BCE Inc. has been forced to shred 700,000 copies of its 2001 annual report due to errors according to a report in today’s Globe and Mail.

The report was slated to be mailed to shareholders this week, but the entire print run had to be shredded.

The company said the report contained errors in its editorial and financial sections.

A company spokesperson would not comment on whether the errors dealt with Teleglobe, BCE’s international telecommunications subsidiary. Debt ratings agencies downgraded Teleglobe’s rating this week and BCE said it may restructure the money-losing subsidiary’s heavy debt load.

The botched annual report leaves BCE scrambling to print new ones. . BCE’s annual meeting is set for May 29 in Montreal, and securities law requires companies to mail their reports a month prior to their annual meetings.