So says this AP article in the Chicago Tribune. Across a two year study done by Mercer, they found that only 20% of the 100 largest publicly traded American companies discussed the contribution of human capital in their annual reports.

Conclusion:

“Imagine a company spending one-third of its revenue on a capital investment or an interest payment and never addressing it with shareholders in their annual report,” said Rick Guzzo, a Mercer consultant. “It’s unthinkable.”

Indeed.