Annual Report is issued by a company to its :DirectorsAuditorsShareholdersManagement

The Annual Report is a comprehensive document that provides essential information about a company’s financial performance and operations over the past year. It is primarily issued to the shareholders of the company, as they have a vested interest in understanding how their investments are performing.

1. Directors: While the board of directors receives the report to assess the company’s management and overall performance, it primarily serves the shareholders.

2. Auditors: Auditors review the financial statements included in the Annual Report, but they do not receive the report as part of their primary responsibilities.

3. Shareholders: Shareholders receive the Annual Report to evaluate their investment, understand the company’s financial health, and make informed decisions regarding their stock holdings.

4. Management: Management prepares the report but is primarily focused on the content and accuracy of the information being shared with shareholders.

In summary, the main audience of an Annual Report is the shareholders, as it is designed to keep them informed about the company's financial status and strategic direction.