A study published by Standard & Poor's this week ranked software maker PeopleSoft among the worst companies in the S&P 500 Index at disclosing sufficient financial information in annual reports. On a scale of 1 to 10, the financial information firm gave PeopleSoft a "1" for the usefulness of its annual report to shareholders and potential investors. PeopleSoft scored a "7" for overall financial transparency and disclosure.
A PeopleSoft representative said its annual 10-K filing--a document required by the Securities and Exchange Commission--serves as the company's annual report, and its corporate report--the document on which S&P based its ranking--is primarily a marketing tool. PeopleSoft removed the corporate report from its Web site after it learned of the S&P study, the representative said.