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Annual Report

The annual report to shareholders is the principal document used by most public companies to disclose corporate information to their shareholders. It is usually a state-of-the-company report, including an opening letter from the Chief Executive Officer, financial data, results of continuing operations, market segment information, new product plans, subsidiary activities, and research and development activities on future programs. The Form 10-K, which must be filed with the SEC, typically contains more detailed information about the company’s financial condition than the annual report.

Reporting companies must send annual reports to their shareholders when they hold annual meetings to elect directors. Companies sometimes elect to send their Form 10-K to their shareholders in lieu of providing shareholders with an annual report. Some companies may file their annual reports electronically in the SEC’s EDGAR database.

Comment Letters

SEC staff and industry participants often use the term "comment letters" for two distinct purposes — to describe the letters that individuals and entities submit in response to requests for public comment on proposed rulemaking or other agency activity and to refer to the correspondence that issuers and SEC staff exchange concerning disclosure filings.