Sure, shareholders are typically the most important audience for annual reports. But they don't have to be the only one.  When done well, the annual report can be the place where brand, values, best practices and performance come together to give investors, customers, business partners and employees the most complete, concise and compelling view into your company that they're ever going to get.

When rebranding an organization, the first audience you have to win over is internal. Your employees are often on the front lines (i.e. external) of this battle more than your marketing department is, so give them what they need to communicate the change with accuracy and enthusiasm.

Trade associations need to build brands for their industries and demonstrate accountability to stakeholders just as much as corporations do.  The crucial benefits provided by venture investing to economic growth, quality of life, and job creation are the signature elements of venture capital's story.

Even more so than annual reports, ESG publications must bring together the good, the bad and the ugly in one package. Choosing the appropriate tone is often the key to whether a company can achieve this combination in ways that balance pride in successes and accountability for shortcomings, as well as establish credibility with stakeholders that progress against the latter is a priority.