Black Sun's sixth annual analysis of FTSE 100 Annual Reports, 'Telling the Story 2010', illustrates how companies are meeting the continuing demands of stakeholders and regulators to tell their story in an effective and meaningful way.

Key findings include:

• Leading reporters continue to break new ground (68% of the FTSE 100 mention business model, up from 42% in 2009. A third of those report on their business model in detail)
• General improvement in contextual information (91% of the FTSE 100 report contextual market information)
• Strategic discussion showing signs of being more meaningful (72% of the FTSE 100 providing detailed strategic discussions)
• Performance reporting reaches a plateau (93% of the FTSE 100 disclose financial KPIs and 66% disclose non-financial KPIs)
• Some companies are making stronger links between strategy, risk and remuneration
• Early signs of strengthening around risk disclosures (55% of the FTSE 100 provide detailed risk management information, up from 48% in 2009)
• Behavioural governance reporting emerging (40% of the FTSE 100 take a personal approach to reporting on governance)
• Progress in the integration of corporate responsibility (53% of the FTSE 100 report on corporate responsibility as complementing or being integral to the group strategy)

Sallie Pilot, Director of Research & Strategy at Black Sun commented, "Although challenging areas in reporting still exist, there has been an encouraging improvement in the quality of content and the way in which it is delivered. This provides a solid foundation on which companies can build for the future. Overall, we have seen a general improvement in reporting during 2010 whilst again, the leading reports have continued to break new ground."