The Duller, The Better

Plain, plain, plain. What's striking about the current crop of corporate annual reports isn't so much what's there as what isn't: no flashy images of male athletes naked but for a pair of athletic shoes (Reebok International, 1990), sumo wrestlers (PepsiCo, 1990), or leather covers (Wolverine World Wide, maker of Hush Puppies shoes, 1993). "Companies are not going for any gimmick at all this year," says Sid Cato, publisher of Sid Cato's Newsletter on Annual Reports.

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