In Cuenca v. Safeway San Francisco Employees Fed. Credit Union (1986) 180 Cal. App. 3d 985, the defendant corporation had initiated an investigation into improprieties allegedly committed by one of its managers and issued a written report. The report was distributed to the board of directors at a meeting, marked "'ABSOLUTELY PERSONAL AND CONFIDENTIAL,'" and after the meeting, all copies were collected and locked up. (Id. at p. 991.) The court held that the report to the board of directors under those circumstances was privileged as a communication to interested parties, emphasizing that "publication of the report was limited to members of the supervisory committee for their approval and to members of the board of directors. . . . Clearly the charges contained in the written report and apparently repeated in oral statements were all directly relevant to plaintiff's fitness as manger of defendant and as such were matters of direct interest to defendant's supervisory committee, its auditor and its board of directors." (Id. at p. 996.)