The "only performance report" that matters is the one that reports to shareholders the extent that the corporation has lawfully and ethically delivered shareholder objectives against the criteria of "value", "benefit", "growth" and "risk".

And the only way a board can know what those objectives are is to ask ALL shareholders.

Not only don't corporations ask ALL shareholders but they use institutional (big investor) objectives as a proxy for all shareholders. Research has demonstrated that this assumption is false.

If you ask directors/managers to developed an internally generated performance report, then you will get a subjective presentation of what suits directors and managers and justifies their positions - and not what shareholders consider important or want.

A cynical view - perhaps - but many directors have demonstrated over an over again that they make decisions in their own interest rather than that of shareholders.