Try this self-test. Next time you open the annual report of a company that is not a bank and is not listed in the US, do you: groan at the hard work to come and put it down until fortified by strong coffee or a stiff drink; look at the pictures and the directors salaries; or feel interested enough to find out more?

Surely, some will argue, this test is unfair. Reports, they will say, are designed to fulfil legal obligations. Reader-friendliness is only one requirement. Of course, that is true. But looking at many reports, it is not clear whether they result from policy or accident, or which reader – battle-weary analyst, curious employee or potential shareholder – they are targeting.