Dechra Pharmaceuticals is a global specialist veterinary pharmaceuticals products business.
Pharmaceuticals and Biotechnology Pharmaceuticals
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Bronze — Best Online Report: Corporate and Financial Awards
Dechra’s mission is to develop products sustainably to improve the welfare of animals globally. Their area of expertise focuses on the development, manufacture, and sales and marketing of high-quality products exclusively for veterinarians worldwide. With their latest annual report they looked to communicate the relevance of their strategy to drive future growth, while communicating their ‘Global Market Opportunity’.
In 2013, Dechra clearly defined and communicated its priorities for the Strategic Drivers and Enablers, the report looked to evidence the effectiveness of its strategy, while covering a range of other ambitions such as; demonstrating historical achievements, presenting progress made against strategy, and providing insight into future plans, priorities and outlook.
The annual report looked to provide a compelling and balanced view of the investment proposition that is transparent, providing key metrics and performance measures. The report featured strategy in action case studies to help demonstrate value creation for stakeholders, their sustainable operations and strong governance practices.
Dechra has a strong appetite to achieve the highest standards in corporate reporting and best practice. With that in mind, research, stakeholder feedback and an overall best practice review were conducted to create a full document wireframe that shaped the story and narrative flow.
A golden thread was planned, presenting a responsible organisation, generating value for all its stakeholders, with a clear strategy taking the organisation forward over the long-term. The report flows concisely, bringing the strategic report and governance sections closer together. Strategic objectives and progress clearly link to KPIs and risk, and aligned with remuneration.
Stakeholder engagement and consideration is demonstrated within the report. The corporate governance sections are easy to understand and make good use of diagrams and infographics. Outlining key risks to their investors was also important, so a comprehensive risk report and narrative are provided. They’re also supported with infographics and charts.
The report needed to be balanced, taking advantage of the strategic report to paint an honest and compelling picture of the future, while at the same time allowing both the strategic report and governance sections to work together, to deliver trust and show to stakeholders that the organisation operates in a transparent and accountable manner.
Signposts are used throughout the report to assist readers with quickly skipping to content that is more appropriate, without having to take additional time to search. Colour coding also provides the reader with an indication as to where they are within the report, whether this be the strategic report, governance, or financials.
The 2019 Annual Report is clear and succinct. Key information is presented through the use of colour coding, eye-catching imagery and large infographics, to ensure that vital information is clear and easy to understand.
Value created for stakeholders is communicated clearly and there is greater transparency around company objectives and plans for the future. Case studies are more focused and aligned with strategic themes, and the strategic report and governance sections are more closely aligned. Although not obliged to do so for this report, it started to meet some of the changes required within the new UK Corporate Governance Code. All these key improvements have resulted in increased stakeholder engagement.