The Corporate Watch DIY Guide to
How to
research
companies
Contents
2 Introduction
How to use this guide
11 Getting a basic overview of the company
Golden rules of research
The Annual Report
Structuring your research
The company website
Industry sources
3 Information Sources
SEC records
NGOs
Libraries
12 How to find out about a company's&
- Local libraries
Offices/sites
- University libraries
Directors
- Copyright and specialist libraries
Shareholders
4 The Web
13 Strategy and prospects
- Search engines
Analysts
- Useful web techniques
14 Advisors
5 The Media
Political links
- Media sources on the web
Public relations
- CD-Roms and indexes
Environmental policy
Industry sources
Funding of research
- Company sources
6 - Trade associations and professional institutes
15 'Digging the Dirt'
- Trade journals
Activist websites
7 - Market research
16 Alternative media
8 - Business directories
Government sources
- Business websites
Mainstream media
9 - Analysts' reports
Other sources
Government sources
- Quangos
Reliability of information
- Using company registrars
Further reading
10 - Regulators
And finally&
Interviews
www. corporatewatch. org. uk
The Corporate Watch DIY Guide to How to research compani es May 2002
Introduction
If you're campaigning against a company, the success or failure of your campaign
will crucially depend on the information at your disposal. Whether you want to visit
the company's office, target its directors or shareholders, or produce hard-hitting
leaflets or reports, you will need to know your way around a few basic resources.
This is actually easier than most people think. For example,
Golden rules of research
people often phone Corporate Watch asking for the addresses of
There are 4 things we suggest you keep in mind while doing your
a company's sites in their area, but they hadn't thought of
research. They will all save you time and frustration in the long
looking in their phone book! So this basic guide on how to
run:
research a company is an attempt to break down the mystique
surrounding research. Anyone can find out about a company,
1) know what you want
with just a little time and imagination. And it's extremely
- before you start, be very clear about what kind of information
satisfying to feel you've stitched up a company just by getting to
you need for your campaign. Beware of information addiction - if
know it better.
you don't know exactly what you want, you can spend hours
This guide relates to researching UK companies. The directories,
picking up reams of 'information', which is all very interesting,
media and libraries are all British. However, some of the
but in the end no real use.
techniques may be transferable to other countries, and of course
2) ask someone else
the web is international.
- at the start of your research, you should scope what other
We assume the reader has access to the world-wide web. Many of
researchers and campaigners have already done that could be
the sources here are available by traditional means (and
helpful, to avoid duplication of work. Always ask your
we give those too), but in this age of technological
contacts whether they can produce or suggest
apartheid, the web makes research both easier
written sources, or other people to speak to.
and more comprehensive. Even if you don't
 The earth
3) look for leads
have a terminal, you probably know someone
is not dying, it is
who does, or can use one in a library or
- throughout your research, look not just for
cyber-caf�. We also assume that the reader
information itself but also for potential
being killed. And those
knows basically how to use the web (if not,
further sources, whether publications,
that are killing it have
there are countless people, companies and
websites, contacts etc. So ask interviewees
books who'd love to tell you!), so we only
for any contacts they've got; follow all links
names and addresses.
explain how to apply this to research.
from useful websites; always look through
bibliographies and reference lists in
Utah Phillips
Obviously, it's easier to find out about a large
publications. Look at the source of all your
company than a small one, and a local company
information and follow it (e.g. if the source was a
than a distant one. The smaller and further away
newspaper or magazine article, talk to the
they get, the more you will have to use your
journalists, find out where they got their information.) A
imagination!
lot of good stories begin with a rumour - 'Have you heard that
____ plc does this?'. Always follow these rumours - 'Where did
How to use this guide
you hear that?'.
Finding out some of the more common types of information
4) note all references
needed is explained on pages 11-14 - such as where a company's
- this really is essential, however much of a drag it may seem.
sites are, details of directors, shareholders, public relations etc.
This means that if later in your investigations you come to doubt
These explanations refer back to some of the earlier sections of
some of your information (e.g. if you get conflicting facts), you
this guide.
can check out its reliability. Also, being able to go back to your
The guide begins with some basic tips on how to research, then sources may give you new leads. Many good researchers go so
details some of the different types of information sources far as to log everything they do during a research project,
available (NGOs, the web, the media, industry sources, including all names, phone numbers, and details of where they
government sources, interviews). There's no need to read the get each piece of information. This diligence generally pays off.
whole thing - dip in and out of the bits that are relevant to you. It is also a good idea to keep photocopies of all useful paper
sources and printouts or saved versions of web pages.
If you want to look into a company's wrongdoings, see the
'Digging the Dirt' section on pages 15.
2 www. corporatewatch. org. uk
May 2002The Corporate Watch DIY Guide to How to research compani es
Start by asking library assistants which book is best for your
Structuring your research
purposes. Or search the catalogue - using subject keywords or
It is good to get as far as you can with research before
publisher (for example, a company or trade association may
letting your target company know that you're looking
publish many useful reports). There may be books about the
into it - that way you know you're asking the most
company, or its industry. Browsing can result in some
effective questions, you have a good idea of how to
interesting discoveries - but beware of getting side-tracked.
extract information, and you can tell when your
If you can't find a particular directory or
subject is lying. In other words, aim to
other reference book in your local public
interview the company last.
library, ask the librarian to get a copy
Start by setting out exactly what you
through the interlibrary loan service. In
want to know. List all the possible
the UK, the library is obliged to try to
sources you can think of. At this
get the book for you if it is held in
stage, search library catalogues and the web,
the national public library system,
and ask any contacts you've got.
although they may charge you for this.
Brainstorm research approaches with
" University libraries
your colleagues. When you've got a good
list of sources, then prioritise, and decide
If your public library doesn't have
how much time you're prepared to spend on
what you need, try a university library,
each. Throughout your research, you must
especially the business studies section,
evaluate how effective you're being, and be
or other relevant sections (e.g. for a
prepared to be flexible.
chemicals company, look in the chemistry
section). University libraries also provide
good general reference sources, good media
coverage (including trade journals) and abstracts databases - if
Information Sources
they let you use them. Universities vary in how willing they are to
give access to non-university members. In some libraries you can
NGOs
just walk in, whereas in others you may have to register and even
(Non-governmental organisations)
pay a fee.
A look in Housman's Peace Directory (Housman's, 0207 837
" Copyright and specialist libraries
4473), or the PMS Guide to Pressure Groups (Ł14.50 from PMS
If you can't find a publication elsewhere you should use a
Publications, 19 Douglas Street, Westminster, London SW1P 4PA,
copyright library - there are 5 of these in the UK (see table). These
tel. 0207 233 8283) will give you some potentially useful NGOs.
libraries are all by law entitled to receive a copy of every
The Directory of Associations & Professional Bodies in the UK
publication published in the UK. The best is the British Library,
(in most libraries) will also give you academic research groups. A
which is obliged to take a copy of everything - some are missed,
web search is also well worth doing. A list of useful activist
but this is the best you're likely to get. They also have extensive
websites can be found in the 'Digging the Dirt' section. Once
foreign collections. They are all reference libraries rather than
you've found some promising organisations, look at their
lending libraries. To use them, you will need to be registered as a
websites or at their publications lists (which they will generally
reader - to do this you need to fill in a form and convince them
send on request) to check what work they've done before you
that you need their resources to do work that you can't do
take up anyone's time.
elsewhere. A letter of recommendation from an academic
How much time someone wants to spend with you of course
definitely helps. The Bodleian and British Library (and possibly
depends on how useful they think your work is, and how closely
the others) keep most of their collections in stack storage. This
it reflects their interests. There's no substitute for face-to-face
means you need to go beforehand to order them up from the
meeting, but you should be well prepared so as to use your time
stack, and then come back when they've arrived - in the case of
with them well, and not have to go back to them. Keep good
the British Library this takes a couple of days.
notes of your conversation, and you can always go back with a
As for specialist libraries, the City Business Library is excellent,
phone call or email later on if you need more clarification.
with a wide range of trade journals, business directories and
other interesting sources. Many industry bodies, such as trade
Libraries
associations and professional institutions also have libraries of
" Local libraries
their own. These can be a great source of information - assuming
Most major local libraries have a business section, which will
you can persuade them to let you in. Some will charge you for the
contain business directories, annual reports of large companies
use of their library. Some government departments also have
(including foreign ones), and lots of other useful information.
libraries that you may be able to use (see Government Sources).
You should also be able to find back issues of newspapers and
Details of some of the business and copyright libraries in the UK
magazines (including trade journals) and indexes to them. If your
are shown in the table overleaf.
target company is based locally, local history books and local
papers may be useful.
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The Corporate Watch DIY Guide to How to research compani es May 2002
An excellent activists' resource on corporations, according to our
UK Business and Copyright Libraries
impartial researchers, can be found at
www.corporatewatch.org.uk. We are currently building up a
database of in-depth profiles of major corporations, focussing on
City Business Library
information useful to campaigners. There are guidelines and
1 Brewers Hall Garden, London EC2V 5BX. Between
links for further research and campaigning, including an online
London Wall and Aldermanbury Square. Open Monday to
version of this guide. You can also use the on-site search engine
Friday 9.30am - 5pm. Tube: Moorgate.
to search other good activist sites such as the Multinational
Westminster Reference Library Monitor website (see 'Digging the Dirt').
35 St. Martin s Street, London, WC2H 7HP. Tube:
Search Engines
Leicester Square, Piccadilly Circus and Charing Cross.
The key to good use of the web is of course search engines. Note
Trade Partners UK Information Centre
that search engines all use search terms slightly differently, and
you should always read the search tips/help page before using
Room 134, Kingsgate House, 66 - 74 Victoria Street,
them. Bear in mind that different search engines 'think'
London, SW1E 6SW. Tube: Victoria. Website:
differently, and so rank pages in different orders. It is therefore
www.tradepartners.gov.uk/information_centre/
often worth trying more than one. We recommend the following:
home/welcome/
" www.google.com
Department of Trade and Industry Library
" www.hotbot.com
1 Victoria Street, London, SW1 0ET. Tube: Westminster or
" www.debriefing.com
St. James Park. Students must have an appointment and
proof of identity.
" www.pinstripe.opentext.com
" www.northernlight.com
British Library
Some of the best known search engines only trawl English-
96 Euston Road, London, NW1 2DB. Tube: Kings Cross.
language databases. Our favourite search engine Google however
Catalogue on the web: www.blpc.bl.uk
can search webpages in a variety of different languages. If yours
Bodleian Library (Oxford University) is not one of them www.searchenginecolossus lists
more than 1000 search engines organised by
Broad Street, Oxford, OX1. Catalogue:
country.
www.bodley.ox.ac.uk/elec-res.html
" Searching technique
National Library of Wales
Browsing
Try to focus your search by the careful
Aberystwyth, Ceredigion SY23
use of keywords and by using Boolean
3BU. Catalogue:
can result in
operators ('and,' 'or,' 'not'). If you are
geacweb.11gc.org.uk:8000
looking for a specific report you can
some interesting
National Library of Scotland
use a search engine that allows you
George IV Bridge, Edinburgh, to search for phrases and enter the
discoveries - but
EH1 1EW. Catalogue: title of the report - usually done by
http://main_cat.nls.ok putting the specific phrase you want
beware of getting
to search for in double quotes " ".
Cambridge University Library
Some search engines such as Google
side-tracked.
West Road, Cambridge, CB3 9DR.
(use the advanced search) let you search
Catalogue:
specific websites or domains for particular
www.libcam.ac.uk/Catalogues/OPAC
words or phrases. This can be extremely
useful when a site's built-in search engine isn't
very good. Another useful feature of Google is that
it holds a 'cache' of each page it has registered. In other
The Web
words, if a web page has changed (as they often do), Google will
The Web is becoming an increasingly powerful source, as more
show you how the page looked when it indexed it.
and more information is uploaded onto it. But beware that it is
Useful web techniques
not a static resource. Information you found on the web can
move about, or even vanish completely. For this reason, you " Following links
should print off useful pages, or save them onto your hard drive,
Most sites have a links page. These are often worth following,
making sure you record the URL (site address). The main danger
although be selective.
with using the web is getting swamped with information. It is
" Bookmarking
very easy to spend many hours surfing unproductively. Keep in
mind exactly what you are looking for and try not to get
Some sites are repeatedly useful, such as financial sites, media
distracted.
sites or search engines and you'll want to keep returning to them.
Keep a well-organised set of bookmarks for these.
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May 2002The Corporate Watch DIY Guide to How to research compani es
One of the best is called FT McCarthy, which contains around 40
The Media
titles, including all the UK broadsheets, the main newspaper from
If you've got a factual question to answer, often the best source is
several important countries, a couple of large trade journals and
the media. Do bear in mind that the media is not totally reliable,
two UK local papers (Birmingham Post and Yorkshire Times).
and if you need to be completely watertight with your facts, you
This is held in the City Business Library, London (see Libraries).
should back up all media sources. However, it does
Another good one, though less common, is
provide a fantastically wide information resource.
dialog@carl, which contains many local US
Probably the most useful UK newspaper is the
papers, plus various others from around the
Financial Times, for keeping broadly up to
world. You can also get some magazines on
date. It's worth reading regularly if you're
CD-ROM - such as New Scientist and
involved in corporate campaigning.
Times Higher Education Supplement.
Private Eye is good for picking up leads,
If you can't get access to the web or a
but probably not for quoting (because of
CD-ROM, you can use an index in a
libel risk).
library. One of the best is the Research
Media sources on the web
Index, published monthly by Business
Surveys Ltd., which is amalgamated at
These days many newspapers and other
the end of the year into a companies index
media are available on the web, in
and an industries index. It covers most
searchable form. Some key, web-based UK
major newspapers and magazines, including
press databases are listed below:
some trade journals. Alternatively, try the 6-
TitleWebsite
monthly Clover Newspaper Index, which covers the
The Guardian www.guardian.co.uk
four broadsheets, plus the FT, the European and the
Economist; it also has a company data supplement. Although
The Independent www.independent.co.uk
these are broad, especially the Research Index, they aren't
Financial Times http://search.ft.com/search/
particularly deep - they won't contain all the entries from
index.html
individual papers' own indexes. The Times, the FT and the
Daily Telegraph www.telegraph.co.uk
Guardian all produce monthly indexes, which are amalgamated at
The Times www.thetimes.co.uk
the end of each year.
In addition, Oxford University's Bodleian library site -
Local papers generally don't tend to produce indexes, CD-ROMs
www.bodley.ox.ac.uk/users/gac/newspap.htm and the
or websites. You could try asking a journalist or the editor. If you
JournalismNet site at http://www.journalismnet.com/uk/
have good contacts there, they might look through their own
searchnews.htm
records for you.
both provide useful links to media sites throughout the world:
Industry sources
The Financial Times website has recently been upgraded, and
Information is playing an increasingly key role in business. Each
allows you to search over 2,000 publications, including
industry sector has its own sources of information which people
newspapers from around the world and a good selection of trade
in the industry rely on from day to day. Many are also accessible
journals. It is probably one of the best free online press
to the corporate researcher.
databases available.
Company sources
The best online database we have found, however, is Reuters
Business Briefing at www.briefing.reuters.com. It covers over
Company annual reports and websites are an invaluable source of
6,000 publications in 10 different languages, including all major
information on a company (see Getting a basic overview of the
national press from around the world, some local press and an
company).
excellent selection of trade press. The downside is that it is very
It may also be worth visiting the company's office and being
expensive, however they do give a two-week free trial - call sales
generally observant - you never know what you might see! Talk to
on 0207 542 5455. There is also a danger of information overload
the company's employees on their way out from work, or to
- so you need to chose your search terms well.
business partners etc. There are bound to be some people pissed
CD-Roms and indexes
off with the company, who'll be quite happy to spill the beans, or
otherwise do some internal research for you. You could also
Many libraries (e.g. city libraries and university libraries) now
interview former friends and colleagues of the directors (look at
have CD-ROMs of various media sources. If you're based near
their biographies in Who's Who or similar). You could even get a
such a library, these may be better than the web, as you can
job with the company, but be careful with secrecy clauses in any
search several publications at once.
contract.
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The Corporate Watch DIY Guide to How to research compani es May 2002
Trade associations and professional institutes
Trade Associations
These organisations often have information services, which you
For UK and US trade associations, the following web sites and
can phone up for statistics, market data or other information
directories are particularly helpful:
they have to hand. However, they will generally charge you if you
need more of their time than just speaking on the phone. Perhaps
Trade Association Forum
most usefully you can ask these information departments for
www.martex.co.uk/taf/index.htm
advice on how to do your research, pointers to good websites,
Search by UK industry or by association name.
directories, journals and libraries. You can find the trade
association and professional institute for the industry you're
Trade Associations and Professional Bodies for the
tracking in relevant websites and directories. Some of the most
United Kingdom
useful ones are detailed in the table opposite.
Graham & Whiteside, 5-6 Francis Grove, London SW19 4DT. Tel:
020 8947 1011
Trade Journals
Directory of British Associations
If you are following a particular company or industry, you should
certainly be monitoring the relevant trade journals. The best bit
CBD Research, Chancery House, 15 Wickham Road, Beckenham,
tends to be the news section, though there may be some decent
Kent. Tel: 020 8650 7745
feature articles. If you're doing quite major research, it may be
Gateway to Associations
worth flicking through the last year or two's back issues. Trade
http://info.asaenet.org/gateway/OnIineAssocSIist. htmI
journals often have an index in the first issue of the year,
covering the previous year, or one is inserted when old editions
Search by US industry, state or city; it's worth also trying
are bound.
various search terms in the search box for the organisation's
name.
International directories inevitably are less comprehensive, but
Trade Journal Publishers
try:
The main UK trade journal publishers are
Encyclopedia of Associations
Reed Business Publishing Gale Group, 27500 Drake Road, Farmington Hills, Ml, USA. In 3
volumes
www3reedbusiness.com
The biggest publisher of trade journals, with many titles.
World Guide to Trade Associations
KG Saur, Ortlerstrasse 8, D-81373 Munich, Germany.
FT Business
www.ftbusiness.com
Directory of European Industry and Trade Associations
Specialist journals on the financial and energy sectors.
CBD Research, Chancery House, 15 Wickham Road, Beckenham,
Kent.
EMAP Business Communications
www.emap.com
Large range of titles; sectors covered include advertising,
There really are more trade journals available than you could
automotive, communications, construction and civil
shake several sticks at. Try looking for relevant titles in Ulrich's
engineering, health care, local government, materials, media, oil
directory of periodicals around the world (in the reference
and gas and retail.
section of your local library). The directory is also available to
subscribers on the web at www.ulrichsweb.com. A free trial
Haymarket Group
period is offered. You could also contact some of the main
www.haymarketpublishing.co.uk
publishers of trade journals to ask them if they produce any
Various, including Management Today, Campaign, PR Week and
relevant titles. The main UK Trade Journal publishers are shown
others.
in the table to the left.
William Reed Publishing
If you're still stuck, try calling the Periodical Publishers'
www.wiIIiam-reed.net
Association (on 0207 404 4166), or the relevant trade or
professional association for the industry you're interested in and
Mainly food and retailing industries.
ask what they recommend.
Hemming Group
Once you've got the title of the journal you want you can browse
www.h-info.co.uk
the online catalogues of libraries to see if they have it (see
Various, including Surveyor International Trade Today and
Libraries).
others.
6 www. corporatewatch. org. uk
May 2002The Corporate Watch DIY Guide to How to research compani es
Some  good Trade journals
NameFreq.Notes
Building weeklyindex in 1st issue of year, annual review in last
Construction News weeklyannual review at end of year - not very detailed
Contract Journal weeklyannual review at end of year - not very detailed
Mining Journal weeklylots of news, index every 6 months
Mining monthlygood coal news at back
Mining Annual Review annualindex in each issue
The Engineer weeklylots of news; contracts awarded etc.
Control & Instrumentation monthly
Jane's Defence Weekly weeklyalso produces defence review, plus journals on fighting ships,
aircraft, mines, missiles etc. - THE info source on the defence industry
Chemistry in Britain monthlyinfo on the chemical industry
Process Engineering monthlyinfo on chemical engineering
Farmers Weekly weeklyoccasional interesting bits
Grocer weeklyinfo on food suppliers as well as retailers
PublishersWeekly weekly
Campaign weeklyinfo on the advertising industry
Market research companies tend to publish reports regularly,
Also well worth getting, if you can, are the company's internal
often monthly, covering a different sector or sectors each time.
newsletters: e.g. BP's Horizon, GEC Review. They go out to all
Some are published in journal format and then bound - you'll
employees of the relevant company; buried in lots of useless info,
therefore need to look through the index of the most recent one
they say what major contracts the company has recently been
to find the issue you need. Others come as whole reports on
awarded or completed, give profiles of divisions of the company,
particular sectors and are updated every few years.
describe new management/training/computer systems in the
group, announce the opening of new offices etc, and give a good
The market research reports most commonly found in UK
idea of the corporate culture. To get hold of them you'll have to
libraries are those published by Keynote (www.keynote.co.uk).
apply persuasion (on the Group Communications Department at
Mintel (www.mintel.co.uk) is another important UK publisher.
the relevant head office) - perhaps you could say you're a student
Both the Keynote and Mintel websites have databases where you
looking for a job next year and want to know about the company;
can search for relevant titles and executive summaries of the
or you could try asking an employee. Or just turn up at the head
reports.
office, where they're often left lying around. Internal newsletters
are also kept in some university careers services, and good
For coverage outside the UK, check out the following :
libraries.
" Market Research Europe - www.marketresearch.com
Market Research
" Market Research International - http://db2-rev.ecnext.com
These are guides to how a sector works, including the main
companies involved, their market shares and the major issues " Euromonitor - www.euromonitor.com
facing the sector. They can be very useful for getting to know an
These cover both international markets and markets within
industry and the competitive positions of its companies. Many
individual countries.
libraries have market research in their business section, which is
well worth browsing.
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The Corporate Watch DIY Guide to How to research compani es May 2002
Directory of Multinationals - 2-3 pages on each of the biggest
Business Directories
multinationals, taken largely from annual reports. Useful if you
In the reference section of most city libraries, and certainly in any
can't get the annual report.
business library, you can find various directories giving facts and
figures on companies. (NB Many directories and specialist
If you want more, have a look round the business section of your
publications start with a guide to using them - reading this guide
library, to see what's available, or ask a librarian's advice. There
can save a lot of time). Unfortunately, none of these directories
are also some industry-specific directories, which give more
are entirely comprehensive in their company coverage as there
detailed information, such as:
are just too many companies!
* The UK Biotechnology Handbook (pub. Biocommerce Data /
The most important directories are:
Bioindustry Association)
Who Owns Whom - this tells you how a company is legally
* FT Oil & Gas International Yearbook (pub. Longman)
structured, as corporate family trees. The first volume gives a
parent company and its address and registration number etc,
* Energy Industries Council Catalogue (pub. EIC)
then its direct subsidiaries (the companies it owns completely),
then the subsidiaries of each of those, and which country each
* FT Mining International (pub. Longman)
subsidiary is registered in. This will tell you whether a company
* Chemical Industry Directory and Who's Who (pub. Benn
has operations in a particular country. The second volume is an
Business Information)
index of all the subsidiary companies, and tells you what their
parent is. Unfortunately, the directory is not comprehensive. As
* Major Chemical & Petrochemical Companies of Europe (pub.
well as the two volumes covering UK & Ireland, there are volumes
Graham & Trotman)
covering the rest of the world, organised alphabetically by
country.
* Construction News Financial Review (pub. Building Trades
Journal)
Kompass - in the UK, this comes in four volumes:
There are many more!
Vol. I - Products & Services
Business Websites
Vol. II - Company Information
There are numerous business-based sites,
Vol. III- Parents & Subsidiaries
which function like quite broad business
directories. They will give you financial
Vol. IV- Industrial Trade Names
information such as turnover and
profit, number of employees, names
Vol. II is organised geographically,
of directors, areas of business, share
with a company index in the front. For
price variation etc. Obviously, bigger
each site listed for a company, it gives
companies are more often covered
broad ranges within which turnover,
than small ones. Many of the best
profit, number of employees etc. fall.
business and media sites on the web
Sometimes this refers to the whole
charge for the information they provide,
company and sometimes just to that
usually by subscription but sometimes by
specific site. Most usefully, it lists product
item downloaded. However, almost all will give
codes which refer to Vol. I, Products &
you a free trial - use it wisely. Some of the more
Services. Look up a major category number, and
useful business websites are shown in the table below:
the index at the start of it will tell you which sub-
categories the company comes in. In each of those, it tells you the
Business WebsiteCoverage
precise (ish) products and services the company supplies. There
www.asianbusinesswatch.com Asia
is also a Kompass website: www.kompass.com that contains a
searchable database of company information and details the
www.corporateinformation.com World
company's publications world-wide.
http://globalbusiness.about.com Latin America
Key British Enterprises - this has similar information to
Kompass, sometimes with more detail and sometimes with less. www.globalregister.co.nz New Zealand
FT Major Companies Guide, FT Smaller Companies Guide, www.hemscott.net World
MacMillan's Stock Exchange Yearbook, HemScott Company
www.hoovers.com/uk World
Guide - between these four directories, you can get summary
financial data (turnover, profit, employees etc), and names of the
www.investext.com World
company's bankers, lawyers, brokers and financial advisers.
www.mbendi.co.za Africa
Directory of Directors - in two parts, organised by director's
name and by company name. Lists directors and some cases their
www.quicken.com World
role.
http://finance.yahoo.com World
8 www. corporatewatch. org. uk
May 2002The Corporate Watch DIY Guide to How to research compani es
If you are new to business research, and unfamiliar with the If going direct to government bodies fails, you can ask your MP
language of annual reports, the Yahoo Finance site (write to _____ MP, House of Commons, London SW1A 0AA, or tel.
(http://finance.yahoo.com/li) provides excellent explanations of 0207 219 3000) to ask a Parliamentary Question of the relevant
key business terms. www.askjeeves.com is another useful site. minister. If that doesn't work, you can report the case to the
relevant government department's ombudsman, or to the
Analysts' Reports
parliamentary ombudsman via the House of Commons. If there is
Analysts advise investors on whether to buy or sell a company. serious improper behaviour in refusing information, you could go
They generally specialise in one industrial sector and have a to the Committee on Standards in Public Life (tel. 0207 276
detailed knowledge of the companies within that sector and their 2595, www.public-standards.gov.uk ).
financial performance. However, the reports are generally only
Quangos
available for a firm's clients. Unless you know a sympathetic
insider you will have to pay a lot of money to get hold of them. Quangos are public sector bodies which are answerable to
Some reports are available on the web for a price. Investext particular government departments. Some can be useful
(www.investext.com) and Dialog (www.dialog.com) are for information on the industry they relate to. The UK has
worth checking out. Both offer a free trial period - or several hundred, listed at www.cabinet-
allow you to buy reports on a one-off basis. office.gov.uk/quango.
The Yahoo Finance website Using Company Registrars
(http://yahoo.multexinvestor.com)
" Companies House
offers some cheaper (and therefore less
Companies House is where all
detailed) reports. There are some very
companies in the UK are legally obliged to
brief free ones and others ranging from
register, and record various information -
$5 to $50. You'll need to register (this is
including shareholders, directors (and
free), then click research and enter the
their home addresses and other
company's 'ticker symbol.' If you don't
directorships) and annual accounts. You
know this you can find the company
will need to know the company's precise
through 'company lookup.'
registered name. While you can choose at
Companies House from an alphabetical list, this
Government sources
does not tell you the name of a company's parent
company or its various subsidiaries. We recommend looking
If the company has any interaction with government
these up beforehand in a directory such as Who Owns Whom
(e.g. in regulation, procurement or just plain lobbying), there will
(see Business directories).
be some records there. Government and public sector bodies are
generally more co-operative in interview than private sector - as
Companies House has branches in Birmingham, Glasgow, Leeds,
they are supposed, in theory at least, to exist in the public
London, Cardiff and Edinburgh. The general enquiries line is
interest. You can find your way into the UK government
02920 380 301. To print out all directors and their home
department websites through the website www.open.gov.uk.
addresses cost Ł1. Other documents cost Ł2.50, plus 10p per
sheet (or Ł3.50 maximum). You can get a full set of records on
You might find the Cabinet office at www.cabinet-office.gov.uk
microfiche for Ł5, but you will have to wait overnight for this.
useful. You could also search Hansard, the daily record of all
Microfiche reader-machines can be found in most libraries.
debates, discussions etc in the Houses of Parliament. It is
Alternatively, you can use Companies House on the web and
available in book form in most libraries, or on the web at
order and pay for electronic documents online at
www.parliament.the-stationery-office.co.uk/pa/cm/cmhansrd .
www.companies-house.gov.uk . This service is available Monday
htm. Sometimes the Government issues press releases relating to
to Friday, 7am to 10pm.
an industry. All UK Government press releases are available at
www.nds.coi.gov.uk.
" Europe
To get into US Government sites try www.whitehouse.gov - not There is a list of contact details of some of the other European
to be confused with the infinitely more fun spoof site countries' company registrars on the European Business
www.whitehouse.org - check it out! Register Site (EBR) at www.ebr.org/partner.htm
Government departments which work closely with industry can " United States
be used much like trade associations for advice, information and
In the US, all companies with over $10 million of assets and over
publications. Obvious examples are the government departments
500 shareholders (or more precisely, holders of a particular type
covering agriculture, energy, finance and health. Individual staff
of share) are required to register with the Securities and
members in these departments can be extremely informative and
Exchange Commission (SEC). The official database to access this
it can be well worth giving them a ring. The Department of Trade
material is at www.freeedgar.com . Whilst its fairly easy to get
& Industry (tel. 0207 215 5000, www.dti.gov.uk) can be
into the database and enter search terms the results can be quite
particularly useful. Many departments have 'public inquiry
bewildering. Don't be intimidated! - SEC filings are one of the top
departments' that are specifically there to answer your questions.
sources for the corporate researcher. There are many different
The best way to find these people in the UK is in the Civil Service
types of form filed at the SEC.
Yearbook. This should be available in most good libraries.
www. corporatewatch. org. uk 9
The Corporate Watch DIY Guide to How to research compani es May 2002
The most useful ones are:
10-K - The company's annual report. This contains all sorts of
Interviews
useful information, including all the court cases that the
company is involved in.
Interviewing your target company, either directly or by
telephone, should usually be saved until the end of your
10-Q - The quarterly (less detailed) update to 10-K
research. At this stage you will have a much clearer idea
of what you still need to know, and how to find it out. It
8-K - The occasional update to 10-K when important details
will also be easier for you to pick up on any 'economies
change or events occur.
with the truth.' When conducting interviews, the
following guidelines may be helpful:
13-F - List of holdings in the company by the top institutional
investors. Annoyingly these are in alphabetical order rather than
" Prepare for your interviews
order of size of holding. Be careful as many institutions are large
Brush up on your jargon and background knowledge. Work out
asset managers and hold stock for their institutional clients in
three or four different ways in which you can squeeze out the
'street name.'
information you require, and anticipate possible responses.
20-F - Annual report for foreign companies.
Decide beforehand whether you're going to leave your source
friendly or hostile to you after the interview.
40-F - Annual report for Canadian companies.
" Bear in mind that companies contain many people
Regulators
If one is unhelpful, you can always try someone else, possibly
Regulatory agencies may prove a useful source of information.
with a different alias. Looking at the company's website
Some of the more useful ones are detailed in the table below.
beforehand, or even talking to a receptionist, may give you an
idea of how the company's structured, and
therefore who you want to speak to. Getting direct
Regulators
line numbers is always useful. On the other hand,
Regulators only deal with their own Countries - they do not comment on what a
if you ask two different people in a company for
company does abroad. There are, of course, many regulators in each country.
the same information, they might both go to the
Here are a few which can be useful information sources:
same colleague for it. So be careful here.
Health and Safety Executive (UK) - www.hse.gov.uk
" Be polite and friendly
Although HSE has generally tended to prefer constructive engagement with
You should aim to put the person you're
offending companies rather than prosecution, in 1999 it began listing its
questioning at ease, rather than making them
prosecutions on the web at www.hse-databases.co.uk/prosecutions/
nervous and cautious about telling you anything.
Throwing in a few dummy questions to cover your
Environment Agency (UK) - www.environment-agency.gov.uk
real interests can help with this.
The EA, too, has recently adopted a policy of publishing company names - this
" Document your interviews
time of both saints and sinners. See the 1 999 report (published July 2000) at
www.environment-agency.gov.uk/envinfo/spotlight/spotrep.pdf .
Always document your interviews, including time,
Prosecutions are also press- released by the agency.
place, who you spoke to and their position, any
alias you used, major points and important
Occupational Health and Safety Administration (USA) - www.osha.gov
quotes. Do this during or immediately after your
The website has a page of data on inspections carried out by the OSHA, and
interviews - things can be forgotten extremely
recorded accidents, which you can search by company name ( establishment ) or
quickly.
by industry (using the SIC (standard industrial classification) code -there is a
" Make your questions open-ended
link to help you find the SIC you want). Accidents have short descriptions of
what happened. Search results are presented in a table, including a column for
Open-ended questions allow the subject to tell
the number of violations discovered; but there is no qualitative information, and
you more - and you may get some unexpected
no description of offences (beyond broad categories), so it can be somewhat
answers. Look for leads (e.g. other people to talk
opaque. Perhaps the best way to use it is as a starting point, to find out when
to) as well as answers. What the subject doesn't
violations occurred, and then to search elsewhere for more detail on these.
want to talk about is often as important as what
they do want to discuss.
European Commission Competition Regulation
- http://europa.eu.int/ comm/cornpetition/ " Know when to stop
The most useful part is the mergers section, which studies market share and If your subject offers to send you a useful
market power of companies in,olved in major mergers. If a company you are document then end the interview there. It's best to
interested-in has been involved in a recent merger or acquisition, this site can wait until you've actually received what they send.
give you useful market intelligence on that company, in those markets relevant You can then telephone them again with more
to the merger. Click the link, and search by company name. Also of questions.
possible use is the anti-trust cases section, although there's not a similar easy
way to search this.
10 www. corporatewatch. org. uk
May 2002The Corporate Watch DIY Guide to How to research compani es
Generally it's easier to be someone of low rank - this is less
" Respect 'off the record' comments
threatening, and gives you an excuse for not knowing the answer
Respect 'off the record' comments (use them only as leads) -
to all their questions ('I'll have to ask my boss/client'). If you can
otherwise you're damaging your and other people's chances of
throw in chatty comments, that helps too ('sorry about my voice,
getting them in the future, and also your reputation! However,
I've got this throat bug', 'I can't find my notes, our office is just
convention is that 'off the record' must be said before the
being re-decorated', 'when I took my daughter to school this
comments are made, rather than afterwards when the subject
morning& ', etc).
realises what he/she has said. Don't offer to keep something off
the record - leave this to your subject. Check whether 'off the
When using an alias, try to keep a grain of truth in it, so that you
record' just means 'not for attribution.'
can talk about yourself if pushed. It's probably worth keeping a
note of who you are somewhere - forgetting your own name, for
It's up to you whether you tell the company who you really are.
instance, can be highly embarrassing! If you're meeting subjects
Being honest may lead to them seeing you as an enemy and not
in person, remember that people tend to be remembered by their
helping. If however, you have good credibility and the company
most prominent features (e.g. red hair / round glasses / lapel
thinks you will publicise your findings, they may help you for
badge / stammer). You should therefore cover any memorable
fear that you will publish anyway, and their non-co-operation will
features of yourself, and create some that you don't usually have.
make them look worse. If you tell them you're someone else,
If you normally smoke, don't. If you don't wear glasses, do etc.
adopt an identity of someone they actively want to talk to (i.e. it's
Consider getting a postbox (register as 'no fixed abode'); make
in their interests) - a potential customer, client, supplier,
phone calls from a callbox, and not the one just outside your
employee, journalist, local historian etc. It often helps to flatter
house or office. You want to learn about the company, not make
the company or the person you're talking to, to make them feel
it easy for them to learn about you.
good and relaxed and give them an opportunity to boast (e.g. 'I
know your company is one of the most efficient in the sector' -
'yes we've massively streamlined our workforce'; or 'your
company has an excellent relationship with government& ' etc).
Getting a basic overview of the company
First of all, get the phone number of your target company: from directory enquiries if you know where it's based
(London's always a good guess) or from a business directory, or the company's website. It's also worth checking
whether the company you're researching is a subsidiary of a larger company or part of a larger commercial group. In
many cases information will only be available via listings for, and resources on, the parent company. The best way to
check this is using the directory Who Owns Whom (see Business Directories).
The company's website
The Annual Report
The company's website will generally give you much of the
If you're researching a plc, that usually (not quite always) means
information found in the annual report, and often more.
the company's listed on the Stock Exchange - in other words you
Generally the larger and more publicly visible companies tend to
could buy shares in it if you wanted to. In that case, it is obliged
have more sophisticated websites. For example, it is often
to produce an annual report for investors and potential investors
possible to download annual reports and other company
(i.e. you!). Some companies which you can't buy shares in also
documents from their websites. You should be able to find a
produce annual reports, especially publicly-owned companies. An
company's web address using an intelligent search engine such as
annual report is basically a glossy report on all the company's
Google.
activities over the previous year. It typically includes the
company's accounts, a list of its directors, political and charitable
Industry sources
donations etc. It will probably tell you where the company's
Obviously companies' own sites are often extremely useful,
major projects and facilities are and what they do, what its
however they do give you a rather biased view of the company's
biggest brands are, and give you some idea of its culture. It will
activities. If you want a more concise or impartial overview of a
often tell you how much the directors get paid, and how many
companies activities there are a range of business directories and
employees there are etc. A one-sided view of course, but a useful
websites you can look at (See business directories/websites).
start, and often an easy way of answering some questions about
There are also broader industry sites which give plenty of
the company. So phone up the head office and ask them to send
information on an industry sector. One of the best is the Institute
you copies of the company's latest annual report and interim
of Petroleum's site, at www.petroleum.co.uk , which has a
report. They will do this for free.
detailed archive industry news section, links to companies and to
Alternatively, the Financial Times runs an annual reports service, various information pages, and plenty more.
where you tick which companies you want and they send them to
SEC records
you for free (it covers many, though not all, large British
For companies registered in the US, the reports filed with the SEC
companies) - call 0208 770 0770 for an order form, or go to
provide an extremely useful source of information (see Using
www.icbinc.com/cgi-bin/ft.pl on the web. You might also find
company registrars).
back issues of annual reports in a library, especially a business
library.
www. corporatewatch. org. uk 11
The Corporate Watch DIY Guide to How to research compani es May 2002
How to find out about a company's&
For US companies the quickest way to find out information on
Offices/sites
directors is to find the DEF form on the SEC's EDGAR database at
These are normally listed on the company's website.
www.freeedgar.com (see Using company registrars). This
Alternatively, for UK companies, you could try looking in the red
supplies the name, age and background of directors as well as
postal address directories, in your local library. Each one covers a
other company affiliations.
region, so to get all the addresses of a
company you will have to look in about 10
Shareholders
of these. Or better, you can now get all of
The largest shareholders (holding more than
the UK phone books on a CD-ROM. These
3% of the company) are listed in the
are not outrageously expensive and will also
company's annual report, and in FT /
be in some libraries.
MacMillan's / HemScott directories (see
Business Directories). Yahoo Finance is the
Directors
best free source on the web
The annual report or interim report will tell
(http://finance.yahoo.com/l). This lists the
you who the directors are at the time of
20 or so biggest institutional shareholders,
publication (as will probably the company
the biggest mutual fund shareholders and
website) - changes since then will be in the
the holdings of the company's directors.
FT (although not always in the online
They can also be found via Hemscott's
version) or the trade press. The reports will
website (www.hemscott.com).
also tell you how much they get paid (they
" UK registered companies
call it remuneration - be aware that
packages include share options and other
For a full list of shareholders you could ask
benefits such as company car, medical
a friendly institutional investor (if you know
insurance etc), and for each it will give a
one!) to run the company through their
one-paragraph biography. For directors of
Bloomberg or CDA/Spectrum database. If
non-plcs (including subsidiaries of plcs), use
you can't find a friendly insider,
www.banksy.org.uk
the Directory of Directors.
CDA/Spectrum offer one-time searches for a
fee of a few hundred pounds. Alternatively, you can get a full list
There are versions of Who's Who for particular industries - look
of shareholders from Companies House (see Using company
in a decent business library. These books will give a short
registrars). The list comes on a microfiche, which you'll need a
biography - where born, parents, where educated, career, family
special machine to view - your local library should have one. The
status, club/society membership, leisure activities etc. The
list gives the names and addresses of shareholders as well as the
highest-profile directors of large companies may have full-length
number of shares they hold.
(i.e. book) biographies written of them.
For large companies the list can be enormous e.g. one major oil
Try searching library catalogues. You can also find salaries,
company has over a million shareholders. In such instances you
company shareholdings and short biographies in the 'profile'
may be better off (at least in terms of time well spent) using a fee
section of the Yahoo Finance website
paying service to get a targeted list e.g. of pension funds that
(http://finance.yahoo.com/l). Further information on directors
hold shares in the company. One of the best services is Thomson
may be obtained from the trade press - for example in interviews
Financial First Call (http://www1.firstcall.com). A basic search
(see Trade journals).
is likely to cost about Ł100.
For home addresses of directors of UK companies go to
Often the real owner of shares is 'represented' by a fund manager
Companies House (see Government sources). Bear in mind that
or 'Nominee', but each nominee entry will have a code for the
some directors give their work addresses (although they're not
client (the person/organisation whose money it is) before the
supposed to - you could try complaining). Where this happens,
number of shares. You can look these codes up in the Index of
see whether they are also listed as directors of another (less
Nominees and Beneficial Owners, which will tell you who each
controversial?) company, where they might have given their home
code stands for. It's published by Fulcrum Research (tel. 0207
address. In a person-based (rather than company-based) search, if
253 0353) and costs about Ł300 - ask your library to order it.
addresses are different, the director will probably be listed twice,
as different people. Another way of getting the home address out
is to do a full search on the company, and look at an earlier
record of directors, before they got too paranoid to give their
home address. If they have an unusual name, you could try
looking in the phone book CD-ROM. Standard and Poors
Register of Corporations - Vol. 2 also lists home and email
addresses of directors where obtainable.
12 www. corporatewatch. org. uk
May 2002The Corporate Watch DIY Guide to How to research compani es
Alternatively, you could look at the broker recommendations in
" US registered companies
the research section of the Yahoo Finance website
To obtain a list of a US company's top 200 or so institutional
(http://finance.yahoo.com/l). You can also obtain a company
shareholders check its SEC 13-F filing (see Using company
share-price graph from this website. This will show you whether
registrars). If you're filing a shareholder resolution, the company
there is any upwards or downwards trend, both in absolute terms
has to provide a list of shareholders so that you can solicit their
and relative to the company's sector or the stock exchange
vote. You'll be asked to promise to only use the list for this
respectively. Look out for sharp peaks or troughs and steep rises
purpose however, and to not share it with anyone else. Further
or falls. Check out the news on the days in which these occur.
information on obtaining US shareholders' names can be found in
FOE-US's Handbook on Socially-Orientated Shareholder
If you really want the low-down on a company's strategy and
Activism. This is available from the group's website at
financial prospects however, you'll need to look at some analysts'
www.foe.org/international/shareholder
reports (see Analysts reports). Reading relevant market research
and trade journals (see Industry sources) can also give you a
" Companies in the rest of the world
good idea of the company's place in its sector and its future
As in the UK and US you'll probably need to find a local contact
prospects. The Trade Association and Professional Institute for
willing to do the necessary research. In most cases you'll need to
the sector that you're interested in may also provide useful
retrieve the information through the national agency that
information and advice (see earlier section). You could also try
regulates companies (see Using company registrars). Some stock
contacting the relevant government department (see Government
exchanges have searchable databases of the companies listed on
sources).
their exchange. In some cases, e.g. Jakarta, names of the major
shareholders are provided. Useful links to the major stock
Financial Analysts
exchanges of the world can be found on the Corporate Finance
Network website (www.corpfinet.com). Analysts advise investors on whether to buy or sell a company.
They are therefore key to many lobbying strategies (see The
" Finding out about an investment company's
Campaigners' Guide to Financial Markets for more information
investments
on this). Companies won't tend to tell you who their analysts are.
This is extremely tricky. The big companies usually won't tell you As with details of shareholders, the easiest way to find out the
their investments. However, many big investment companies names of analysts is by using a major financial database, such as
have unit trusts. Every three months, fund managers produce a Bloomberg. If you don't have access to such a database the best
report on their investments and if you phone an investment way to find out the name of analysts is the following directories.
company and ask about one of their trusts they will send you a All are available in the City Business Library, London (see
copy of this report. This report may give a picture of how the Libraries):
other trusts within that company are invested. Finding out what
Nelson's Directory of Investment Research
companies a financial institution is investing in is more
This comes in three volumes:
thoroughly discussed in The Campaigners' Guide to Financial
Markets (see Further reading).
Vol. I - Institutional research firm profiles, analysts by
industry/research speciality, analysts and the companies they
Strategy and prospects
follow.
Company strategy is generally explained in the company's annual
Vol. II - US company profile/analyst coverage
report (see Getting a basic overview of a company). It tends to
be described in much more detail in a company's quarterly
Vol. III - International profiles/analyst coverage
presentation of financial results, and other strategy presentations
to the financial markets. These presentations will be reported in
Briton's Index: Investment Research Analysts
the financial press. They can also often be found on a company's
Unlike Nelson's this doesn't give analysts for each company, only
website in the 'investor relations' section. You should always look
by industry sector. Using Nelson's will probably give you far more
at this section of the company's website, since the company
analyst's names than you want (up to 100 for each company). You
doesn't expect people who aren't interested in investing to look at
can select the most important and best recognised ones as they
it. You can therefore find out things that you wouldn't otherwise
are marked with an asterisk.
come across.
Alternatively, try the Financial Times: analysts are often quoted
Of course, company presentations are intended to 'sell' the
on the back page of the 'Companies & Markets' section. Or search
company strategy and so they should be treated with caution.
for the company's name, along with 'companies report' (the name
The FT (see Media) is the most accessible source of a more
of the section) or 'analyst', on the FT CD-ROM at the City Business
balanced analysis, especially the 'Lex' column. Try searching the
Library, or the FT website (http://search.ft.com/search/
FT website (http://search.ft.com/search/index.html) by
index.html). Extel Survey run a competition each year for the best
'company name' + 'lex.' Also try searching 'company name' +
analysts in the City, sector by sector. Entrants and winners are
'analysts' or 'results.'
worth noting, as they tend to be the most important and
influential people. The survey is expensive, but is held in the
British Library (see Libraries), and is sometimes referred to in the
FT - do a search for 'Extel Survey.'
www. corporatewatch. org. uk 13
The Corporate Watch DIY Guide to How to research compani es May 2002
The Register of Members' Interests tells you (in theory, at least)
Advisors
which MPs are benefiting materially from which companies,
For UK and US companies the most accessible source of
although it's organised alphabetically by MP, not by company, so
information is the Hemscott website (www.hemcott.com). Each
it's a bit of a trawl. Political parties also record all major
company page on the site contains a list of company advisors,
donations, although they don't give amounts. The company
including bankers, financial advisors, brokers, auditors and
annual report (for a plc) is legally obliged to declare any political
solicitors.
or charitable donations over Ł200 within that year. For more
detail, try the Labour Research Department - 0207 928 0621.
For more comprehensive
information on the advisors
Public Relations
of UK companies see
Crawfords Directory of City To follow a company's PR strategy, try looking in
Connections. This is available the trade journal PR Week (or possibly Marketing).
in London's City Business You can find out which PR companies it is
Library (see Libraries). For US retaining by looking through the Public Relations
companies you can also look Consultancy Yearbook, published by the PRCA. A
at the company's 10-K form web search can also throw up some connections.
on the SEC's EDGAR database
In addition, O'Dwyer's daily on-line magazine at
- www.freeedgar.com (see
www.odwyerpr.com and The Holmes Report
Government sources).
website - www.holmesreport.com/index.cfm are
useful resources for researching a company's PR
Political links
strategy.
For information on lobbying
activity, the Directory of
Environmental policy
Employers' Associations and
Many companies now produce annual
the Directory of Associations
environmental reports. However, they rarely
and Professional Bodies in
commit companies to anything radical and usually
the UK (in the reference
amount to little more than a cynical PR exercise.
section of your local library)
Nevertheless, they are useful sources of quotes
list trade associations (see
and policy statements that can be used to argue
earlier section) relevant to an
against, say, a company's involvement in an
industry, most of which carry
environmentally destructive project. These reports
out lobbying in the interests
are sometimes downloadable from the company's
of their members. Many of
website or you can phone up and ask for a copy.
these will send an annual
report/publicity material and
Tomorrow magazine also has a directory of on-line
membership list if asked. (Note the distinction between a trade
environmental reports for many major companies at
association, which works for member companies, and a
www.enviroreporting.com.
professional association, which works for individuals. You can
generally tell by the organisation's name. Professional bodies are
Funding of research
often called institutes).
Universities and supposedly independent research institutions
You could try looking in Hansard (see Government sources), in
are becoming more and more dependent on industry finance to
particular at select committees, standing committees, all party
fund research projects. Finding out what research a company is
groups etc. Many corporations now have in-house 'government
funding can be quite tricky. For example, there is no
relations' staff (i.e. lobbyists) - contact details can be found in the
comprehensive register of the funding sources for university
classifieds section of The House magazine.
research in the UK. This topic is the main theme of Degrees of
Capture, a forthcoming Corporate Watch report, due to be
The other way of lobbying is through political consultancies
published later this year.
(professional freelance lobbyists) - there are 30 or 40 main firms
in the UK. About 15 of these register at the Association of
The research that a company is funding will sometimes be
Professional Political Consultants, at 50 Rochester Row, London
detailed on the company's website (see Getting a basic overview
SW1P 1JU, tel. 0207 828 7127. The APPC keeps a register of who
of a company). Alternatively, a web search using an 'intelligent'
their clients are, which can be bought for Ł15, or examined for
search engine like Google can throw up some interesting links.
free.
For the US, the following two databases are particularly useful:
These days, business people are involved directly in the
www.ssw.umich.edu/grantetc/corps.html and
machinery of government - as members of policy committees,
advisory groups and executive agencies' boards and even as www.fdncenter.org/grantmaker/gws_corp/corp.html
ministers. These connections may appear in biographical details
in the company annual report.
14 www. corporatewatch. org. uk
May 2002The Corporate Watch DIY Guide to How to research compani es
'Digging the Dirt'
Activist websites
The Corporate Watch site at
For information on a company's wrongdoings, there
www.corporatewatch.org.uk is also well
are various campaign organisations' websites. A
worth a look. We are currently building up a
good start is to search web super-sites such as
database of in-depth profiles of major
www.essential.org (a website hosting about 30 US
corporations, focussing on
anti-corporate NGOs - especially the Multinational
information useful to campaigners. The
Monitor at www.essential.org/monitor) and
site also carries news updates and you
www.oneworld.net (which includes
can use the search engine on the site
over 500 organisations from
to search other good activist sites
around the world, both North and
such as Multinational Monitor.
South, focused on development,
environment and human rights).
We have also found the
OneWorld also functions as a
following sites
magazine, and provides profiles
particularly useful:
on particular issues, plus
campaigning guides.
www.nosweat.org.uk/ - on sweatshops
Websites on individual companies:
www.nologo.org - Naomi Klein s website on Clothing,
sweatshops, casualisation etc
www.mcspotlight.org - everything you could ever want
to know about McDonalds, plus basic information on a
few other companies
Websites on corporations
www.essentialaction.org/shell/ - on Shell
and corporate power generally:
www.saigon.com/~nike - on Nike
www.sprawl-busters.com and
www.corpwatch.org - CorpWatch US (unrelated to
www.walmartsucks.com - on WalMart
Corporate Watch UK)
www.bayerhazard.com/ - on Bayer
www.corporatewatch.org.uk - the authors.
www.irrc.org/ - Investor Research & Responsibility
Websites on particular industries:
Centre (US)
www.citizen.org - Public Citizen (US)
www.moles.org (Project Underground) - on oil and
www.xs4all.nl/~ceo - Corporate Europe Observatory
mining
www.endgame.org/ - Endgame Research Services
www.prwatch.org - on public relations
www.ran.org (Rainforest Action Network) - on logging
In addition, the following sites have useful information
and other rainforest industries
on pollution: The FoE Factory-watch online database
www.irn.org (International Rivers Network) - on dam
at www.foe.co.uk/campaigns/industry_and_
building and other river industries
pollution/factorywatch is searchable by company and
www.foe.co.uk/camps/ foodbio/index.htm and
details the emissions from the companies UK factories.
www.genewatch.org/ - on genetic engineering
The Scorecard website (www.scorecard.org) contains
www.gm-info.org.uk - Corporate Watch's list of
useful information and action tools on US toxic
current GM test sites in the UK (currently being
pollution.
updated).
www.infact.org/helpstop.html - on tobacco
Finally, worth a mention is the Free Range Activism
www.adbusters.org - Canadian subvertisers
site, at www.gn.apc.org/pmhp which has guides to
www.gn.apc.org/pesticidestrust/ - on pesticides
various campaigning resources, including lots of
www.caat.org.uk/ (Campaign Against the Arms
campaign-relevant government legislation.
Trade)
www. corporatewatch. org. uk 15
The Corporate Watch DIY Guide to How to research compani es May 2002
Alternative Media Other sources
If you want the 'dirt' on a company, the alternative media may be Interviewing staff from your target company may turn up some
of use. In particular The Ecologist (tel. 0207 351 3578, unexpected information (see Interviews). You might also find
ecologist@gn.apc.org) and the ENDS Report (tel. 0207 814 5300, some transcripts of court proceeding useful.
post@ends.co.uk) both contain useful criticism of companies and
produce an annual index. Ethical Consumer (tel. 0161 226 2929,
Further reading
www.ethicalconsumer.org) is also useful. Look at the company
This booklet is intended as an introduction to researching
index at www.ethicalconsumer.org/magazine/companies
companies. Some of the information in this guide has been
_index.htm, then get the most recent issue that features the
gratuitously plagiarised from chapter 5 and 6 of Nicholas
company you're after in the research supplement. In here you'll
Hildyard and Mark Mansley's excellent publication The
find every way of slagging off the company that the guys at EC
Campaigners Guide to Financial Markets. This goes into far
can think of.
more detail than we have here and is an invaluable tool for
serious researchers. It is available from Cornerhouse: tel. (01258)
The Corporate Watch newsletter covers various topics of
473795, email: cornerhouse@gn.apc.org
corporate power and its social and environmental impacts - plus
campaigns against corporations. All the back issues of the
newsletter (and our now discontinued magazine) are on our
Reliability of information
website: www.corporatewatch.org.uk .
Beware of libel! Note that for example you can be sued for using
something from a newspaper which was libellous if you did not
From the US, there's Multinational Monitor and Corporate Crime
take reasonable steps to ensure its reliability. Certainly any
Reporter.
campaign literature should be checked before use.
If you have the money, the best way to search the alternative
Unless your source is either a document signed or published by
media is through Ethical Consumer's online database, Corporate
the subject, or a public record (i.e. from the government), or
Critic - see www.ethicalconsumer.org/corp_critic.htm. EC
something you've directly seen or heard and documented
monitors a huge range of alternative media, and records
carefully, try to back it up with another source. The less reliable
references and abstracts of articles critical of companies on this
your sources, the more corroborating further sources you need.
database. It costs Ł70.50 to get set up, then 75p for each abstract
you download. You still need to get the article itself after that. If
Use of devices such as 'according to ...' and 'allegedly' help with
you're penniless, EC offer a free trial that lets you download up
libel-dodging, but you may still be found liable if an incorrect
to 10 abstracts.
inference can be drawn from what you write. Another useful
tactic is to surround any potentially libellous comments with very
It might also be worth doing a search of the Indymedia website
critical comments which you can definitely back up. That way,
(www.indymedia.org) to see if this throws up anything
when the company states which bits of your publication it
interesting. Beware of paranoid conspiracy theories however!
considers libellous, it is implicitly admitting the truth of those
bits which it doesn't challenge.
Government sources
To protect a source who might lose their job or get in other kinds
Certain government sources are also good for 'digging the dirt' on
of trouble for revealing information to the public, bring a witness
a company. For example, companies registered in the US are
(who can testify) to the interview, who doesn't know the source's
required to list all the court cases that they are involved in on
name.
form 10-K on the SEC database (see Using company registrars).
Regulatory agencies can also provide a good source of pretty
indisputable evidence (see Regulators). The US Environmental
And finally&
Protection Agency (EPA) website (www.epa.gov) contains some
If you know of any research techniques or sources that you think
useful information. This tends to be very detailed however, and it
should be included in this guide, please tell us about them. Don't
is often hard to find a general overview.
forget to use your imagination. And good luck with your
research.
Mainstream Media Sources
A search of the mainstream media can provide a good source of
company scandal and can throw up interesting leads (see Media
section). If necessary, media sources can be backed up later on by
Corporate Watch
more reliable sources, such as government records.
16b Cherwell Street
Oxford OX4 1BG
Edited by Louise Sales and Rebecca Spencer. 01865 791 391
Design by Stig. Printed on 100% recycled paper
www.corporatewatch.org.uk
by Oxford Greenprint using solvent-free inks and
renewable energy (www.oxfordgreenprint.org.uk).
mail@corporatewatch.org
16 www. corporatewatch. org. uk


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