Most public company shareholders would be happy enough with a summary financial statement, instead of a detailed annual report, according to Mr Paul O'Connor, the chairman of the Leinster Society of Chartered Accountants. He said many were in danger of being swamped with detail, and the slimmed down version would make for significant savings.
Announcing the Chartered Accountants 1997 Published Accounts Awards, where the main award was won by CRH, Mr O'Connor said the Government should consider allowing such a move. He said the typical annual report exceeded 100 pages "and is growing all the time".
"In the United Kingdom the experience with summary financial statements has been extremely positive. Companies who publish them have found that over 90 per cent of shareholders prefer the summary version, with significant cost savings," he said.
The analyst and "sophisticated investor" could be catered for by the Internet "We could see products and services in action, a video trip around the 24 hours of Smurfit's span of operations, the latest Aer Lingus airbus taking off, or the crackle of a briquette fire with the strains of the Marino Waltz in the background," he said.
The other awards presented yesterday were for the "Organisation with a Turnover up to £50 million Award", won by Ulster Television, the "Not for Profit Organisation", won by the Irish Horse Racing Authority, and the "Design Award", won by Greencore.
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