Cadbury has beaten more than 300 major blue chip companies to claim top honours in the 2010 Strategic Value in Corporate Reporting Awards, held at the Royal OverSeas League in London on April 28th.
The confectioner beat off stiff competition from Capita Group, Land Securities Group and Rolls-Royce Group to collect the award for the Best Overall Strategic Value Added by a FTSE100 Company at the prestigious award ceremony organised, for the fourth year in succession, by the Strategic Planning Society (SPS).
In pursuit of its mission to foster and promote best practice and in strategic thought and action, the SPS presented nine awards to FTSE350 companies for the highest quality of strategic thinking, management and capability in articulated corporate reporting. In addition to Cadbury taking top honours for a FTSE100 company, SPS presented the award for Best Overall Strategic Value Added by a FTSE250 Company to the Northumbrian Water Group.
Stephen Haddrill, chief executive of the Financial Reporting Council, who was keynote speaker at the awards ceremony, told more than 120 assembled guests, “More and more information does not necessarily mean better and better disclosure – clarity is essential. It is fundamentally important that good reporting gives investors and the public an understanding of what the business is trying to achieve, and that its business model and strategy is clear. The narrative plays a central part in achieving this.
“The introduction of principles-based accounting has done much to improve reporting. We have learned from the financial crisis is that it’s not just about ticking boxes and boiler plate explanations. The right principles must be adopted in setting out the numbers and the strategy.”
Alan Williams, Cadbury’s director of corporate finance, received the SPS award on behalf of the company and commented, “This award is testament to the simplicity of Cadbury’s Vision into Action “plan on a page”. Every Business unit and Function was aligned behind the plan with their own local initiatives behind each of the three priorities of Growth, Efficiency and Capability.
“This provided a framework to guide us in managing the business and for our external communications. It further provided a framework to demonstrate the true value of the Cadbury business through the Defence Process and ultimately led to substantial shareholder value creation.”
The nine awards presented by the Strategic Planning Society were based on an analysis of corporate reporting by more than 300 companies for year-ends between 1 October 2008 and 30 September 2009. Stephen Haddrill presented the awards in conjunction with SPS chairman, Ian McDonald Wood and representatives of the awards sponsors.
The award categories and winners were:
Best Overall Strategic Value Added by a FTSE100 Company – CADBURY
Award sponsored by Radley Yeldar
Best Overall Strategic Value Added by a FTSE250 Company – NORTHUMBRIAN WATER GROUP
Award sponsored by Square Peg International
Best Strategy & Objectives – BRIT INSURANCE
Award sponsored by Newport Business School, University of Wales
Best Sustainability – RIO TINTO
Award sponsored by Legal & General Group
Best Strengths & Resources – AMLIN
Award sponsored by The HR Society
Most Compelling Narrative – AGGREKO
Award sponsored by Rare Corporate Design
Most Improved Narrative – LONMIN
Award sponsored by Lang Communications
Best Online Annual Reporting by a FTSE100 Company – TUI TRAVEL
Award sponsored by Nexxar
Best Online Annual Reporting by a FTSE250 Company – GREENE KING
Award sponsored by CarnegieOrr