The bullshit market knows only one phase: the bull phase. So it is no surprise that 2012 turned out to be yet another bumper year for guff, cliché, euphemism and verbal stupidity.

There are so many prizes to award in my latest Golden Flannel Awards that I am axing my usual preamble and getting straight down to the business of giving out the gongs.

The big news is that I’ve decided to supplement the prizes for bull with an award for COC. This stands for Chief Obfuscation Champion, and is open to big-name chief executives. When I conceived this award a few months ago, I promised it to Angela Ahrendts for writing in her annual report: “In the wholesale channel, Burberry exited doors not aligned with brand status and invested in presentation through both enhanced assortments and dedicated, customised real estate in key doors.”