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Understanding Fund Manager readership of annual report risk disclosure

Abraham, Santhosh; Slack, Richard

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Santhosh Abraham


An understanding of company risk for investment decisions is fundamental for capital market users such as fund managers. The annual report is an established source of risk reporting information. Whilst market-based studies highlight the economic value relevance of risk reporting, such disclosure at a firm level, has been widely criticised, failing to provide meaningful, decision-useful, information to users. Despite these criticisms, the small body of risk reporting literature that has directly engaged with capital market users provides evidence of their readership of such reporting but has not examined their reasoning behind this. Drawing on 24 interviews with fund managers, we examine the usefulness of risk reporting to them. The theoretical framing of comfort is employed to analyse themes emergent from the transcribed data. Applying senses of comfort helps to unpack the reasoning for their continued use of such reporting and to provide a counterpoint to the criticisms as to its lack of usefulness to such users. These findings, through direct engagement with a primary annual report user group, extend prior predominantly archival risk-based disclosure research and contribute to our understanding of user consumption of annual report information.


Abraham, S., & Slack, R. (2023). Understanding Fund Manager readership of annual report risk disclosure. Accounting Forum,

Journal Article Type Article
Acceptance Date Oct 4, 2023
Online Publication Date Nov 2, 2023
Publication Date Nov 2, 2023
Deposit Date Oct 4, 2023
Publicly Available Date Nov 7, 2023
Journal Accounting Forum
Print ISSN 0155-9982
Electronic ISSN 1467-6303
Publisher Taylor and Francis Group
Peer Reviewed Peer Reviewed
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Published Journal Article (Advance Online Version) (2.2 Mb)


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Copyright Statement
© 2023 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (, which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent.

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