This will be my last question re the Swiss Annual Report.
The word AKTIONÄRSBRIEF appears almost at the end of the report under "Wichtige Daten" followed by "Geschäftsgang drittes Quartal 2002, place.... time..... date...."
Is it a briefing for shareholders? Or is it a letter to shareholders?
Erklärung: ...is the standard term we use - I'm surprised to see it at the end of an annual report (typically, the letter to shareholders appears at the beginning).
Erklärung: This is the translation given by Eurodicautom, which also provides the following definition:
"a section of an annual report where one can find jargon-free discussions by management of successful and failed strategies which provides guidance for the probing of the rest of the report"
Erklärung: Reference: ZAHN Dictionary of Banking and Stock Trading
to give you a third choice along very similar lines.
If it is enclosed/attached to an annual report, I'd be inclined to call it:
Information for Shareholders or
Update for Shareholders (presuming UK English is being used)
Erklärung: ...is the standard term we use - I'm surprised to see it at the end of an annual report (typically, the letter to shareholders appears at the beginning).
The translation workplace 
Zustimmung (Netto): +1
