chairman, Stuart Chambers. The primary users of chairman report are shareholders, and they are mainly using the chairman report to assess the results the company achieves and examine the effectiveness of the board. Therefore, the following evaluation about the quality of chairman report will base on shareholders’ perspective. “Guidance on strategic report 2014” published by Financial Reporting Council indicates that the primary purpose of financial reporting is providing relevant and transparent information to shareholders to help them make correct decisions...


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...13 chairman report, messages about capital allocation and dividends are represented in a same segment which is only account for 15% of whole chairman report. However, a new segment for explaining capital allocation is showed in 2014 chairman report. Such action can not only notify shareholders information about how Rexam PLC deal with their investment, but also increase the transparency and reliability of chairman report. Finally, strong positive information about highlighting the effectiveness of board reduces sharply in 2014 chairman report. On the contrary, more paragraphs about future prospects and financial risk management are expressed in 2014 chairman report to ensure shareholders get sufficient information about Rexam PLC’s future plans and increase shareholders’ confidence regarding the future performance of the company.

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