2019 ratings

In the Swiss Annual Report Rating 2019, the annual reports of all companies represented in the Swiss Performance Index (SPI) were assessed. The list was also supplemented by other, in some cases unlisted, companies, so that when compiling the ratings, account was taken of Switzerland’s 50 best performing companies, the 25 banks with the greatest balance sheettotals and the 15 insurance companies with the highest underwriting income according to FINMA, the Swiss Financial Market Supervisory Authority. In all, 238 companies featured in the 2019 annual reportsratings. This included eight companies that had not previously taken part in the annual reports ratings.

This sample was assessed by three juries in total. Firstly, the value reporting jury, headed by Prof. Alexander F. Wagner of the Department of Banking and Finance at the University of Zurich, assessed value reporting in both the printed annual reports and on the companies’ corresponding websites. Secondly, the design jury, headed by Jonas Voegeli of the Zurich University of the Arts and Jiři Chmelik of Noir Associates, assessed the design of both the online and printed versions of the annual reports. The overallranking of these two juries resulted in a list of the twelve highest ranking annual reports (printand online). From this list, the final jury of ten, consisting of representatives from the value reportingand design juries and other specialists working in practice, then decided upon this year’s threeoverall winners.

Value reporting category

The Department of Banking and Finance decided upon the following rankings (weighting: value reporting in the annual report 80% and value reporting on the Internet 20%):
1st place: Clariant
2nd place: LafargeHolcim
3rd place: Swisscom

Design category

The design jury awarded the places as follows (an equal weighting of 50:50% was given to printed and online versions):
1st place: Zur Rose
2nd place: HIAG
3rd place: Clariant

The combined results of the value reporting jury and the design jury produced a final list of the 12 best annual reports.

The 12 annual reports that made it to the final selection (alphabetical order)


Liechtensteinische Landesbank

St. Galler Kantonalbank
Swiss Re
VP Bank
Zürcher Kantonalbank

Overall winners for their annual reports

The jury as a whole consisted of representatives from the value reporting and design juries, an editor of BILANZ, a financial analyst, a corporate communications manager, two investor relations specialists and a communicationsconsultant. The ratings of the first two juries were added together to determinethe twelve annual reports and the websites of the top ranking companies. These are assessed individually in a first stepby the jury as a whole. That assessment resulted in a shortlist of seven annual reports, which were subjected to intensive discussion in the plenary session. Finally, the winners and the two runners-up were chosen in a secret ballot.
1st place: Liechtensteinische Landesbank
2nd place: Geberit
3rd place: Swisscom

This year’s climbers

The following companies have improved significantly compared with last year’s assessment.

In the design category, the followingthree companies made the biggest improvements in ranking compared with last year.
These were derived purely from the numbers (in terms of ranking) compared with the previous year:
1st place: Novartis
2nd place: Dufry
3rd place: Liebherr

In the value reporting category, the following three companies demonstrated outstanding performance as compared with last year:
1st place: DKSH
2nd place: dormakaba
3rd place: EFG


The process 2019