10 Companies That Like To Keep It Secret!

4. Bank of America
Industry: Banking
Overall Rank: 4

Comparatively Bank of America’s 2011 annual letter was better than its 2010 annual letter. The difference was visible as the company decided to cut the amount of content. This action was followed as in 2010 the study claimed that the annual report created confusion among readers and stated lack of information.  As a direct result, the bank improved its position from second-lowest on the previous survey.

5. L’Oreal S.A.
Industry: Cosmetics
Overall Rank: 5

L’Oreal was punished for using prolonged sentences and uncertainty in its 2011 shareholder letter. The L’Oreal Group is the world's largest cosmetics and beauty company. With its registered office in Paris and head office in the Paris suburb of Clichy, Hauts-de-Seine, France, it has developed activities in the field of cosmetics.

In the annual report one sentence that was considered really foggy and confusing was, “the company has made the most of the diversity and complementarity of its presence in all channels and in all regions to take advantage of the sectors which are accelerating.”

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