2024 Reporting Season: trends, observations, and insights
As we wrap up another busy reporting season, it’s clear that significant shifts are shaping how we design, produce, and deliver annual reports. Building on last year’s trends, the focus this year has only intensified on digital interactivity, transparency, and shorter, more engaging reports. Below is our take on the most prominent trends we’ve observed and their implications for the future of corporate storytelling.
1. Interactive and digital delivery – the new norm
Online reports are no longer an experiment—they have become the default method of reading reports. What’s just starting though, is the introduction of interactivity into the mix. Companies are now beginning to leverage enhanced digital navigation, embedded videos, and engaging animations to tell their stories more effectively.
With our clients really wanting their businesses to be clearly understood, we are responding with reports that are structured with greater precision and logic, and clear, easy-to-follow content. A shift towards concise storytelling is evident: cutting to the core message faster and focusing on what engages the audience from the start. This digital transformation is also driving a redesign of financial sections, which now need to align seamlessly with an online-first presentation.
2. Proactive transparency and building trust
In an era where information travels fast and there’s no place to hide for long, companies are adopting a proactive approach to transparency. They recognise that being open earns trust and mitigates reputational risks in the long term. The lesson here is clear: if companies attempt to obscure less favourable results, they risk future fallout.
3. Continuity and comparability: tracking progress with integrity
A trend closely linked to transparency is the importance of continuity. Investors and stakeholders are increasingly scrutinising how companies follow up on previously reported data. Updates on key metrics across multiple years signal a commitment to accountability, proving that businesses are not just cherry-picking positive developments but delivering a full picture of performance.
4. Shorter reports, but smarter content
Pressure to reduce report length has continued this year. Investor feedback and internal workloads are driving this change as organisations aim to streamline content without sacrificing quality. Reports are becoming more focused, often supplemented by digital links to external data or spreadsheets for those seeking detailed analysis.
5. Sustainability: business-as-usual (BAU)
Sustainability remains important, but we’re seeing it integrated more deliberately into business operations, rather than highlighted as a separate initiative. Fewer companies are producing standalone sustainability reports or lengthy sustainability sections within their annual reports. This reflects a maturing mindset—sustainability is now part of the core narrative and treated as business-as-usual (BAU).
Some companies are linking directly to raw data online for specialist detail, helping to address the issue of bloated reports which became a problem last year as mandated requirements started to increase. This approach ensures depth of content without overwhelming the average reader with unnecessary detail.
6. Blending with Integrated Reporting
Even though not every report follows the Framework to the letter, we’re seeing most reports embody the essence of integrated thinking. Sustainability and environmental, social, and governance (ESG) elements are increasingly embedded into the business narrative, rather than treated as an add-on. This trend reflects the original intent of Integrated Reporting: fostering a holistic view of business performance.
7. Climate reporting takes centre stage
The introduction of mandated climate reporting has made it the dominant focus for many companies this year. However, this heightened attention to climate metrics has been a burden. While it promotes responsible practices, the workload required to comply with new standards has been substantial, leading some companies to express frustration.
The XRB’s feedback has indicated that future requirement adoption timelines may need to be eased, allowing companies time to develop systems that will make climate reporting more automated and sustainable in the long term. As the dust settles, climate factors will become a natural part of corporate storytelling rather than a separate reporting requirement.
8. Starting earlier: managing complexity head-on
We’ve noticed more companies starting the planning process earlier, recognising that the growing complexity of reports requires strategic thinking well in advance. Clients are engaging us sooner, ensuring there’s time to work through the details and avoid last-minute stress as deadlines approach.
9. Agility required: changing stories late in the process
Despite the push to start early, economic uncertainty has introduced unpredictability into reporting. Some companies have had to pivot their narrative late in the process, adjusting framing to reflect changing conditions. The lesson here is to strike a balance between setting early clear strategic principles and staying flexible enough to adapt when necessary.
10. More certainty around strategy
While the economic climate has challenged some industries, many companies are starting to feel more confident about their strategic direction. This burgeoning confidence is translating into clearer, bolder messaging in reports, with businesses increasingly comfortable sharing long-term plans and how they expect to achieve them.
11. Compliance vs storytelling: striking the balance
Some companies are erring towards a less storytelling approach, focusing on meeting regulatory requirements, as a response to tough economic times. This is a short-sighted reaction. The bigger picture thinkers are doubling down on storytelling, using their reports to position their brand for the coming turnaround and communicate future expectations to investors.
The key challenge here is to ensure that engagement and story dominate. With regulatory bodies pushing for the reintegration of financial data into one report, the role of storytelling becomes even more critical to ensure that corporate narratives don’t get lost in a sea of numbers.
12. The decline of companion documents
This year has seen a decrease in the use of supplementary documents. Climate disclosures and modern slavery reports still appear as separate publications, but sustainability reporting is increasingly incorporated into the main annual report with less arcane performance detail. Similarly, financial statements are now often reincorporated, reflecting guidance from regulatory bodies such as the FMA and NZX.
While we believe that separating detailed financials from corporate storytelling makes the latter more accessible, compliance demands mean this approach is becoming harder to get away with. To maintain engagement, we need to focus on making the front-end messaging compelling enough to capture interest, even when the full report exceeds 200 pages.
Conclusion: designing for the future
The trends we’ve observed this year reflect an industry in transition. Digital-first reporting is now the standard, transparency is expected, and the integration of sustainability into core business practices is well underway. At the same time, challenges like mandated climate reporting and economic uncertainty require companies to be agile and strategic in their storytelling.
Looking ahead, the task for annual report preparers is clear: continue to innovate and find ways to blend compliance with engaging narratives. By designing with both structure and storytelling in mind, we can ensure that these reports remain a powerful tool for communication and engagement—no matter how complex the requirements become.
This season’s insights remind us that while reporting frameworks and expectations may evolve, the core objective remains the same: delivering stories that resonate with readers and foster trust, all while meeting the highest standards of transparency and accountability.