What ASX 200 companies write about
Each year a listed company's chair and chief executive write a letter at the front of the annual report. This page counts which themes those letters raise, and which the reports' narrative pages raise. It covers the ASX 200 companies whose annual reports we read each year.
- Climate appeared in 13% of letters in FY2015 and 55% in FY2025.
- Strategy appeared in 38% of letters in FY2015 and 65% in FY2025.
- Inflation peaked in 47% of letters in FY2024.
- Supply chains peaked in 40% of letters in FY2021.
These are counts of words. A letter that mentions a theme may praise it, warn of it or note it in passing.
Only the narrative pages are counted. The financial statements and notes are left out.
The companies read differ a little from year to year, and the letter could not be found in every report. So each year shows how many reports and letters it covers.
FY2015 has the fewest letters found, so read its figures with more care.
- FY2015: 100+ reports read, 50+ letters found.
- FY2018: 100+ reports read, 100+ letters found.
- FY2021: 100+ reports read, 100+ letters found.
- FY2024: 100+ reports read, 100+ letters found.
- FY2025: 100+ reports read, 100+ letters found.
Source: the companies' own annual reports, FY2015 to FY2025. Counts by onestepright.
Source: the companies' own annual reports, FY2015 to FY2025. Counts by onestepright.
| Theme | Year | Letters (%) | Reports (%) |
|---|---|---|---|
| Strategy | FY2015 | 38 | 69 |
| Strategy | FY2018 | 42 | 74 |
| Strategy | FY2021 | 41 | 78 |
| Strategy | FY2024 | 56 | 87 |
| Strategy | FY2025 | 65 | 86 |
| Climate | FY2015 | 13 | 56 |
| Climate | FY2018 | 26 | 72 |
| Climate | FY2021 | 51 | 88 |
| Climate | FY2024 | 54 | 94 |
| Climate | FY2025 | 55 | 92 |
| Inflation | FY2015 | 10 | 38 |
| Inflation | FY2018 | 12 | 43 |
| Inflation | FY2021 | 10 | 50 |
| Inflation | FY2024 | 47 | 86 |
| Inflation | FY2025 | 28 | 76 |
| Customers | FY2015 | 17 | 40 |
| Customers | FY2018 | 20 | 46 |
| Customers | FY2021 | 17 | 56 |
| Customers | FY2024 | 24 | 57 |
| Customers | FY2025 | 27 | 53 |
| Supply chains | FY2015 | 17 | 43 |
| Supply chains | FY2018 | 19 | 58 |
| Supply chains | FY2021 | 40 | 76 |
| Supply chains | FY2024 | 23 | 82 |
| Supply chains | FY2025 | 24 | 80 |
| Cyber security | FY2015 | 1 | 21 |
| Cyber security | FY2018 | 4 | 52 |
| Cyber security | FY2021 | 7 | 73 |
| Cyber security | FY2024 | 12 | 89 |
| Cyber security | FY2025 | 12 | 88 |
Source: the companies' own annual reports, FY2015 to FY2025. Counts by onestepright.
AI in annual reports
In FY2025, 60% of ASX 200 annual reports mentioned AI. In FY2015 it was 2%.
Counts 'AI' as a word on its own, and 'artificial intelligence', 'machine learning' and 'generative AI'.
AI came up in 8% of S&P 100 companies' annual filings in 2015 and in all of them in 2025. In Canada's S&P/TSX 60 filings, the share went from 5% to 70%.
Each country's filings differ in length and purpose. Read each line over time.
Based on 100+ S&P 100 filings and 50+ S&P/TSX 60 filings in 2025.
Source: the companies' annual filings. For the S&P 100, 10-K reports. For the S&P/TSX 60, management's discussion and analysis. Letters to shareholders from their annual reports are added where found. Counts by onestepright.
Automation came up in 62% of reports in FY2025, against 21% in FY2015.
Digital transformation, digitisation, cloud-based systems or data and analytics came up in 45% of reports in FY2025, against 13% in FY2015.
In FY2025, 65% of reports used a workplace safety measure or term, such as TRIFR, lost time injuries or fatalities.
Based on 100+ ASX 200 annual reports in FY2025.
Source: the companies' own annual reports, FY2015 to FY2025. Counts by onestepright.
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