REALITY AND EXCITEMENT – CHAIRMAN’S LETTER | CONFERENCE 2013 – A MASTERCLASS IN IR INFORMED
THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 77 WINTER 2012/2013
PROFESSIONAL DEVELOPMENT: IRO BRIEFING
A special feature on career priorities and key issues for 2013
IR SOCIETY ANNUAL DINNER & BEST PRACTICE AWARDS 2012 A full report on the November event, with details of award-winners and photos
PLUS • ‘London calling...’ by John Gollifer • ‘Farewell to IR – 26 years on’ by Michael Mitchell www.irs.org.uk The Investor Relations Society 27th ANNUAL CONFERENCE
An international MASTERCLASS in IR
Tuesday 18th June 2013 Kings Place, 90 York Way, London N1 9AG
Conference sponsor A world-class panel of speakers will explore best practice internationally and examine what is required to reach the top in investor relations. Don’t miss out – save the date now! To find out more visit www.irs.org.uk
promoting excellence in investor relations INFORMED WINTER 2012/13
CONTENTS
4 CHAIRMAN’S LETTER 30 PROFESSIONAL A sense of reality and excitement DEVELOPMENT: John Dawson, IR Society chairman IRO BRIEFING
5 NEWS FROM THE SOCIETY As the IR industry contemplates an active 2013, The awards dinner – spectacular we look at the crucial career factors facing IR Craighead recognised as industry pioneer professionals in the year ahead. Member survey shows positive trends (page 7) New IR Society members (page 9) Certificate in Investor Relations – passes (page 9) 31 The changing role of an IRO Gillian Karran-Cumberlege, Fidelio Partners
6 A PERSONAL VIEW 34 The art of communication London calling... Karen Keyes, independent IR consultant John Gollifer, IR Society 36 Assessing the IR job market Andrea Abbate, EMR 8 A VALEDICTORY Farewell to IR – 26 years on Michael Mitchell, IR Society 38 ONLINE REPORTING The value of online reporting: what companies think Simon Harper, global3digital 11 INDUSTRY NEWS Selected recent IR industry developments: Government’s response to the Kay review – and more 42 COURSES Professional development dates for 2013
44 A PHOTOGRAPHIC LONDON TOUR 14 IR SOCIETY ANNUAL DINNER An IR Society networking evening based around a photography tour of London & BEST PRACTICE AWARDS 2012 A 16-page report on the November 46 EVENTS awards and annual dinner – with photos IR Society dates for 2013 15 The awards and the judging panel An overview of the awards ceremony 47 IR SERVICE PROVIDERS DIRECTORY Award-winners – photos and background 18 Find help in this listing of IR service providers Details of the winners and judges’ comments
28 Dining and networking – photos A selection of images from the night 50 IR SOCIETY BOARD Names, roles and email addresses
IR SOCIETY 3 INFORMED
CHAIRMAN’S The Investor Relations Society Bedford House, 3 Bedford Street, LETTER London, WC2E 9HD Tel: 020 7379 1763 Fax: 020 7240 1320 www.irs.org.uk A sense of THE MANAGEMENT TEAM reality and John Gollifer General manager [email protected] excitement
Alina Ardeleanu Financial controller I wrote a year ago of cautious optimism. Perhaps I should strike a similar tone again [email protected] as we look to 2013. As far as the macroeconomic outlook is concerned, the Bank of Robert Dann England has recently warned of a period of persistently low growth. Just a month Head of marketing back, as I write, we appeared to be ready to bask in the afterglow of post-Olympic [email protected] 2012 growth. Perhaps at the end of it all, 2012 will ultimately show UK Plc did Laura Hayter grow. I’m equally sure that 2013 will be another hard slog with the same false dawns Head of professional development and green shoots of recovery that we have seen for a number of years now. [email protected] What’s there to be optimistic about? Well corporate balance sheets remain strong Richard Knight despite some recent earnings disappointments and subdued outlook guidance – Head of policy and membership consistent with the above views – and quantitative easing is keeping interest rates [email protected] down albeit at the cost of inflation, pension returns and capital growth. Dipty Patel Moreover, when I look at the state of our industry and the role that the IR Society Head of conference and events is playing, I think we can be proud of where we are. Our membership stands at just [email protected] over 650 – very healthy on historic measures – and with a steady outlook of growth, both domestic and international. Providing exceptional value to our members is key THE OFFICE HOLDERS to this. We plan to build on an already engaging calendar of professional John Dawson development courses, conferences and other networking opportunities throughout Chairman the new year. The IR Society has also been a constant and active participant in [email protected] public consultations that potentially affect the way we do IR. We are effectively Karen Keyes producing a position on main issues on a monthly basis with some of our Deputy chairman [email protected] recommendations, on investor stewardship and proxy advisory, for example, becoming part of the wider debate. Ultimately our efforts are being reflected in Ian Arnold Government and regulatory policy. We have a voice that is increasingly being heard. Treasurer [email protected] I would like to thank you all for your contribution to the Society as without you, we cannot possibly grow. This year’s annual Best Practice Awards dinner reminded Hazel Jarvis me what a close and energetic community we are. While the seriousness of Company secretary [email protected] establishing credible awards that companies and IROs aspire to win cannot be underestimated, we should also take the opportunity to look back and ask ourselves For a full list of the IR Society board and the committee chairs, see last editorial page. what else we can do to set ourselves apart as the bona fide industry benchmark. This leads me to look forward to 2013 with enormous excitement as we stand on INFORMED the cusp of building further on a great base established at Bedford Street, home of course to the IR Society. Mike Mitchell and the executive team have done us proud Libby Wimble and I take this opportunity on behalf of all of you, to thank Mike for his immense Publishing assistant [email protected] contribution and stewardship over the years. At the same time, I welcome John Gollifer and I’m sure we will all get behind him to make our Society larger and even Alex Murray more vibrant. ■ Publisher [email protected]
Informed is published on behalf of the IR Society by: Silverdart Publishing Tel: +44 (0)1285 831 789 JOHN DAWSON www.silverdart.co.uk
Editorial enquiries can be addressed either to John Gollifer or to Alex Murray. Views expressed in this publication are not We wish our members and readers the compliments necessarily those of the Society. © 2012 IR Society. of the season and a Happy New Year. We look forward to a successful 2013 working with you.
4 IR SOCIETY WINTER 2012/13 SOCIETY NEWS
The awards dinner – spectacular
The IR Society’s 2012 annual dinner and Best Practice awards were held on 20 November in the unique setting of a purpose-built pavilion alongside the Tower of London, just above the dungeons. awards. These included 13 self-entry to keep the full attention of a lively Entering the cavernous pavilion, one awards covering best communication crowd, even for a former politician. The was immediately taken by the subtle and, for the first time, five voted awards result was a fine balance between the lighting and sound of jazz that magically for those individuals and companies that seriousness of the business at hand and a transported one to a twilight setting in the have excelled in IR. Also the Fellowship rousing year-end party that was roaring twenties. Spectacular indeed for award was presented (see below). thoroughly deserved and enjoyed by up to 450 IR professionals and guests! The compere, Michael Portillo, the everyone. The evening was the culmination of broadcaster, writer and former secretary For a full report on the awards, much work over the past year on the part of state for defence, romped through the including details of award winners and of the industry and a celebration of best evening’s proceedings with much the sponsors of each award, see page 16. practice across two main categories of humour, warmth and aplomb. It’s not easy For photos of the evening, see page 28. ■
It was in 2005 and South America. This success in what is Craighead recognised that he conceived seen as an industry benchmark for as industry pioneer the idea of an professional development is a fitting accreditation for the testimony to the vision and determination The IR Society has presented its second IR industry and of Craighead to see his innovative idea Fellowship award to Raghnall Craighead. developed what was through from conception to delivery. The award recognises individuals who have to become the Raghnall Craighead IR Society chairman John Dawson said: made a significant contribution to the Certificate in Investor “Raghnall has been a major driving force development of the investor relations Relations (CIR). This foundation course behind the success of the Certificate in profession. covers all the essential elements that a Investor Relations and a longstanding An IRO, Craighead has been associated budding IRO needs to master in order to chairman of the Examinations Board of the with the IR society for a long time having become effective in his or her role. IR Society – delivering demonstrable joined over 20 years ago. He has served on Today over 550 students worldwide have enhancement to both IR as a profession and the Society’s board and has been a achieved the CIR and the number of the Society as a whole. The certificate has principal contributor to our professional participants is increasing every year with reinforced the position of the UK and the IR development courses and events. interest coming from as far as Africa, Asia Society as a standard setter in IR.” ■
DELIVERING INDEPENDENT INSIGHT
[email protected] +44 (0) 20 7427 1574 www.investorperceptions.com 85 Fleet Street London EC4Y 1AE A PERSONAL VIEW INFORMED
London calling...
In his first column for Informed, new general manager John Gollifer is optimistic about the future of the Society and of investor relations – especially as the London markets have so much to offer.
I am barely a month into the job as I write programme for many years now. A personal this, I am loving it and I believe that I have reflection of this professionalism is the fact John Gollifer is general manager of already met over 100 of our members. We that my introduction to the Society has been The Investor Relations Society. have also asked for the views of our whole the first time in a very long time that I have [email protected] membership of just over 650 through the IR had a proper and thorough induction into Society’s annual survey so a big thank you what my new employer stands for and how to all those who responded. I hear the we go about our business. I’ve thoroughly certainly more potential members of our returns were larger than normal which is enjoyed hitting the ground running as I Society here in London, the UK and possibly most heartening. We have included a believe it’s the only way to go and I intend further afield. They would all add to the snapshot of the survey results and feedback to continue that way. vibrancy of our Society. in the story opposite. We have a good membership base and it In the New Year, I expect to be meeting could be larger. You can certainly help Rich tapestry all of you, if I haven’t already done so at one through word of mouth. We have a great We just need to look at the number of listed of our 2012 events, listening to what you programme of events. Can we do more or companies on the London Stock Exchange. want from your membership and seeing if some of it differently? A small example We all work with many other professions together we can do more with our Society. perhaps, I like the photo montage shown in and intermediaries, be they advisers, My first impressions are of a well- this issue of our members’ recent trip around bankers, brokers or service providers who grounded organisation that works hard for London. We are an integral part of a make up the rich tapestry of our industry. you. Mike and the team at Bedford Street beautiful city, the leading, international There are other related communities, like have provided a sound structure with good financial centre, so how do we ensure that private equity who have an early view of people and processes in place that have we continue to be recognised and heard where companies are likely to go, public or delivered a consistent and compelling where and when it counts? There are not. Some corporate functions cross over into investor relations, including company secretary, communications, finance, marketing and strategy colleagues. We may start addressing Human Resources teams to see if we can tap their budgets on behalf of our other corporate colleagues so if you have any ideas along these lines, I would be very interested to hear from you. How about students and new graduates who may want a helpful start to a career in our industry but have no idea what IR is and that you can carve out a whole career in this space? Do read the fascinating perspectives from experienced IROs in this issue. We can also look outside London. Some of you have offices and clients elsewhere in the UK so there’s no reason why we cannot explore where a critical mass of new members may reside. I also know from my time in Asia that developing markets, like the ones in Southeast Asia, are embracing IR. We already offer our Certificate in IR (CIR) to Hong Kong, Malaysia and Singapore. Are there other developing markets that need a
6 IR SOCIETY WINTER 2012/13 A PERSONAL VIEW / SOCIETY NEWS
good foundation from which to build their larger one. Moreover, when you are working own IR industries? There’s something so hard, it is easy to forget London’s We have delivered the CIR to Russia for a ‘ wonderful global appeal in art, music, sport number of years and we are now receiving special about London and theatre. It’s one great city to be in, I enquiries from Africa and South America. assure you. Why not provide our services to these new that will always serve Looking ahead to 2013, I’m really excited markets and possibly gain new insights, about the prospects of working with all our friends and members? members to grow the Society. We need to it well and position find ways to make more of what already Something special seems to be a full working day by adding to There’s something special about London that this fine city as the or perhaps re-thinking what we currently do will always serve it well and position this and the way we do it. Of course we all want fine city as the leading, international leading, international more and why not? It would be encouraging marketplace. A location that straddles the to believe that we can take the Society to a main market time zones between the East marketplace broader audience too. Before we do that, and West is a useful starting point. Add to ’ let’s enjoy our year end, take time to step that a long and illustrious history of back, take a good look at ourselves and be openness, innovation and a pragmatic ready to embrace our industry. approach to operating markets. Based on that they have maintained their use of Let me end by offering my personal sound principles, London is understood and English as the business language and thanks to Mike for his generosity of time and easily followed by other markets and retained similar legal systems and key spirit. On behalf of all of us, I wish Mike international participants. institutions. They too have a natural and his family much happiness in the future. It is no coincidence that many inclination and healthy aspiration to be an Here’s to all of you. I wish you a Merry Commonwealth markets follow suit given international marketplace or at least part of a Christmas and Happy New Year. ■
Member survey shows positive trends
The Society conducted its annual areas that we will be working hard to IROs continue to face challenges in membership survey in early November and improve on even further in 2013. prioritising management time with we were delighted to receive our highest There was also a general consensus on investors and in accessing institutional ever level of response from members, 146 the areas that should constitute the investors, while both IROs and service returns. Society’s main priorities for content in the providers see challenges in the year ahead We are well into the process of year ahead: corporate governance and in understanding changes to narrative identifying the Society’s priorities and stewardship both scored highly in this reporting requirements and regulatory planning our programme of events and category, as did quality of shareholder ID changes. activities for 2013, and the information and pensions and remuneration. There is also room for cautious optimism gathered through the membership survey In terms of the challenges for the year with almost 30% of IR departments, and will form a vital part of this process. ahead, it seems that there is work to be almost half of service provider companies, A real highlight of the survey for us was done at the very top of the profession, with showing an increase in personnel levels that over 96% of respondents would topics such as ‘convincing management of over the last 12 months. This trend has also recommend IR Society membership to a the importance of IR’ and ‘securing been reflected in membership levels with friend or colleague, so that gives us a strong adequate budget for IR activities’ both the Society’s membership at its highest ever foundation to build from. being cited as areas for attention. level of 650 members and we look forward The main benefits of membership for to working with you all to build on this in both service providers and in-house IR 2013. practitioners are clear – staying informed Finally, we would like to thank everyone through courses and events, access to Almost 30% of IR who took part and to congratulate our prize information through Informed, the Bulletin ‘ draw winners (drawn at random from all and the website, and keeping in touch and departments... show entries received): Steve Hornbuckle from connected through our range of networking SThree who wins the Fortnum & Mason opportunities. Christmas hamper, and Dafne Sanac from Your feedback on how well we are an increase in Balfour Beatty and Lili Huang from William delivering against these key criteria fell Hill, who both win a bottle of champagne. predominantly into the ‘good’ and personnel levels For photos of the Best Practice awards ‘excellent’ categories, but these are all ’ evening, see page 28. ■
IR SOCIETY 7 A VALEDICTORY INFORMED
Farewell to IR – 26 years on
To mark his last issue of Informed as general manager, Michael Mitchell outlines the path his IR career has taken over 26 years – from taking on a little-known function in a major company, through huge technology and market changes to the professional industry IR is today.
s I hand over the reins at the IR Society hired to fly me up to Newcastle to visit the Aafter six very enjoyable and stimulating first US style shopping mall in the UK! FAREWELL TO IR years it is perhaps appropriate to look back at My time in IR has been eventful to say the some of the highs and lows of my career in least, working with some very high profile • Good planning is an important skill investor relations. In 1986 I was asked to set chief executives whose inspiration was for an IR professional to develop. up an IR department at the Burton Group. Big sometimes challenging. At Burton, Ralph • The author’s favourite film is Planes, bang had just taken place and all the major Halpern was a tremendous retailer but a very Trains & Automobiles. US banks had arrived in London with their pernickety traveller. I remember the • ‘Beware of investment bankers cheque books to waken the sleepy Brits out crestfallen look on the Credit Suisse broker bearing gifts’. of their cosy world of stockbroking. It was a who had booked us into the best hotel in great time to be learning about IR as almost Geneva only to have it dismissed as ‘run by everybody else was learning too! Most Rocco Forte’! Gerald Ratner, as many will people had never heard of IR – ‘industrial remember, sometimes let his sense of relations – oh that must be challenging’ was humour get the better of him. But the a frequent comment or ‘what do you do for analysts loved him, joking and drinking and It was a great time your main job?’ was another. even arm wrestling with him in the bar the ‘ When I started in IR it was still acceptable night before a presentation! to have a cosy lunch in the City with a to be learning friendly broker and a few of his best clients. More serious One could judge the success of the meeting Of course things have changed a bit since I about IR as almost by the movement in the share price by the started. Everyone is much more serious time you got back to the office. The sell side about what they say. And technology has everybody else was were equally generous with their hospitality moved on too. In the early days of e-mail we and had budgets to match; I remember one used to have to ring up and tell the recipient learning too! of my early trips when a light plane was we were sending something with an ’ attachment. Others of my generation will remember the dreaded 35mm slides which had to be prepared the night before the results presentation. If the FD wanted to your time. Airport security was virtually non- make a last minute change a whole army of existent. You could literally run onto an technicians had to work through the night to internal flight to Boston and buy your ticket deliver the slide at 6.00am the next morning. on the plane, although the engines were And I used to sleep with the press releases in sometimes a bit wonky. I did once spend my room so that they could be delivered by four hours on the tarmac at La Guardia hand to the newspapers at 7.00am. airport as a massive electrical storm surged Preparation for results was hard work. We round. Even travel-hardened Americans were rarely got to bed before the early hours. My pleading to get off. most disappointing night was when I only Good planning is also an important skill to managed to spend two hours in a most develop. We once lost our finance director in wonderful room in the Savoy Hotel. New England because the taxi driver didn’t Something else that has changed over 26 actually know where he was going. My years, unfortunately for the worse, is travel. favourite film is Planes, Trains & Automobiles Concorde is no more – that really was a for the scene where Steve Martin is Michael Mitchell is the outgoing special experience, but it did make for a very desperately trying to finish his meeting in general manager of the IR Society long day in New York as you had to put in New York to get the last plane out. I’ve [email protected] eight hours of meetings starting at 2.00pm certainly been there and done that!
8 IR SOCIETY WINTER 2012/13 A VALEDICTORY / SOCIETY NEWS
Carefully crafted And embarrassing moments – well I remember the conference call in New York which was being beamed out across the States to our friendly broker’s sales team. After our CEO had delivered my carefully crafted six-minute speech there was a deathly silence as we got to questions. Was there anyone out there? And then an ethereal voice asked plaintively ‘Could you tell us the name of the company?’ I just wanted to bore a hole in the floor and disappear! And the verdict overall? It’s been fun – most of the time that is. You never know what is coming round the corner. My best advice to those starting off in IR now is ‘beware of investment bankers bearing gifts’ – whether it is free investor road shows or M&A deals that you really can’t miss. The Bedford Street team – from left to right: Richard Knight, Alina Ardeleanu, Michael Mitchell, When I left IR for a couple of years I Dipty Patel, Laura Hayter and Robert Dann. really missed being at the heart of things. It’s a great job to have in any organisation and one that you can make as much of as you want. social media as I am still not sure how the with new ideas to develop with John What of the next few decades? idea will play out for IR professionals. Gollifer as general manager. Technology will undoubtedly change the And the IR Society? I am delighted that I have made so many friends in IR, way we work. Companies will still exist and we now have more members than ever. I particularly in the last six years, and I hope investors will still want to make money. I have been assisted by a fantastic team at to keep in touch with as many of you as await my Damascus Road conversion to Bedford Street who I know are bubbling possible in the future. ■
CERTIFICATE IN INVESTOR RELATIONS – PASSES NEW MEMBERS
The IR Society congratulates the Sergey Klinkov – IRFR - Russia The IR Society is pleased to welcome following candidates who passed the Irina Kosovskaya – IRFR - Russia the following new members (up to Certificate in Investor Relations (CIR) to Darya Kuznetsova – IRFR - Russia mid-November 2012): end-November 2012: Anna Luk – Emperor Group Binh Nguyen – Vina Capital David Cramer – Independent Shariq Arif – SES Ngozi Offonry – Tulchan James Etherington – Ecobank Renate Birkeli – Algeta Communications Stine Jensen – MerchantCantos Vanessa Cardonnel – Nord Anglia Debashree Sakar – Essar Energy Valerie Jones – GE Healthcare Educations Ho Sau Yi – Independent Richard Joyce – Reckitt Benckiser David Dropsey – Vina Capital Aleksandr Sazonov – IRFR - Russia Group Karin Eklund – Shared Value Vanessa Shaw – Independent Tom Kiehn – M:Communications Abigail Genis – Broker Profile Marina Simonova – IRFR - Russia Pauline Mulder – AkzoNobel Charles Gorman – Corporate Governance Sophie Rozwadowski – Lloyds Banking Ltd Group Isabel Green – InterContinental Hotels Sylvia Smith – SFM Traduction Group The CIR is the UK’s foundation- Ivar Smits – AkzoNobel Kim Gunthorp – Smith & Nephew level professional qualification Sheryl Stokes – AkzoNobel Chris Gurney – Barclays for IR practitioners, and has been updated to include recent Jamie Hastings – Serco Group For information on membership Sejal Ierland – BAE Systems changes in law and regulation. For further information, please benefits and to join the IR Society Elena Ivanova – IRFR - Russia contact Laura Hayter – please contact Richard Knight: Suzanne Johnson-Walsh – InvestorRelate [email protected] [email protected] or visit Max Khindria – Media Tree www.irs.org.uk
IR SOCIETY 9 Celebrating10 years of delivery of the highest quality Investor Relations services to IR professionals across the world richard davies : investor relations
share register analysis : global shareholder ID : daily stock monitoring : register movement analysis : proxy solicitation : peer group analysis : investor targeting and profiling : financial market research : market sentiment surveys : IR CRM : strategic IR programmes : IR consultancy : M&A advice : bespoke financial research : GDR ownership analysis : IR performance measurement : asset allocation studies : share register analysis : global shareholder ID : daily stock monitoring : register movement analysis : proxy solicitation : peer group analysis : investor targeting and profiling : financial market research : market sentiment surveys : IR CRM : strategic IR programmes : IR consultancy : M&A advice : bespoke financial research : GDR ownership analysis : IR performance measurement : asset allocation studies : share register analysis : global shareholder ID : daily stock monitoring : register movement analysis : proxy solicitation : peer group analysis : investor targeting and profiling : financial market research : market sentiment surveys : IR CRM : strategic IR programmes : IR consultancy : M&A advice : bespoke financial research : GDR ownership analysis : IR performance measurement : asset allocation studies : share register analysis :
To find out more about us please visit www.rdir.com a Bridewell Gate, 9 Bridewell Place, London EC4V 6AW t +44 20 7492 0500 e [email protected] WINTER 2012/13 INDUSTRY NEWS
Government’s response to the Kay review
As we went to print, the government Many of the recommendations in the published its response to the Kay review of report endorse what should already be best equity markets and endorsed the practice for IR professionals but Kay’s recommendations of the report (see statement that: ‘Company directors are Informed, issue 76). All IR professionals stewards of the assets and operations of their should take time to read the report and the business. The duties of company directors are government’s response. Professor Kay to the company, not its share price, and highlights a number of shortcomings in the companies should develop relationships with investment process. It is perhaps a sign of investors, rather than with “the market”’may Industry news briefing how far standards have fallen that Kay feels it raise eyebrows in some boardrooms. Selected key issues for IROs necessary to state that: ‘All participants in the Everyone should read the Good Practice equity investment chain should act, in good Statements, particularly that for company faith, in the best long-term interests of their directors (Annex A to the BIS response). Also clients or beneficiaries, and In line with the of interest to IROs is Kay’s recommendation between companies and investors which generally prevailing standards of decent 6, ‘Companies should seek to disengage allow companies to disclose information in behaviour.’ from the process of managing short term the context of an understanding of long-term earnings expectations’, which has been strategy. added to the Good Practice Statement. IROs should also be aware that the The duties of The government response notes that this government endorses Kay’s recommendation ‘ does not mean ‘that companies should not that: ‘An investors forum should be meet their obligations to disclose relevant established to facilitate collective company directors information to investors or the market’. engagement by investors in UK companies’ Kay highlights the incentives on sell-side and the proposal that ‘companies should are to the analysts to anticipate and interpret company consult their major long term shareholders statements in a way which promotes short- over board appointments’. Also of interest is company, not its term trading in a company’s shares rather the recommendation that ‘All income from than an understanding of the fundamentals stock lending should be disclosed and share price, and of the company, and the incentives on rebated to investors’. investors with short-term performance targets As recommended by Kay, the government companies should to react to such analysis rather than focus on supports the removal of mandatory IMS the company’s ability to generate value over (quarterly reporting) which has also been the long term. proposed by the European Commission. develop He argues this puts pressure on companies The government does not wholeheartedly to manage the short-term expectations of the endorse Kay’s recommendation that ‘long relationships with market, rather than sharing their long-term term performance incentives should be vision for the company. He suggests these provided only in the form of company shares investors incentives can only be overcome by to be held at least until after the executive ’ developing relationships based on trust has retired from the business’, rather leaving this as an idea ‘which companies should actively consider’. These are testing times and we are at a SOCIETY WELCOMES STEWARDSHIP CONSULTATION critical juncture for our industry. One aspect that becomes increasingly clear is that it is The Investor Relations Society has by the 2020 Investor Stewardship incumbent upon IROs to step up and fill the welcomed the publication of the Working Party and the Institute of perceived gap between companies and consultation into ways to improve Chartered Secretaries and Administrators investors. We should all welcome the communications between investors and (ICSA), and we encourage all those opportunity to improve on our best practices companies. John Dawson, the Society involved in the investor relations process in investor engagement and to find ways to chairman, said: ‘Excellent two-way to take part in the consultation. The UK is address any shortcomings. Indeed, the IR communication between companies and the leader in investor relations and this is Society recently established its own ‘IR investors is fundamental to improving an opportunity for us to continue to be at Forum’ to meet and discuss current issues stewardship. We welcome this initiative the forefront of good practice’. with our counterparts on the investor side of the industry. We aim to build on this in 2013.
IR SOCIETY 11 INDUSTRY NEWS INFORMED
Society chairman John Dawson, FTSE 100 DIRECTORS’ PAY GROWTH SLOWS comments: “Excellent two-way communication between companies and A Thomson Reuters/Incomes Data awards means that their total earnings investors is fundamental to improving Services report has shown that basic have still increased markedly, up 10% stewardship. We will continue to respond in pay and bonus growth for FTSE-100 at the median. a practical and pragmatic way as we directors has slowed, almost to a halt, The payment of some high incentives continue to play a key role in overcoming the over the last year, with salaries pushed the average rise even higher to scepticism associated with equity market matching inflation and bonuses down 27%. on the previous year. The median total earnings of FTSE short-termism.” However a big rise in the value of 100 CEOs was £3.2 million, while the vested long term incentive plans (LTIPs) average was £4 million. Narrative reporting
BIS have published draft regulations on ‘The Future of Narrative Reporting: A new Class three transactions are proposing setting a threshold at which a structure for Narrative Reporting in the UK’. Class three transactions have been abolished controlling shareholder is deemed to exist at The key development is that the new as of 1 October. This is one of the changes 30% and as set out in LR 9.2.2AR, these regulations create a separate strategic report made by the Financial Services Authority to would be applicable to all existing listed to replace the business review. BIS state that the listing, prospectus, disclosure and issuers as a continuing obligation from the they remove some reporting obligations from transparency rules following a consultation time the rules come into force. all companies and will require quoted paper which the IR Society responded to We think it likely this will affect a number companies to make some additional ones but earlier this year. Other key changes include of listed companies if they have a controlling that overall there is no net burden to the requirement for supplementary circulars shareholder. The FSA believe that by companies from these changes. The to be sent if there are material changes or introducing the concept of a ‘controlling proposals will require companies to produce material new matter following a previous shareholder’ and requiring an agreement to a strategic report similar to the business circular sent and changes to class one be put in place to regulate the relationship review and to report on gender splits within disclosure of risk factors to avoid over between such a shareholder and the listed the board and company, while removing disclosure of generic risk. In addition, the company that ‘these proposals will some current reporting requirements. requirement for a transaction to be of a strengthen the investor protections afforded The IR Society believes that these draft revenue nature as well as being in the by the Listing Regime, particularly for regulations update legislation to where best ordinary course of business for it to be companies with controlling shareholders’. practice in reporting currently lies and we outside the scope of LR11 has been deleted. We will be taking part in the consultation on are, notwithstanding our expressed caveats, Meanwhile, the FSA has published a new the proposed new changes. supportive of them. consultation paper on enhancing the The regulations will come into force in effectiveness of the Listing Regime and Thinking about disclosures October 2013. This means that companies feedback on the consultation to which the with reporting years ending after October Society responded to earlier in the year. Meanwhile, the Financial Reporting Council next year will be expected to prepare their We have started looking through the (FRC) has published its own discussion paper annual report in line with the new proposed changes and will be responding. on reporting – Thinking about disclosures in regulations. See www.bis.gov.uk. One interesting nugget so far is that the FSA a broader context. Overall it is concerned with the development of a disclosure framework for financial reporting with the objective of providing investors with IR SOCIETY RESPONDS TO TAKEOVER PANEL ON CODE information to make their resource allocation decisions and assessing management’s The IR Society has submitted its response profit forecasts - as this is a key issue for stewardship. See www.frc.org.uk. to The Takeover Panel on profit forecasts investor relations professionals. and other amendments to The Takeover However, the Society raises concerns From FSA to FCA Code. In the response, the Society states that consensus compiling does not always that overall, it is in agreement with the meet the expressed requirements of Rule Ahead of the new regulatory environment broad thrust of the paper and considers 19.1 – and also that this is not obviously in the UK next year, the Financial Services that the proposed amendments to the recognised in the consultation paper. Authority (FSA) has published a new provisions of the code relating to profit The Society believes that the document entitled Journey to the FCA, forecasts, merger benefits statements and advantages of companies publishing setting out the operational objectives of material changes in information independently (through an accredited the new Financial Conduct Authority previously published during an offer provider) or self-collated (verifiable) (FCA). period will – in general - serve to consensus on their websites should be This is a really useful document that strengthen the existing code. considered by the code committee and people might want to retain – it can be The Society also states its support for the the panel. downloaded from the FSA website: role of Rule 28 in conferring credibility to See www.thetakeoverpanel.org.uk. www.fsa.gov.uk/static/pubs/ other/journey-to- the-fca-standard.pdf ■
12 IR SOCIETY
AWARDS / DINNER INFORMED 2012 IR SOCIETY ANNUAL DINNER & BEST PRACTICE AWARDS
In the following pages, we highlight the award-winners in the successful IR Best Practice Awards event, held on 20 November at the Tower of London.
The awards and the Award-winners – photos Dining and networking – judging panel and background photos Page 15 page 18 page 28
We are very grateful to the event sponsors
14 IR SOCIETY WINTER 2012/13 AWARDS / DINNER
John Dawson, chairman of the IR Society (left) and Michael Portillo, the broadcaster and former politician. Portillo hosts a successful and innovative awards dinner
The IR Society Best Practice Awards 2012 were held at The Pavilion at the Tower of London on 20 November with around 450 attendees, including ‘A very entertaining IR professionals from the corporate and consultancy sectors and guests. event, with a superb he Rt Hon Michael Portillo, the meal and the awards ceremony, led by MC, impressive line- Tbroadcaster, writer and former Portillo – and finished with a disco, Conservative cabinet minister, was the themed photo booth and nightcaps in the host of the IR Society's Best Practice reception bar. up of guests, great awards ceremony and annual dinner at IR Society chairman John Dawson the end of November. opened the formal proceedings of the catering and a The event proved to be a huge success, dinner by welcoming members and with the 'Guys and Dolls' of the IR world guests and describing the background to fabulous 1920s enjoying the 1920s-themed events in the the event – the challenges faced by Pavilion at the Tower of London, which difficult market conditions, slow setting. It has become sits close to the walls of the Tower itself. economies around the world and The 'Great Gatsby' was the design continuing regulatory changes. However an annual highlight concept for the annual dinner and he noted that the Society was in excellent awards, which recognised those shape for the future, with an expanding for us and our companies that are leading the way in membership base, and he paid tribute to communicating with investors, both in the outgoing Society general manager print and online. Michael Mitchell. guests... Around 450 IR professionals gathered Portillo took the stage to deliver a series ’ for this highlight of the IR calendar, which of amusing and often self-deprecatory began with a champagne reception, anecdotes about his political and followed by a sumptuous three-course broadcasting life, including stories and
IR SOCIETY 15 AWARDS / DINNER INFORMED
jokes about some well-known politicians, featuring three-time winner Kingfisher, THE JUDGING PANEL such as Margaret Thatcher, with whom he are listed in the following pages of this had worked closely. section of Informed. John Dawson (chairman) – chairman of Showing his professionalism as a public The Society’s honorary Fellowship the Investor Relations Society speaker, he moved swiftly into the awards award is made to the person (Raghnall Andrew Ninian - Association of British ceremonies, introducing the winners and Craighead this year) whom the Society Insurers the awards presenters or sponsors on to wishes to recognise as having made a Liz Murrall – UK Investment the stage. very significant contribution to the Management Association development of investor relations as a David Paterson – National Association of The awards profession. This is a discretionary award, Pension Funds This year’s awards were in two main which was made with the unanimous Alison Smith – Financial Times Simon Thompson – Institute of Chartered sections: the self-entry awards, chosen by support of the IR Society board, and has Accountants in England and Wales our judging panel (see right), and the been given with a lifetime fellowship of Jemima Murray – Department for voted awards, chosen by members of the the Society. Business, Innovation and Skills Society, brokers and fund managers. It was generally agreed that a fantastic Sue Harding – FRC Financial Reporting The self-entry awards. As in previous night was had by all – and Laboratory years, these were open to all companies congratulations once again to all the that wished to demonstrate their nominees and award winners! ■ commitment to good investor relations communications. There were 218 entries and the overall standard of submissions was impressive. The IR Society has developed a robust, three-part review process. All entries were reviewed and scored against a checklist, based on the Society’s Best Practice guidelines, and the criteria, which are explained in the award winner section. The top-scoring entries for each award category were peer-reviewed by experienced in-house IR practitioners who drew up a shortlist. The winners were chosen from the shortlist by a panel of judges drawn from users of annual reports and accounts. The Society would like to thank the judges for their time and the Institute of Chartered Accountants in England and Wales for hosting the judging panel. The voted awards. This year for the first time the IR Society introduced five new voted awards for individuals and companies which recognise excellence in the field of IR. Over 100 nominations for these awards were submitted by members of the IR Society and brokers. Some 1,600 votes were cast by members of the Society, brokers and fund managers. Votes were weighted according to first, second or third preferences and the top scoring individuals and companies were published in the shortlist. The winners, The judging panel at work – the only judge not shown is Alison Smith ‘ One of the best ‘ A very big thank you for putting I have attended ’ on such a great show ’
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IR BEST PRACTICE AWARDS • THE WINNERS
Best communication of strategy, performance and Winner: Lloyds Banking Group 1 KPIs In a complex industry, Lloyds Banking Group has The judges were looking for a clear and concise statement communicated its strategy and performance of a company’s strategy and a full explanation as to how it clearly and simply in a way that allows investors will enable the company’s objectives to be achieved. They to follow their progress. also wanted to see clear linkage between strategy, performance and key performance indicators (KPIs) Lloyds Banking Group is a leading UK based throughout the annual report and how KPIs have been financial services group providing a wide range of chosen and their relevance to the business. banking and financial services, primarily in the UK, to personal and corporate customers. The main business activities are retail and commercial banking, general insurance, and life, pensions and investment provision. Services are offered through a number of well recognised brands including Lloyds TSB, Halifax, Bank of Scotland, and Scottish Widows, and a range of distribution channels including the largest branch network in the UK.
Award sponsor: World Television
(From left to right) Michael Portillo, Douglas Radcliffe of Lloyds Banking Group and Rob Jackson of World Television.
Winner: African Barrick Gold 2 Best communication of governance and risk African Barrick Gold demonstrated a The judges wanted to see a clear summary of the high degree of accountability for risk company’s corporate governance framework and evidence management and communicated a of integration of corporate governance standards clear link to the board for their throughout the business. They also looked for a clear governance. discussion of risks, highlighting those which are specific to the company’s operations. ABG is Tanzania’s largest gold producer and one of the five largest gold producers in Africa. We have four producing mines, all located in northwest Tanzania, and several exploration projects at various stages of development. We have a clear strategy of optimising, expanding and growing our high quality asset base. Maintaining our licence to operate through acting responsibly in relation to our people, the environment and the communities in which we operate is central to achieving our objectives.
(From left to right) Michael Portillo, Laura Rich and Giles Blackham of African Barrick Gold and David Christopherson of Black Sun.
18 IR SOCIETY WINTER 2012/13 AWARDS / DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
Winner: Xstrata 3 Best communication of corporate responsibility The judges believed that Xstrata managed to The judges were looking for a clear summary of the really get to the heart of what they do and how company’s corporate responsibility (CR) strategy and an they go about their operations. The key issues honest discussion of how this could impact the business. A are well flagged and easy to navigate genuine integration of this strategy into the business review throughout the annual report. and evidence that the CR strategy is embedded into the corporate culture and is ‘owned’ by the board was also Xstrata is a major producer of a range of vital commodities used in needed. Credit was given particularly to those companies everything from constructing buildings and delivering electricity, to that have addressed the difficult issues associated with developing jet engines and mobile phones. It is one of the top five doing business in their sector and how they have mitigated global producers of copper, thermal and metallurgical coal, any adverse environmental and social impacts. ferrochrome, zinc and nickel and we also produce silver, lead, platinum, gold, cobalt and vanadium. Founded in 2002 and headquartered in Switzerland, it operates in over 20 countries and employ over 70,000 people at more than 100 operations and projects around the world. www.xstrata.com
Award sponsor: IR Magazine
(From left to right) Michael Portillo, Pam Bell of Xstrata and Janet Dignan of IR magazine.
Best use of social media tools to support investor Winner: BASF 4 relations communications BASF has adopted social media to effectively The judges were looking for companies that are using social open another channel for dialogue with its media tools in a resourceful and appropriate way to investors. This appears to work well in improve their investor communications, including evidence supporting its IR communications. to show how they have developed their strategy, targeted appropriate channels and controlled the dissemination of BASF is the world’s leading chemical company: The Chemical information in a cost effective and timely way. Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success, social responsibility and environmental protection. Through science and innovation we enable our customers in almost all industries to meet the current and future needs of society. Our products and system solutions contribute to conserving resources, ensuring healthy food and nutrition and helping to improve the quality of life. We have summed up this contribution in our corporate purpose: we create chemistry for a sustainable future. BASF posted sales of about €73.5 billion in 2011 and had more than 111 ,000 employees as of the end of the year.
Award sponsor: Deutsche Bank
(From left to right) Michael Portillo, Kira Schumacher of BASF and Zafar Aziz of Deutsche Bank.
IR SOCIETY 19 AWARDS / DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
Most effective use of innovative online technology Winner: Centrica 5 within a corporate website Centrica use online This award recognises the growing importance of technology to make their technology in on-line communications. The judges were website more accessible, looking for innovation that enhances the messages; they engaging and relevant to their were not interested in technology for the sake of it. It must investor audience. have a valid purpose such as helping web users to gain a greater depth of understanding. Centrica is a top 30 FTSE100 company which secures and supplies gas and electricity for millions of homes and businesses. It offers a distinctive range of home energy solutions and low carbon products and services. Centrica operates as British Gas, Scottish Gas and Dyno in the UK, and Direct Energy in North America. The downstream businesses are supported by a substantial international exploration and production business, the UK’s main gas storage facility and gas, nuclear and renewable power generation.
Award sponsor: Orient Capital
(From left to right) Michael Portillo, Martyn Espley of Centrica and Alison Owers of Orient Capital.
Winner: ArcelorMittal 6 Best corporate website for investors - International The judges added that for this category This award recognises the leading websites of companies in BASF should be highly commended for its the category International. Key criteria include company website. ArcelorMittal, however, emerged details, financial information, news, shareholder as the best presented website with a clarity information and corporate governance. The website should and simplicity that aids navigation around the business. offer a truly engaging user experience, with clear messaging, easy access to key information, and a very ArcelorMittal is a leading steel and mining company. Guided by a transparent and simple structure. philosophy to produce safe, sustainable steel, it is the leading supplier of quality steel products in all major markets including automotive, construction, household appliances and packaging. ArcelorMittal operates in 60 countries and employs about 260,000 people worldwide. It has steelmaking operations in 20 countries and in 2011, it had revenues of $94bn and crude steel production of 91.9 million tonnes, around 6% of world steel output.
(From left to right) Michael Portillo, Ane de Larrakoetxea and Alina González of ArcelorMittal and Rupert Spiegelberg of Investis.
20 IR SOCIETY WINTER 2012/13 AWARDS / DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
Best corporate website for investors: Small Cap & Winner: Trifast 7 AIM The judges agreed that Trifast was better This award recognises the leading websites of companies in presented than its peers with more content the category –Small Cap & AIM. Key criteria include available on the home page. This made for company details, financial information, news, shareholder an easy introduction to the business. information and corporate governance. The website should offer a truly engaging user experience, with clear The business was established in 1973; with a strong focus on messaging, easy access to key information, and a very branded products, supply solutions and engineering support, today, transparent and simple structure. with 1,000 staff around the globe TR has become a leading international manufacturer and distributor of industrial fastenings and category 'C' components. It distinguishes itself from international competitors through its USP- combining six low cost manufacturing sites in Asia with a global logistics capability from locations within UK, Europe & USA and Asia; along with full technical and design support to customer engineering personnel.
(From left to right) Michael Portillo, Malcolm Diamond of Trifast and Peter Kemp of global3digital.
Winner: Go-Ahead Group 8 Best corporate website for investors: FTSE 250 Go-Ahead Group display all the This award recognises the leading websites of companies in information an investor needs and the category FTSE 250. Key criteria include company make it most accessible. details, financial information, news, shareholder information and corporate governance. The website should Go-Ahead is one of the UK's leading providers of passenger offer a truly engaging user experience, with clear transport, delivering bus and rail services to predominantly urban messaging, easy access to key information, and a very markets. Its companies are significant contributors to the UK's transparent and simple structure. public transport infrastructure. Employing around 23,000 people across the country, over one billion passenger journeys are taken on its bus and rail services each year.
Award sponsor: Financial Times
(From left to right) Michael Portillo, Catherine Robertson and Samantha Hodder of Go-Ahead Group and Darren Mitchell of the Financial Times.
IR SOCIETY 21 AWARDS / DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
Winners: British Land 9 Best corporate website for investors: FTSE 100 The judges found British Land’s This award recognises the leading websites of companies in website particularly strong across the category FTSE 100. Key criteria include company all criteria of best practice. It is details, financial information, news, shareholder well structured and allows for easy information and corporate governance. The website should access to pertinent information for investors. The use of a offer a truly engaging user experience, with clear glossary, for example, is to be encouraged for all websites. messaging, easy access to key information, and a very transparent and simple structure. British Land is one of Europe’s largest REITs and our vision is to be the best. We provide investors with access to a diverse range of property assets which we actively manage, finance and develop. We focus mainly on prime UK retail and London office properties and have a reputation for delivering industry-leading customer service. Our properties and approach attracts high-quality occupiers committed to long leases, so we can provide shareholders with security of income as well as capital growth.
Award sponsor: Financial Times
(From left to right) Michael Portillo, Sally Jones of British Land and Darren Mitchell of the Financial Times.
The most effective overall annual report (printed Winner: 10 BASF and online) - International BASF produced a winning report that This award recognises both online and printed accounts in contained much graphically presented the category of International. The annual report is still the information that was easy to navigate in both first port of call for shareholders and potential investors, online and printed versions. essential for communication between companies and their investors. With the growing importance of the website, the BASF is the world’s leading chemical company: The Chemical judges were looking for integration between the two modes. Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success, social responsibility and environmental protection. Through science and innovation we enable our customers in almost all industries to meet the current and future needs of society. Our products and system solutions contribute to conserving resources, ensuring healthy food and nutrition and helping to improve the quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF posted sales of about €73.5 billion in 2011 and had more than 111 ,000 employees as of the end of the year.
(From left to right) Michael Portillo, Kira Shumacher of BASF and Diane Faulks of Citi Depositary Receipt Services.
22 IR SOCIETY WINTER 2012/13 AWARDS / DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
The most effective overall annual report (printed Winner: Costain Group 11 and online) - Small Cap & AIM Costain Group presented a clear and easy to This award recognises both online and printed accounts in navigate report with the Remuneration the category of Small Cap & AIM. The annual report is still Committee content being a particular feature. the first port of call for shareholders and potential investors, essential for communication between companies and their Costain is one of the UK’s leading engineering solutions providers, investors. With the growing importance of the website, the with a portfolio of innovative work spanning nearly 150 years. The judges were looking for integration between the two modes. Group's core business segments are in Infrastructure (Highways, Rail and Airports), Environment (Water and Waste) and Energy & Process (Hydrocarbons & Chemicals, Nuclear process and Power). The Costain name has been associated with many world famous projects, including the Thames Barrier and the Channel Tunnel, and the Company is now heavily involved in the drive to improve the nation’s infrastructure to ensure its future success.
(From left to right) Michael Portillo, Catherine Warbrick of Costain Group and Nick Dawson of Capita Investor Relations
The most effective overall annual report (printed Winner: TelecityGroup 12 and online): FTSE 250 TelecityGroup produced a very This award recognises both online and printed accounts in impressive all round annual report that the category of FTSE 250. The annual report is still the first many other companies would do well port of call for shareholders and potential investors, to learn from. Visual aids were a well essential for communication between companies and their used feature that helped bring across to investors a technical investors. With the growing importance of the website, the business model as well as the governance aspects. judges were looking for integration between the two modes. TelecityGroup is Europe’s leading provider of premium carrier- neutral data centres. Its facilities provide secure and highly- connected environments for the IT and telecoms equipment that powers the digital economy. Its data centres are enabling environments in which the separate networks that make up the internet meet and where bandwidth intensive applications, content and information are hosted. Headquartered in London, TelecityGroup operates data centres in prime city centre locations in Amsterdam, Dublin, Frankfurt, Helsinki, London, Manchester, Milan, Paris and Stockholm. www.telecity.com
Award sponsor: BNY Mellon Depositary Receipts
(From left to right) Michael Portillo, Lesley Perez of The Design Portfolio Marketing Services, John Galpin of Design by Structure and Nadja Schliebener of BNY Mellon Depositary Receipts.
IR SOCIETY 23 AWARDS / DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
The most effective overall annual report (printed Winner: Xstrata 13 and online): FTSE 100 The judges pointed out that this category was This award recognises both online and printed accounts in represented by a particularly strong short list. the category of FTSE 100. The annual report is still the first Xstrata managed to pip its competition with a port of call for shareholders and potential investors, compelling display of text and graphics to essential for communication between companies and their bring its business alive to investors both online investors. With the growing importance of the website, the and in print. judges were looking for integration between the two modes. Xstrata is a major producer of a range of vital commodities used in everything from constructing buildings and delivering electricity, to developing jet engines and mobile phones. It is one of the top five global producers of copper, thermal and metallurgical coal, ferrochrome, zinc and nickel and we also produce silver, lead, platinum, gold, cobalt and vanadium. Founded in 2002 and headquartered in Switzerland, it operates in over 20 countries and employ over 70,000 people at more than 100 operations and projects around the world. www.xstrata.com
Award sponsor: BNY Mellon Depositary Receipts
(From left to right) Michael Portillo, Pam Bell of Xstrata and Nadja Schliebener of BNY Mellon Depositary Receipts
The IR Society Fellowship award for significant Winner: Raghnall Craighead 14 contribution to the development of the investor relations profession Raghnall Craighead qualified as a chartered accountant with Touche Ross before joining British Gas where he rose to become This is an award which recognises individuals who identify head of the national computer audit team. He then took over and promote the value of good investor relations, either responsibility for the development of financial computer systems through their own work or by developing and empowering for the corporation. investor relations professionals in their organisations. He entered investor relations shortly after the denationalisation Together with the award, the society honours the recipient of British Gas in 1986 and stayed until the demerger of Centrica. In with a lifetime fellowship of the society. 1997 he moved to Woolwich for its demutualisation and flotation in that year. In 2001 he moved to Barclays for 18 months following its agreed acquisition of Woolwich. He was head of IR in Europe for the National Australia Bank. He has been a member of the IR Society since 1991 and was made a fellow of the Society in 1999. He is chairman of the IR Society Examination Board.
Award sponsor: The Investor Relations Society
(From left to right) John Dawson of the IR Society and Raghnall Craighead.
24 IR SOCIETY WINTER 2012/13 AWARDS / DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
Winner: Kingfisher 15 Best communication of investment proposition Kingfisher plc is Europe’s leading Voted award. This is a new award which aims to recognise home improvement retail group and practitioners and companies for the best communication of the third largest in the world, over investor propositions in IR. 1,000 stores in eight countries in Europe and Asia. Its main retail brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also has a 50% joint venture business in Turkey with Koç Group, and a 21% interest in, and strategic alliance with Hornbach, Germany’s leading large format DIY retailer.
Award sponsor: The Investor Relations Society
(From left to right) Michael Portillo, Sarah Levy and Dil Marolia of Kingfisher and Michael Mitchell of the IR Society.
Winner: Halfords 16 Most improved IR Halfords is the UK's leading retailer of automotive, leisure and cycling Voted award. This is a new award which aims to recognise products and through Halfords the most improved investor relations performance in the Autocentres also one of the UK's past year. leading independent car servicing and repair operators. Halfords customers shop at more than 465 stores in the UK and Republic of Ireland and at halfords.com for pick-up at their local store or direct home delivery. Halfords Autocentres operates from more than 265 sites nationally and offers motorists dealership-quality MOTs, diagnostic services, tyres, repairs and car servicing at affordable prices.
Award sponsor: The Investor Relations Society
(From left to right) Michael Portillo, Craig Marks of Halfords and Michael Mitchell of the IR Society.
IR SOCIETY 25 AWARDS / DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
Winner: Greg Feehely (ASOS.com) 17 Best newcomer to IR Greg Feehely is head of investor relations at ASOS plc. He spent 18 Voted award. This is a new award which aims to recognise years as a sell side equity analyst beginning his career at Kleinwort the best newcomer to investor relations. Benson Securities in 1993, before moving to Old Mutual Securities (1999) and latterly Altium Securities (2003) where he headed up the research department as well as having responsibility for consumer and e-commerce research. He was appointed to the newly created role of head of investor relations at ASOS Plc in March 2012.
ASOS.com is a global online fashion and beauty retailer and offers on the ASOS.com website over 50,000 branded and own label product lines across womenswear, menswear, footwear, accessories, jewellery and beauty.
Greg Feehely was not able to collect his award in person.
Award sponsor: The Investor Relations Society
Winner: Sarah Levy (Kingfisher) 18 Best investor relations officer Sarah Levy is head of investor relations at Kingfisher plc. She has worked at Kingfisher for seven years and was formerly group Voted award. This is a new award that aims to recognise the financial reporting manager. She is a qualified chartered accountant individual for being the best investor relations officer. and started her career at Ernst & Young.
Kingfisher plc is Europe’s leading home improvement retail group and the third largest in the world, over 1,000 stores in eight countries in Europe and Asia. Its main retail brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also has a 50% joint venture business in Turkey with Koç Group, and a 21% interest in, and strategic alliance with Hornbach, Germany’s leading large format DIY retailer.
Award sponsor: BNY Mellon Depositary Receipts
(From left to right) Michael Portillo, Sarah Levy of Kingfisher and James Eves of BNY Mellon Depositary Receipts.
26 IR SOCIETY WINTER 2012/13 AWARDS / DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
Winner: Kingfisher 19 Best overall company IR Kingfisher plc is Europe’s leading Voted award. This is a new award that aims to recognise the home improvement retail group and best overall investor relations within a company. the third largest in the world, over 1,000 stores in eight countries in Europe and Asia. Its main retail brands are B&Q, Castorama, Brico Dépôt and Screwfix. Kingfisher also has a 50% joint venture business in Turkey with Koç Group, and a 21% interest in, and strategic alliance with Hornbach, Germany’s leading large format DIY retailer.
Award sponsor: Richard Davies Investor Relations
(From left to right) Michael Portillo, Sarah Levy and Dil Marolia of Kingfisher and Richard Davies of RD:IR.
Whether you are BIG or small, you need IR...
All companies need to communicate effectively with their investors, especially when the going gets tough. And if your company is small or medium-sized, you have a particular challenge to make your voice heard amid the market noise.
The Investor Relations Society can help you.
Whether you are just starting or simply trying to keep up with best IR practice, we can provide you with the knowledge, skills and resources to enhance your professional development and build your career.
If you are not already a member, why not join now – just call us on 020 7379 1763, or see our website www.irs.org.uk
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IR SOCIETY 27 AWARDS / DINNER INFORMED
A lively awards ceremony, a wonderful dinner, networking with champagne...
28 IR SOCIETY WINTER 2012/13 AWARDS / DINNER
...plus live music, a 1920s photobooth and dancing into the night!
IR SOCIETY 29 FEATURE INFORMED
PROFESSIONAL DEVELOPMENT: IRO BRIEFING
As the IR industry contemplates an active 2013, we look at the crucial career factors facing IR professionals in the year ahead.
31 The changing role of an IRO 34 The art of communication 36 Assessing the IR job market
30 IR SOCIETY WINTER 2012/13 PROFESSIONAL DEVELOPMENT
The changing role of an IRO
The role of the investor relations officer (IRO) is evolving under the pressures of markets, technology and the world economy. Here Gillian Karran-Cumberlege explores the career implications for IR professionals.
here is much discussion of whether shareholders and management teams or IRO EXPERIENCE Tinvestor relations is now a mature boards. Secondly, the IR profession must profession. I have certainly seen continue to develop and adapt and • IR is a fascinating and satisfying tremendous change both in the function constantly demonstrate its relevance. profession. and in the profession. My involvement For any IR professional my first • IR is developing quite differently in started in the early 1990s when I set up the observation – that this is a great role – is a key markets. IR function for Dresdner Bank. Having given. Therefore in this article I would like • As the investor landscape changes IR subsequently headed up group IR for both to explore why I consider it so important must adapt to prove its relevance. UBS and Volkswagen, as well as co- that IR continues to evolve. heading Brunswick’s global IR practice, I have seen IR from a number of angles. Clear template Now, as an executive search consultancy Traditionally it has been assumed that with a global IR practice, it is absolutely there is a clear template of best practice in our business to maintain a keen eye on IR and that the IR profession across a best in class IR internationally. range of global markets is developing on In sourcing and selecting IR directors the same trajectory. we give much thought to the skills and Certainly IR is a more recent IR begins. While technology and natural experience critical to success in this role. phenomenon in some markets than others. resources sectors spring to mind here, it is My own experience of IR has taught me If we look at the Chinese market for generally the case that when access to two things. Firstly, the role of IR has to be example, IR is often very closely capital is tougher, IR and the IRO assume one of the most interesting and satisfying associated with public relations (PR). It is greater importance. professions in the world. This is also true that companies with high growth IR was born in the US. There are now, particularly true for IROs who command profiles very often don’t consider IR to be however, a number of markets in which IR internal and external respect and are important until the equity story hits a can be considered mature. It is worth critical to the dialogue between bump in the road – then the investment in noting that the IR function is developing quite differently in these respective markets. In the US for example IR is highly professional and increasingly reflects the regulatory burden that has characterised the US capital markets over the past decade. IROs are more anonymous and The IR profession there is a very clear eye to compliance. IR ‘ in the UK market has a sharp focus on institutional investors. The corporate must continue to broker frequently provides an extra pillar to the IR function. develop and adapt If we look to continental Europe, IR very typically reflects the traditional and constantly stakeholder versus shareholder approach. IR coverage in larger continental European demonstrate its companies very often includes Debt, Gillian Karran-Cumberlege is a partner at Retail and CSR, as well as a matrix of Fidelio Partners Board and Executive Search, relevance regional and divisional responsibilities. and a member of the IR Society board. ’ European IROs are often senior and with [email protected] influence.
IR SOCIETY 31 PROFESSIONAL DEVELOPMENT INFORMED
Prior to 2008 the continental European reasons investors are becoming more emphasis on stakeholder value was vocal on a range of issues including board puzzling to Anglo-Saxon markets. Post- For those heading composition and remuneration. IR can be 2008 investors too seem to have embraced ‘ central to this discussion, or it can duck stakeholder value. If we look at the top an IR team, it is these issues as being too difficult. If the three rankings in the Thomson Reuters latter, then other corporate functions will Extel Award for Best Pan-European clearly build credibility at the expense of Corporate IR from 2008 to 2012, German important to IR. companies have won 60% of the awards Senior IROs will often consider a step and UK companies have won 13%. highlight the value out of IR as the next move. While the IR The above analysis tells me that IR is function is typically well regarded it is not constantly evolving and that there is no that IR is adding always seen as a stepping stone to a more one blueprint to suit all markets. One ’ senior management role. This is one theme should not be overlooked: the IR obvious reason why senior IROs should profession is in many ways a product of consider articulating the value of what the equity culture of the last 10 to 15 they do. years. We can see very clearly that post - Dual track IR, ie combining the IR 2008 the investor universe is changing and function with communications, corporate the Financial Times announced on 7 and the senior management team is core affairs, strategy or capital markets, can November ‘Cult of Equity Killed off by to good IR. For those coming up through also be a helpful career move. This might Pension Funds’. the IR function we recommend gaining not be for purists but does provide exposure to as many different aspects of important opportunities for those already Shifting flows the role as possible. For those heading an doing a sterling job in IR. IR as a profession will clearly be affected IR team it is important to highlight the In conclusion, IR is clearly a profession by shifting flows of capital. To a certain value that IR is adding. Being too that has come of age, particularly in the extent this is already underway and debt anonymous does not help the IR function US and Europe. IR also provides IR is now quite commonplace among nor the IR professional. fascinating career opportunities. IR is not larger IR teams. Given this uncertain The investor landscape is clearly static however and, as the investor backdrop, what are the steps that IROs can changing. As a consequence the IR landscape changes, IR must adapt and take to ensure the relevance of the function can either become narrow and continue to prove its relevance. function and, on a personal note, their marginalised. Or it can provide the For IROs who can master this challenge, own career development? solutions to the problems of today and there are undoubtedly exciting Performing the role well is a given and tomorrow. Consider the recent opportunities ahead. Marginalisation is a providing a good service both to investors shareholder spring. For a number of risk for those who don’t. ■
Time to move up? Need to find an IRO?
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The art of communication
The personal stories of successful IROs offer valuable examples to aspiring professionals. Here Karen Keyes explains the choices she has made in her eight-year career as an IRO and the key issues that face the industry.
How I got into IR… weighted on finance at the beginning and investor relations shared many of the the end, most weighted on strategy in the COMMUNICATION aspects of the government relations roles I middle, with a healthy dose of • IR is a step closer to the core of a had early on in my career – communications and compliance company. communicating a corporate strategy and throughout. But it has always been a • Technology drives IR forward and direction to external audiences but always variable – and interesting – mix. forces professionals to think globally. mindful of the analysis and messages of most interest to the specific audience. What has changed most in my eight years I headed towards IR as it was a step as an IRO… closer to the core of the company, with is the internal context in which we more focus on the bottom line and a wider operate. The attention to what I do from a group of stakeholders. I obtained my first board and executive level has grown. And What we could do better as IROs… job in IR with a freshly minted Masters in that has partly driven the stepping up should not mean waiting for Finance degree on the back of a professionalisation of IR and the other regulatory, market and corporate change to conversation over drinks at the IR Society corporate functions that sit alongside it – happen and then responding. It needs to annual conference in 2004! financial control and reporting, treasury, include challenging it in the formation HR, communications, company secretary, where necessary. Promoting the dialogue What attracted me to IR… and legal. with in-house peers in other functions, (and what still attracts me) was that it was As all our boats have risen with the tide, shaping policy externally and then one part finance, one part strategy, one we have all needed to step up on issues of deciding the best way to shape our part communications and one part disclosure, capital structure, uses of cash, activities in response to change delivers compliance. It seemed to bring an strategy, board composition and real value to the companies in which we opportunity to blend many of the aspects remuneration – and this has made the job all operate. That is what gets us a voice of corporate functions that I enjoyed – more interesting as well. In turn, this has both internally and in the wider market. with the sure knowledge that the exact attracted analysts, brokers and others to IR mix of these would never be exactly the and in house functions, enriching the What challenges will continue to make IR same in any given month. In my six and a internal debate with fresh perspectives interesting in 2013 and beyond… half years at Logica, it was most heavily from outside. increased use of technology driving diverse and real time sources of information, the short term focus of a sell side increasingly under pressure and the As all our boats more global nature of active investing will ‘ require us as IROs to increasingly think have risen with global in our targeting, really focus the differentiated return our companies bring to a portfolio and continue to explore new the tide, we have ways of getting attention from – and maintaining a dialogue with – an needed to step up increasingly global base of active investors.
on the disclosure, What I try not to lose sight of… Karen Keyes is an independent IR at the end of the day, if I can’t consultant, having previously worked for capital structure, communicate the value the company adds Logica (now part of CGI) as head of IR. to investors and the way the company’s She is currently deputy chairman uses of cash... activities contribute to the wider economy of the IR Society and society over the longer term, I need to [email protected] ’ ■ challenge more!
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IfIf yyouou wouldwould llikeike aann aanalysisnalysis ooff yyourourrl latestatest reportreport againstagainst tthosehose ooff yyourour pepeers,ers, oorr wwouldould bebe interestedinterested iinn oourur vviewsiews oonn ccurrenturrent bebestst practicepractice eexamples,xamples, ccallall or email:email: [email protected]@emperordesign.co.uk 020020 77729729 99090090 www.emperordesign.co.ukwww.emperordesign.co.uk PROFESSIONAL DEVELOPMENT INFORMED
Assessing the IR job market
Acquiring IR skills is the first part of the challenge – the second is getting the right job to put them into practice. We asked Andrea Abbate of recruitment firm EMR to explain what employers are looking for – and how to provide that.
How is the IR job market looking at the however the question mark will be over moment? your commitment to a career in IR. THE IR JOB MARKET Similar to the economy, fairly flat, but we The City is shedding quite a number of • Show they have a knowledge of IR have seen a few bright spots this year. people at the moment across equity sales, and that they’re making an effort to With the lack of new IPOs there have research, analysis and broking – and learn about the field. been only a handful of new senior level there are increasing numbers of which • Getting the Certificate in IR is a great IR roles created this year. We have seen are starting to look at investor relations as vote of confidence. more movement in the junior and mid- a potential next step. level end of the market – due to natural The general perception is that many churn in teams, or in some cases City folks see IR as a bit of a ‘safe haven’ companies starting to invest more back until things in the City pick up, or that an into their IR functions. IR role would be an easy ride compared Overall, we have worked on 30% over to banking. demonstration that they have a last year, but what we really need are a Line managers are particularly knowledge of IR best practice, and are few IPOs to kick-start the market, and the cognisant of this, so while their technical making a concerted effort to learn more domino effect that will ensure when skills might hit the mark, they should be about the field. Getting the Certificate in people start to move jobs. prepared to answer the question around IR, or attending training courses and the motivation for making the move, and networking events through the IR Society There are a lot of City professionals what their understanding of an IRO’s role is a great vote of confidence. (equity analysts, brokers, etc.) facing is. They want to ensure that whoever they redundancy right now and looking at a bring on won’t just be looking to ride out How come some IR roles sit within career move into IR. How feasible is this the storm, but will be looking for a finance, and some sit within sort of switch? genuine career move. communications? What is the most The short answer is that they have a very What can help distinguish a banker’s common structure for an IR department? transferrable skillset for an IR position, CV from the competition is a IR historically sits with finance, but an IRO is in essence a communicator. S/he is indeed communicating a very specific type of information to a specific audience about their company. What we are seeing As IR has developed organically over ‘ the past few years, some companies keep is an increased IR and communications together, and some separate, depending on where the focus on IR and IR department originated, and how the senior management views its role within communications the company. Our 2012 IR salary survey revealed that 55% of IROs currently working closely report into the finance division of their organisation, and only 18% believe that IR should report into corporate together, whatever communications. How this will continue to evolve over Andrea Abbate is the practice lead for the structure time is uncertain, but what we are seeing EMR’s investor relations and corporate ’ is an increased focus on IR and communications practice. communications working closely [email protected] together, whatever the structure. ■
36 IR SOCIETY Study for Success 2013 CIR programme
The Certificate in Investor Relations (CIR) is an internationally recognised entry-level qualification in investor relations (IR). It is regarded as an essential prerequisite for those entering the IR profession. In 2013 the CIR is running in the UK, Hong Kong, Malaysia, Singapore and Russia. The qualification ensures an appropriate level of factual knowledge of both the regulatory requirements and the financial and market environment, which will enable the practitioner to operate competently and safely.
Dates for 2013:
CIR Revision Course CIR Exam 30 January, 10 April, 27 June, 19 September and 28 November 11 February, 24 April, 10 July, 7 October and 12 December
For more information: email visit call [email protected] www.irs.org.uk +44 (0)20 7379 1763 ONLINE REPORTING INFORMED
The value of online reporting: what companies think
Online reporting is a vital area of interest to companies and regulators alike. In this article, Simon Harper sets out the key findings of recent research by global3digital into corporate attitudes to the issues involved in this fast-changing area.
rom a four page, once-a-year, paper Fhandout to investors in the 1890’s, to ONLINE REPORTING full blown continuous engagement using Company • Regular market updates are as 21st century technology, the way that ‘ important as the annual report. companies tell their equity story has only communication • Materiality is the key to avoid grown in complexity. Company clutter. communication today is a mainstream • There was strong support for the process fundamental to making capital today is a annual report’s role in informing markets themselves work. individual investors. In recent months, we have seen much mainstream process • The research covered FTSE 100 focus from regulators on one element of companies and small caps. reporting, the annual report. Indeed one – fundamental to the Financial Reporting Council – noted: ‘The annual report is the main channel of capital markets disclosure of irrelevant (to them) items communication from the company to its ’ is the way forward; shareholders, the market and other 3. the role and uses of the report vary stakeholders. It is therefore in companies’ widely between companies, and hence own interests to give a clear and balanced by many as the key driver of the market. creating a single format of account of their performance and position Add to that the importance of the investor communication that suits all companies and - in the corporate governance presentation, and some are surprised at – indeed all audiences - is impossible; statement - of how the board carries out its the regulatory focus on the annual report. and role and how shareholder interests are To fi nd out what listed companies think 4. similarly, the role and uses of a hard safeguarded.’ about the shape their reporting will take in copy report are unique to each issuer. The idea that today’s annual report is the coming years, and where they would Providing legal flexibility to deliver ‘main’ channel is bold. The continuous support regulatory change, in September static data either online or in hard copy disclosure process, using market events to 2012 global3digital undertook a series of as required by the company’s audience guide to an appropriate valuation, is seen interviews across its client base which will make a huge difference to the spans the breadth of UK Plc, with those overall corporate communications – responsible for investor communication, and ultimately engagement. ranging from FTSE 100 constituents to Small Cap companies. We hope their WHAT DID THEY SAY? insights will help those wrestling with the same questions. Role of the annual report The broad conclusions reached were: Everybody we spoke to agreed that there is 1. there is an important role for an annual a need for a report which captures the update of the company equity story and company’s financial and strategic state, audited financials, however this is no duly audited, at a point in time. Aside substitute – or even ‘main channel’ – for from investors, with their need for historic regular market updates; context for their investments, interviewees 2. materiality is the key to avoiding mentioned the role of the report as a ‘clutter’. It is in the interests of listed marketing brochure, as a demonstrator of companies to provide insight to competences in tenders, and profiling the Simon Harper is client strategist at investors and other stakeholders. board for governance purposes. global3digital. Providing guidance on materiality for There was also strong support for the [email protected] companies, instead of mandating report in its role in informing individual
38 IR SOCIETY WINTER 2012/13 ONLINE REPORTING
investors; however, many commented that, with the complexity mandated by WHAT DID WE ASK? different regulations, a lot of individual • How much are you/ have you been • Do you think the ADS as described investors prefer some form of summary or aware of the BIS and FRC’s reviews lends itself to a structured online factsheet. of regulations around narrative approach? Interviewees identi fied a wide range of reporting? • Do you think the idea of linking to distinct – to them - benefi ts of producing • What role does the AR play in your more detail from within the ADS is a the report, which suggests that creating a communications with investors (and good one? For example would you single set of requirements on mandatory other parties)? like to be able to link to your CSR content will not be easy. • Do you / your IR team get questions report - rather than reproducing on the content of your narrative sections of it in the AR? • “There is clearly a need for an audited reporting? • Are there other resources that you compliance document as a reference • Do you support in broad terms the would like to link to from your point which reflects a single point in idea of a two part narrative report – reporting? time.” the Strategic report and the Annual • Are there risks – for example in • “Ours is a very traditional report, and it Directors Statement? linking from audited to non-audited is widely used. The first concern is • What risks do you see in creating content? compliance. Once that has been two separate reports? • Does moving content online present achieved, focus is turned to • What could be removed from the an opportunity for a new, more communication with the different report altogether? interactive governance report? audiences. As a company with global • In general terms would you like to • Does moving content online present operations, that audience is very see more reporting content moved an opportunity for a new, more widespread. These range from investors online exclusively? interactive business model? – who are small in number, are long term holders, and hence tend to be very well informed – to other stakeholders with their own specific Online/offline Business model (e.g. CSR) focus.” The diversity of opinion was evident here One area of challenge mentioned by • “Our report acts as a ‘corporate too. Many we spoke to were keen to see many was in complying with the ‘business brochure’ especially as we offer regulations which allowed them to model’ reporting in line with the products where the decision makers are integrate the information in hard copy requirements of the UK Governance Code in the C suite.” format or online, in way that suited their - an explanation of the basis on which the • “As a company that provides high end audience needs. company generates or preserves value consumer goods, we need our report to over the longer term (the business model). reflect our quality approach. It needs a • “We very much support their purpose ‘thump factor’, so mandated or not, we in reducing hard copy annual reports; • “Part of the challenge is internal – will produce a top quality report, and a static data such as risks, the governance deciding what is commercially sensitive, top quality investor website.” information and CSR materials should getting management buy-in. That can be absolutely move online only, and not be made easier if the explanation is required to appear in the hard copy graphical, especially when presented document.” interactively.” • “With our very long term oriented • “In explaining the business model, it is One area of business model, we do not tend to use key to avoid repetition and overlap, ‘ ‘news’ to guide the markets, so the especially with strategy.” report is used to update our various challenge audiences. Hard copy suits this Reducing complexity approach.” All of those we spoke to agreed that an mentioned by • “Linking to content we have already overly complex document filled with created, such as CSR materials, to detailed, immaterial disclosures, was a many was in provide more context for the required significant disincentive to reading the report. information makes sense. Reproducing They wanted to be able, based on their it in both formats does not.” regular engagement with market participants, complying with the to create a document which focuses on the “The investor focus on governance true business drivers and risks. ‘business model’ issues is so much more easily supported through online information. Profiling the • “We worry that we are trying to achieve reporting board assets and skills, and a tabular two contradictory aims; communication ’ approach to remuneration data linked and compliance.” to company strategy for example, are • “For retail investors in particular, our more effectively communicated online.” annual report is a primary source of
IR SOCIETY 39 ONLINE REPORTING INFORMED
information on what we do, our stakeholders focuses on the investor strategies. However, the complexity presentation, and updates such as IMS’s and volume of the information we are The ever widening etc.” required to include can be ‘ • “We would support the idea of changes overwhelming for investors. We think range of internet to that section of the report should be presenting report electronically, updated on an as needed basis – i.e. pointing users to areas of interest, when something has changed, rather could help users navigate to the bits technologies than waiting for the formal reporting they want.” presents period end.” Structure Mobile communications Most of the people we spoke to supported opportunities to The overriding aim is to create the proposals for a strategic report and a convenience – winning eyeballs as one directors report, allowing readers to focus develop investor company put it. In terms of corporate on the bigger messages, and especially reporting, each format – full HTML through linking to other content, to dig engagement reporting, interactive PDF, static PDF – has deeper. However there is concern about ’ its supporters. The ever widening range of the risk of boiler plating in the ADS. capabilities of internet technologies – before even mentioning the role of social • “There should be as much latitude as media – presents opportunities to develop possible in allowing the company to the investor engagement. story in the way that suits us. It is for copy, as we believe it would create investors to assess the usability and extra work for the preparing team. • “We have worked hard to ensure that sufficiency of the information provided, However we would consider creating we support investors’ preferred means rather than for a standard protocol an interactive PDF next year, to give of mobile access.” covering all companies to be published, more flexibility.” • “We are seeing a quite significant which would tend to lead to boiler Timing number of accesses to our reporting plating.” Again, there was limited consistency in through devices such as iPad, and • ”We would be concerned that the ADS the replies. Many noted they were iPhone, up to 20% of requests.” ■ could mutate into a sort of 20F.” providing the report earlier to help • “We think the ADS idea works, investors. Some commented that selected provided the structured content can be governance data was now being provided linked to. We are committed to putting in the company’s prelims, to lessen more investor data online. We see it as pressure on timing. more dynamic, fewer constraints, with the technology to use animation etc • “There is clearly a need for a For further information about this which tells the company story more compliance document as a reference research, please contact: Simon effectively. Navigation is much easier to which reflects a single point in time, Harper, client strategist, global3digital achieve online than in a fixed format.” however we almost never receive [email protected] • “We would not favour a 2 part report, questions from investors about that +44 (0)20 7292 1450 or splitting it between online and hard perspective. Interaction with
Are you an IR service provider? If so, why not ensure that your message reaches IROs at the heart of the UK corporate community?
Become an IR Society Service Provider and advertise in print and online to our professional readership.
See pages 47-50 in this issue. To learn more, please call 01285 831789 or email [email protected]
40 IR SOCIETY Global investors at your fingertips
The FT’s trusted global business news and analysis reaches 2.2 million* people every day; from senior business decision-makers to affluent shareholders from across the world. Reach and engage this audience with the FT’s Investor Relations service – the multimedia communications package that gives you maximum exposure to the FT’s audience of financially-aware decision-makers. To have this audience at your fingertips, contact Stella Sorrentino on +44 (0)20 7873 4012 or [email protected] *ADGA, PwC assured, November 2011 COURSES INFORMED
The IR Society provides a comprehensive programme of training courses 2013 Courses as well as half and full day seminars. For further information, visit www.irs.org.uk.
PROFESSIONAL DEVELOPMENT PROGRAMME 2013
● Foundation INTRODUCTION TO FINANCIAL MARKETS AND IR ● Thursday 24 January level This course gives you a basic introduction to investor relations and the financial ● Thursday 12 March environment in which IR professionals work. It explains how the financial markets ● Thursday 16 May operate and are regulated.
MANAGING CORPORATE STAKEHOLDERS – UNDERSTANDING INVESTORS, ● Foundation ● Wednesday 13 February ANALYSTS AND THE MEDIA ● Tuesday 11 June level This interactive day of workshops presented by senior practitioners explores their day- ● Tuesday 8 October to-day roles and helps you understand their interaction with companies. This course builds on the aspects covered in ‘Introduction to financial markets and IR’.
● Foundation EFFECTIVE IR IN PRACTICE ● Tuesday 9 April level IR is communication. This interactive half-day of workshops presented by senior IR ● Tuesday 6 August practitioners explores the most current communication tools and techniques relevant ● Tuesday 3 December to IROs in their day-to-day roles.
● Foundation INVESTOR RELATIONS FOR PERSONAL AND EXECUTIVE ASSISTANTS ● Wednesday 20 March level Executive assistants and board level personal assistants who come into contact with ● Wednesday 12 June investors and external advisors need to understand the dynamics of the financial markets. ● Wednesday 16 October Who should they prioritise for meetings and phone calls? What information can be disclosed and how can they support senior management.
● Core IR DEMYSTIFYING COMPANY ACCOUNTS – MODULES ONE AND TWO ● Wednesday 6/Thursday 7 March Skills If you are working in investor relations or financial PR you need to understand ● Tuesday 4/ Wednesday 5 June financial statements and be able to answer questions from analysts, investors and the ● Tuesday 10/ Wednesday 11 September financial press. This two part course will help you achieve this by providing foundation ● Tuesday 5/ Wednesday 6 November knowledge in accounting.
● Core IR IR REGULATION & COMPLIANCE ESSENTIALS ● Wednesday 6 February Skills This course provides essential information and updates for both new and experienced ● Tuesday 30 May IR professionals. Understand the legal compliance requirements for IR communications ● Thursday 5 September and how they are best applied in practice. ● Wednesday 27 November
● Core IR IR REGULATION UPDATE ● Thursday 14 March Skills This half day course will bring you up to date with latest rules and regulations. ● Wednesday 2 October
● Core IR EFFECTIVE INVESTOR TARGETING ● Tuesday 26 February Skills Gain an understanding of how to effectively target investors nationally and ● Tuesday 22 October internationally, through using practical tools and leveraging external advice and resources. Understand how to maximise the investment in brokers, sales teams and other service providers and get a perspective on the key requirements for executing a successful roadshow.
42 IR SOCIETY WINTER 2012/13 COURSES
To join the Professional Development programme, sponsored by Deutsche Bank, call 020 7379 1763 or email [email protected].
PROFESSIONAL DEVELOPMENT PROGRAMME 2013
● Core IR TRADITIONAL AND NEW MEDIA FOR IR ● Wednesday 17 April Skills This half day course will give participants an insight into the evolving nature of on- and off-line communications channels. On this course you will hear directly from a Financial PR advisor on understanding the media, a communications consultant on social media trends, and an expert on how to implement your online IR strategy.
● Specialist DEBT IR – THE NEW FRONTIER ● Planned for Spring ‘13 course This course will explain the nature of debt instruments and help professionals to understand the information requirements of holders.
● BEHIND THE TRADERS’ SCREENS – HOW SECURITIES ARE TRADED ● Planned for Spring ‘13 Specialist This course provides a basic knowledge and understanding of the key aspects of course equities-related securities trading including the operation of markets, use of new trading platforms and dark pools, securities lending and borrowing and the interaction with short selling and derivatives trading.
● BEYOND THE TRADITIONAL INVESTOR BASE – HEDGE FUNDS AND ● Tuesday 21 May Specialist SOVEREIGN WEALTH FUNDS course This course provides an overview of how hedge funds and sovereign wealth funds operate in today’s global financial market place. It will offer an insight into the thinking behind some of the investor behaviour which has attracted much comment in the financial press – not all of it well informed.
IR FOR DIRECTORS AND SENIOR EXECUTIVES ● Bespoke course run in-house ● Specialist The new Corporate Governance Code and the UK Stewardship Code have put increased emphasis on effective communication between boards and investors. It is course therefore ever more important to understand how investor relations can facilitate effective contact with the investor community. This course provides a unique opportunity to understand how to make the best use of IR resources, what IR can do to help to increase liquidity in your shares, and more.
CERTIFICATE IN INVESTOR RELATIONS (CIR) 2013
CIR REVISION COURSE ● Wednesday 30 January To revise the CIR Study Guide and assist candidates with any questions they may have ● Wednesday 10 April on specific sections of the syllabus. ● Tuesday 27 June ● Tuesday 19 September ● Thursday 28 November ● Monday 11 February CIR EXAM DATES ● Wednesday 24 April The following are exam dates for the Certificate in Investor Relations. ● Wednesday 10 July ● Monday 7 October ● Thursday 12 December
The IR Society promotes the highest standards among its members and the wider IR community. Our training courses increase awareness of IR techniques, issues and best practice for IR practitioners at every stage of their careers. For more details see www.irs.org.uk.
IR SOCIETY 43 EVENT REPORT INFORMED
A photographic London tour
On Thursday 20 September, the IR Society invited members to a networking evening based around a photography tour of London. Here are some results...
s this was a walking tour, attendees Aneeded only to bring a fully charged camera and comfortable shoes! We were blessed with wonderful weather and our tour began outside The Royal Exchange Building at Bank as dusk was falling. Our two guides, who were knowledgeable in both photography and London history, provided plenty of advice on composition, subject and angles, as well as a fascinating history lesson. The tour took in some of the most interesting night time locations within the Square Mile, including One Poultry, Leadenhall Market, the Lloyd’s building and The Tower of London. We finished with a relaxing drink and an opportunity to compare cameras and photos at the Dickens Inn at St Katherine's Dock. Many thanks to all who came along and we look forward to seeing you at another Michael Mitchell networking event during 2013. Check www.irs.org.uk for details. ■
Kim Shepherd Anais Rodriquez Kim Shepherd
44 IR SOCIETY WINTER 2012/13 EVENT REPORT
Robert Dann
Anais Rodriquez Michael Mitchell
Eddie Arcari Robert Dann Eddie Arcari
IR SOCIETY 45 EVENTS INFORMED
The events below are scheduled over the rest of 2012 and beginning of 2013 for Events IR Society members. Further details will be announced in due course. For the latest information and to register for our events, please visit www.irs.org.uk/events.
DECEMBER 2012 – JANUARY 2013
IR WEBINAR: IR & THE PRIVATE INVESTOR IR BREAKFAST: MANAGING A CRISIS – THE VALUE Tuesday 11 December INVESTORS PLACE ON CORPORATE REPUTATION Time: 12.30 - 13.30pm Wednesday 30 January Venue: Online Time: 08.15 for 08:30 - 11:00am Cost: Free of charge to members & non-members Venue: King Worldwide, 11th Floor of CityPoint, 1 Ropemaker Street, London EC2Y 9AW ‘This webinar will discuss the role private investors play in Cost: STD+ & members free, non-members £50+VAT the investment arena. We will present three contrasting perspectives. ‘The session will explore the implications of crisis for companies and their investors. The majority of companies will Firstly, the Association of Private Client Investment Managers at some time in their lives be afflicted by crisis. The less a will give its view on the private client industry, charting recent company has prepared itself to deal with crisis, the more trends in this area; secondly, a corporate broker will talk difficult recovery is likely to be. And the more public a crisis, about what companies should consider when engaging with the more its impact will be multiplied and accelerated by this type of investor; and, finally, a private client sector social media, to the detriment of corporate reputations. investor will share their experience of how companies speak Investors increasingly expect companies to take risks into to them as part of their investor outreach programme.’ account and to develop effective mitigation strategies. So it is perhaps surprising that – as a recent IR Magazine survey indicated – one in three companies has no crisis management IR POLICY FORUM plan. However, as the session will make clear, making such a Thursday 17 January plan does not need to be a complicated undertaking. ‘ Time: 08.30 for 09:00 - 12:30pm Venue: Exane BNP Paribas, 1 Hanover Street, London W1S 1YZ If you have any events queries, please contact Cost: STD+ members free, members £50 +VAT, non-members Dipty Patel at [email protected] or £100+VAT call 020 7379 1763
As we approach the end of another eventful year in the financial markets, the IR Society invites commentators and experts to review the last 12 months and to look forward to 2013. Joining us for this popular event in the IR calendar will be an economist, a fund manager, a corporate broker, a financial journalist and an investor relations director.
An international Conference sponsor MASTERCLASS in IR Tuesday 18th June 2013 Kings Place, 90 York Way, London N1 9AG
The Investor With a fantastic panel of speakers Relations Society the conference will examine the fast-changing international environment for investor relations. 27th ANNUAL Don’t miss out – save the date now! CONFERENCE To find out more visit www.irs.org.uk
46 IR SOCIETY WINTER 2012/13 DIRECTORY
The IR Service Providers Directory
The Informed IR Service Providers Directory features those organisations who offer key services to the IR community and shows the categories in which they have chosen to appear. This section is published in parallel with the service provider section on the IR Society website – www.irs.org.uk. For more information and to list your business here, please call Libby Wimble on +44 (0)1285 831 789 or email [email protected].
Key to IR SERVICE PROVIDERS by category
ADR depositary services EmCo Pelham Bell Pottinger BNY Mellon Equiniti RLM Finsbury Deutsche Bank Fidelio Registrars Annual reports h2glenfern Equiniti Black Sun Imagination Shareholder research Capita Financial Group Investis Clare Williams CKD Maitland Associates Emperor Design Makinson Cowell Equiniti Investis MHP Investor Perceptions Jones and Palmer Nasdaq OMX Corporate Orient Capital Langsford Corporate Design Solutions RD:IR MerchantCantos Orient Capital Shareholder targeting Sampson May RD:IR Equiniti SAS Temple Bar Advisory Nasdaq OMX Corporate Board advisory WorkCast Solutions Fidelio World Television Orient Capital CRM databases IR for small caps RD:IR IR.soft Investis Webcasting Nasdaq OMX Corporate RD:IR h2glenfern Solutions Investor roadshows Investis Orient Capital HSBC Nasdaq OMX Corporate RD:IR RD:IR Solutions Executive search News providers World Television Fidelio ADVFN Website development Fund management Opinion research Black Sun Exane BNP Paribas Orient Capital Clare Williams Internet services RD:IR Associates Black Sun Proxy and corporate support CKD global3digital Equiniti Emperor Design The Group Orient Capital global3digital MerchantCantos ProxyCensus Ltd The Group Nasdaq OMX Corporate RD:IR Investis Solutions Publications Jones and Palmer WorkCast IR Magazine MerchantCantos Investor relations Public relations Nasdaq OMX Corporate Broadridge Jones and Palmer Solutions Clare Williams Lansons WorkCast Associates MHP SAS
To appear here, call 01285 831789 or email [email protected] alphabetical list >>>>
IR SOCIETY 47 DIRECTORY INFORMED
ADVFN – www.advfn.com – news providers EMPEROR DESIGN – www.emperordesign.co.uk – annual reports, website development
BLACK SUN – www.blacksunplc.com – annual reports, internet Since 1996, Emperor has been designing and services, website development producing straightforward printed and online annual reports, where accessibility of Black Sun is one of Europe’s leading Contact: Sallie Pilot information, strong navigation, clarity of strategic corporate communications Director of Research and Strategy communication and value are the key consultancies. We bring together T:02077519509 objectives. corporate reporting, corporate E: [email protected] Tel: +44 (0)207 729 9090 Call us today for a free consultation. responsibility communications and +44 (0)121 262 3830 digital communications to enable +44 (0)131 220 7990 www.emperordesign.co.uk our clients to create powerful integrated solutions. www.blacksunplc.com/corporate EQUINITI – www.equiniti.co.uk – investor relations, proxy and corporate support, registrars, shareholder research, shareholder targeting BNY MELLON – www.bnymellon.com/dr – ADR depositary services
BNY Mellon acts as depositary for more EXANE BNP PARIBAS – www.exanebnpparibas.com – fund than 2,100 American and global management depositary receipt programmes, acting in partnership with leading companies from 67 countries. FIDELIO – www.fideliopartners.com – board advisory, executive Learn more at www.bnymellon.com/dr search, investor relations
Fidelio Partners is an BROADRIDGE – www.broadridge.com – investor relations International Executive Search firm. Our unique capital markets and Investor Relations CAPITA FINANCIAL GROUP – www.capitafinancial.com/1462.htm – Contact: Gillian Karran-Cumberlege perspective enables us to attract annual reports +44 (0) 20 7759 2200 senior talent which gives our [email protected] clients a clear advantage in the www.fideliopartners.com competition for capital. CKD – www.carrkamasa.co.uk – annual reports, website development
Established in 1990, CKD specialise in building corporate reputation through the media of brand management, digital GLOBAL3DIGITAL – www.global3digital.com – internet services, communications and corporate reporting. To see how we can add value please visit www.carrkamasa.co.uk website development Contact: Adam Hindmarsh, Director +44 (0)20 7566 0191 [email protected]
CLARE WILLIAMS ASSOCIATES – www.clarewilliamsassociates.com – investor relations, shareholder research, website development
THE GROUP – www.the-group.net – internet services, website Investor relations and investment ● Market perception studies. communication services: we provide an ● Investment communication across a development independent, experienced and skilled range of channels. fund manager’s perspective with an ● Bespoke research support and training. established track record. ● Flexible tailored approach. T: +44 (0) 141 419 9900 H2GLENFERN – www.h2glenfern.com – investor relations, E W : [email protected] : www.clarewilliamsassociates.com webcasting
DEUTSCHE BANK – www.adr.db.com – ADR depositary services Contact: Tim Huddart Deutsche Bank h2glenfern 66 St. James’s Street Providing all the support necessary to set up and run We provide a range of IR services helping companies London SW1A 1NE a successful Depositary Receipt programme. worldwide to communicate more effectively with For a more personal, specialist service please contact us. the capital markets, incorporating the provision of +44 (0)207 160 0570 Zafar Aziz – Tel: +44(20)7545 6619 Email: [email protected] bespoke webcasting and corporate video solutions www.h2glenfern.com
HSBC – www.hsbcib.com – investor roadshows
EMCO – www.em-co.ru/eng – investor relations IMAGINATION – www.imagination.com – investor relations
48 IR SOCIETY WINTER 2012/13 DIRECTORY
INVESTIS – www.investis.com – annual reports, investor relations, IR MERCHANTCANTOS – www.merchantcantos.com – annual reports, for small caps, webcasting, website development internet services, website development
@em\jk`jXi\k_\dXib\k$c\X[`e^jg\Z`Xc`jkj`egifm`[`e^ZfigfiXk\n\Yj`k\j Contact: Richard Carpenter Xe[fec`e\ZfigfiXk\Zfddle`ZXk`fejj\im`Z\jkfdfi\k_Xe(#'''Zc`\ekj`e [email protected] fm\i)'Zfleki`\jnfic[n`[\% +44 (0) 20 7396 3581 J\im`Z\j iXe^\ ]ifd ZfigfiXk\ n\Yj`k\j# `em\jkfi n\Yj`k\j Xe[ `ekiXe\kj# kf j_Xi\ MerchantCantos is one of Europe’s leading creative communications companies. gi`Z\]\\[jXe[n\Yj`k\kffcj#Xjn\ccXjn\YZXjk`e^Xe[@em\jk`jHlXik\icp:figfiXk\ We work across print, online, video and mobile. Our areas of expertise include: N\Yj`k\IXeb`e^% Branding, Corporate Advertising, Corporate Communications, Corporate Reporting, Corporate Responsibility, Digital, Employee Engagement, Investor :fekXZkjXc\j1 M`j`kflin\Yj`k\1 "++ ' )'.'*/0')* `em\jk`j%Zfd Communications, Video Production and Webcasting.
INVESTOR PERCEPTIONS – www.investorperceptions.com – MHP – www.mhpc.com – investor relations, public relations shareholder research
MHP is an award winning new agency – in fact we’ve gone straight into the top 10. We cover 15 sector specialisms and DELIVERING five PR disciplines (financial PR, brand PR, corporate INDEPENDENT reputation, CSR and public affairs). Contact: Reg Hoare (Managing Director & Partner) INSIGHT [email protected] tel: + 44 (0) 20 3128 8793 www.mhpc.com [email protected] +44 (0) 20 7427 1574 www.investorperceptions.com 85 Fleet Street London EC4Y 1AE
IR MAGAZINE – www.irmagazine.com – publications NASDAQ OMX CORPORATE SOLUTIONS – www.nasdaqomx.com/whatwedo/corporatesolutions – CRM databases, internet services, investor relations, shareholder IR.SOFT LTD – www.irsoft.com – CRM databases targeting, webcasting, website development
The IR.manager Investor Relationship Contact: Stephen James Managing Director Management platform helps in-house IR teams Global Corporate Solutions and IR advisors easily and efficiently manage NASDAQ OMX relationships with investors, analysts and the +44 207 065 8000 Arnaud D Robin media. NASDAQ OMX Corporate Solutions provides the technology that powers Tel: +44 (20) 7060 4700 global business communications with our suite of tools servicing the needs of [email protected] IR.soft: Software solutions for optimal Investor investor relations and corporate communications professionals. TM www.irsoft.com Relations http://www.nasdaqomx.com/whatwedo/corporatesolutions
JONES AND PALMER – www.jonesandpalmer.co.uk – annual reports, public relations, website development ORIENT CAPITAL – www.orientcap.com – CRM databases, investor relations, opinion research, proxy & corporate support, shareholder research, shareholder targeting
Orient Capital is a global leader in share OnlineOnline strategy andand webweb developmentdevelopment ownership analysis, equity market intelligence, AnnualAnnual ReportsReports (electronic(electronic andand printed)printed) investor communication and shareholder ConsultancyConsultancy (best(best practicepractice recommendationsrecommendattions andand legislativelegislative requirements)requirements) management technology for listed companies. www.jonesandpalmer.co.ukwww.jonesandpalmer.co.uk Call JimJim RobinsonRobinson 01210121 236236 90079007 London: +44 20 77 76 75 74 [email protected] www.orientcap.com LANGSFORD CORPORATE DESIGN – www.langsford.co.uk – annual reports
PELHAM BELL POTTINGER – www.pelhambellpottinger.co.uk – public relations LANSONS – www.lansons.com – public relations
PROXYCENSUS LTD – www.proxycensus.com – proxy and corporate MAITLAND – www.maitland.co.uk – investor relations support
MAKINSON COWELL – www.makinson-cowell.com – investor relations more >>>>
IR SOCIETY 49 DIRECTORY (continued)
RD:IR – www.rdir.com – CRM databases, investor relations, IR for small caps, investor roadshows, opinion research, proxy and corporate The Investor Relations Society support, shareholder research, shareholder targeting Bedford House, 3 Bedford Street, London, WC2E 9HD Tel: 020 7379 1763 Fax: 020 7240 1320 www.irs.org.uk THE BOARD
John Dawson (chairman) National Grid Best practice committee chairman Nominations committee chairman [email protected]
Karen Keyes (deputy chairman) Membership committee chairman RLM FINSBURY – www.finsbury.com – public relations [email protected] Ian Arnold (treasurer) Finance committee chairman SAMPSON MAY – www.sampsonmay.com – annual reports [email protected] John Gollifer (general manager) SAS – www.saslondon.com – annual reports, website development The Investor Relations Society [email protected] Hazel Jarvis (company secretary) SAS is a design and communications agency providing specialist expertise across corporate, talent and brand communications. J Sainsbury We produce annual reports, sustainability communications, [email protected] corporate websites, internal communications and branding for some of the world’s largest organisations. Emma Burdett Maitland Contact: Victoria Sugg E: [email protected] Policy committee chairman T: +44 (0)20 7243 3232 www.saslondon.com [email protected] Richard Carpenter MerchantCantos [email protected] TEMPLE BAR ADVISORY – www.templebaradvisory.com – investor relations Sallie Pilot Black Sun [email protected] WORKCAST – www.world-television.com – internet services, investor Rebecca Ford relations, webcasting The Group [email protected] The WorkCast Corporation is Europe's largest provider of Reg Hoare webinar, webcasting and virtual event solutions serving over 150 global organisations including the IR Society MHP Communications and IR magazine. Corporate affairs committee chairman WorkCast's award-winning webcasting platform, WebCast [email protected] Contact: Manager and Services, are used for many enterprise-wide Mike Bowman, Sales Manager applications such as investor and stakeholder relations, Gillian Karran-Cumberlege Tel: +44 (0)844 870 4912 lead generation, employee communications, training & Conference committee chairman [email protected] product launches and user conferences. [email protected] Al Loehnis Investis WORLD TELEVISION – www.world-television.com – investor [email protected] relations, webcasting David Lloyd-Seed Dixons Retail [email protected] World Television is a leader in Danielle Poulain strategic video communications. Banco Espirito Santo We are producers of award- winning programmes, webcasting Events committee chairman Contact: [email protected] Rob Jackson, UK Sales & Marketing specialists and experts in delivering video online. Director +44 (0)20 7243 7370 Keith Russell [email protected] www.world-television.com [email protected] Sue Scholes AMEC Education committee chairman [email protected]
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