`Visual Images within Accounting Annual Report: A Critical Discourse Analysis
By
Xun Gong*
&
Sudhir C Lodh**
&
Kathy Rudkin***
Paper submitted for inclusion in the IPA Conference, Cardiff, UK
11-13 July 2012
____________________________________
*Mr Xun Gong, School of Accounting and Finance, University of Wollongong, Wollongong, NSW
2522, Australia, Email: gong@uow.edu.au
**Dr Sudhir Lodh, School of Accounting and Finance, University of Wollongong, Wollongong, NSW
2522, Australia, Phone: +61-2-42213731, Fax: +61-2-42214297, E mail: slodh@uow.edu.au, web:
www.uow.edu.au (Corresponding Author)
*** Dr Kathy Rudkin, School of Accounting and Finance, University of Wollongong, Wollongong,
NSW 2522, Australia, E mail: krudkin@uow.edu.au, web: www.uow.edu.au
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Visual Images within Accounting Annual Report: A Critical Discourse Analysis
Abstract:
This study explores contextual messages and socio-political significance of the visual images
portrayed through an annual report in the Chinese context. In so doing, Fairclough’s (1993a)
Critical Discourse Analysis (CDA) is used as the research framework; which focuses on the
ways in which social and political domination are produced and reproduced by discourse.
More specifically, at the public discourse level, the semiotic model developed by Roland
Barthes (1977) is used to explore both the literal and the symbolic messages within the visual
texts. While the Chinese capitalist market economy continues to flourish, the communist
political regime still maintains its dominant power in the country. This study examines the
dual ideological influences that both the socialist political regime and the capitalist market
economy have upon the visual discourse produced in accounting annual reports. It also
explains how the visual discourse, in turn, constitutes and sustains competing ideological
messages.
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Visual Images within Accounting Annual Report: A Critical Discourse Analysis
1. Introduction
The evolving nature of accounting has not only reflected the changes in its technical tools
(Carmona & Ezzamel, 2007), but also revealed the ever-perplexing form of accounting
representations. Indeed, financial annual reports nowadays carry more ramifications than
simply communicating economic events to interest parties and society at large, rather they
also reflexively construct reality (cf. Hines, 1988). They are produced in the form of
narratives, graphs, and pictures within annual reports; which ultimately “frame and frequently
eclipse the technical accounting content” (Davison, 2010, pp.166-7). As such, the traditional
financial statements have become subject to criticism for being inadequate and irrelevant in
that they may not present a comprehensive view of companies (Canibano et al., 2000).
Instead, alternative formats produced in annual reports such as visual texts are considered
more interesting and worth further exploration (Davison & Skerratt, 2007). Hopwood (1996)
argued that the annual report remains as a largely under researched document, and Llewellyn
and Milne’s (2007) call for a rich research agenda on accounting as codified discourse. As
such, this study has focused on the visual images produced in accounting annual reports.
The 2010 annual report of China Mobile Limited is selected as the focus of this investigation.
The research framework of this study is based on Critical Discourse Analysis (CDA). It
focuses on the ways in which social and political domination are produced and reproduced by
discourse. In particular, Fairclough’s (1993a) has advanced three-dimensional framework for
CDA to reveal the contextualised meanings of the visual discourse at three levels: public
discourse; discourse practice; and, social practice. More specifically, at the public discourse
level, the semiotic model developed by Roland Barthes (1977) is used to explore both the
literal and the symbolic messages within the visual texts. To interpret the symbolic messages,
three areas of interest are considered to be useful, including (1) Davison’s (2010) four
rhetorical codes (physical, dress, spatial, and interpersonal); (2) the two Chinese cultural
beliefs (Confucianism and Taoism); and, (3) the use of colour in Chinese tradition. The social
practice elements comprise both the institutional arrangements of the Chinese telecom sector
and the internal governing structure of China Mobile. The distinctions and overlaps exhibited
between the firm’s public discourse and its social practice are then mediated through the
discourse practice, the discursive process in which the annual report is produced, distributed,
and consumed.
The findings from the public discourse and the social practice 1 suggest three sets of
competing interpretations: (1) global versus national; (2) democracy versus dictatorship; and,
1
It should be noted that due to the space limitation the details of the social practice analysis on the researched
organisation are not included. For such an analysis please see Gong (2011).
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(3) shareholder interest versus stakeholder interest versus stateholder interest. As such, a dual
image of the firm is drawn: on the one hand, it has been depicted as a globalised corporation
with the democratic management team focusing on the shareholder interest; on the other
hand, it has also been portrayed as a national enterprise characterised by the dictatorial role of
the party emphasising both the state holder interest and, to a lesser extent, the stakeholder
interest.2. At the discourse practice level, these opposite messages are mediated, naturalised,
constituted, and sustained by different discursive processes in which the report is distributed
and consumed, via: (1) traditional postal service to shareholders; (2) the website of China
Mobile Limited; and, (3) the website of Chinese Mobile Communications Corporation. While
the first two distribution channels support the connotations of global, democracy, and
shareholder interest, the latter conveys the messages of national, dictatorship stateholder
interest, and, to a lesser extent, stakeholder interest.
The contributions of this study are three-fold. First, in relation to extant accounting literature,
the research has been the first to study the dual ideological implications of annual report’s
visual discourse for both a socialist ideology and a capitalist market economy in the context
of Mainland China. Second, in relation to methodology, the research has also been the first to
apply Critical Discourse Analysis (Fairclough, 1993a) in exploring the socio-political
significance of visual images within annual report. Another innovative move is to incorporate
the semiotic model of Roland Barthes (1977) in the public discourse analysis of CDA, which
offers the potential for further research combining the CDA framework with the Barthesian
model. As such, this research provides an important contribution to both the methodological
approach of CDA and a critical framework for future research opportunities to study annual
report’s visual discourse. Third, in relation to method, the study has adopted the analytical
tools of visual images from not only the artistic discipline such as the rhetoric device of
antithesis (Barthes, 1990; Davison, 2002) and repetition (Davison, 2008), and Davison’s
(2010) four rhetorical codes (physical, dress, spatial and interpersonal), but also the Chinese
tradition including the two dominant cultural beliefs (Confucianism and Taoism) and the use
of colour in the context of China. This offers new insight for future studies of visual images
in that contextualised messages are considered and applied. However, the study is not without
limitations. First, the selection of only one stated-owned enterprise (China Mobile) in one
particular industry (telecommunication industry) restricts the extent to which the entire
ideological overview of contemporary China can be examined. Second, the fact that only the
firm’s 2010 annual report has been explored also limits the scope of both the analysis and the
resulting findings.
2
It should also to be noted that due to space limitation a detail discourse practice analysis is not included in this
paper. Please see Gong 2011 for such an analysis.
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The remainder of the paper is organised as follows. The next section discusses the
background accounting literature in the related research interest. Section three provides a
brief introduction to China Mobile Limited, followed by the discussion of the methodological
approach for the study in section four. In section five, based on the 2010 annual report of
China Mobile, a critical discourse analysis (Fairclough, 1993a) is conducted with special
reference to a public discourse analysis (Barthes, 1977; Davison, 2010). The social practice
and discourse practice analyses are briefly epitomised in section six. Convincing arguments
and conclusion are drawn in the final sections with a discussion of the research contributions
and limitations.
2. Background literature
It is often said that one picture is worth a thousand words (Reese, 1994), which extends
beyond a simple embellishment but serves as a rhetorical tool concerned with communication
and persuasion (Smith, 2007). Since neither existing accounting frameworks nor any
corresponding regulations have accounted for or possess control over the visual content of
annual reports (Courtis, 1997; Davison, 2002; Davison & Skerrat, 2007; Hui & Rudkin 2010;
Steenkamp & Hooks, 2011), visual images have now become a powerful rhetorical tool
(Graves et al., 1996) for organisations to construct social reality (Hines 1988).
Until recently, the implications of visual images in annual reports had not been well
researched in accounting literature as thoroughly as would have been possible with a few
notable exceptions. For instance, Preston et al. (1996) focus on the significance of visual
images appearing in annual reports from the 1980s to 1990s in America. In particular, they
explore different meanings beneath visual images through three theoretical perspectives:
interpretivist, neo-Marxist and postmodernist. That is, they first ‘uncritically’ interpret the
marketing scheme of PepsiCo from the front cover of its report. Then the ideological content
underneath the pictures appearing in Northern Telecom’s report is unveiled in the lens of neoMarxist criticism. Thirdly, a critical postmodernity suggests images to be produced and
reproduced from the ‘real’ and become their own ‘simulacrum’ (Preston et al., 1996). It is
these three perspectives, according to Preston et al. (1996), that “open(s) a critical dialogue
about corporations and their roles within our contemporary society” (p.135).
Similarly, Graves et al. (1996) point out the rhetorical use of the visual design for American
firms’ annual reports in line with the U.S. ‘television epistemology’. Here, visual design for
annual reports is not just decorative but carries epistemological significance in the American
context. Through identifying the visual discourses with those appeared on television,
epistemic credibility has been assigned to not only visual text per se but also financial
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numbers, thus formulating a mutually reflective and reinforcing relationship between images
and accounts.
Preston and Young (2000) also note the reflective and constitutive role of visual images in
their “picture essay”. Their study reveals the constructive potential of visual images
appearing in the reports of American multinational corporations for the “construction not
only of the global corporation but also of the ‘global’” (p.427). While Preston and Young’s
(2000) attention was directed towards pictures from a number of international firms, Davison
(2002), on the other hand, particularly focused on only one company’s annual report 3 ,
demonstrating the rhetorical use of antithesis by annual report designers where “strands of
old and new, blue chip plc and Internet company, stability and change, Europe and America
are set in opposition, interwoven and displaced relative to each other” (p.607), and thereby
depicting a corporate image with “a solid history combined with an active present” (p.597).
She then calls for further exploration on a variety of rhetorical devices in corporate annual
reports across a larger number of companies.
A special issue of Accounting, Auditing and Accountability Journal (August 2009, vol.22
no.6) marks the burgeoning interest and offers more insights in visual perspectives on
accounting and accountability (Royal Holloway University of London, 2011). For instance,
Justesen and Mouritsen (2009) suggest that visual aids interact with and are superimposed on
one another to frame a comprehensive and thus more persuasive annual report and forge links
between accounting, marketing, manufacturing and operating activities. Campbell, Mcphail
and Slack (2009) critically analyse the underlying meanings of the face work in the context of
Levinas’ ethics of the other. Davison and Warren (2009) chide some myopia with regard to
the importance of the visual in accounting, auditing and accountability and suggest the area
of research may be still in its infancy.
This current research in exploring the socially constructed and socially constructing nature of
visual images in the annual reports of the state-owned-enterprises (SOE) in the Chinese
context rests on the previous work elucidated above. Seminal in this research is Davison’s
(2010) inter-disciplinary framework from art theory which initialises four rhetorical codes:
physical (considering identification, physiognomy and stature); dress (providing
social and cultural perspectives); interpersonal (considering body language and
group portraits) and spatial (making use of props and artefacts and of settings)
(p.167)4.
3
Reuters 2000 Annual Review and Report and Accounts
4
Emphasis in original
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Also of particular interest is Davison’s (2011b) discussion on both the structuralist and poststructuralist insights of Roland Barthes in analysing the multifaceted interpretation of visual
images in accounting communication research in general and annual reports in particular. In
addition, Hui and Rudkin’s (2010) longitudinal study of the annual reports of HSBC from
1958 to 2008 will also offer significant inspiration to this research.
Summarising findings of the previous research as has been elaborated above on accounting
annual reports and visual images, the following four key viewpoints are suggested:
(1) There are both quantitative and qualitative research methods adopted in extant literature.
The quantitative investigation primarily draws on the manifest coding of content analysis
(see Kuiper, 1988; Anderson & Imperia, 1992; Courtis, 1997; Ewing et al., 2001;
Benschop & Meihuizen, 2002; Bernardi et al., 2002; Bernardi et al., 2005; Dimnik &
Felton, 2006; Bujaki & McConomy, 2010a, 2010b; Steenkamp & Hooks, 2011) and a few
using experimental method (see Cho et al., 2009);
(2) The qualitative work, on the other hand, consists of those applying art theories (see
Davison, 2002, 2007, 2008, 2010, 2011b; Matilal & Hopfl, 2009; Justesen & Mouritsen,
2009), and those drawing from sociology of knowledge (see Macintosh, 1990; Graves et
al., 1996; Preston et al., 1996; Preston & Young, 2000; Davison, 2004; Campbell et al.,
2009; Baldvinsdottir et al., 2009; Hui & Rudkin, 2010; Davison, 2011a, 2011b);
(3) While a multitude of researches has been undertaken, only a few relate the use and
meanings of visual discourse to history, power and politics (see Tinker & Neimark, 1987;
McKinstry, 1996; Hui & Rudkin, 2010);
(4) The contemporary literature on the visual images appearing in annual reports within the
Chinese context has been sparse with a few notable exceptions (viz., Hui & Rudkin,
2010).
To fill the void in extant literature, this research focuses on the dual ideological role in the
Chinese context that visual discourse plays in connoting both socialist identity politically and
capitalist character economically to different readerships (Chinese/ foreign). Specifically, one
Chinese state-owned-enterprise, China Mobile Limited, is selected as the focus of our study.
The introduction of the firm will be made in the following section.
3. Introducing China Mobile
Founded in Hong Kong in September 1997, the company (China Mobile Limited) was listed
on the Hong Kong Stock Exchange (HKSE) and the New York Stock Exchange (NYSE). At
the time, the firm was part of and named as China Telecom Limited (China Telecom) which
then had the absolute dominance in the telecommunication industry of mainland China. It
was not until 1999 when the Ministry of Information Industry (MII) divided China Telecom
into four different organisations including China Network Communication Corporation
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Limited, China Jitong Network Communication Corporation Limited, China Satellite
Communication Company, and China Mobile Communication Corporation Limited (CMCC)
to promote market competition (Yu et al., 2004), that the wireless division of China Telecom
was spun off to become China Mobile, and the company’s name was thereafter changed to
China Mobile Limited.
Today, the company has become one of the largest Chinese state-owned enterprises and plays
a monopolistic role in the telecom sector of Mainland China. As the leading public telecom
operator, the firm’s customer base is now the world’s largest with the estimated amount of
584 million and its market share has reached at 69.3% in Mainland China as of 31 December
2010 (China Mobile Limited, 2011). For the year of 2010, the company reported total
revenue of US$73,520 million and net profit of US$18,127 million (China Mobile Limited,
2011), which ensures its continued absolute monopoly in Mainland China.
China Mobile is selected as the focus of this critical investigation for several reasons. First,
as one of the largest state-owned enterprises (SOEs) in China, the company is also listed on
the Hong Kong Stock Exchange (HKSE) and the New York Stock Exchange (NYSE) since
1997, which gives its annual report a twofold readership from East and West. Second,
because of its unique transition from an operating arm of the former Ministry of Post and
Telecommunication (MPT) to today’s public listed corporation, the company now has a dual
identity which, to a great extent, reflects both the socialism with Chinese characteristics and a
globalised market economy. Third, while enjoying the political patronage from the central
government and accommodating global liberalisation in the mean time, China Mobile has
now become the largest mobile phone operator in the world with its customer base of 584
million as of the end of 2010 (China Mobile Limited, 2011). In the first place, the context of
contemporary China is chosen as the general background of this study, due to its unique
ideological characteristics. That is, while an increasingly globalised, and arguably capitalised,
market economy operates in the country since the opening reform in the late 1970s, the
political regime under the Communist Party of China (CPC) continues to maintain its
dominant power in society. In addition, since accounting not only communicates economic
‘realities’ but also constructs and reflects the ideological context in which it operates (cf.
Hines, 1988; Dillard, 1991; Lodh & Gaffikin, 1997), then the question is asked as to whether
or not accounting serves a dual role to reflect both the ideology of the CPC and the
characteristics of the market economy in the Chinese context. To this end, Critical Discourse
Analysis (CDA) is adopted as the research methodology.
4. Critical Discourse Analysis used as a Methodology
CDA is an interdisciplinary approach that views language as a form of social practice and
focuses on the ways social and political domination are reproduced by text (Fairclough &
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Clive, 1995). It requires detailed analyses of both the discursive event per se as well as the
underlying social context (Meyer, 2001), making explicit the implicit and dialectical relations
between public discourse and social practice (Cortese et al., 2010). Since our study
investigates the implications of visual images within annual reports through the lens of CDA,
the notions of ‘critical’, ‘discourse’ and ‘analysis’ must be interpreted in contingent ways
within this research endeavour, “rather than being contained by a universalist procedure of
strict and continuous explications” (Chouliaraki & Fairclough, 2010, p.1217). Firstly, the key
term ‘critical’ sees the power of discourse understood with reference to its context which has
been, in turn, shaped and legitimised by that power (Leitch & Palmer, 2010; Chouliaraki &
Fairclough, 2010). While the specific definition of CDA’s critical attitude has been an object
of contestation (Billig, 2003), and subject to various interpretations: “some adhere to the
Frankfurt school, others to a notion of literary criticism, some to Marx’s notions” (Wodak,
2001, p.9). Suffice to this study, we adopt Neimark’s (1990) interpretation of ‘critical’
generally as tearing accounting and its accompanying pictures from the positivistic ontology
and epistemology, situating the visual images in annual reports as a product of as well as a
contributing factor to both a socialism with Chinese characteristics and an emerging
globalised capitalist economy.
Secondly, we embrace a broader notion of ‘discourse’ as a form of social practice which
“constitutes, naturalizes, sustains and changes” the social structure (Fairclough, 1993a, p.67).
It involves “conversational interaction, written text, as well as associated gestures, face work,
typographical layout, images and other ‘semiotic’ or multimedia dimension of signification”
(van Dijk, 2001, p.98). In particular, our study locates the visual discourse in a joint arena of
accounting and visual imagery within a specific social context, viz., visual discourses in
socialism with Chinese characteristics.
Thirdly, the ‘analysis’, following on Chouliaraki and Fairclough (2010), is to “focus not just
upon discourse as such, but on relations between discursive and other social elements”
(p.1215) (emphasis in original). More specifically, Fairclough (1993a, 1993b) champions a
three-dimensional framework for analysing a dialectical relationship among the three
elements, viz., text, discourse practice, and social practice. Building upon this threedimensional analysis, Cortese (2006) puts forward a framework for CDA as shown in Figure1.
Cortese (2006) argues that the production and interpretation of text will be filled through
analysing both the text per se and the society in which the text is put forward. That is, the
analytical framework renders clear a critical examination (discourse practice) of the
dialectical relation between the text (public discourse) and its underlying social structure
(social practice), bridging an indirect and interactional link “between the local and the global,
between the structures of discourse and the structures of society” (van Dijk, 2001, p.117).
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With regard to this research and taking into account Fairclough’s (1993a) three-dimensional
framework, the public discourse analysis on the first layer involves a detailed analysis of
visual images in the 2010 annual report of China Mobile due to the scope and size of the
study 5 . In particular, the semiotic model developed by Roland Barthes (1977) is used to
explore the socio-political and cultural significance of the visual discourse. On the third layer,
the social practice analysis concentrates on both the institutional arrangements of the Chinese
telecommunication industry and the internal governing structure of China Mobile. As has
been indicated earlier, due to the space limitation it is not included in detail this paper.
Having explored the first and third layers (text and social practice), the discourse practice
analysis on the second layer will be carried out on the basis of the previous two analyses.
According to Fairclough (1993a), discourse practice focuses on the “process of text
production, distribution, and consumption” (p.78) and thus explores the “connections
between the nature of the discourse processes in particular instances, and the nature of the
social practices they are a part of” (p.80). At this level, the analysis investigates (1) the
specific standards and regulations regarding the production of the text (that is, the annual
report and particularly the visual discourse within the report), (2) the stock exchanges and the
company’s website through which the annual report is distributed, and (3) the two different
readerships (i.e. Chinese/ Foreign) by which the annual report is consumed. Here, also of
relevance is the concept of intertextuality (Fairclough, 1993a) concerning the environment in
which the report is distributed and consumed.
5
However, unlike most of the previous investigations which primarily examine the more representative and
relevant visual images, and also in order to have a comprehensive understanding of the visual discourse
produced in reports, it is argued that a full visual analysis on one most-updated annual report (i.e. China Mobile
2010 annual report), at this stage, will satisfy the research objective at the level of the public discourse analysis
(i.e. the first layer of CDA analysis).
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Finally, the relationship can be made by bridging the three levels of analyses to see how
discourses are produced and reproduced in line with the corresponding institutional practice.
The above procedure can be summarised in Figure 2.
5. Visual Images portrayed in China Mobile’s Annual Report: Public Discourse
Analysis
Having illustrated the methodolgical procedure in which the resaerch is carried out, the
public discourse analysis in CDA is undertaken in this section. In paritucalr, the Barthesian
denotation and connotation analytical model (Barhtes, 1977) is adopted with reference to
three aspects: (1) Davison’s (2010) rhetorical codes (physical, dress, spatial and
interpersonal), (2) the two dominant cultrual belifes in China (that is, Confucianism and
Taoism), and (3) the cultural use of colour in Chinese tradition. In so doing, we have
elaborated the analysis under the following sub-headings: first, introducing the report’s main
theme; second, the denotation analysis of the visual images from the opening pages and
inside the report; and, third, the connotation analysis of the visual images from the openning
pages and inside the report.
5.1 Introducing the main theme of the report
On the front cover of its 2010 annual report (see Figure 3), China Mobile depicts two strands
of ocean waves moving dynamically toward the same direction (the right-hand side), while
featuring a montage of icons of the company’s new products and applications. The portrait of
ocean waves is not only found inside the report, but also runs beyond the page and drifts into
the following two pages (Figure 4).
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For example, this image is also followed on page 12 where the ocean wave is depicted as the
background image through which the chairman of the company is viewed (Figure 5).
Successively, from page 16 to 19, again the two waves are portrayed rushing across both the
visual and textual content, forming the backcloth of the caption “Open Dialogue with Senior
Management” (Figure 6). Then the question poses itself: what is the purpose, both explicit
and implicit, behind the repetitive use of the theme of ocean waves throughout the entire
report?
12 | P a g e
In order to uncover both the literal and symbolic meanings of the images inside the annual
report and the leitmotiv of the ocean waves in particular, we have carried out a denotation
analysis (Barthes, 1977) on the two components of the theme of the portrait: the bubbling and
floating logos, and the energetic waves. This is then analysed followed by a series of
connotation procedures (Barthes, 1977) at the cultural, ideological and political levels, and so
revealing the symbolic messages purposive implicitly (or otherwise) in the report.
5.2 Denoted messages within the annual report
According to Barthes (1977), a denoted message refers to the analogical content that the
image is portrayed to convey. Because
(t)he denoted message in the photograph is absolutely analogical, which is to say
continuous, outside of any recourse to a code, there is no need to look for the signifying
units of the first-order message... (Barthes, 1977, p.20) (Emphasis in original)
The visual analysis therefore, at this level, only concentrates on the literal content of the
annual report per se rather than its cultural and political reflections.
At first glance, it appears that the waves featured in the front cover (Figure 3) are divided into
two parts, each representing old and new, past and present, disruptive and sustaining mobile
technologies. The small logos floating on the upper wave represent a series of smart phone
applications and softwares, resembling the shape and concept of sea foam, a type of foam on
the ocean surface created by the breaking of waves (Xu et al., 2005). This is explained later in
the report by the company itself to emphasise the icons of applications symbolising “a wide
variety of products and applications to meet the different needs of...customers” (China
Mobile Limited Annual Report, 2010, p.1).
The lower wave within which the 3-G (that is, third generation mobile telecommunication)
logos are bubbling orchestrates itself as a vital platform on which creative ideas and
innovations can be developed. The question then surfaces: what does the contrasting position
between the waves and between the icons (bubbles) represent? However, as Barthes (1977)
points out, a denotation analysis does not need to seek further signifying units beyond the
first-order message, the symbolic meaning of the theme therefore will need to be discussed in
making sense using the connotation analysis.
Turning to the pages inside, it is found that the ocean waves actually move beyond the three
opening pages and has appeared on pages 3-12, 16-19, 26-27, and 38 as well in the report.
According to Davison (2008), this repetitive use of ocean waves serves a rhetorical role “as
part of a communication strategy to emphasise the existence of intangible assets” (p.792)
which, in the case of China Mobile, features its ‘Blue Ocean Strategy’ in general and its 3G
technology and the newly developed applications in particular. And, “less consciously”,
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Davison (2008, p.792) goes on to argue, the repetition of waves may also help align the
corporate identity with the ocean themes.
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Continuing to explore the report, the two award certificates presented on the back of the front
cover (Figure 7), which comes from the IR (Investor Relations) magazine and Finance Asia
respectively, serve to visualise the textual message below them. As well, the facial portraits
of the directors (Figure 8) appearing on pages 7 to 11 supplement the biographical
information of board members. In a similar vein, the report pages 16 to 19 also contain a
series of photographs (Figure 6) taken in its annual results announcement conference,
including those of the chairman, the chief executive officer and a number of journalists
asking questions and taking notes. Again the literal message featured in such images makes
readers more receptive to the picture of an “open dialogue with senior management” as has
been shown in the caption. Other examples can also be found on pages 23 and 24 where a
business review on the range of the company’s products and services is presented and fleshed
out by a number of the minified corresponding posters (Figure 9).
Whereas the denotative message of images serves to identify the linguistic text as elucidated
above and the text in turn helps understand the denotation, when it comes to the symbolic
message, written language “no longer guides identification but interpretation” (Barthes, 1977,
p.39). Therefore, for Barthes (1977), linguistic elucidation is selective, and is not intended to
convey the totality of the message. To grasp the cultural and ideological value of images,
what is needed, therefore, is a connotative discussion. The following section is directed
towards this end.
5.3 Connoted messages within the annual report
A connoted message purports to the manner in which the social context adopts to perceive
and understand the image (Barthes, 1974). It is a supplementary and symbolic message; the
second meaning stemming from the image itself, “whose signifier is a certain ‘treatment’ of
the image... and whose signified, whether aesthetic or ideological, refers to a certain ‘culture’
of the society receiving the message” (Barthes, 1977, p.17).
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The front cover and the other two opening pages of the report, we argue, straightaway present
the reader with five discontinuous signs.6 These include (1) the theme of the ocean; (2) the
presence of water; (3) the range of colours depicted on the pages; (4) the course of waves;
and, (5) the photographs of awards and recognitions.
Usage of the ocean waves in the image
The first sign refers to the ocean waves as the leitmotiv throughout the opening pages (Figure
3) and the rest of the report. Its signifiers are the two strands of the waves within which the
small icons are floating and bubbling; and the signified conveys the company’s strategic
direction in general, and its solid foundation as well as the promising future in particular.
On the one hand, it seems that the appearance of the waves together with the frequent use of
blue colour in the linguistic, graphical and numerical texts throughout the report echo with
the theme of a blue ocean, which then resembles China Mobile’s recent ‘Blue Ocean
Strategy’. Following on to Yeung (2007), it can be argued that this strategy directs the
enterprise towards exploring new market segments to increase user base as well as new
services to drive up customers’ usage. Here, by incorporating the blue ocean theme into the
annual report (see Figure 4), the pictorial discourse has not only emphasised the firm’s
general business strategy but also connoted the strategy visually as an important intangible
asset.
On the other hand, a close look at the contrasting position between the lower and upper
waves on the front cover (Figure 3) also suggests the symbolic meanings through the
rhetorical device of antithesis and repetition. First, the antithetical representation of the
waves and the icons per se establishes the rhetoric of antithesis. According to Barthes (1974),
antithesis is the most stable form of rhetoric, referring to “the figure of the given opposition...
eternally recurrent” (p.27). Its principal function is not to simply embellish or emphasise, but
to propel feelings and senses from opposite terms (Davison, 2002). Therefore, the opposite
positions of this rhetorical device can be reflected in the report between the two contrasting
and yet complementary waves, whereby the innovative applications and softwares on the
upper wave are depicted as a direct result of the intense agitation among lower waves of the
3G technology. Here, the new applications and the 3G platforms as represented by the small
icons are also set in opposition, as is continuous movement contrasted with solid
technological foundation.
Secondly, another rhetorical device—repetition is also formed by the portrayal of icons with
almost identical sizes. That is, an accumulation of repetitive icons for mobile applications
have come together and, according to Davison (2008), indicate the firm’s technological
6
These are by no means exhaustive, we consider only five signs.
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movement. In addition, as the waves flow through the
3G technology to
the newly
developed products, the repetitive use of icons with the same size and yet filled in with
different applications overcomes the temporality of a one-year only annual report, conveying
a sense of “re-creation” and “re-invention” (Davison, 2008, p.801).
As such, the ocean theme appearing on the front cover of the report not only connotes the
firm’s ‘Blue Ocean Strategy’ as the major intangible asset, but also successfully delineates a
picture of a company with solid historical results represented by its 3G technologies in the
past, combined with an active and promising prospect symbolised by its new innovations in
the future.
Usage of water in the image
The second sign concerns the signification of water as appeared as background of the images,
which is referred to by Barthes (1977) as the objects, the “accepted inducer(s) of associations
of ideas” (p.22). Therefore, an extensive ideological analysis is taken around water as the
object (Figure 2). The signifier features the two ocean waves within which various colourful
sea foams are floating, and its signified implies two cultural values: that of the kindness of
the corporation and that of the wisdom of the corporation, in accordance with how water in
itself has been depicted in traditional Chinese culture for thousands of years.
The first cultural code of this sign relates to the description of what water is like in the Tao Te
Ching, the classical text for the philosophy of Taoism, as the highest form of goodness in
that:
The highest form of goodness is like water.
Water knows how to benefit all things without striving with them.
It stays in places loathed by all men.
Therefore, it comes near the Tao.
(Chapter 8, trans. Wu, 2003, p.17)
According to the Tao Te Ching, the water “nourishes rather than rivals with everything” (Ge
& Yang, 2004), and is further told of as an ideal state for everything since its behaviourcomes
close to the Tao which is the “mother of all things” (Jin, 1999, p.34). The counterpart for
such explanation is found in the signifier here, which regards the floating foams and bubbles
as the product, or, more metaphorically, the offspring of the mother water (i.e. the company).
Through portraying China Mobile as the most virtuous on which its various mobile services
thrive, it gives the impression that the firm would act like water so as to benefit all types of
stakeholders and avoid conflicts among them. Here, corresponding social recognition and
corporate legitimacy are thereby obtained as though the firm in no way exploit but contribute
to a harmonious society.
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Not only the virtue of water is mentioned in Tao Te Ching, its strategic advantage has also
been suggested by Lao Tzu in chapter 78 that
Nothing in the world is softer and weaker than water;
But, for attacking the hard and strong, there is nothing like it!
For nothing can take its place.
That the weak overcomes the strong, and the soft overcomes the hard,
This is something known by all, but practiced by none.
Therefore, the Sage says:
To receive the dirt of a country is to be the lord of its soil-shrines.
To bear the calamities of a country is to be the prince of the world.
Indeed, Truth sounds like its opposite!
(Chapter 78, trans. Wu, 2003, p.175)
The central characteristic of water here lies in its flexibility and potentiality. Although there
is nothing softer and weaker than water in the entire world, unlike the hard and strong it goes
everywhere, starting from small creeks, meandering through to rivers and lakes, and finally
flowing into the ocean. More significantly, water, in its softest form, even overcomes the
hardest and strongest forms of substance in the natural world as has been said in the example
referred to by Lao Tzu that “the constant dripping of soft water wears holes in hard stone”
(Wang, 1991, p.29). Thus, such analogy not only echoes with the firm’s business plan
informed by the ‘Blue Ocean Strategy’ which overwhelms and penetrates all potential future
markets, but also reveals another antithesis: in addition to the somewhat conservative and
submissive nature previously mentioned, the analogy portrays the company as continuous and
sustainable. It also reinforces the denoted antithesis between the new applications and the 3G
platform elucidated in the previous section.
In addition to the kindness, flexibility and continuity, water is further characterised as a
symbol of wisdom in the Analects of Confucius, which is the second cultural code of the
ocean waves’ scene, the second signified. According to the Chinese tradition, the Taoist is
considered as “yin (i.e. feminine, intuitive, yielding, tolerant, permissive and mystical), in
complementary contrast to the yang (i.e masculine, rational, domineering and managerial)
Confucian(ism)” (Jenkins, 2002, p.42). Then the cultural interpretation is not just about the
kindness and softness of water but its wisdom. For instance, in the Analects
the Master said, ‘The wise find joy in water; the benevolent find joy in
mountains. The wise are active; the benevolent are still. The wise are joyful; the
benevolent are long-lived.’ (Book VI, tarns. Lau, 1979, p.84)
Unlike the comments from Tao Te Ching which regarded water as mild and largely
reactionary, Confucius rather considered it to be dynamic and active. Whilst the Taoist
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interprets water as the most benevolent, a Confucian lens perceives and learns about wisdom
from it. Moreover, this kind of wisdom was explained by Confucius in that
He (Fan Ch‘ih) asked about wisdom. The Master said, ‘Know your fellow men.’
Fan Ch‘ih failed to grasp his meaning. The Master said, ‘Raise the straight and set
them over the crooked. This can make the crooked straight.’... When Shun
possessed the Empire, he raised Kao Yao from the multitude and by so doing put
those who were not benevolent at a great distance. When T‘ang possessed the
Empire, he raised Yi Yin from the multitude and by so doing put those who were
not benevolent at a great distance (Book XII, trans. Lau, 1979, p.116-117.)
As such, for Confucius, wisdom is about understanding people: selecting the righteous and
competent, and distancing the evil and incompetent. Once this system has been built, even the
evil will become moral; the incompetent will try to lift themselves to the capable. And he
used the examples from the two leaders of ancient China: during the last years of his reign,
Emperor Shun picked Yu as his successor, instead of choosing his son Shangjun who was
considered as incompetent by the emperor; similarly, despite his early days as a slave, Yi Yin
was still appointed by T‘ang as the prime minister and finally helped T‘ang to become the
Emperor of Shang. It is from his explanation and examples that here Confucius linked water
to the idea of wisdom and further to that of democracy.
Thus, not only its corporate legitimacy and sustainability which are informed by the Taoist
thought as the first cultural code (i.e. the first signified for the scene), the company also
conveys a sense of democratic management via the Confucian elucidation about water and
wisdom which is the second cultural code (i.e. the second signified). Moreover, the
ideological connotation of water is further emphasised by the repetitive appearance of the
water themes on pages inside the report (e.g. pages 3-12, 16-19, 26-27, 38), and, according to
Davison (2008), rhetorically reflecting the firm’s corporate identity as connoted by Taoism
and Confucianism.
Use of colour for background image
The thrid sign in the front cover image is signified by the use of colour displayed on the front
cover of the report (Figure 2). Indeed, certain irrelevant or even misleading conclusions
would have been reached if an analysis of colour were ignored. And, not only does colour
evoke emotional feelings (Ou et al., 2004), but this kind of colour cognition also varies as per
different contexts (Jacobs et al., 1991; Ning & Bone, 1995; Chan & Courtney, 2001; Xie et
al., 2008). This is especially so in the Chinese context where colour has been utilised for
thousands of years as a political tool by the ruling class to impose social domination and
alienation (Yau, 1994). In the Qing Dynasty, for instance, it was only the emperor, the
aristocracy, and the high ranking officials who wore the then royal colours including red,
19 | P a g e
yellow and purple to symbolise their imperial power and leadership in the feudal system; the
ordinary people, on the other hand, were disapproved of colourful expressions which would
otherwise incriminate themselves.
However, instead of using the culturally embedded colours like red or yellow, both the
oceans waves and the accompanying sea foams are filled in with seven colours: red, orange,
yellow, green, indigo, blue and purple. Such a combination of a multitude of colours then
blurs the demarcation between the ruling class and the ruled, as well as different cultural
interpretations of colour between the East and West, successfully concealing the traditional
hierarchical ranking of colour, and thereby delineating a globalised corporate imagery. A
rainbow would be the image that first comes to mind when people are exposed to these
colours, and which generally conveys a sense of nature and harmony for its wide range of
colours (Yau, 1994). Through naturalising the artificial arrangement of the signifier (i.e. a
wealth of colours), the signified that presents a global company without any local identity has
been reinforced.
Nonetheless, as “the country has always been shaped by an intense sense of tradition that
dictated the use of colour” (Yau, 1994, p.154-155), and also because the cultural influence is
too strong (Melewar, 2004), the hierarchical utilisation of colour can still, in fact, be found in
the report. This is the case on page 12 (Figure 4), the upper half of which, against the caption
‘Chairman’s Statement’, provides a portrait of the chairman, with the two strands of waves
forming the backcloth. This photograph is taken from an oblique angle which, according to
Brilliant (1991, p.171), “avoids the phenomenon of apparent psychological engagement by
looking into the eyes of the beholder”. While the direct eye contact with viewers is avoided, a
“steady and almost timeless gaze” (Davison, 2002, p.599) can still be easily perceived which,
together with his smile, conveys an impression of charisma (Cherulink et al., 2001), trust
(Davison, 2010), reliability, and continuity. These signifieds are also reflected in the
culturally embedded use of the background colours: yellow, blue and purple, a point at which
traditional thoughts present different interpretations from Chinese customs and Western
ideas.
In the Qing Dynasty, yellow indicated supreme power as had been used on the Emperors’
robe; purple symbolised the third highest power and royalty (behind red and yellow); and
blue represented spring and hence a new beginning (Yau, 1994). In other words, here the
presentation of the three colours gives an impression of dictatorship in a centralised
organisation similar to that expressed by the robe of the Emperor, both of which features
yellow, blue and purple. From Western perspective, on the other hand, blue means high
quality and trustworthiness; yellow good-tasting; purple affordable and love (Jacobs et al.,
1991). Contrary to the Chinese perspective, therefore, the colour combination actually helps
20 | P a g e
depict a picture of an approachable and responsible leader in a decentralised organisation via
the Western lens.
Images for the moving direction of waves
A fourth sign, albeit less apparent, is also inside the first scene: its signifier is the right-hand
side direction towards which the dynamic waves are rushing and the signified a technologydriven corporation thriving on the east.
The moving direction of the waves, at first sight, may be difficult to determine. However,
when the three adjacent opening pages are put together jointly (Figure 4), a clear picture
emerges: the previously dynamic waves rushing passionately to the right-hand side of the
first page and meandering more steadily into the second and third opening pages. The
technique used for searching the waves’ hidden direction on the front cover is one of the
connotation procedures that Barthes (1977) regards as syntax. That is, the sign of the righthand side moving direction is contingent upon the rest of the other opening pages. Its
signifier then becomes the passionate waves rushing to the right-hand side, or more
metaphorically, in geographical terms, to the east, the Orient. It represents the location of
Asia in which China plays an increasingly active role, both culturally and economically. It
can also be referred to as the position where the sun rises. From a cultural perspective, in the
Chinese theory of four seasons, ‘east’ means spring which, in turn, indicates the origin of all
creatures (Yau, 1994); in the ancient Chinese astrology, ‘east’ symbolises the dragon in the
sky, the place where the emperors are born (Jin, 1999). All these signals taken together
thereby connote, we argue, an energetic tycoon in the telecommunication industry gradually
rising from the Orient and thriving on technological waves.
Representation of awards and recognitions
The fifth sign we consider is the presentation of a series of prizes appeared on the second
page of the report’s opening pages (Figure 7). Its signifier contains two trophies issued by the
IR (Investor Relations) magazine and two award certificates presented by FinanceAsia for the
years of 2009 and 2010, whereas the signified brings two rhetorical values: one is antithesis,
and the other repetition. Similar to the role of antithesis and repetition as elucidated earlier
which not only decorates the text but also “influence(s) or even engender(s) patterns of
reading and thinking” (Davison, 2002, p.594), the term “rhetoric” here generally purports to
the art of persuasion (McCloskey, 1985; Mouck, 1992; Arrington & Schweiker, 1992). Thus,
it is worthwhile to investigate the connotation of the rhetorical use between antithesis and
repetition to see how the company adds “viability, credibility and plausibility of... (its)
positions” (Young, 2003, p.623).
The first rhetorical value lies in the antithetical fashion by which the two types of prizes for
the two consecutive years are presented: whilst the award certificates for 2009 have been
21 | P a g e
rendered more abstract and blurred and put on the back of the scene, their counterparts for
2010 appear in the front of the scene and are more concrete and conspicuous. While the
vague images for the last year’s awards orchestrate a sense of past and history, their current
year equivalents convey an impression of present and contemporary. By showing the
recognition for its past as well as the present, the presentational opposites thereby
successfully project a prism through which the image of an award-winning enterprise is
reflected.
In addition, the contrasting themes are not just confined to the textual and visual content of
the prizes but have also been found evidenced in spatial terms. That is, the past and present,
blurred and clearer award certificates are again set in opposition by their 3-D structural order:
the previous prizes lie in a dimension deeper than the superficial, whereas the current awards
have only appeared on the surface. The structural antithesis has thus been formed, presenting
a 3-D movement of the firm’s excellent performance originating from its abstract and
fundamental experience in the past towards a clearer focus and prospect on the future. From
the prior vague impression to the present unequivocal vision, a message of continuity,
maturity and history is also made receptive to readers.
The second rhetorical value concerns repetition. Like antithesis, the repetitive appearance of
prizes is considered by Davison (2008) as “part of a communication strategy to emphasise the
existence of intangible assets whose recognition is often inadequate under the traditional
accounting framework” (p.792). Here, the intangible asset to which the trophies and awards
refer is the organisational prestige and social legitimacy (Best, 2008). Equally noteworthy is,
as pointed out by Frey (2007), that the firm’s local identity as a Chinese state-owned
enterprise has also been modified to that of global by the institutional identity of the award
giving bodies: Thomson Reuters and Investor Relations; and, FinanceAsia. Through
presenting the recognition from the three international business information providers and
publishers, China Mobile has successfully aligned its position with that of a multinational
corporation.
Not only the awards and prizes appeared on the upper half of the page, the rhetoric of
repetition extends to the written message placed on the lower half of the page. More
specifically, it is found that the four consecutive paragraphs beneath the visual image, each of
which describes the respective award received by the company during the current year, have
all used the phrase “The Company” in the beginning of their description:
The Company ranked number 38 as compared to number 55 in the previous year in
Forbes “Global 2000 — the world’s 2000 Biggest Public Companies”.
The Company had been once again selected by Financial Times as one of the “FT Global
500” companies, ranked number 10.
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The Company had been included by BusinessWeek in its “The 50 most innovative
Companies” in 2010.
The Company ranked number 1 in the China section of FinanceAsia’s “Asia’s Best
Companies” survey 2010 in “Most Committed to a Strong Dividend Policy”, and ranked
number 2 in “Best Corporate Governance” and “Best Corporate Social Responsibility”.
(China Mobile Limited Annual Report, 2010, opening page) (Emphasis added)
Here the same phrase which has been repeatedly used at the start of the four successive
paragraphs has in itself emphasised the linguistic signifier—“The Company”, emphasising
again the image of an award-winning company, and meanwhile silencing its national identity.
In addition, another term—“Greater China” appeared in the last three lines on the same page
has also blurred the company’s geographical setting and, more significantly, its political
identity. This is largely due to the concept of Greater China per se which is apolitical and
only refers to the commercial interaction and cultural integration among mainland China,
Hong Kong, Macau, and Taiwan (Harding, 1993).
Overall, the combined use of antithesis and repetition on the presentation of the awards and
trophies has rhetorically connoted a picture of an award-winning enterprise and, less
apparent, put the corporate image in a political vacuum through its globalised identity as has
been legitimised by the award-giving institutions. Thus, from the opening pages of China
Mobile’s 2010 annual report, we argue that the company attempted to pass a connoted
message through using image of the ocean theme. In general, it connotes the company’s
‘Blue Ocean Strategy’ as an intangible asset. In particular, the antithetical presentation of the
waves as well as the repetitive use of the small icons provide the company with both the solid
historical foundation as connoted by its 3G logos in the lower wave, and the promising future
as connoted by its floating application icons in the upper wave. The second connoted
message (Figure 3) is the signification of water in the Chinese context which legitimises the
corporation through the Taoist thought on the one hand, and portrays a democratic
organisational structure through the Confucian elucidation on the other. The third connoted
message (see also Figure 5) concerns the colours appearing in the opening pages: while the
Chinese perspective sees the imperial power and leadership through the colour background in
which the director’s portrait is situated, the Western perspective finds the combination of
colours capable of picturing an approachable and responsible leader. In addition, the presence
of the sevenfold colour (red, orange, yellow, green, indigo, blue, and purple) conceals the
cultural hierarchy of colour and thus helps globalise the corporate imagery. The fourth
connoted message (Figure 4) is embedded in the moving direction of waves, symbolising a
thriving company rising from the Orient. The fifth connoted message involves the picture of
the trophies and award certificates. Through presenting the firm’s prizes via the rhetoric of
antithesis and repetition, the report not only emphasises the image of an award-winning
23 | P a g e
company, but also blurs the firm’s political identity by aligning its corporate identity with
that of the award-giving bodies.
The public discourse on the images in the front cover or pages is not enough to understand
the meaning and purpose as to why company usages various portraits, images and rhetoric in
an annual report, there is necessity to investigate the visual images appearing inside as well
for a deeper understanding about the socio-political and contextual factors.
Turning to the pages inside the annual report, there are three signs which merit our attention
and further investigation including: first, the collection of visual portraits of company
directors and senior management from pages 7 to 11 (Figure 8); second, the series of
photographs taken at the firm’s annual results announcement on pages 16 and 17 (Figure 6);
and, third, the cover picture of the Financial Review section on pages 28 and 29 (Figure 10).
The following discussions are thus dedicated towards a public discourse on the connotation
of these three signs7 respectively drawing largely from Davison’s (2010) four rhetorical codes
(physical, dress, spatial and interpersonal), the two Chinese classical thoughts
(Confucianism and Taoism) and the use of colour.
Biographical messages of directors
The first sign inside the annual report concerns the visual portraits of company directors
appearing in the beginning of the report’s Financial Review section (Figure 8), whose
signifier is the presentation of the directors’ passport-style photographs and the
accompanying biographies from pages 7 to 11 in the report. The signified carries a twofold
message which depicts a picture of an effective and democratic management with diversified
board members, and yet also delineates a party dominant government-controlled organisation.
Charismatic and harmonious board of directors
On the one hand, the board of directors is successfully portrayed in the photographs,
characterised by: leadership; trust; solidarity; authority; diversity; and, effectiveness. In
particular, by applying Davison’s (2010) four rhetorical codes, an impression of charisma,
trustworthiness, and unity can be explored. Thus, the facial portraits are firstly identified in
physical codes: all the photos have been digitally edited to render the faces of directors
reasonably good-looking, thus conforming to the positive relationship between business
succuss and physical attractiveness (Ross & Ferris, 1981); the passport-type pictures contain
only the executives’ head and shoulders, showing nothing of personal height which would
otherwise suggest weak leadership. Secondly, the power and social status of the directors are
reflected in dress codes through their formal attires. As well, rather than wearing any
traditional clothes from eastern culture, western suits and ties were chosen by the directors so
7
Once again, this is not to claim that these are exhaustive.
24 | P a g e
as to imply a globalised management team. Thirdly, the smiles present on the faces of the
board members are considered in interpersonal codes emotionally contagious and suggest
personal charisma (Cherulink et al., 2001). Also, the executives’ direct gaze indicates trust
(Davison, 2010). Fourthly, as viewed in spatial codes, the same backcloth filled in the warm
colour gives a sense of consistency and solidarity. Overall, the interpretation of directors’
facial portraits by applying Davison’s (2010) rhetorical codes (physical, dress, interpersonal
and trust) in general has helped to connote the organisation’s board of directors as globalised,
charismatic, trustworthy, and united.
Also, the leadership authority of the company’s chairman and its chief executive officer
(CEO) is further reinforced by the rhetoric of repetition. According to Davison (2008), each
visual presentation of board members and other senior managers can be considered as
repetition which rhetorically emphasises the firm’s intangible assets as well as the corporate
image. Therefore, the repetitive use of the photographs for the chairman (as presented four
times in the report on pages 7, 12, and 16; see Figure 5, 6, and 8) and the CEO (as presented
three times on pages 7 and 16; see also Figure 6 and 8) strengthens their image of leadership
and authority.
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In particular, the two visual images of the chairman printed in the report on pages 7 and 12
(Figure 9) in fact come from the same photograph and yet exhibit difference in size and
background. This is what Barthes (1977) terms as photogenia: “the connoted message is the
image itself, ‘embellished’... by techniques of lighting, exposure and printing” (p.23). In the
case of the chairman’s portrait, the post production treats the two pictures differently and
thereby evokes new connotation. For the small facial picture produced on page 7, its size has
been digitally cropped into passport-style and the background into warm colour gradient,
whereas the original photo appearing on the chairman’s statement lies in the centre of three
royal colours (purple, yellow, and blue) according to Chinese tradition (as elucidated earlier
in “use of colour and connotation”). Thus, while the chairman’s visual presence in the
directors’ biography section expresses consistency and harmony, his original photo in the
chairman’s statement section conveys an impression of authority and even dictatorship.
Diversified board of directors —female presentation
It is also noteworthy to examine the gendered presentation within the report using visual
images. As have been featured in the biographies of directors (Figure 8), the facial portraits
of the two women, both of whom serve as the company’s vice president as well as executive
director, are produced on page 8 and page 9 respectively. Such an inclusion of the two female
directors’ photographs in the annual report appears to advertise the organisation’s
commitment to the value of diversity in two ways: on the one hand, the visual images of
female employees mirror a more diversified range of stakeholders to which the organisation
is held responsible (Canabou & Overholt, 2001); on the other hand, the female presence of
26 | P a g e
directors also contributes to a diverse composition of board members which prompts critical
thinking and hence increases firm value (Bernardi et al., 2005). In addition, as argued by
Davison (2010), the power and authority assigned within the female directors are further
reinforced through the formal attire shown in the photos, undermining the traditionally
inferior role played by women and thus connoting a modernised progressive organisation.
Diversified board of directors— independent non-executive directors
Exploring the photographs of these board members further, a signal of effective corporate
governance can also be found by the connotation of the independent non-executive directors’
pictures. As has been shown in the photographs and the accompanying biographies, there are
twelve directors on the board, three of which are independent non-executive directors
(namely, Dr. LO Ka Shui, Mr. Frank WONG Kwong Shing, and Dr. Moses CHENG Mo
Chi). Since non-executive directors are now considered as critical for corporate transparency,
accountability and credibility (Clarke, 1998) through “setting organisational strategy,
monitoring the performance of and reporting from executive management, and contributing
to the development or removal of executive management” (Cortese & Bowrey, 2008, p.13),
the inclusion of their facial portraits helps instil and strengthen an impression of effective
corporate governance at the visual level. Indeed, the linguistic message within the annual
report has later indicated that the appointment of non-executive directors does bring values to
the board in that the board’s audit committee, remuneration committee and nomination
committee are comprised purely of the three non-executive directors (China Mobile Limited
Annual Report, 2010, pp.40-42).
In addition, the capability and credibility of these non-executive directors are also evidenced
in the accompanying linguistic message shown in their biographic information. That is, the
names of the two independent non-executive directors are either preceded or succeeded by
“Dr.” (as in Mr. Lo and Mr. Cheng’s case) or “GBS, OBE, JP” (as in Mr. Cheng’s case).
More interestingly, while titles such as “OBE” (i.e. Order of the British Empire, officer) and
“JP” (i.e. Justice of Peace) represent a symbol of privilege and distinction as appointed by the
British government, “GBS” (i.e. Gold Bauhinia Star) is the new award honoured by the Hong
Kong government after the return of the sovereignty of Hong Kong to China in 1997. The
combination of these titles, therefore, connotes a reliable independent director in particular
and adds further international recognition to the company in general.
Overall, as have been analysed above, the first signified for the presentation of directors’
biographies connotes an image of a charismatic, diversified, credible, effective board of
directors. The second signified, however, connote a government-controlled enterprise with
traditional Chinese cultural values.
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Government controlled board of directors
For another, perhaps a less apparent connotation lies in the commonalities amongst the
biographical information of the executive directors. That is, a close examination points out
that all of the executive directors previously worked as government officials in Mainland
China. For example, the chairman of the board, Mr. Wang Jianzhou, had formerly held the
positions of Director-General and Deputy Director General in four different government
departments 8 , and had also served as CEO, president, and chairman of three state-owned
enterprises. Other directors’ information also shows that all of them had served as Director
General or Deputy Director General in at least two bureaus or ministerial divisions. However,
despite having described their working experiences, the annual report does not mention any
of the directors’ political identity at all. Thus, the question as to whether or not they are
members of the Communist Party of China (CPC) remains indistinct and blurred.
In addition, another commonality that can be found in the textual descriptions is that almost
all the executive directors have received either a doctorate degree in business administration
from Hong Kong Polytechnic University (six of the nine executive directors9) or an EMBA
degree from Peking University (two of the nine executive directors 10 ). Considering their
shared identity as (former) government officials, it is very unlikely that these directors have,
in fact, completed their doctoral or master’s degree in an ordinary manner. Here, although the
truthfulness of the high degrees obtained by the directors remains still a moot point, the
biographical information of these political appointees and particularly their working
experiences, education backgrounds and qualifications indeed connote a governmentcontrolled, and probably party dominant, organisation.
Thus, the dual messages as connoted through the biographies of the directors, two contrary
conclusions can be drawn from both the visual images and written texts of directors which
“produce meaning by association and inter-relationship” (Davison, 2010, p.176). That is,
while the visual and textual information taken together have portrayed a charismatic,
authoritative, united, diversified, and effective board of directors on the one hand, it has also
been demonstrated that, by placing the analysis into the cultural and political contexts of
China, the biographical discourse, on the other hand, implicitly suggests a male dominated,
government (probably the CPC) controlled organisation.
8
These include the Posts and Telecommunications Bureau of Hangzhou, the Posts and Telecommunications
Administration of Zhejiang, the Department of Planning and Construction of the Ministry of Posts and
Telecommunications, and the Department of General Planning of the Ministry of Information Industry.
9
The directors include Mr. Wang Jianzhou, Mr. Li Yue, Mr. Sha Yuejia, Mr. Liu Aili, Madam Xin Fanfei, and Mr.
Xu Long.
10
The directors include Mr. Xue Taohai and Madam Huang Wenlin.
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Open Dialogue with Senior Management
Continuing to explore the pages inside the report, the second sign lies in the presentation of
visual images within the Open Dialogue with Senior Management section (Figure 6); its
signifier features a series of photographs taken at the company’s 2010 annual results
announcement; its signified conveys two types of corporate images which, on the one hand,
depict an open, authoritative, and globalised enterprise and, on the other hand, reflect a
suppressive government controlled organisation. While the first signified largely draws from
Davison’s (2010) four rhetorical codes with a few considerations to the specific context in
which the company operates, the second signified delves the sign deeper at the cultural and
political levels in the Chinese context. As such, these two signified are discussed respectively
in the following.
Open and authoritative management
First and foremost, the five pictures appeared in the report on pages 16 and 17 ((Figures 6.16.5) literally serve to visualise the caption “Open Dialogue with Senior Management”,
complementary with the textual description below. Consistent with the spirit of “open” as
suggested by the linguistic message here, the antithetical presentation of the four photographs
(Figures 6.2—6.5) implies movement, each two of which have been digitally edited in the
identical size and position produced on two consecutive pages (page 16 and page 17),
reproducing a picture of the face-to-face dialogue between company directors and the
audience. While the first pair of visual portraits (Figures 6.2-6.3) contains images of the
firm’s directors (namely the chairman and CEO) listening to their audiences and answering
questions, the second pair of photographs (Figures 6.4-6.5) feature a number of journalists in
the auditorium raising questions and recording management responses. In addition, the
moving waves underlying the pictures from pages 16 to 19 also suggest a sense of movement.
Thus, the visual construction of the annual results announcement has been established and is
further reinforced by the written texts regarding directors’ answers which, following on
Barthes (1977), functions as “relay”. Here, the list of questions, as pointed out by Young
(2003), ensures that report readers could witness the original dialogue as if they were also
present in the announcement. Davison (2002) also agrees that such use of list as a repetitive
rhetorical device serves to emphasise the subject matter—“open dialogue with senior
management”. Taking the interlinked textual and visual messages into consideration, a
picture of an organisation open to questions and doubts has thereby been made evident.
In addition to the open dialogue at both textual and visual levels, the leadership attributes of
management within the pictures can be identified via Davison’s (2010) four rhetorical codes.
First, viewed from the physical codes, the five photographs were taken from an oblique angle
presenting both the profile and frontal views of individuals, offering a more threedimensional presentation (Brilliant, 1991), and thus rendering the directors’ dialogue more
29 | P a g e
approachable. Also, the physical height of directors remains unrevealed, since short stature
might suggest weak leadership (Judge & Cable, 2004). Secondly, the dress code suggests
authority and leadership through a vivid contrast of the clothing styles between the directors
and journalists: while the formal black suits worn by all the directors symbolises higher status
and power, the relatively casual and informal attire of the audience indicates a more ordinary
social status. Thirdly, the interpersonal code suggests a number of body movements. The
smiles of the four directors (in Figure 5) indicate personal charisma (Cherulink et al., 2001).
The chairman’s half-open and half-smiling month tells of a charismatic and approachable
leader answering questions in an intent manner. The gazing of the chairman and the CEO at
the audience (in Figure 5) while speaking, shows full engagement with and respect to the
interviewers, implying intimate trust. The body language of the audience, who are looking at
either their note books or the directors while writing or speaking also demonstrates a sense of
conformism to authorities. Fourthly, the spatial code somewhat presents a separation of status
between directors and interviewers (as between Figures 6.2-6.3 and 6.4-6.5) via
geographically situating the directors on the rostrum, thereby constructing hierarchy.
Global corporate identity
Apart from the messages of openness and leadership, the linguistic texts which form the
backdrop of the directors as shown in Figures 6.1-6.3 also convey a globalised corporation.
Both the English and Chinese texts presented on the backcloth not only indicate the name of
the event as China Mobile’s 2010 annual results announcement, but also point out the
geographical location of the event. That is, since the official writing languages of Hong Kong
are primarily English and traditional full-form Chinese characters (commonly known as
traditional Chinese, or the written form of Cantonese), and also because the company is listed
on the Stock Exchange of Hong Kong (SEHK), it is then not difficult to deduce from the
linguistic scene that the firm’s announcement was held in Hong Kong. As an international
metropolis, Hong Kong has long been characterised by low taxation and free trade, attracting
overseas capital to local industries, and thus continually contributing to its openness and
internationalism. With the return of Hong Kong in 1997 when the Chinese government
regained its sovereignty, Hong Kong has been developed and ruled according to Deng
Xiaoping’s famous concept of “one country, two systems” stating that its “capitalist system
and way of life shall remain unchanged for 50 years” (Miners, 1998, p.292). Therefore, the
location in which the firm’s annual results announcement took place has created an
impression of a globalised organisation, by aligning its geographical setting with Hong
Kong— one of the most open and freest capitalist regions in the world.
As has been discussed above, the visual codes in the five pictures (Figure 6.1-6.5) together
with the accompanying linguistic message have contributed to the formation of the first
signified here, which connotes openness, leadership and a global corporate identity.
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However, a closer examination drawing from conventional Chinese thoughts suggests a
number of more contextualised connotations standing in violent contrast to the first signified.
That is, instead of an open and globalised company as connoted by the first signified, the
second signified presents a centralised and suppressive government-controlled organisation.
Centralisation and suppression
Although there exist signals of openness and democracy where both the chairman and the
CEO (as shown in Figures 6.2 and 6.3) are open to questions and doubts from the audience
(as in Figures 6.4 and 6.5), another picture (Figure 6.1) contains the connotations of
centralisation, and thus dictatorship. It (Figure 6.1) is first digitally edited and then placed
above the two photographs of the company’s leaders. Here, what Barthes (1977) terms as
photogenia plays a constructive role in that while the picture stages the four directors at
front, the management team is not the cynosure that they might at first sight seem to
Rather, the digital treatment of the image has successfully built an artificial link among
ocean waves, the two directors’ portraits below, and the photograph itself, where
the
be.
the
the
chairman is placed at the centre of the theme. According to Chinese tradition, the political
and cultural connotation of a geographically central position indicates superior status and
supreme power (Li, 2008). For instance, the Chinese word for “China” (Zhongguo) literally
refers to the Central Kingdom as superior to other surrounding countries (Gao, 2008); the
Chinese imperial palace— Forbidden City is built in the centre of Beijing; and the emperor’s
office— Tai He hall lies in the centre of the Forbidden City. Thus, culturally speaking, the
geographical position of the chairman assigns him with the absolute dominance analogous to
that of an emperor.
Moreover, such a sense of dominance is further reflected in the two suppressive forms inside
the five pictures (Figures 6.1-6.5). The first connotation of suppression concerns the
marginalised position of women. Similar to the female portrayal on pages 8 and 9 where the
images of women are put at the bottom, Figure 6.1 also places the female director on the far
right side while artificially situating the male chairman in the centre of the theme. Also worth
noting is the relationship between men and women shown in Figures 6.4 and 6.5. That is,
both of the photos feature a man in the centre whereas placing women at the periphery, and
while the men appearing in the centre are talking and looking toward the directors, all of the
women are silenced and looking at the notebooks. Viewed in this way, the male and female
presentation generates and objectifies a picture as if only the men can have the right of
expression and prevail in the conversation and the women seem to merely serve as listeners, a
decorative attribute to the theme. Consequently, the stereotypical masculine connotation of
man as reflected in the violent contrast between the centralised talking men and the
marginalised silent women again connotes the traditional suppression of women rooted in
Chinese culture and especially Confucianism as elucidated earlier.
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The second connotation of suppression is less obvious and requires a link to the directors’
biographical information. At the manifest level, Figure 6.1 presents one female and three
male directors smiling and responding to the audience, thereby signalling diversity and
democracy. Conversely, at the latent level, as has been revealed in the directors’ biography
section (from pages 7-11), the same identity of these four directors as (former) government
officials demonstrates a government-dominated dialogue where voices of the outsiders are
excluded, reflecting monotony and dictatorship. Overall, the central position of the chairman,
the unequal portrayal of women and men and the exclusive presence of government officials,
taken together, depict a suppressive picture that the centralised organisation prevails whereas
non-government voices are silenced. Thus, we put forward the following two opposite
viewpoints. On the one hand, by applying Davison’s (2010) four rhetorical codes and
referring to the linguistic message inside the image, the five pictures (Figures 6.1-6.5) have
portrayed an open and charismatic management operating in a globalised organisation. On
the other hand, the cultural interpretation of the chairman’s position, the stereotypical images
of men and women, and the dominance of government officials suggest a centralised
management team exclusive of any outside voices but government positions.
Cover pages of the “Financial Review”
Unlike the first two signs that have been primarily transmitted by the content and treatment of
photographic images, the third sign inside the report is the drawing (see Figure 10) presented
on pages 28 and 29, forming the cover pages for the report’s Financial Review section. Its
signifier is the painting of a reasonably luxuriant tree with various branches, twigs, and
leaves. Similar to the cultural connotation of water, here the tree plays the role of what
Barthes (1977) terms as object, the “accepted inducer of associations of ideas” (p.22).
Therefore, the signified are: first the cultural connotation of strength and sustainability from a
Confucian perspective, and, more implicitly; and secondly the connotation of growth and
East from Taoist perspective.
The first connotation deals with the conception of trees in Chinese tradition. Deeply rooted in
Chinese culture, the image of trees is generally considered as strong and sustainable due to its
physical shape and strength, especially in a harsh environment. For instance, the traditional
Confucian interpretation of trees is mentioned in the Analects that:
The Master said, ‘Only when the cold season comes is the point brought home that the
pine and the cypress are the last to lose their leaves.’ (Book IX, trans. Lau, 1979, p.100)
Confucius literally placed the pine and cypress in the depth of winter to attest and
demonstrate the virtues of trees such as firmness and persistence. Xunzi (310-219 B.C.E.),
one of the most prominent thinkers from the Confucian school, also pointed out the
connotation of trees in his work Xunzi that only when the year grows old can we realise the
32 | P a g e
strength of pine and cypress, and only when one confronts with difficulty and danger can we
notice one’s integrity and nobility (Knoblock, 1994). Thereafter, the image of a tree began to
be used extensively as a metaphor to align the subject matter with strength and reliability
similar to that of trees. Consequently, in the case of the China Mobile’s annual report and
particularly its Financial Review section, it is easy to evoke a mind image to the audience
which links the cultural conception of trees with the firm’s financial position. In other words,
the tree portrayed on the cover pages brings the connotation of financial strength and
sustainability. As well, another indicator of corporate sustainability is the small icons amidst
the leaves which symbolise the firm’s core business including its cellular phone technology,
internet services, and online community.
In addition, such a cultural connotation of the tree is also echoed by the textual discourse
appeared on the same page (page 29):
We are resolute in facing challenges and adhere to principle of rational competition. We
focus on innovation and maintain sustainable steady growth...
Our solid financial strength and strong ability to generate cash flow provide us a solid
foundation for risk management and enable us to drive sustainable and long-term growth.
(China Mobile Limited Annual Report, 2010, p.29) (emphasis added)
Here, scattered through the linguistic message is a vocabulary of strength such as “resolute”,
“solid”, “strength”, “strong”, and “foundation”, and a vocabulary of sustainability such as
“sustainable steady growth” and “sustainable and long term growth”. These literal meanings
in the text serve to complement the connoted meanings in the painting. Also of particular
interest is the word “innovation” which is consistent with the connotation of small icons
appearing amongst the leaves.
The second connotation draws more from Taoist thought and also concerns the cultural use of
colour. Unlike the Confucianist understanding of trees, the Taoist interpretation and
particularly the theory of five elements (commonly known as wuxing in Chinese) which
derives from Taoism addresses the substance of trees—wood. According to the five elements
theory, the universe is constituted by the interaction of five basic elements, namely metal,
wood, water, fire, and earth (Peng et al., 2006), all of which are used in correlation with the
five colours, five tastes, and five directions11 (Derk, 2009). Because of its interrelation with
the materials, colours, tastes, and directions, the theory of five elements is still widely used in
traditional Chinese medicine and architecture design (Paton, 2007). It is thus worthwhile to
examine the Taoist connotation of the tree presented here. In the lens of the five element
theory, the tree relates to the substance of wood, which in its turn indicates the combined
11
In Chinese tradition, the five directions refer to north, east, south, centre, and west.
33 | P a g e
colour of green and blue (Kommonen, 2011), which then refers to the direction of east (Jin,
1999; Kavoussi, 2007). That is, the substance wood firstly carries the connotation of the
green and blue colour appearing on the pages which indicates growth (Kommonen, 2011),
and secondly, it metaphorically locates the tree and thus the company in the East, which is
also consistent with the moving direction of the waves.
Overall, the Taoist connotation somewhat implicitly directs the company to the East and the
cultural use of colour symbolises the growth of the organisation. To sum up the connotations
of the cover pages for the report’s Financial Review section, while traditional Confucianism
conveys the firm’s financial strength and sustainability, Taoist thought depicts a growing
corporation in the East.
5.4 Concluding the public discourse in China Mobile’s 2010 annual report
The connotation analysis upon the three signs appearing inside the annual report using the
lenses of Davison’s (2010) codes (physical, dress, spatial and interpersonal) provide us
twofold messages. That is, whilst Davison’s (2010) rhetorical codes help perceive a
charismatic, authoritative, united board of directors and the inclusion of female and nonexecutive directors, sees a diversified and effective management team; the biographical
discourse can also be connoted by referring to the social, cultural and political context of
China as a male dominant, government (the CPC) controlled organisation. The second sign
concerns the series of photographs taken at the company’s annual results announcement on
pages 16 and 17. Similarly, two contrary connotations have been illustrated. Both the
linguistic texts (Figures 6.1-6.3) within the photographs and Davison’s (2010) four codes
identify the connoted message of the five pictures as an image of the open and charismatic
corporate leaders at a globalised corporation, whereas the cultural meaning of the chairman’s
position, the stereotypical treatment of men and women, and the dominant presence of
government officials delineate a traditional Chinese enterprise characterised by the extreme
centralisation and the silence of outsiders. The third sign is the cover picture in the Financial
Review section on pages 28 and 29. It is suggested that the company’s financial strength and
sustainability are connoted through the Confucian perspective, whereas the Taoist tradition
interprets the signified as a growing corporation from the East.
Thus, with specific reference to Davison’s (2010) four rhetorical codes (physical, dress,
spatial, and interpersonal), Confucianism and Taoism, and the use of colour in the Chinese
context, we can put forward the following arguments for a public discourse.
First, through the denotation analysis on the annual report, the visual images serve to identify
and reinforce the respective linguistic texts. Examples can be found in Figure 2 where the
description of the company’s new products and services (as appearing on the third opening
page) are represented by the small icons (the small bubbles) floating on the waves; Figure 6
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where the presentation of the awards and prizes echoes with the linguistic text below them;
and, Figure 9 where the business review section is fleshed out by a number of the minified
posters corresponding to the products and services offered by the company.
Second, the connotation analysis of the visual texts of the annual report often results in a
twofold message through which the two types of China Mobile’s corporate identity are
connoted.
One the one hand, from the non-Chinese perspectives, the image of a globalised modern
corporation can be depicted. For instance, the presentation of the award certificates as shown
in Figure 6 and the accompanying linguistic texts such as the repetitive use of the phrase
“The Company” and the apolitical term “Greater China” serve to align the company’s
identity with that of the award-giving institutions and thus emphasise the global image of
China Mobile. Similarly, the bilingual messages (i.e. English and traditional full form
Chinese/ Cantonese) within Figures 6.1-6.3 indirectly suggest the geographical location of
the company’s annual event, and then align the international image of Hong Kong with that
of China Mobile.
Perhaps the lesser apparent connotations of the company’s global image lie in the sensitive
aspects that have been excluded from the report. That is, in addition to the signified as have
been made visible in the annual report, it is also worthwhile to consider what has been
rendered invisible. For example, the range of colours used in the report (see Figure 3) appears
to be more contemporary and general while reducing the values of the cultural and the local.
Another example is the executive directors’ questionable position as business men and
women (see Figure 8), since they all previously served as government officials in at least two
different bureaus or ministerial divisions. Although in the lens of Davison’s (2010) rhetorical
codes, the biographies of directors have portrayed a charismatic, united, diversified
management team, the danger remains still as to whether the directors’ political identity as
the member of the CPC has been deliberately neglected to contribute to the firm’s global
identity.
On the other hand, by placing the visual analysis in the Chinese context and in particular the
two cultural beliefs (i.e. Confucianism and Taoism) and the use of colour, a traditional
Chinese enterprise emerges. For instance, the background colour (i.e. yellow, purple and
blue) through which the chairman’s photograph is projected (Figure 5) seems to convey a
sense of supreme power and even dictatorship in accordance with the cultural connotation of
the three colours. As well, connotations of the company’s geographical setting can be found
in the moving direction of the waves (Figure 3) which, according to the Chinese theory of
four seasons and ancient Chinese astrology, depicts a rising giant in the telecommunication
sector from the Orient. This is also consistent with the Taoist connotation in Figure 10, where
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East as the geographical location is implied. Of course, the fact that all of the company’s
executive directors had formerly held government positions (see Figure 8) also begs the
question whether or not China Mobile is purely controlled by the central government.
Third, another set of contrasting connotations of the same visual images lies in the company’s
governance style. Similar to the discussion above, while the non-Chinese perspective
indicates the firm’s management as charismatic, open, diversified, united and democratic, the
Chinese tradition interprets the directors as authoritative, centralised, suppressive, and
government controlled. For instance, a sense of diversity and effective corporate governance
is connoted via the facial portraits of the female directors and the three non-executive
directors (as shown in Figure 8). Also within Figure 7, Davison’s (2010) rhetorical codes can
be found to indicate the directors’ characteristics as charismatic (by dress and interpersonal
codes) and united (by spatial codes). However, the opposite connotations also stem from the
same images by referring to traditional Chinese thoughts. The uniform career path of the
executive directors as former government officials (shown in the linguistic text in Figure 8)
would change diversity and unity into homogeneity and government supremacy. Likewise,
the cultural connotation of the background colours in Figure 5 where the chairman lies in the
centre would also transform his personal charisma into pure dictatorship.
A similar example is the photographs (Figure 6) taken at the firm’s annual announcement,
where leadership, openness, and democracy are conveyed primarily through Davison’s
(2010) dress, spatial and interpersonal codes. Conversely, the central location of the
chairman, the exclusion of non-executive directors, and the marginalised position of women
have portrayed a traditional Chinese enterprise characterised by centralisation and the silence
of outsiders.
Another message of democratic management can also be inferred by the Confucian
connotation of water. As the leitmotif of the annual report, the water has been culturally
linked by Confucianism with wisdom, which is then explained by Confucius as being
democratic. Through a repetitive appearance of the theme of water throughout the report (e.g.
Figures3-8), the company has rhetorically projected its corporate image as connoted by the
Confucian elucidation.
Fourth, the firm’s financial values, both tangible and intangible, are conveyed by the visual
discourse via the denotative and connotative messages. At the literal level, the denotation
analysis points out not only the tangible assets such as the newly developed applications in
the form of small logos (shown in Figure 3) and the other mobile services in the form of the
minified posters (shown in Figure 9), but also the intangible asset including the photos of the
awards and prizes (shown in Figure 7).
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At the symbolic level, it seems that the connotative messages only convey the intangible
assets. For example, by applying Davison’s (2010) codes, evidence of leadership, trust, unity,
openness and democracy can be found in the facial portraits of the management (see Figures
5 and 8) and the photographs at the firm’s annual event (see Figure 6). As well, the
antithetical and repetitive appearance of the ocean waves and the small bubbles connote the
‘Blue Ocean Strategy’ as an intangible asset in general and, more rhetorically, carry the
firm’s solid history and its promising future. In addition, the rhetorical use of antithesis and
repetition on the small logos and the awards and trophies (as have been shown in Figures 3
and 7 respectively) also provides the company with a sense of maturity and continuity.
Moreover, the Confucian connotation of trees depicts the financial strength and sustainability
of the firm (in Figure 10).
Fifth, both the denoted and the connoted messages concerning the stakeholders’ interests
appear to be limited and underrepresented. It seems that only the Taoist connotation of the
water (Figure 3) and the presence of the journalists in the annual announcement (Figure 6)
may indirectly relate to a wider range of stakeholders (that is, not only the financial
stakeholders) who are affected by and have been affecting China Mobile. Specifically,
according to the Tao Te Ching, the benevolence of the water lies in that it “nourishes rather
than rivals with everything” (Ge & Yang, 2004). Thus, the Taoist thought helps depict the
corporation’s image as that of the water which benefits everyone (as stakeholders) in the
society. As for the photographs of the journalists raising questions and listening to
management responses (Figure 6), it may represent, at least in part, the voice of the
stakeholders in the first place. However, the accompanying linguistic texts suggest that the
directors’ response contain nothing more than the purely technological advance of the firm
while ignoring the firm’s social implication at large.
Based on the above discourse in China Mobile’s 2010 annual report we see three areas of
interest on which further analysis can be made, including (1) the contrary corporate identities
between the global and the local (i.e. Chinese), (2) the opposite connotations of the firm’s
governance styles between democracy and dictatorship, and (3) the comparison of
connotations between shareholders (as represented by financial value) and stakeholders (as
represented by stakeholders’ interest).
6. Social practice and discourse practice analyses
According to the CDA procedure as has been illustrated earlier, the social practice and
discourse analyses are undertaken following our public discourse analysis on the report.
However, the detailed analyses are not to be provided due to the space limitation. Instead, the
findings from the two analyses are discussed in the following, respectively.
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Social practice analysis
In relation to the institutional environment in which China Mobile operates, there exists
strong state (and the party) control over the Ministry of Information Industry (the official
regulator of the telecom industry), and the power struggle amongst the governing bodies
including the National Development and Reform Commission, the State-owned Assets
Supervision and Administration Commission, the Department of Organisation and the China
Consumer Association. In relation to the firm’s internal structure both managerial and
financial, it also suggests the party’s dominance via state control and a closed door approach
to foreign investors.
Discourse practice analysis
The analysis at this level explores the process through which the 2010 annual report of China
Mobile is produced, distributed, and consumed. In particular, the almost unregulated process
of producing visual discourse within annual reports is revealed. The two channels for
distributing the reports are considered, namely, the postal services, and the financial reporting
pages provided by the subsidiary and the parent entity respectively. Specifically, because of
the different web pages of the two entities in which the annual report is put forward,
investigation is undertaken on how the different online textual environments shape the
consumption of the report by different people. Subsequently, a close examination of the
intertextual environment is carried out in the consumption process where two types of
connotations are identified. While the web page of the Hong Kong subsidiary (China Mobile
limited) helps construct the report as purely financial to global audiences, the Mainland
parent entity’s (CMCC) online site adds the local identity, the political domination, and, to a
lesser extent, a sense of social responsibility to the annual report.
7. Further convincing arguments
Having conducted the analyses at the public discourse, social practice, and discourse practice
levels, further connections among these three layers will be made in the this section. In
particular, the three areas of interest developed from the public discourse analysis will be
revisited. These include three comparisons between globalisation and localisation, between
democracy and dictatorship, and between shareholder interest and stakeholder interest.
Global vs. National
The first set of the contrasting connotations of the annual report’s visual discourse concerns
China Mobile Limited’s (the firm hereafter) corporate identity. By applying non-Chinese
perspectives such as the use of Davison’s (2010) rhetorical codes, an image of a globalised
modern corporation is connoted. However, by placing the visual analysis in the Chinese
context including Confucian and Taoist thoughts and the use of colour, the visual images
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within the report can also be interpreted as connoting a strong national identity. The findings
from the social practice of China Mobile coincide with the latter. Although some might argue
that the firm is listed on the Hong Kong Stock Exchange (HKSE) and the New York Stock
Exchange (NYSE) since 1997 which may provide the firm with a global identity, the Chinese
officials at the regulatory level have already pointed out that the purpose of having China
Mobile listed on the HKSE and the NYSE as a ‘Red-Chip’ firm is simply to raise foreign
capital, rather than grant the public shareholders the right to participate in its daily operations
(Loo, 2004). In addition, at the organisational level, it is again questionable to regard China
Mobile Limited as a transnational enterprise, due to: first, all of its subsidiaries operate
primarily in Mainland China; secondly, the firm itself is indirectly owned12 by its Mainland
state-controlled parent entity (CMCC); and, thirdly, all the executive directors are the
members of the Communist Party of China (CPC).
Therefore, while the national identity connoted by the visual discourse within the annual
report can be substantiated by the institutional arrangements and the governing structure of
China Mobile, the firm’s global image which has also been conveyed by the report from nonChinese perspectives stands in violent contrast with the firm’s social practice. Then the
question surfaces: how does China Mobile Limited (or CMCC) reconcile and justify the
differences and commonalities exhibited between the firm’s public discourse and social
practice? What is needed, therefore, is the discourse practice. Indeed, according to Fairclough
(1993a), discourse practice “constitutes, naturalizes, sustains and changes significations of
the world from diverse positions in power relations” (p.67). It shows “how meanings are
created and controlled” (Cortese et al., 2010). More specifically, in the case of China Mobile,
the process of distributing and consuming the annual report does convey a twofold message
including both the global and national identities, naturalising the distinctions between the
visual text and the social practice of the firm.
In terms of the global corporate identity, there are two ways in which the report is distributed
and consumed to help construct the firm’s international image. The first way concerns the
distribution of the traditional hard copy annual reports. That is, the printed version of the
annual report is delivered through the postal services to the registered shareholders who have
purchased the company’s shares on the HKSE and the NYSE. Due to the legal restriction (as
in the case of HKSE) and the institutional complexity (as in the case of NYSE), the Mainland
China investors largely fall outside the category of China Mobile’s financial stakeholders. It
would then seem that these shareholders are most likely from overseas, and so consume the
annual report of China Mobile from a typically non-Chinese perspective. Thereby, a global
image of the company is established.
12
According to China Mobile Limited (2011), the Mainland parent entity— CMCC indirectly holds 74.21% share
of the company as of December 2010.
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The second way refers to the online distribution. That is, the electronic version of the report is
also available on the websites of both China Mobile Limited (the Hong Kong subsidiary) and
CMCC (the Mainland parent entity). Although both of the online sites provide the annual
report, the website of CMCC, to a great extent, has blocked access for those who only use
English or traditional Chinese (as the official language of Hong Kong/ written form of
Cantonese), as the hyperlinks of them (the language choices) automatically re-direct the web
address to that of the Hong Kong subsidiary (China Mobile Limited). Then, to these
audiences who obviously are not from Mainland China, the website of China Mobile Limited
appears to be the only choice of viewing the report online. Moreover, as has been
demonstrated in chapter nine, China Mobile Limited’s website connotes a sense of the global
since it virtually provides the language options including English, traditional Chinese and
simplified Chinese. Consequently, for those report readers who do not come from Mainland
China, the online site of China Mobile Limited offers them, with the intertextual
environment, a sense of global to the annual report.
In terms of the firm’s national identity, the discourse practice analysis also identifies one
particular way in which the annual report is distributed and consumed to construct China
Mobile’s national image, supportive of the similar findings from the public discourse and
social practice levels. That is, for those report readers coming from Mainland China who are
most unlikely to be the shareholders of the firm, the only distribution channel of the reports
seems to be viewing them online. In particular, CMCC’s website will be chosen as it is
commonly known by the Mainland customers as the homepage for China Mobile. Then, the
intertextual environment online of the Mainland parent entity connotes a sense of national
identity through incorporating the news and announcements of China Mobile’s Mainland
branches at the provincial level (as shown in Figure 12.1). The enterprise value written in the
form of traditional Chinese calligraphy (as shown in Figure 12.2) suggests the firm’s national
identity as well. Thus, consistent with the results of the public discourse and social practice
analyses, the discourse practice analysis here also constructs the firm as a typical Chinese
enterprise.
Democracy vs. Dictatorship
The second set of the contrasting connotations of the visual discourse within the annual report
lies in the firm’s governance style. Whilst the interpretations from the non-Chinese
perspectives and particularly Davison’s (2010) rhetorical codes suggest a democratic
management team characterised by charisma, openness, diversity, unity and effectiveness, the
analyses from Chinese tradition align the image of the directors (and especially the chairman)
with that of a dictator, featuring the absolute authority and government suppression. In
relation to the firm’s social practice, parallels are drawn with the latter. That is, both the
institutional arrangements of the telecommunication sector and the organisational structure of
40 | P a g e
China Mobile have revealed the univocal dominance of the CPC. At the regulatory level,
almost all the governing bodies, both formal and informal, in the Chinese telecom sector are
subjected to strong party influence and conflicting political interests, impeding fair market
competition in general and the democratic development of the telecom firms in particular,
thus sustaining the status quo for state monopolies. At the organisation level, because of the
dual leadership system which imposes political positions (the members of the party
committee) upon the top management team, the Depart of Organisation (DOO) still possesses
the power to make decisions on personnel changes at China Mobile. The attitude of
management toward corporate democracy is thus tainted with a sense of political correctness.
Thus, while the findings of China Mobile’s social practice agree with the connotation of
dictatorship stemming from the public discourse analysis, the image of a democratic
management team which is also connoted by the public discourse (the annual report) seems to
be untenable. This is again where the discourse practice comes into existence. The
fundamental difference between democracy and dictatorship will then be mediated through
the two types of the processes by which the annual report is distributed and consumed.
In terms of the democratic management team, although the discourse practice analysis in
chapter nine does not directly indicate any governing styles of the organisation, there are at
least two distribution channels and the respective consumption patterns which depict the
image of a standardised management team. The first distribution channel is the traditional
way of delivering the annual reports by mail to the public shareholders who have purchased
the firm’s shares on the HKSE and the NYSE. Then the most straightforward way for them to
absorb the report and the management information in particular is to read through the printed
annual report delivered to them. As has been elucidated earlier, since most of these
shareholders are from overseas and thus would view the report from non-Chinese
perspectives, the democratic connotation of management as conveyed by the report per se
plays an active part in the process of consumption. Thus, the image of a democratic
management team is formed.
The second distribution channel, which also depicts the image of a standardised management
team, takes advantage of the internet by having the annual report available online for
browsing and downloading. Again, as mentioned earlier, for the vast majority of the firm’s
public shareholders who come from overseas, the website of China Mobile Limited is most
likely to be the place where the annual report is consumed, since CMCC’s page has
linguistically prevented these audiences from viewing its site by re-directing its web address
to that of China Mobile Limited for those using English and traditional Chinese (written form
of Cantonese). Having illustrated that the firm’s public financial stakeholders (largely from
overseas) would most likely view the electronic version of the report through the pages of
China Mobile Limited, attention is now drawn to how the intertextual environment online
41 | P a g e
connotes an impression of qualified management. This is evidenced on the Directors &
Senior Management page of China Mobile Limited (Figure 13), where the same biographical
information of the directors as shown in its annual report is presented, and their political
identities are concealed. Thereby, the discourse practice exhibited at this point echoes with
the respective connotation of the report (see Figure 8) which conveys charisma, openness,
diversity, unity and effectiveness. In other words, a picture of a qualified management team is
portrayed.
In terms of the party’s dictatorial governance, the discourse practice also establishes one
process in which the report is distributed and consumed to support the same message
exhibited at the analyses of both the annual report and the firm’s social practice. More
specifically, the message of dictatorship is connoted through the website of CMCC where
most of the Mainland audience would view and download the annual report. As elucidated in
chapter nine, the intertextual environment of CMCC’s online site conveys a strong sense
political domination, via incorporating the ‘party-masses cooperation’ as part of the corporate
culture (Figure 12.3) and revealing the directors’ political identities as the members of the
CPC (Figure 14). In addition, unlike the directors’ introduction page of China Mobile
Limited (Figure 13), its CMCC counterpart only discloses the name, the management
position and the party title of the directors, suggesting heavy government suppression.
Consequently, such a type of discourse practice, which distributes the annual report to the
Mainland audience via CMCC’s website, indicates party suppression and thus dictatorial
dominance.
Shareholder interests vs. Stakeholder interests vs. Stateholder interests
The third set of the competing messages of the visual discourse within the report refers to the
concern of shareholders and stakeholders. While the firm’s financial values (the interest of
shareholders), both tangible and intangible, are communicated through the literal and the
symbolic messages such as the 3G technology (Figure 3), the newly developed mobile
application and services (Figures 9), the attribute of an award-winning company (Figure 7),
the ‘Blue Ocean Strategy’ (Figure 4), the qualified management (Figures 6 and 8), and
financial strength (Figure 10) representations of the stakeholder interest seem to be limited
and underrepresented with one notable exception of the Taoist interpretation of water (Figure
4). That is, the theme of the water throughout the report can be elucidated as to aligning the
corporate image with that of water which, according to the Tao Te Ching, nourishes everyone
(as stakeholders) in the society.
Taking into consideration the firm’s social practice, however, neither the concern of its public
shareholders (mostly overseas) nor the interest of the Mainland stakeholders (non-political)
has been found. Instead, it is the political stake of the CPC that directs the firm’s operating
policy and obtains most of its financial and political benefits. At the regulatory level, formal
42 | P a g e
governing bodies exert great political influence on the firm in that: first the State Council is
responsible for spreading the party ideology; secondly the National Development and Reform
Commission (NDRC) makes decisions on and justifies pricing policies; and, thirdly the Stateowned Assets Supervision and Administration Commission (SASAC), by its name, is to
maintain state ownership and develop national flagship enterprises with global
competitiveness. At the organisational level, the central government not only (indirectly)
holds 74.21% shares of China Mobile, but also directly controls the appointment of top
management through the Department of Organisation (DOO), effectively preventing the
participation of the public shareholders. In addition, voices of the firm’s (non-political)
stakeholders communicated through the mass media and the China Consumer Association
(CCA) are, to a great extent silenced under government censorship and control. Therefore,
under such an institutional structure, the interest of the state, or rather the stateholder is
secured.
In terms of the shareholders’ interest, two types of processes in which the annual report is
distributed and consumed are identified to convey the firm’s concern of the shareholders. The
first process is delivering the hard copy report by mail to the registered shareholders who are
mostly likely to be from overseas, which in itself shows the importance of the shareholders.
These shareholders who have received the report would then regard the report as another
financial document sent out by China Mobile in compliance with legal regulations, and
consume the visual discourse from non-Chinese perspectives. In this respect, the
consideration of the shareholders’ interest has thereby been expressed through both the
distribution channel per se and the consuming pattern by the (mostly overseas) shareholders.
The second process which emphasises the interest of the shareholders is distributing the
report through the website of China Mobile Limited. Already demonstrated is that the
(overseas) public shareholders are highly likely to view the electronic report through the
website of Hong Kong subsidiary, as its Mainland counterpart linguistically prevents foreign
readers from browsing. Also, as has been discussed in chapter nine, the online intertextual
environment (Figure 15) of China Mobile Limited contains nothing more than the firm’s
business operations and financial figures and news. Thus, for the non-Mainland audience who
read the report on the webpage of China Mobile Limited, the financial connotation of the
visual discourse within the annual report is reinforced and naturalised.
In terms of the non-financial stakeholders’ interest, the discourse practice also contains one
way of distributing the report in which government’s concern of stakeholders is shown. That
is, the consideration of the firm’s non-financial stakeholders is made via the online site of
CMCC. In particular, the picture in the form of traditional Chinese calligraphy (Figure 12.2)
on the Corporate Culture page states the firm’s enterprise value as: “moral responsibility in
43 | P a g e
everything contribute social welfare, never-ending pursuit makes perfection13”. In addition, a
lesser apparent connotation of the stakeholders’ interest lies in the party-masses relation and
cooperation at China Mobile section on the same page, emphasising the importance of the
public to (the party and) the organisation. Thus, for the Mainland audience who view the
report through CMCC’s web page, the firm’s consideration of the public interest and thus the
interest of the wider range of stakeholders in Mainland is conveyed.
In terms of the stateholder’s interest, although it is not connoted by, or concealed from, the
visual discourse within the annual report, the social practice analysis does point out the
dominant role played by the state interest in the operation of China Mobile. This is then
mediated through the discourse practice which adds a sense of the party interest to the report.
More specifically, it is connoted by CMCC’s website, the distribution channel of the annual
report to the Mainland non-financial stakeholders, where the online intertextual environment
exhibits political domination. In particular, while its Corporate Culture page incorporates the
‘Party-masses Relations’ (Figure 12.1) as part of the organisational culture, the textual
message in Figure 12.3 ‘party-masses cooperation at China Mobile’ also merits further
discussion. That is, by literally putting the ‘party’ in front of the ‘masses', more emphasis
seems to be placed in the interest of the party (the stateholder of China Mobile) rather than
the interest of the public (the non-financial stakeholders), as though the party is guiding the
public, and the public following the party. Other evidence of the stateholder can also be
found on the Introduction to management page in Figure 14 where profiles of the directors
(as shown in Figure 13) are reduced to the collective political identity as the members of the
CPC, accentuating the interest of the party state rather than that of the individual. Therefore,
the discourse practice here provides a sense of stateholder interest in between China Mobile’s
annual report’s visual discourse and it institutional structure, successfully mediating the gap
between the public discourse and the social practice.
To sum up the above discussions on the three sets of messages, it has been demonstrated that
while there are distinctions and overlaps existing between findings of the firm’s public
discourse and its social practice, the discourse practice sustains and reinforces the
overlapping interpretations, and also mediates and naturalises the competing messages.
Specifically, on the one hand, the image of a globalised corporation with the democratic
management team focusing on the shareholder interest is constructed through the two
different discursive processes. The first process is the traditional way of delivering the annual
report via the postal services to the firm’s registered shareholders. The second process is
distributing the report to the website of the Hong Kong subsidiary (China Mobile Limited).
On the other hand, the picture of a national enterprise characterised by the dictatorial role of
the party emphasising both the state holder interest and, to a lesser extent, the stakeholder
13
This is translated by the author.
44 | P a g e
interest is also constituted by one particular discursive process which distributes the report
via the website of CMCC.
8. Conclusion
The contributions of this study are three-fold. First, in relation to extant accounting literature,
the research has been the first to study the dual ideological implications of the annual report’s
visual discourse for both a socialist ideology and a capitalist market economy in the context
of the Mainland China, demonstrating the socially reflective and constitutive role of the
visual images therein. Secondly, in relation to methodology, the research has also been the
first to apply Critical Discourse Analysis (Fairclough, 1993a) in exploring the socio-political
significance of visual images within annual reports, revealing the dual ideological role played
by the visual discourse. Another innovative move is to incorporate the semiotic model of
Roland Barthes (1977) in the public discourse analysis of CDA, which offers the potential for
further research combining the CDA framework with the Barthesian model. As such, this
research provides an important contribution to both the methodological approach of CDA and
also a critical framework for future research opportunities in the study of annual report’s
visual discourse. Thirdly, in relation to method, the study has adopted the analytical tools of
visual images from not only the artistic discipline such as the rhetoric device of antithesis
(Barthes, 1990; Davison, 2002) and repetition (Davison, 2008), and Davison’s (2010) four
rhetorical codes (physical, dress, spatial and interpersonal), but also the Chinese tradition
including the two dominant cultural beliefs (Confucianism and Taoism) and the use of colour
in the context of China. Again, this offers new insight for future studies of visual images in
that contextualised messages are considered and applied.
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