A New Frontier for Functionalism in Corporate Annual Reports: Brazil’s Pão de Açucar

Nash 21





Intentionally left blank per TT
Cargill has been excluded from the corpus in this table due to an extraordinary year which required a prefacing statement.


A New Frontier for Functionalism in Corporate Annual Reports: Brazil's Pão de Açucar
Translation in business is more than a mechanical process based on quantitative texts that are easily translated "literally" or addressed by a linguistic theory of translation. The implicit cultural issues are increasingly relevant with globalization. As companies evolve in a multinational, multicultural, and multilingual direction, the common practice of linguistic translation is straining to accommodate external business communication. The most visible such form is the annual report, which companies use to provide financial and strategic information to investors and business partners. A small corpus of annual reports in Brazil and the US are analyzed based on the structure, function, and translation of the prefacing management letter. In defining their objective and target audience, it will be demonstrated that to achieve their communicative function, functionalist strategies in translation must be employed.
Business translation is considered by many theorists to be firmly housed in the school of linguistic equivalence theory, which is focused on at the lexical level. In their view, functional theories of translation, which focus on the communicative and social effects of a text on a target culture audience, are reserved for the more esoteric disciplines in the arts and humanities. Edwin Gentzler's theories rank texts on a qualitative basis, with art and science texts at the highest level, and business texts at the lowest (63). Lawrence Venuti describes business texts as dealing with transparent, clearly definable concepts. He maintains that except in cases where there is a hidden agenda or deceptive intent, that "translation in this realm is little more than a mechanical task which can be performed by anyone who has a moderate knowledge of the two languages" (Venuti, Reader 45).
Nescient oversimplification of the task of business translation has real ramifications. Lise Mourier's study portrays a dismal state of affairs in the quality of financial reporting translation, and claims that the target audience of investors can be misguided because of poor translations (146). She describes how financial reporting possesses specific terminology and semantic characteristics, and that there are more implied nuances in financial than technical or medical terminology, requiring translators with industry specialization (146). Knowledge of the source and target cultures is also important, as financial market characteristics have been found to reflect social and cultural characteristics of their host country (Hussein 4).
Nevertheless, this paper does not hypothesize that business translation be approached by a hermeneutic model of variable meaning. Financial reporting is not characterized by multi-layered meaning, and in the specific case of the management letter, the oratorical aspect, and the fact that it carries a signature for compliance purposes, preclude a significant transformation in meaning. But a translation is an intentional action (Vermeer 191), and the objective of financial reporting is to serve a specific function for a target audience (e.g. financial reporting is not undertaken as a Romantic form of self-expression). This paper will define the specific objective and target audience in one area of business translation, the annual report's management letter (the "letter"), and assess the most effective translation strategy to reach that objective.
Business translation is necessary both for multinational corporations operating in diverse language and cultural contexts, and for domestically focused companies seeking foreign investment and/or growth. As companies expand across international borders, language is at the center of cross-cultural communication (Blenkinsopp and Pajouh 41). The most visible way that large companies enjoying or seeking and international presence communicate externally is through the publication of an annual report. It is either produced in, or translated into, English as a lingua franca given the significant consumer and investor base in the United States of America (Jeanjean, Lesage, and Stolowy 200).
The corporate annual report is generally comprised of a management letter, a summary of corporate performance and strategy, and the current year's financial statements. Annual reports tend to be consistent in structure, driven by a predictable target audience and strict regulatory requirements governing the presentation of financial statements (e.g. the Securities and Exchange Commission in the US). The annual report is effectively a "genre of corporate communication between organizations and their stakeholders" (Rutherford 351). It may be published with the objective of disseminating information, complying with governmental regulations for disclosure, gaining publicity, or, most importantly, attracting new or continued external financing from investors (Nielsen and Mourier 83). While government regulations are significant, their ultimate purpose is to protect investors. Finally, the objective of a corporation is to create value for shareholders (Sundaram and Inkpen 350). In the annual report, these objectives coalesce into the primary objective of attracting investors and addressing current shareholders.
The annual report's letter is an address by the company president or chief executive officer to the company's shareholders. B.A. Rutherford describes the letter as an excellent tool for company analysis, as the structure and content are consistent across companies, yet not as structured as in the required accompanying financial statements (351). Furthermore, it is widely recognized that the letter is the strategic and communicative crux of the annual report. Gaétan Breton's "From Folk-Tales to Shareholder-Tales: Semiotics Analysis of the Annual Report" determined that the management letter is the "the primary source of information for most readers" (188).
The annual report may need to be issued in more than one language when the drivers for its original objectives are outside the host country (e.g. foreign customers, suppliers, or investors). In practice, issuing an annual report in English not only increases visibility, but also the investor base (Jeanjean, Lesage, and Stolowy 202). Therefore, if the target audience of the letter's original language source text (ST) is investors (Rutherford 353), it can be logically assumed that foreign investors are the primary intended target audience of the target or translated text (TT).
Jeanjean, Lesage, and Stolowy found that approximately 50% of the 3994 companies from non-English speaking countries in their study issue annual reports in English (215). The letter in the TT has the objective of convincing investors to believe in the company's performance. Translations thereof can be performed according to diverse methods that are described by the following translation theories.
Prior to engaging these theories to analyze the corpus of management letter translations included in this paper, it is important to note that the translation commission may not be explicit. It could be assumed that the commissioner or translator insists on literal translation or lexical faithfulness to the ST, based on misconceptions of simplicity, the quantitative nature of the genre, and the strict legal and institutional context. In fact, Jeanjean, Lesage, and Stolowy's study shows that there is no difference in content between local language and English-language annual reports (205). Hans J. Vermeer instructs that the translator assess the ST objective (192). However, Venuti reminds us that textual intention may be outside of the intentions of knowledge of the translator (Venuti, Invisibility 196).
The notion of "literal" translation is most closely related to the theory of linguistic translation. This is an instrumental model of translation where meaning is considered to be invariable and referential, and translation is viewed as a mechanical form of communicating this meaning. It is described by Eugene Nida as "formal equivalence" (Venuti, Reader 144). Linguistic translation strategies maintain the TT structurally equivalent to the ST in terms of grammatical units, lexical consistency, and meaning in the ST context. Thus, equivalence between the ST and TT is measured on a lexical and grammatical level, and semantics may be compromised when constraints in the target language (TL) are presented. Some advocates of a linguistic approach, such as Roman Jakobson, do still acknowledge that shifts, additions, and circumlocutions may be necessary (Venuti, Reader 128) in order to convey equivalent meaning in the different constraints of the TL.
In comparison, functional translation views meaning in terms of its interpretation by the TL and culture, based on the TT's communicative and social effects. Equivalence between the ST and TT cannot be measured at the lexical level, as lexical meaning is dependent on host culture, and measured by the function of language in the text. Functional translation theorists identify the main function of the text in terms of the response in the audience it targets. Katharina Reiss's theory defines text types according to type, function, and style (162-166). Annual reports may appear to be in her category of "informative" texts, given their quantitative content and data reporting function. However, in practice, annual reports can be considered within her category of "operative" texts, given the previously described objective of attracting investors. Breton's research concludes that the objective of the annual report has evolved from informative to persuasive in nature:
The report is no more destined to inform the reader, but is designed to convey the positive message of the firm to potential share buyers. . .it must be placed among the techniques for manipulating people, techniques of propaganda which are necessary to the conservation of any power" (189)
In Rutherford's "Genre Analysis of Corporate Annual Report Narratives", it is explained how the tone as well as the content of narrative descriptions may potentially influence the reader (Rutherford 350). Moreover, Breton's research on semiotics in annual reports is framed by the theory that such reports are intended "to produce a series of specific effects on the readers" (2). Only functionalist strategies of translation prescribe strategies for this influence and effect to be conveyed in the TT and achieve the intended function. Mourier theorizes that effective communication in international financial reporting is predicated on the TT's ability to convey the message of the ST to the target audience (Mourier 147). Effectively discarding linguistic approaches, she maintains that " … extra-linguistic knowledge plays a major role in both the comprehension and the reformulation phases in the translation process" (Mourier 147).
Concepts of foreignization and domestication share many parallels with linguistic and functional theories. This dichotomy was first described in Friedrich Schleiermacher's 1813 text, which distinguishes between preserving the foreign ST context and qualities in the TT, or domesticating the TT to render the translation process fluent and invisible in a TT context (54-55). For annual reports, domestication is valuable for facilitating understanding, standardization, and functionalism in the target culture, but may be seen as undesirable as investors seek to more independently interpret the company within its host culture.
However, there are strategies for business translation which employ desirable elements of domestication. Studying TTs of annual reports in the TL can be a domestication tool. Albrecht Neubert analyzes the text type and function of a parallel text (PT) in this way to identify target culture concepts and terminology (91). He theorizes that the translator can make the ST functional and acceptable to a TT audience by using PTs to guide the deployment of functionalist translation strategies and ensure communicative equivalence (92).
There is rationale for the deployment of elements of all of these strategies in the translation of annual reports. Even Nida asserts that linguistic equivalence can be appropriate for certain audiences of messages (150). Linguistic strategies remain important in business translation due to their preservation of meaning and specific lexicon when relevant. In the case of the management letter, their selective deployment is important for faithfulness to the author's rhetorical aspect. But linguistic strategies are insufficient. Functional translation, especially when guided by PTs, is also necessary to fulfill the ST objective in the TT, and to potentially fulfill any additional or unique objective of the TT in a different culture. Reviewing the ST and TT of a Brazilian annual report translated into English, and using PTs in the TL, will demonstrate how the objective can be achieved in translation.
The annual report used as the basis for a corpus study is from Grupo Pão de Açúcar (GPA), Brazil's largest retailer, and 34th largest worldwide (Deloitte 12). While its business operations are domestically focused in Brazil, its largest shareholder is the French conglomerate Grupo Casino, which owns 39.5% (GPA 20). GPA's annual report is issued annually in Portuguese and English. Jeanjean, Lesage, and Stolowy's study showed that in 2004, only 18% of companies in Brazil issued an English language annual report, compared to 53% in the next largest Latin American economy, Mexico.
Parallel texts from peer companies were selected to assess target culture retail industry terminology and style. Cargill Brazil was also added to the corpus based on its long history of issuing its Brazilian annual report in English. In fact, while GPA issues separate annual reports in English and Portuguese, Cargill employs an important strategy in demonstrating that it has one consistent corporate message in both languages: the Portuguese and English texts are side by side in one "bilingual" annual report. The ST is authored in Portuguese and then translated into English (personal communication, December 5, 2013).
GPA's annual report is translated according to an instrumental model, where the translation serves as a vehicle to convey the meaning in the ST. The translation is executed with a nearly "word-for-word" faithfulness under a linguistic equivalence strategy. The grammatical units of the ST have been left largely intact in the TT, and sentence structure and "formal indicators" such as punctuation are preserved, as described by Nida in his overview of "formal equivalence" (149).
Indeed, the commission may have been to translate literally, as previously discussed. However, a comparison of the ST and TT yields clues to an intention towards some form of functionalism, or at least domestication. The following corpus-based analysis will assess GPA's achievement of linguistic equivalence, its attempts at functionalism, and ultimate success in fulfilling the objective of the TT.
While Grupo Pão de Açúcar's TT is grammatically correct, when assessed on the basis of linguistic equivalence, it contains the following transgressions (see table 1 for complete textual examples):
Mechanical translation resulting in employment of low frequency words where high frequency synonyms exist, e.g. "fomented advances" (table 1, #1). The word "foment" declined sharply in use in the period from 1800-1880, according to the Google Ngram shown in table 1a. Linguistic equivalents instead are "drove", or even the cognate "promoted". Similar use of "peculiarities" (table 1, #4);
Lack of specialized knowledge of business terminology, e.g. the TT term "management model" (table 1, #2). Instead, "business model" has become the term of choice in modern business (table 1a). Similarly, "generating value" (table 1, #4) and "creating value", respectively;
Unfamiliarity with the vernacular, e.g. "protagonist" (table 1, #5) instead of "leader" or "agent of change", and "clientele" (12) instead of the retail-industry specific "customer";
Mistranslations, e.g "in the communities where we are planted" (table 1, #5). This is an example of the intention to domesticate the TT, as the translator could have used the cognate "inserted", although not an optimal choice. (Optimal choices are "operate", or a functional change to ". . . in the communities we build with our customers.");
Heavy reliance on English cognates of Portuguese words, e.g. "important" instead of "significant", "privileges" instead of "favors" (table 1 #3), proximity (11) instead of neighborhood, etc.;
Varying register, e.g. TT use of low register terms such as "tries" (13), "even with" (12), "like" and "a lot" (12), inconsistent with the higher register of the ST, other translations in the ST, and with the genre overall;
Mix of American and British English TL. Translator John Rynne describes "the worst possible outcome would be a translation with a mixture of U.K. and U.S. terminology …" (36). In the GPA TT, the orthography of "specialized" indicates American English (as do others throughout the ST), the grammar employs the American English use of a singular verb form after a collective noun, but the words "fishmongers" (13), "fuel stations" (11), and "fetch" (12) in an economic context, are uniquely British English;
Broken references, e.g. the TT reference to "net profits" of R$ 1.156 billion does not lexically match the "net income" line in the referenced income statement (there is a lexical match in the ST). "Net profits" is either a British or layman's term;
Localization errors, e.g. using three decimal places in the R$ 1.156 billion referenced above. The TL would employ one decimal place (R$ 1.2 billion), and if more detail was required, change the scale (R$ 1,156,000,000). This is more than a stylistic transgression, it is a foreignizing move which is confusing to the target audience.
Excessive foreignization, and "thick" translation (Appiah 341), e.g. the translator's insertion of "not mentioned anywere in this document" (14) for a corporate initiative which is unrecognizable, but contains enough contextual detail to compensate. Functionalism could have been employed to create a new context and description for this term and "take possession" (Scott 2) of the translation.

Table 1 Sample Text from GPA President's Letter
Portuguese ST
English TT
Um profundo processo de reestruturação da rede Assaí iniciado em 2011 promoveu a evolução do model de gestão
e também ratificar os valores do Grupo com um modelo de gestão
que privilegia o bom desempenho e o crescimento de cada negócio,
respeitando suas especificidades e gerando valor aos nossos consumidores
atua como protagonista nas comunidades em que está inserido.
The profound process of restructuring Assaí initiated in 2011 fomented advances in the management model

and also affirming the Group's values through a model of management
that privileges good performance and the growth of each business,
respecting their particularities and generating value for our consumers
acting as a protagonist in the communities where we are planted.

Table 1a Google Ngram Depiction of Terminology Frequency



Source: Google Ngram
The profits/income reference is perhaps the most serious breach of linguistic equivalence. Rutherford discusses the need to align the management letter with the numerical financial statements both to achieve credibility for the narrative with its readers, and to satisfy regulatory requirements (Rutherford 350).
On the basis of linguistic equivalence, GPA's TT does not display a "concordance of terminology" (Nida 149), compromising credibility and function. Even if this translation strategy were flawlessly executed, it still could "endanger the functional equivalence of the TL text by naively adopting SL ('source language') conventions" (Reiss 165). Reiss instead advocates translating not at the lexical level, but at the level of sense and meaning (167) to realize the function of the TT.
Such a functional approach requires an analysis of the pragmatic and situational text aspects, which are fairly standardized in the case of annual report letters. The function of the letter is to instill optimism in the reader regarding the company's future, as it is a primary investor resource in understanding future performance (Rutherford 349). In American culture, the form of address engages the reader and frames the relationship, but in others, it may be considered that such as effort can only be made in person. Functional translation can bridge this gap as the "[r]econciliation of two different, sometimes conflicting, sets of cultural determinations." (Venuti TI 209). GPA's TL peer companies address their shareholders in the manners sampled in table 2 below.
Table 2 Sample Text from President Letters in Parallel Texts
" "
"To Our Shareholders"
"To our shareholders, associates, and customers"
"Fellow Shareholders"
"To our Shareholders"

" "1
"Dear SUPERVALU stockholders"
"Dear fellow stockholders"
Enéas Pestana, GPA (11)
Mike Mikan, Best Buy (2)
Michael T. Duke, Wal-Mart, USA (3)
David B. Dillon, Kroger, USA (1)
Greg Page, D. MacLennan, Cargill USA (1)
Luiz Pretti, Cargill Brazil (4)
Craig R. Herkert, Supervalu, USA (1)
Steven A. Burd, Safeway (2)

GPA's letter avoids any direct form of address before the start of the letter, titled "Message of CEO" and proceeds directly to the body of the letter. Cargill Brazil also does not address the reader, in stark divergence to its annual report at the headquarters level. The function of engaging the reader is lost, and an opportunity to grow the ST in translation is missed. Clive Scott theorizes that growth opportunities such as these ensure survival of the ST (5). Such gaps can be filled by functional translation, or even by simply domestication to the target culture. "Intentional changes" in translation are justified even if there is direct lexical equivalence (Reiss 161). Reiss maintains that since written texts are one-way communications, they lack the non-linguistic accompanying expressions inherent in oral communications. This results in a "variable understanding of a given text" (Reiss 161). The objective of the text genre of annual reports, and specifically the letter therein, has been previously defined in this paper. GPA's president's letter fails to fully achieve the functional equivalence demanded by the genre as a result of this functional shortfall.
Domestication strategies are employed in the GPA ST to achieve the functional objective of engaging the reader, however, they are incomplete. The GPA TT letter title "Message of CEO" is mistranslated on various levels which have minor lexical but significant functional implications, as detailed in table 3. The mistranslation of the common preposition "of" is especially revealing, as it is an error that could only be made by a non-native speaker of the TL, given that the preposition is very regular and transparent in English. More importantly, it makes the translator visible since the resistance to basic TL grammar reveals the materiality of the translation process itself, as described by Venuti in "The Translator's Invisibility" (190). This potentially distances the target audience as a result of perceived translation incompetence, disrupting functionality.
Next the translator shifts strategy in the word choice of "CEO", instead of using an available cognate, revealing an attempt at a domestication strategy. However, the application of domestication theory is incomplete, as the address is inverted: in all PTs, the letter is to the reader, not from the author, as shown in table 3. In summary, as a result of basic mistranslations, mismatched domestication strategies, and incomplete attempts at functionalism, this three-word sentence becomes extremely informative in study.



Table 3 GPA Source Text and Translated Text Pro Forma
Text type
Text
Notes
ST in Portuguese
Mensagem da Presidência
Gloss: "Message of /from the Presidency"
TT in English
Message of CEO
Omission of article, mistranslation of "from" to "of". "CEO" demonstrates intent to domesticate. Lacks linguistic equivalence.
Linguistic translation pro forma
A message from the President
Lexical translation is correct but ignores context and aspect. Lacks functional equivalence.
Domesticated translation pro forma
Letter from the CEO
Domesticated words "letter" and "CEO" are contextually and culturally appropriate in the TL based on PTs.
Functional translation pro forma
Letter to Shareholders
Cultural shift in ST concept of "from (the author)" to target cultural concept of "to (the reader)"
In comparison, the PT from Cargill Brazil uses the very similar TT title of "Message from the President" (Cargill 4), demonstrating linguistic equivalence, but neither functional equivalence nor alignment with its headquarters annual report in the same TL.
These concepts are also related to Vermeer's skopos theory on the "aim or purpose of a translation" (191), ascribing an inherent intentional action in translation, which can only be situationally defined according to the target audience. This is relevant to annual reports which have a predictable core target audience of investors, and a specific communicative function. As management letters are fairly standardized, PTs can be studied to determine skopos possibilities. Table 4 examples illustrate the key functional aspect in engaging the reader in the first line of the letter. PTs initiate the letters with messages of inspiration, but GPA's TT is linguistically equivalent to the ST but is not a functional translation in terms of the skopos defined by the PTs.
Table 4 Management Letter Opening Statements
The year 2012 was one of important achievements and consolidation.
GPA (11)

This is my first time to write to you in my new role, so I want to take this opportunity to tell you how honored I am to lead this exceptional global enterprise.
Best Buy
We begin our 130th anniversary year with confidence.
Kroger (1)
We made significant process in 2012 and are excited by the opportunities ahead.
Safeway (2)
Almost 50 years ago, Sam Walton started Walmart with a single store …
Walmart (3)
In fiscal 2012, SUPERVALU embraced the vision of become America's Neighborhood Grocer.
Supervalu (1)
We made significant progress in 2012 and are excited by the opportunities ahead.
Safeway (2)

The introduction is a subtle way of influencing target audience response, which is absent in the ST likely due to a different function. Reiss describes that the TL content may be replaced to achieve the intended function (170), and if the ST and TT diverge in function, then the translator must address not the objective of for whom the text is written, but the objective for which the text is translated (170).
Reiss' theory of operative texts (163) would imply a more inspirational introduction, and GPA's underlying performance is in full possession of all the elements, but does not employ them. In "Measuring and Assessing Tone at the Top Using Annual Report CEO Letters", Amernic, Craig, and Tourish validate the critical psychological impact on the reader (25). GPA is missing this opportunity because of a misguided linguistic translation strategy, instead of employing functionalist strategies to ensure a communicative function. Reiss addresses this in saying that "[t]he psychological mechanisms of the use of persuasive language should be adapted to the needs of the new language community" (168). Indeed, this is governed by TL culture. For example, annual report letters in France are more vague in nature, but with charming and seductive qualities (Amernic, Craig, and Tourish 32).
The translation of annual reports carries the primary objective of attracting investors across linguistic borders. Its communicative stakes are high, but in practice are constrained by misconceptions of linguistic translation strategies as being more capable of faithfulness to this quantitative and regulated genre. However, communicative equivalence is determined by the target audience, and to achieve its objective in the new cultural context, functionalism must be employed. The GPA company illustrates a nescient reliance on linguistic equivalence, with inconsistent domestication strategies limited to the lexical level. Moreover, erroneous application of linguistic equivalence compromises the objective. Although the GPA English translation exhibits an intention to domesticate the text, and there is a clear inherent style and functional objective to the text genre, GPA fails in achieving functional equivalence in translation. In this new era of globalization, it is concluded that business translators must employ PTs in the TL culture to guide the functional translation necessary to achieve the objective of the TT.


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