Ann: The a2 Milk Company Investor Day 2021, page-166

I have done it, and most of them are simple fluff to make things look better than they actually are. You know this is true when a big portion of the report is about sustainability, diversity, etc.

The best way to read the report is to first look at what problems are outlined in the report and figure out (using your own cognitive function) whether they are addressable. Once you have done that, you then read through the relevant section outlining what strategies the company has.

Here are the problems that A2M is facing:


As you can see, none of the issues are things that A2M could do anything about, and rightfully so, the strategy section is missing or devoid of any clear steps.