IR SOCIETY NEWS AND EVENTS | CHAIRMAN’S LETTER | PERSONAL VIEW | NEW MEMBERS INFORMED THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 80 AUTUMN 2013
MEASURING THE STRATEGIC VALUE OF IR
A special feature which looks at the growing contribution of IR to corporate success
THE IR BEST PRACTICE AWARDS AND ANNUAL DINNER 2013 See the shortlist of potential winners and further information on the 19 November event. Book your places now!
PLUS Letter from Asia IR in Middle East markets Service providers directory The IR Society Best Practice Awards 2013 19 November 2013
The IR Society Best Practice Awards recognise and reward excellence in investor relations. Join us for the premier event in the IR calendar – book your table now! www.irs.org.uk
The Pavilion, at the Tower of London, EC3N 4AB 6.30pm
For more information please contact: Dipty Patel on [email protected] or call +44 (0)20 7379 1763
Promoting excellence in investor relations
PLATINUM SPONSOR GOLD SPONSOR SILVER SPONSOR MEDIA PARTNER SUPPORTER INFORMED AUTUMN 2013
CONTENTS
4 CHAIRMAN’S LETTER Surprising on the upside 12 IR: THE STRATEGIC VALUE John Dawson, IR Society chairman 13 TAKE IT FROM THE TOP... THE 5 NEWS FROM THE SOCIETY CHAIRMAN AND THE IRO Krishnan Guru-Murthy to host IR awards dinner Gillian Karran-Cumberlege, Fidelio Partners Best practice awards – shortlist announced for self-entry and voted categories (page 6) 16 PUTTING IR INTO PERSPECTIVE How to contribute to our ‘white paper’ emails (page 9) Craig Marks, Halfords New IR Society members (page 9) 18 FOLLOWING A SOCIAL MEDIA ROADMAP FOR IROs 8 A PERSONAL VIEW Jim Delaney, Marketwired After the long, hot summer... John Gollifer, IR Society 20 ENTREPRENEURS, TECHNOLOGY AND IR Michael Chojnacki, BNY Mellon 10 INDUSTRY NEWS Selected recent IR industry developments 22 DELIVER – A STRATEGY FOR FUTURE LEADERSHIP John Gollifer 33 MEAT AND GREET AT SMITHFIELD MARKET 24 DOES IR REALLY HAVE A Richard Knight ‘STRATEGIC’ VALUE? Shane Smith, Capital Connections 34 EVENTS 26 TAKE ADVANTAGE OF THE IR Society dates for 2013 CORPORATE ACCESS DEBATE Steve Kelly, Thomson Reuters 27 MEASURING THE VALUE OF THE 35 EVENT REPORT IRO IR Networking: Would you like your IR shaken or stirred? Brian Rivel, Rivel Research Group 29 THE VALUE OF IR IN ASIAN MARKETS 36 COURSES Judy Tan, ARA-CWT Trust Management Ltd Professional development dates for 2013 30 THE GROWTH OF IR IN THE MIDDLE EAST 39 IR SERVICE PROVIDERS DIRECTORY Find help in this listing of IR service providers
42 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
THE MANAGEMENT TEAM Surprising on John Gollifer General manager [email protected] the upside
Alina Ardeleanu Financial controller [email protected] Well, we did not expect that, did we? After all, it’s not happened for years and years. Robert Dann To be around when it finally came about and to witness the way in which we all Head of marketing embraced the event was very satisfying. Now, what could this euphoria refer to – [email protected] well many things actually. Perhaps the comprehensive drubbing of Australia in the Laura Hayter Ashes? Justin Rose winning the US Open? Perhaps the long hot summer? Or of Head of policy and communications course Andy Murray's Wimbledon win – surely heavily odds on for Sports Personality [email protected] of the Year. Whatever your choice, it’s been a good summer. And now it would Janet Kelly appear the economy is getting better as well. Icing on the cake! Head of membership and professional At the IR Society we've had a busy summer, starting with the AGM at which we development [email protected] said goodbye to several long-serving board members – thanks to Al Loehnis, Rebecca Ford and Karen Keyes – and welcomed fresh faces – David Walker from Hays and Dipty Patel Fay Dodds from Burberry. We've also had a few committee changes. Claire Lavery Head of conference and events [email protected] takes over from Gillian Karran-Cumberlege as chair of the conference committee and will be co-opted onto the board, and after many years in charge of the examinations THE OFFICE HOLDERS board, Raghnall Craighead is stepping down as he moves further north. It is worth saying a few things about the achievements made under Raghnall's John Dawson tenure. Our Certificate in IR is one of the very few globally recognised qualifications Chairman [email protected] in IR, now used in many markets around the world and active discussions are underway to see it develop in many more. Over 650 people have passed the exam Sue Scholes Deputy chairman and it continues to attract many candidates every year. It's a cornerstone of our [email protected] reputation and many thanks are owed to Raghnall for providing stability and leadership to the programme. Ian Arnold Treasurer [email protected] The DELIVER programme Professional development and recognition are key to the IR industry’s long-term Hazel Jarvis Company secretary health and future growth. As a profession we have to demonstrate the value we can [email protected] bring to our paymasters – the return for companies and investors alike in having a For a full list of the IR Society board and the function or team who professionalise internal behaviours, publications and external committee chairs, see last editorial page. communications, as well as the services, advice and support provided by our many commercial colleagues. INFORMED As part of our support for this we launched the DELIVER programme for high- potential IR leaders and those aspiring to senior leadership positions beyond IR. Christiane Dickens Publishing assistant We're nearly two thirds of the way through the inaugural year and so far, so good. [email protected] The course concludes with three more activities in October and November and then our sights will settle on next year, when we will launch another intake on an ever Alex Murray Publisher improving programme of insight and personal development. [email protected] Our IR Society executive team have also been busy. Laura has settled well in Informed is published on behalf of the policy and communications. Janet Kelly has joined full time to look after education IR Society by: and help with membership, having previously been with us as maternity cover, and Silverdart Publishing Rob has been masterminding our new CRM system implementation. Alongside doing Tel: +44 (0)1285 831 789 www.silverdart.co.uk some courses in Nigeria and the Middle East for the Society, John has also started looking at possible new office locations, as we'll probably have to leave Bedford Editorial enquiries can be addressed either to Street early next year. John Gollifer or to Alex Murray. We have also had another strong set of nominees for our best practice awards and Views expressed in this publication are not the shortlist is shown on page 6. Everyone in the Society should take great heart necessarily those of the Society. © 2013 IR Society. from this. These reflect a very high standard of work, whether just nominated or short-listed, and recognition, in the case of the voted awards, that we are doing our
4 IR SOCIETY AUTUMN 2013 SOCIETY NEWS
jobs to the benefit of a wide range of stakeholders. Krishnan Guru-Murthy to But we should all also be prudent. While the economy does appear to be improving those of us inside business know that host IR awards dinner budgets are tough, hiring is not easy and we are being asked to do more and more with the same if not less. This does create The IR Society has announced that the host some challenges but also opportunities. at the 2013 IR Best Practice Awards dinner on 19 November will be Krishnan Guru- Doing it ourselves Murthy, the broadcast journalist and The various consultations and specialist news presenter. investigations into research, corporate In the last five years, in combination with access and trading are putting pressure on his role as a news anchor, Krishnan has banks, brokers and sales teams. It’s enjoyed regular stints presenting a Sunday becoming more and more apparent to me morning politics show on London radio that if companies want the best share station LBC and as a columnist for the Metro registers, non-deal roadshows and investor free newspaper. meetings then they have to plan and He continues to appear on a range of execute more and more themselves. We entertainment programmes from ‘Never Krishnan Guru-Murthy can leverage energy and support from Mind the Buzzcocks’ to ‘The F Word’. some corporate access and sales teams to The IR Society Annual Dinner is a highlight The evening begins at The Pavilion at the be sure, but the key ingredients of of the IR calendar and combines an Tower of London, with a champagne consistency, strong investor relationship opportunity to enjoy the company of reception, continues with a delicious meal, management and quality, useful feedback colleagues and peers in a relaxed and the awards ceremony and finishes with a all rely increasingly on IR teams being luxurious environment with the important disco and further networking opportunities. prepared to control the agenda and task of recognising and rewarding those Book your table or tickets by using the perhaps do more of the work themselves. leading the way in IR best practice (see the online service at www.irs.org.uk or contact With tight budgets and limited resources, shortlist on page 6). Dipty Patel on [email protected] ■ this points to focusing on a manageable span of work, doing it as well as possible and making sure key stakeholders see the benefit. Perhaps, when the economic improvements finally translate into budgetary flexibility, we can build on strong foundations. ■
JOHN DAWSON Scene from the 2012 IR Best Practice awards at the Tower of London
DELIVERING INDEPENDENT INSIGHT
[email protected] +44 (0) 20 7427 1574 www.investorperceptions.com 85 Fleet Street London EC4Y 1AE SOCIETY NEWS INFORMED
IR Society Best Practice Awards – shortlist of nominees
The IR Society has published the shortlist of 6 Best corporate website VOTED AWARDS nominees for the IR Best Practice awards – International and the winners will be announced at the • ArcelorMittal 1 Best communication of investment November 19 annual dinner at the Tower of • BASF proposition (company) London (see details on page 2 of this • Gazprom Neft • ASOS magazine). • Subsea 7 • Kingfisher For information about sponsorship of the • Marks & Spencer awards, please contact Robert Dann on Small Cap & AIM [email protected], and for information • Development Securities 2 Most improved IR (company) on tickets and other details of the event, • HgCapital Trust • ASOS please contact Dipty Patel on • Shanks • Tesco [email protected]. We look forward to • Vesuvius seeing you on the night! ■ FTSE 250 • Whitbread • Catlin Group • Dixons Retail 3 Best one-on-one investor meetings SELF-ENTRY AWARDS • Go-Ahead Group (company) • Provident Financial • ASOS 1 Best communication of strategy, • Carphone Warehouse performance and KPIs in the annual FTSE 100 • Kingfisher report • Anglo-American • Talk Talk • BAE Systems • British Land • BG Group • Royal Bank of Scotland 4 Best results presentations for investors • Fresnillo • Tesco and analysts (company) • Lloyds Banking Group • ASOS • Vodafone 7 Most effective overall annual report • Debenhams International • Dixons Retail 2 Best communication of governance and • Acron • Kingfisher risk in the annual report • Banco Santander • Marks & Spencer • African Barrick Gold • Heineken • Barclays • NLMK 5 Best newcomer to IR (individual) • Kingfisher • Matt Duffy – Kingfisher • Royal Bank of Scotland Small Cap & AIM • Wayne Gerry – Regus • Vodafone • Costain Group • David Hardiman-Evans – Ocado • Faroe Petroleum • Jo Russell – Whitbread 3 Best communication of sustainability in • TT Electronics • Ed Wright – Inchcape the annual report • BASF FTSE 250 6 Best investor relations officer • British Land • Afren (individual) • Croda International • Cairn Energy • Susie Bell – Barratt • Go-Ahead Group • KCOM • Greg Feehely – ASOS • WPP • National Express Group • Sarah Levy – Kingfisher • Craig Marks – Halfords 4 Best use of social media tools to support FTSE 100 • Jo Russell – Whitbread investor relations communications • Barclays • BASF • British Land 7 Best overall company IR (company) • British Land • Land Securities • ASOS • Xchanging • Lloyds Banking Group • Carphone Warehouse • Schroders • Debenhams 5 Most effective use of innovative online • easyJet technology within a corporate website • Kingfisher • BASF • William Hill • Royal Bank of Scotland • Shell
6 IR SOCIETY
A PERSONAL VIEW INFORMED
After the long, hot summer...
New premises, the annual dinner, new appointments – here John Gollifer describes the Society’s busy autumn agenda.
Thinking the summer may prove to be down recruitment industry. Moreover, with a time, we have simply soldiered on in what stronger than expected momentum sometimes seemed almost tropical maintained throughout the summer months, John Gollifer is general manager of conditions. Indeed on 1 August, I believe our Society membership looks promising at The Investor Relations Society. we hit a Singapore-like 32 degrees! It a slightly higher 670. [email protected] doesn’t help that our dear old Victorian building is better in moderate climates than The changing Society when it’s too hot or too cold. It sounds like While we may have lost long-serving Farewell something from Goldilocks and the Three Richard Knight – his article on Smithfield is Given our continuing success with the Bears but I’m pleased to add that our office included in this issue on page 33 - to Certificate in IR (CIR), we were pleased to search for new premises in 2014 continues another policy organisation, we regained convene the Examinations Board under with the engagement of an agent to find Jan Kelly, who previously looked after our long-standing and regrettably outgoing some suitable alternative space. professional development programme. chair, Raghnall Craighead, who is retiring Moreover, this change at the Society has this year. Raghnall has of course been Economic mending allowed Laura Hayter to step into the new instrumental in the development of the CIR, Turning to the economy, this would appear role of head of policy and communications. an industry qualification for aspiring IROs. to be on the mend and neither too hot (if Membership has been temporarily covered With the number of CIR passes reaching you exclude property in London) nor cold, by a number of us and the plan is that the 656, we are most grateful to Raghnall for his in that recent quarterly data suggests general administrative side, including foresight and stewardship of what is annualised rates that are improving. This membership, will all come under Jan. In increasingly seen as an international should provide an encouraging backdrop to any case, our new customer relationship benchmark. We wish Raghnall all the best 2014 and our plans to build on the strong management system should allow all of us in his retirement. John Dawson has agreed base of the Society. Indeed other signs, like to take on a more proactive frontline role as to take on the responsibility of overseeing a return of IPOs and other corporate activity far as existing members and prospective the development of the CIR as the chair of in putting strong balance sheets to use, members go. the Examinations Board. suggest the tide may indeed have turned. We have also set up a new education sub- Closer to home, the recent lunch talk on 24 Awards committee under Sue Scholes, the Society’s September featuring Hays plc may have Perhaps the most pleasing aspect of our deputy chairman, with the aim of proved the point with a wide ranging long hot summer has been dealing with considering how best to address training for discussion of investor relations and record numbers of entries for the Society’s non-executive directors. This should economic indicators from the specialist Best Practice Awards – short listed reinforce our position that IR certainly has a nominees on page 6. The number of self- role to play in the boardroom. On the policy entry award applications topped 230 side, we have been working with the coming from 131 companies, an increase Financial Reporting Council (FRC). Our on 2012. We will be following the same recent IRO survey on investor engagement The economy categories as in 2012, and we look forward has indeed improved over the last 12 ‘ to the culmination of our lengthy awards months and our findings will form part of the seems to be on the process for both self-entry and voted FRC’s annual monitoring report and this awards, so do look out for the shortlisted report is being augmented by our roundtable mend... providing nominees on page 6. If you haven’t already discussion of the survey results with the FRC got your place at our 19 November 2013 and we will share these in due course. an encouraging celebration of what’s best in IR at the Tower of London, do please hurry as we wouldn’t Across the seas want you to miss out on what is Our efforts with overseas members continue backdrop to our traditionally our year-end highlight. This and a recent trip to work with Access Bank year we have Krishnan Guru-Murthy doing in Lagos, Nigeria, proved most worthwhile plans for 2014 the honours of keeping us all on the as well as demonstrating that more markets ’ straight and narrow! can readily relate to and embrace IR, albeit
8 IR SOCIETY AUTUMN 2013 A PERSONAL VIEW / NEW MEMBERS
under different operating and regulatory We also thoroughly enjoyed our recent UBS-supported leadership programme, environments. Lagos is shoe-horned into training efforts in conjunction with the DELIVER – ‘Developing future leaders two islands and a lagoon and so it really Middle East IR Society (ME-IR Society) in through IR’ – goes from strength to strength does appear that many of the millions of delivering CIR content as part of the ME-IR as IROs work their way towards successful inhabitants of this port city are somewhere Society initiative to further develop IR in graduation in November. The most recent between the air and sea ports and the their eight local markets. Again it would module is highlighted in our article on financial district. Nigeria is Africa’s most appear to be another fruitful venture in page 22 where the inaugural class of 2013 populous nation with some 160 million promoting what all IR societies do best – have shared their views. people and it is exciting to consider that share market principles and promote best Here’s to an Indian summer to take us there will be other possibilities to develop practice in growing IR markets. through the remainder of an exciting IR in this part of the world. Finally, I should mention that our new year! ■
How to contribute to our ‘white paper’ emails
One of the ways in which the IR Society We will aim to cover the following topics company and email address for the person helps to keep our members up to date with in each edition so if you would like to who has downloaded it. best practice thinking across a range of topics contribute on any of these (or other) topics, It is intended that these white papers will is through our ‘white paper’ emails. These are please let us know – IR best practice, be thought-leadership pieces providing sent to the IR Society’s opt-in email technical issues and regulation, web and valuable solutions for specific issues or best subscriber database of approximately 1,700 social media, disclosure and reporting, and practice guidance on particular topics, rather individuals, once per quarter. There is a careers in IR. than simply promotional tools (the IR Society maximum of six white papers in each edition The white paper email includes a title, reserves the right not to publish any white of the email and we try to ensure that there is brief summary of the contents and the paper). no competitive content within any one company logo for each of the white papers. The cost for inclusion of a white paper in edition. Clicking on the title takes the users to a one edition of the white paper email is £500 The papers can also be downloaded from dedicated page within the News & Views + VAT. the IR Society website in the News and Views section on the IR Society website. For more information on the white paper section (therefore not limited to member-only Whenever the white paper is downloaded emails please contact Robert Dann on 020 access). you receive an email containing the name, 7379 1763. ■
NEW IR SOCIETY MEMBERS
The IR Society is pleased to welcome Marianne Grier – Design Portfolio Alejandra Romo – Bank of Nova Scotia the following new members (up to mid- Marketing Services Ian Roundell – Credit Suisse September 2013): Charlotte Harris – SABMiller Plc Debashree Sarkar – Essar Energy Plc Rebecca Hayman – Tigerspike Susanne Seibel – Independent Jonathan Atack – AkzoNobel N.V. Duncan Heath – RHJ International SA Deirdre Sheilds – Electricity Supply Jenayde Baxter – Experian Plc Alexander Holcroft – Royal Bank of Board Sam Brigden-Rodgers – Royal Bank of Scotland Plc James Statham – Reed Elsevier Plc Scotland Plc Lynette Lambert – Brand Colin Tennant – Reed Elsevier Plc Matt Brook – Hays Plc Communications Jocelyn Thirlwell – Design Portfolio Elizabeth Brooks – Premier Oil Plc Morgan Luttman – global3digital Marketing Services Helen Carpanini – Design Portfolio Ross MacKay – Hays Plc Julie Wilford – Design Portfolio Marketing Services George Nel – University of Marketing Services Nicholas Carter – Three Stellenbosch Carl Wilson – Design Portfolio Emma Clifford – Bowleven Plc Priit Pedaja – Ntrans Marketing Services Julia Cooper – Reed Elsevier Plc Lesley Perez – Design Portfolio Suzanne Wood – Design Portfolio Paul Crabb – Design Portfolio Marketing Services Marketing Services Marketing Services Adam Pollington – Tottenham Hotspur Nick Dawson – Proxy Insight Football Club Joanne Foster – Speedy Hire Plc Wendy Pringle-MacIntyre – Scottish & For information on membership Anastasia Georgadidis – Circle Southern Energy Plc benefits and to join the IR Society Simon Gleadhill – Howden Joinery Tom Raynor – global3digital please contact Janet Kelly: Group Plc Tom Rogers – Design Portfolio [email protected] or visit www.irs.org.uk Vincent Gouley – Watchowah Marketing Services
IR SOCIETY 9 INDUSTRY NEWS INFORMED
FCA feedback statement on discussion paper
The Financial Conduct Authority (FCA) has The FCA has published a timetable for recently issued its feedback statement further work including, where known, a following the discussion paper on timescale for implementation of ideas. For transparency published earlier this year. more information please view the The statement sets out the response to the Feedback Statement issued by the FCA at feedback the FCA received on proposed www.fca.org.uk ideas of how it could be more transparent about its organisation and regulatory Takeover Code changes Industry news briefing activities, and how firms could be more transparent about their products and The Society took part in the Takeover Panel Selected key issues for IROs performance. Consultation Paper issued by the Code The IR Society participated in the Committee of the Panel: profit forecasts, feedback process and among the ideas set quantified financial benefits statements, out, we are pleased to see the FCA’s material changes in information and other constructive response to the FRC on behalf proposals for further transparency are in amendments to the Takeover Code, in of its members, as we see this is an line with the Society’s response. These September 2012. The Code Committee has opportunity to raise any issues on investor include suggestions for publishing further now considered the responses and in July engagement which are not working. information on whistleblowing, published its amendments to the Takeover We asked for the personal perspective enforcement and supervisory activities, Code. from our IROs and are using our/these transparency of the company authorisations We have been working closely with the findings as a collective response towards process and contextualisation of complaints Takeover Panel and have had significant the FRC’s report published later this year. ■ data. dialogue over the past few months on key Transparency is at the heart of best matters, where we were able to put practice investor relations. The Society forward our members’ perspective on wholeheartedly supports the current these important issues in quite some disclosure and transparency regime and is detail. The IR Society in particular a rigorous upholder of the principles of welcomes the amendment to the Code Are you an IR universal, proactive and prompt that a party to an offer should be permitted dissemination of information to to continue to publish consensus forecasts service provider? shareholders. We were pleased to see the on their websites during an offer period FCA invite feedback and new ideas on (rather than, as was proposed early in the transparency, and we look forward to consultation, be required to remove seeing a continuation of the tougher consensus forecasts from their websites). If so, why not ensure that stance taken on market abuse by the FSA Amendments to the Takeover Code took your message reaches IROs in recent years. effect on 30 September, and for more information please refer to the panel’s at the heart of the UK website: www.thetakeoverpanel.org.uk. corporate community? Keep up to speed with the IR Survey on reporting Society news and IR industry Become an IR Society During a recent poll at our annual Society news with the Informed conference – ‘An International Masterclass Service Provider and weekly Bulletin, including the in IR’ held in June, 70% of our audience advertise in print and online agreed that the quality of investor latest jobs, service providers engagement has improved over the last 12 to our investor relations months. To further support this view, and professional readership. and much more – it’s FREE! as part of our contribution to the Financial See the IR Society website to Reporting Council’s (FRC’s) annual monitoring report, we asked our corporate See pages 39-42 in this issue. register – www.irs.org.uk. members to take part in a short survey. The IR Society is keen to put across a
10 IR SOCIETY 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] FEATURE INFORMED
INVESTOR RELATIONS THE STRATEGIC VALUE
This feature contains a wide range of articles which take as their theme the strategic value of investor relations. The IR Society exists to promote excellence in IR and to enhance the role of IR professionals in business and the City – so taking a strategic look at our industry is essential in this fast-moving age. We hope these articles will provoke ideas and offer practical tips for IROs.
13 Take it from the top... the chairman and the IRO
16 Putting IR into perspective 18 Following a social media roadmap for IROs
20 Entrepreneurs, technology and IR
22 DELIVER – a strategy for future leadership
24 Does IR really have a ‘strategic’ value?
26 Take advantage of the corporate access debate
27 Measuring the value of the IRO
29 The value of IR in Asian markets
30 The growth of IR in the Middle East
12 IR SOCIETY AUTUMN 2013 THE STRATEGIC VALUE OF IR
Take it from the top... the chairman and the IRO
At a recent event, a distinguished panel discussed the importance of the relationship between the chairman and the head of IR. Gillian Karran-Cumberlege of Fidelio Partners reports.
idelio has long taken the view that IR has Lufthansa AG. As an executive director John Fa strategic contribution to make in Allan successfully built up Exel and then A PANEL DISCUSSION ensuring access to capital and fair served as CFO of Deutsche Post. Our panel valuation. As such, on 11 July 2013, we also included Mark Lidiard, director of • Three leading IR professionals took were pleased to co-host, with Citi investor relations and communications of part – John Allan, Mark Lidiard and Depositary Receipt Services and the IR Essar Energy plc; previously Mark also Jessica Mitchell. Society, a panel discussion focusing on the headed IR and communications for BHP • The relationship between the head of relationship between IR and the chairman. Billiton and Lloyds TSB. Our third panellist IR and the chairman is crucial. This discussion clearly demonstrated the was Jessica Mitchell, head of global significance of the IR role. investor relations of BP plc. Jessica has Our panel consisted of three leading been with the BP IR team since 2002 and professionals, all advocates of what good IR played a critical role during the BP Crisis in can deliver. John Allan CBE is currently 2010, which she recently presented in a The quality of the chairman of Dixons Retail plc and as case study at the IR Society Conference in ‘ chairman has overseen a remarkable June 2013. turnaround in the fortunes of this well- All our panellists were passionate relationship known retailer. John sits on a number of advocates of IR and recognised what world- other boards, including the Royal Mail class IR looks like. All three panellists also between chairman Group, and has also had experience of had personal experience of the value that sitting on the DAX 30 supervisory board of IR can add, in particular in challenging and head of IR is situations. important in good Working relationship The IR function most typically reports to the times and extremely CFO, or the head of corporate affairs or communications, and usually will also have a good working relationship with the CEO. important in tough Nonetheless our panel recognised the importance of the relationship between the times head of IR and the chairman. ’ John Allan outlined the role the chairman plays in investor relations. With regard to chairman. In terms of guidance, the IR team market guidance and outlook, the chairman will obviously be keeping the board may well prove a foil for to the greater advised of market expectations. Equally the exuberance and optimism of the Executive IR team will ensure that the board is kept team. The chairman will also have a abreast of the share register and changes in dialogue with major shareholders, albeit a the share register. More specifically the different dialogue from that of the CEO and head of IR will make sure that the chairman CFO. As Allan pointed out, it is preferable is well briefed ahead of shareholder to have established contact with key meetings. shareholders in a routine context. It is far Apart from these specific areas of support from ideal for the chairman’s first contact for the chairman, Allan commented upon Gillian Karran-Cumberlege is a partner at with a key shareholder to take place in a the value of an informal relationship Fidelio Partners Board and Executive Search, controversial or even hostile context. between the chairman and the head of IR. and a member of the IR Society board. Against this backdrop there is much that This, of course, presupposes a clear [email protected] the head of IR can do to support the understanding on both sides of the
IR SOCIETY 13 THE STRATEGIC VALUE OF IR INFORMED
appropriate channels of formal communication. From our panel discussion, it became clear that the quality of the relationship The relationship between the chairman and the head of IR is ‘ important in good times and extremely between the board important in tough times. A strong head of IR will understand the importance of ‘speaking truth to power’ and that there are times and the executive when it is crucial that management and the board know what the market is thinking. can be described as Exceptionally there may be times when that message is delivered in the first instance to close but at the the chairman not via the CEO or CFO. same time clearly At critical times We explored some of the instances where it independent is critical for the head of IR to have either a ’ formal or informal line to the chairman. These can include the abrupt departure of the CEO, profound investor dissatisfaction where the relationship between the board with the executive team or public and and the executive can be described as close controversial differences between the board but at the same time clearly independent. and leadership team on strategy. The Indeed different chairmen also have proximity of the IR director to the market different requirements from the IR team. can become a valuable source for the Mark Lidiard illustrated that it is the skill of chairman, but obviously one to be used the IR director to influence which with discretion on both sides. shareholders the chairman is meeting and The combined experience of our panel when. It is also the skill of the IR director to covered a range of sectors, geographies and deliver effective and appropriate briefings. size of companies. It became clear that Our panellists brought deep experience there is no ‘one-size-fits-all’ template for and understanding of the IR function to the the relationship between the chairman and discussion. They compellingly illustrated the head of IR. In smaller companies, the the value that the IR function can provide opportunity for a more informal in supporting the chairman in key areas of relationship is greater. Jessica Mitchell oversight and governance – surely a outlined the governance structure at BP testament to the strategic value of IR. ■
DON’T MISS ONE OF THESE EVENTS IR BREAKFAST – THE JOURNEY TO SUSTAINABILITY What FTSE 250 and AIM companies should report Two breakfast discussions in London - one for FTSE companies on 17 October and the other for AIM companies on 24 October
Two Best Practice events in association with Emperor Design For more information, see page 34 of this issue of Informed.
14 IR SOCIETY
THE STRATEGIC VALUE OF IR INFORMED
DEFINING YOUR IR ROLE Putting IR into • It’s important to clarify what IR really is. • IR is not just about cold calls or ‘schmoozing’ – it is about building a perspective support group. • IR is challenging and rewarding when you know what you want out of it. Having a busy, rewarding job does not mean neglecting the rest of your life. Here Craig Marks of Halfords spells out the realities.
So what have you been doing today, to remind yourself just what the role is and, strategy? Taking the path of least resistance “ Daddy?” importantly, what it isn’t. For me it’s a isn’t an option. For example, with the price- “Well, I had my first meeting in New York function of effort and proactivity. Not many earnings ratio of Halfords almost doubling at 8 o’clock over breakfast in a very posh of us sit back and wait for the investor calls in two years, it would be easy to take the hotel, then I met some very important and e-mails to just roll in, particularly given foot off and believe there’s limited benefit people and then I’m jetting off to…”. the renewed global focus on UK stocks and in really stretching the IR programme. That “I made jellyfish with bubbles.” an improving economy. But now and again, illustrates the challenge and opportunity. My kids help to keep the wonderful world it’s almost tempting to take the path of least of IR in perspective, as did a purchasing resistance for a while, particularly on the The IR strategy colleague in a previous soft-drinks business back of, say, a results roadshow. The real With so many personnel changes on the who, as director of purchasing appeal is the variety of the role, though you buy and sell sides, which will only intensify accompanying me to see targets in Kansas have to remind yourself of that after the 12th as labour markets pick up, so many City said “IR’s just glorified cold-calling, isn’t meeting on the road when you don’t know if emerging funds as well as the length of time it?” I did remind him that purchasing things you just repeated a point you made earlier. it takes from meeting IR to building a was as about as difficult as putting on a hat; Or you’re on version 100 of that material position, the time for a proactive my wife has no trouble buying things all the regulatory news service draft programme is, well, all of the time. For time. announcement which everyone wants to Halfords IR, this means fully utilising With IR clearly being the best profession contribute to. Importantly, IR isn’t cold available resources, getting to all relevant to be in, it is helpful to get some calling, or sales, or talking up the share conferences, flawlessly executing store perspective now and again, but it also helps price. It’s not power lunches, schmoozing, tours, targeted plugging away in Europe spiel or spin. It’s building and maintaining a and North America, constantly reviewing well-informed group of supporters and it’s sell-side models and understanding and this combination of variation, the results getting the most from the support group: from effort and the pivotal nature of the role brokers, PR agencies, website hosts, etc. that appealed to me. It is this energy in the role that helps get over the not-so-great moments: the table for Career path into IR one, another airport check-in, the Before spending seven years in IR, I spent a umpteenth page of notes, the sound of your long time in corporate treasury own voice in that conference. Knowing that management, though I grew to realise that the role is so pivotal, for investors, advisers, the routine aspects of treasury didn’t really colleagues and the board, makes it unique, appeal. It was the relationship management placing it at the heart of the business. This is side of the role really got the juices flowing. such a motivating factor, as is a great story I therefore fell into IR, though only because to tell. The knowledge that Halfords has a of a great internal opportunity not because great future with a compelling growth of a clear career path into IR. curve makes the job so much easier, as It’s one of my bug bears that we could does a new CEO or an attractive strategy. build so much more demand and The role and the business allow that IR credibility for IR as a long-term profession if passion to come across, so vital in a role IR was advertised to those in education. I’ve based around influence. spoken to a number of IROs who also ‘fell The role isn’t about the monetary reward. into’ IR. I’d still contend that the lack of It’s IR, the best job in the world. And I never well-publicised ambition to get into IR risks fancied coal mining; it’s beneath me. Sorry, Craig Marks is head of investor debasing such a significant role. maybe I should stick to IR. And if that relations at Halfords. So how do I take my love of this fantastic doesn’t work out, I could always fall back [email protected] profession into a clearly defined IR on the jellyfish and bubbles. ■
16 IR SOCIETY
THE STRATEGIC VALUE OF IR INFORMED
Following a social media roadmap for IROs
How do IROs handle social media? There are many options and few hard rules. Here Jim Delaney, CEO of Marketwired explains how a smart strategy, known as ‘the four Ls’, can lead to social media success.
arlier this year, the U.S. Securities and indicated that a generational divide is EExchange Commission (SEC) approved emerging, with investors under 40 the use of social media by public increasingly turning to and relying on companies to disseminate material social media to inform their investment Companies like information, igniting a conversation about decisions. ‘ the impact of social media on investment Despite the fact that nearly half of the Netflix and behaviour. investors in the Marketwired survey In the wake of the ruling, Marketwired reported using social media in their commissioned a study that provided investment decision-making, 72% of IROs AutoNation are valuable insights about the role of social in a 2013 National Investor relations media within the investment community. Institute study said that they do not blazing a trail by The study explored topics such as the currently use social media for work. sources of information consulted when At the same time, companies like attracting attention making investment decisions, access to Netflix, Zillow and AutoNation are blazing social networks at work, and the a trail by making headlines and attracting through using social perceived credibility of information found attention by using social media channels to online to gauge how the SEC’s social break important news stories. Many IROs media channels to media ruling will impact decision- recognise the value of social media and making. Ultimately, the responses understand the need to join the conversation, but are still looking for a break important roadmap on the various channels available and the best practice tips to get started. news stories Although there are many approaches to ’ social media and no strict guidelines for how to proceed, a smart strategy is: Listen, Launch, Leverage and Lead. success – are built upon. At the core, listening is a low-barrier way to join the Listen conversation and explore social media Listening is the most important step in without making an irrevocable your social model. It becomes the commitment. It also serves as a way to foundation your strategy – and social gather types of information that IROs have coveted for years, but were hard pressed to collect on their own, such as adding new important targets, seeing a more detailed market perspective on news and A SOCIAL MEDIA STRATEGY information related to their company, etc. In addition, the Listen phase is a good • The SEC approved the use of social time to examine your existing media by public companies to spread communications policies to consider how their information. they might be tailored to incorporate • There are many approaches to social emerging social media channels, and media and no strict guidelines, but a include best practices to developing your smart strategy is the four ‘Ls’. own successful social media plan. • IROs shouldn’t feel pressure to try Whether your company has a social every available social media channel. Jim Delaney is CEO of Marketwired. presence or not, people are talking about [email protected] you. If you’re not active in the social
18 IR SOCIETY AUTUMN 2013 THE STRATEGIC VALUE OF IR
space, it’s likely other people are stepping influencers as well as individuals with a in and controlling your message. The only IROs shouldn’t have smaller, niche following. way to ensure that the conversation ‘ around your company is accurate and Lead informed is to become a part of the to try every Because social media is such a new conversation – as both a contributor and a development, there are countless ways to listener. Earlier this year, the point was available social lead in the social space. One of the best reiterated when the Australian Securities methods is simultaneous disclosure, in Exchange (ASX) announced that its listed media channel. The which companies follow traditional IR companies would be required to monitor best practices for disclosing material ‘investor blogs, chat sites or other social key is determining information while disclosing through media.’ social media at the exact same time. Simultaneous disclosure allows IROs to Launch the right approach track conversations on social media, Once you’re ready to move beyond where it is easier to identify who is talking listening, it doesn’t mean you have to to grow your IR about a release and what the response is, jump directly into the social media deep while gauging overall investor sentiment. end. IROs can experiment with extending programme in a One of the biggest questions IROs face their reach on social channels by is whether their efforts are having an providing information that’s readily way that works for impact. Traditionally, impact has been available elsewhere. This can be as simple difficult to measure, making it nearly as tweeting a link to an earnings news the company impossible to answer that question. release that has also been posted to the IR ’ Benchmarking can be far easier online webpage. than through more traditional forms of It may also benefit you to establish a communication. By selecting and corporate IR Twitter that is reserved for IR and what they’re talking about. When monitoring the right metrics, you can alone. Deutsche Telekom, SAP, and you’re ready to move on to other phases determine which types of messaging and Petrobras are three global companies that of the four L’s, lists also make it easier to content resonate with your audience, then clearly identify their official investor engage and start conversations with them. tailor future communications based on relations channels as @DT_IR, By exploring investors’ social media the feedback. @SAPInvestor, and @petrobras_IR, preferences and existing behaviours, you Although there is no single right way to respectively. Companies also find that can unlock a wealth of information and approach and integrate this new and having a Facebook page for only the IR insights that will help you better connect emerging social toolset, the four Ls, with team works well because it heads off with potential investors. listening first, are the best place to begin. potential problems that can stem from Investors aren’t the only group of IROs shouldn’t feel pressure to try every employees posting corporate information people you should be tapping into, available social media channel. As with on their own personal Facebook pages. however. There are scores of influencers any communications strategy, the key is Regardless of which social sites you within every niche of the social space. determining the right approach to grow choose to use, your social They have a credible voice in the your IR programme in a way that works communications should be an extension conversation, and vast numbers of people for your company and investors. ■ of the company’s other communications are listening to what they have to say. By in terms of appearance and tone. It’s also engaging influencers, it becomes possible a good idea to provide easy access to to amplify your message much further social media feeds from your IR than you could ever accomplish on your newsroom by providing both links and own. addresses of company-sanctioned social As you consider which influencers to media channels. target, remember that reach and engagement are two different things. Leverage Reach gets your message in front of eyes, Once you have ventured into the social while engagement is a two-way media space and found the results interaction between your audience and encouraging, it’s time to turn your your brand. Not all influencers are attention to leveraging various channels created equal. Some have massive to reach and attract a wider audience. networks with a broad reach, while others Current investors are a great resource for have smaller networks but more influence accomplishing this. One way to tap into in a specific niche. Both are extremely the investor population is by creating valuable. Instead of being lured Twitter lists consisting of key people you exclusively by ‘A-list’ influencers, want to follow. This makes it easy to consider balancing your efforts by monitor how they’re using social media engaging with a mix of broad-reaching
IR SOCIETY 19 THE STRATEGIC VALUE OF IR INFORMED
TECHNOLOGY & IR Entrepreneurs, • IR plays a very important part in the world of start-ups. • London has many characteristics that would make it successful as a start- technology and IR up ‘hub’. • BNY Mellon have initiatives aimed at promoting innovation within business. In a Q&A with Informed, Michael Chojnacki of BNY Mellon explains the vital role of London as an innovation hub – and the IR opportunities.
What is the role of the technology sector channel of communication, and managing sectors, notably in banking and finance, in today’s economy and what relevance expectations, require skills that we in the which I believe can go a long way to does IR have? IR profession have been perfecting for the benefit the young and growing community While many think of technology as a niche last 15 years or so. This is also where I of FinTech entrepreneurs. To put it into industry in itself, I would argue that believe we have a lot to offer our more context, within the five miles that span the innovation stemming from the tech world junior counterparts who deal not with west edges of the City and Canary Wharf, is increasingly the foundation for institutional investors or sell-side analysts, we have the largest concentration of competitiveness for most industries today. but with angel, venture capital or private banks, investors, and brokers anywhere in Therefore, we have a lot to gain by making equity investors – all of whom demand the the world. This has to be positive for small our own companies more competitive in very same level of excellence in IR. In companies with innovative ideas to bring global markets by supporting young addition to that, there is a great deal to be to the marketplace, especially during the entrepreneurs and their ideas very early in learnt by us too. When was the last time time of profound change for the industry. the product cycle. I would also argue that an IRO had to do a 30 second ‘elevator The development of entrepreneurial the increasingly strategic role that IR plays pitch’ for a prospective investor? communities around relatively new within our world of public companies is initiatives such as Level39, Seedcamp or already paramount in the world of start- What do you think needs to be done? TechHub can only accelerate London’s ups… perhaps without it being A good first step would be for IR societies ambitions to become a global technology immediately apparent. Many of the around the world to begin working with hub. This also supports the UK and EU elements that make up a sound IR strategy start-up communities and their young economies and helps existing companies for public companies, such as formulating entrepreneurs, primarily to raise awareness become more competitive globally. an appealing investment proposition, of the importance of IR best practice as creating an honest and consistent two-way well as the benefits it can bring in the long What’s being done for technology and term. In November, the Middle East IR innovation? Society will be hosting the first Middle East Like many of our peers, we recognise that Start-Up Forum. This will provide an technology and innovation are key drivers opportunity for IROs from listed companies for our success and are excited to be to meet representatives from early stage involved in various initiatives, both ventures from across the entire Middle internally and externally, throughout the East. I am sure it will make a great setting year. For example, earlier in the summer, for interesting discussions. along with CityMeetsTech (a London-based organisation promoting investment in high Given that Silicon Valley remains the hub quality UK start-ups), we held an event for for innovation in the tech space, where do eight promising UK companies together you see London fitting in? with angel and venture capital investors. Having lived and travelled extensively in The outcome? Some of the new the Middle East, Asia, Europe and the US, I companies met the right investors to believe that London possesses many of the provide funding, support, guidance, and characteristics required for success as a connections that will help them get off the start-up hub: with some of the top ground while pioneering and promoting universities, it has been successful in the concept of better investor relations for Michael Chojnacki is a vice president at attracting talent from across Europe and start-ups and their stakeholders. Internally BNY Mellon based in London. He is a beyond; and from an infrastructure at BNY Mellon we have a number of co-founder of the Middle East Investor perspective, it is well connected to other initiatives aimed at promoting innovation Relations Society and a mentor at major cities across the world and operates in our businesses, including our very own Seedcamp and Level39. in a convenient time zone. It also has a internal incubator programme open to all [email protected] clear competitive advantage in certain employees. ■
20 IR SOCIETY Deutsche Bank Depositary Receipts
Looking for world class depositary receipt services? Deutsche Bank has the solution. Around 1,000 companies around the world choose Deutsche Bank to help them reach new investors through depositary receipt programmes. Why? Because we deliver innovative yet simple solutions, provide key insights into VJGOCTMGVUCPFQɥGTGZEGRVKQPCNUGTXKEGNGXGNU Deutsche Bank. Expect the better solution. For more information on Deutsche Bank’s Depositary Receipt services, please call: +44 (0)20 7547 6500 www.adr.db.com
Best Depositary Receipt Programme – Kcell JSC
For more information: www.db.com. This advertisement has been approved and/or communicated by Deutsche Bank Group and appears as a matter of record only. The services described in this advertisement are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFin – Federal Financial Supervisory Authority) and authorised and subject to limited regulation by the Financial Services Authority. Details about the extent of Deutsche Bank AG’s authorisation and regulation by the Financial Services Authority are available on request. Deutsche Bank operations in Dubai are regulated by the Dubai Financial Services Authority from the Dubai International Financial Centre. Any financial services or products offered by Deutsche Bank from the centre are only available to clients who satisfy the regulatory criteria to be a professional client, set out in the Authority‘s rules and this communication is directed only at such persons. Investments are subject to investment risk, including market fluctuations, regulatory change, counterparty risk, possible delays in repayment and loss of income and principal invested. The value of investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Copyright © 2013 Deutsche Bank AG. THE STRATEGIC VALUE OF IR INFORMED
DELIVER – a strategy for future leadership
The IR Society’s DELIVER programme for IROs is gathering pace. John Gollifer explains how the new leadership programme works.
n 2 July, overlooking Parliament • opportunities to develop a deeper OSquare from the Royal Institution of network of contacts with peers and THE DELIVER STRATEGY Chartered Surveyors, the Society in senior figures. partnership with UBS held the skills • The IR Society is in partnership with module, the second part of our new The IROs represent a broad cross- UBS on the DELIVER programme. leadership programme for senior IROs section of industries and this article is • There are three modules in the who aspire to be future business leaders. based on feedback from IROs in the programme, plus networking. The Society and UBS are keen to business services sector (Helen Parris), • Key City and industry leaders share support the development of this talent media sector (James Statham), property views on the value of IR. coming through the IR profession. With sector (Simon Betty) and technology 12 IROs on the inaugural ‘Developing sector (Ross Hawley). future Leaders through Investor Relations We asked our IROs what it is that (DELIVER)’ programme, we asked some of makes IR such a strategic role and to them what they are learning and applying share their views on how the DELIVER The strategic role in their IR roles. programme equips them to undertake IR So what can the DELIVER programme add First, let’s set out what they are doing within their organisations. to the strategic role of IR? First, IR plays a and can expect to have achieved having Their answers included the following key communications role within an completed the first two modules of three points: organisation. Effective communicators need taking place over a nine month clarity of thought under pressure, charisma programme in 2013: • ”There are no set rules on how to and consistency of message. The best IROs approach IR. Every company does it are not afraid to challenge orthodox • three full days of activity-based differently and investors and analysts thinking and to help their bosses look learning, complemented by working all have their own perspectives on beyond the noise and distractions of the dinners with peers; what they think constitutes IR. Each operating environment. Finally, strategic • evening engagements with chairmen, company and consequently each IR thinking is about competition – seeing it, CEOs and leading City and industry team faces a unique set of understanding it and being able to better figures; challenges.” position your business. • highly participative sessions designed • ”It is clear how important IR is to Meeting the likes of the BAE Systems to test IROs in new and challenging developing both the right operational chairman Sir Roger Carr (over a fireside situations; and metrics and investor messages. It chat on the role of the chairman and sounds obvious, but internal and managing investors) plus Mark Burgess (in external metrics really need to be fully this case in his office), CIO at aligned to deliver a coherent investor Threadneedle, certainly offered the The Society and message.” opportunity for our IROs to test their own ‘ • “An IRO needs to provide advice and thinking and mettle. UBS are keen to feedback to the executive team and Each leading City figure outlined their board at a time of change for the own approaches to business, people and company.” the challenges thrown at them. Their support this talent worldly wise philosophies sounded The difference that IROs can make to genuinely homespun and moulded by the coming through the the strategic direction of a business experience of trials, tribulations and real should not be taken for granted. The IRO adversity at the cutting edge of finance, IR profession is the essential conduit through which industry and investment. ’ everything goes, including invaluable As one of our IROs said: “Sir Roger Carr’s market feedback, particularly during times perspectives as a chairman showed how of stress for the business. important it is to be engaged with your
22 IR SOCIETY AUTUMN 2013 THE STRATEGIC VALUE OF IR
investor base and how to carry their beyond my experience and that of my support through some very difficult small team.” decisions.” • “The programme offers a collaborative The challenge for our IROs is to raise environment in which to share ideas the bar, be themselves and aspire to come and best practices with other IROs out on top in their roles. Here’s what our safely and openly.” IROs said about the DELIVER programme: • “Through access to senior people in their areas of expertise, the • “The programme is a great opportunity programme provides the opportunity to learn from major stakeholders in the for personal development and as an industry and to develop your network IRO from a small team, it also acts as with other IROs who face similar a sounding board for new ideas and challenges.” best practice.” • “Without doubt, the best training course I have been on in over 20 years We are very pleased with the initial of City life. The combination of highly success of the DELIVER programme. Our experienced guest speakers sharing aim is to continue to develop the insights on selected topics, together programme, bring greater strategic insight with discussion amongst the diverse to the role of the IRO and ultimately, to peer group has all been directly provide high potential IROs with the DELIVER programme participant IROs: relevant for my role as head of IR. This means to lead. ■ (clockwise from top left) has broadened my understanding of Helen Parris, Ross Hawley, James Statham how to address a number of different For more on the 2014 programme, contact and Simon Betty. challenges in my role that go way John Gollifer at [email protected]
Time to move up? Need to find an IRO?
The best jobs can be found on the IR Society’s Job Zone www.irs.org.uk
Reach the best candidates for your IR vacancy – place your listing in The Investor Relations Society’s Job Zone on the website at a very modest cost for a month and you will instantly target the best qualified group of IR professionals in the UK and Europe. It works! If you are likely to be a regular advertiser or would like to raise your corporate profile in this market, we can offer you a special Call 01285 831 789 package, subject to availability – just call us on 01285 831 789 or email Email [email protected] [email protected].
IR SOCIETY 23 THE STRATEGIC VALUE OF IR INFORMED
Does IR really have a ‘strategic’ value?
There are many IR skills which provide great value to business, but is this a question of strategy – or tactics? Shane Smith of International Capital Connections argues for a ‘joined-up’ approach.
trategy. Not the biggest of words, but do broader and deeper share register lends Swe correctly grasp where it comes from lower volatility and ultimately reduces the IR AND STRATEGY and, more importantly, where it takes us? cost of capital for the business. Perhaps ‘strategic’ means an activity with Similarly, the IR function in its • The modern corporation is no longer a long-term outcome. From our own contribution to disclosure, governance and simply a profit-maximiser. experience of working closely with the corporate social responsibility all drive cost • The broadest, deepest investor buy-side, I recall plenty of occasions where of capital in this same direction over the communications can be delivered to a quick punt on a currency, commodity or long term. the highest quality and don’t have to stock underwent some cosmetic surgery to Sometimes we take strategy to mean be expensive. re-emerge under the wry description of courses of action or objectives set by the • There is a certain incongruity when ‘strategic position’, when the trade failed to board. But the modern corporation is no companies maintain ambitious go as planned. longer simply a profit-maximiser. carbon targets but contribute to the Here, there is the implicit notion that Regulation and standards of best practice two billion passenger kilometres of longer-term costs (losses, efforts, combine to determine that (in theory at air travel in our industry annually. expenditure) are justified in the name of least) the decision to embrace IR is not one longer-term gains. We are all familiar with for board resolution (and a strong body of the common-sense arguments for the direct research shows that the wider set of gains arising from an energetic IR corporate standards do in fact underpin programme (even if empirical or academic profit maximisation). I’ve used ‘in theory’ as discretion to abandon or ignore their own corroboration is thin on the ground): a a qualifier because boards do have more IR policy than, say, not file statutory accounts. For example, in 2009 my then company launched a new research service for the London Stock Exchange, into the smaller company segment of AIM and the main market, to find most issuers doing their best A broader and to hide under their boardroom tables. At an ‘ IR Magazine conference in the same year in Asia, at least two of the IROs presenting deeper share reported redundancies amongst their peers – their employers espousing the view that register lends lower the last thing they wanted to be doing in the prevailing torrid conditions was to be volatility and talking to investors! ultimately reduces Discretion At least, if boards have discretion to commit less to IR, happily they can also the cost of capital determine to make it more strategic too. In the aftermath of problems for overseas for the business listings of Chinese companies – the so- Shane Smith, CEO of International Capital ’ called ‘red chips’, led by Sino Forest Connections, an investor communications (pronounced ‘See-No’ by local wags) – find firm that connects Asian issuers with that they now have to make positive European and US asset managers. overtures to western investors who, [email protected] previously, clamoured to participate.
24 IR SOCIETY AUTUMN 2013 THE STRATEGIC VALUE OF IR
Perhaps by strategic we mean anything the main data vendors currently package that is just plain expensive. By this and deliver data to the buy-side, by measure, continental companies, which IR must contribute subscription (full disclosure – Institutional tend to have bigger IR departments than UK ‘ Data is a client of my company). So in this companies, are operating more to the very basic case, strategic doesn’t mean expensive strategically; small and efficient IR teams since the service is free! are less strategic. Of course this can’t be Certainly, given the development of the right. Issuers can face widely divergent mission of any for- FCA position on corporate access situations: our red chips above are trying to payments, re-considering how to engage re-ignite demand; Apple and other mega- profit organisation with the buy-side must find itself front and caps face the challenge of meeting ’ centre of companies’ IR strategy. demand. Many of the tools available for either Combination extreme have become less expensive, If IR is described as strategic, it has to be in particularly as the regulatory constraints The broadest, deepest investor the sense of the combination of decisions, over social media are progressively relaxed. communications can be delivered to the actions, intentions and policies of the Over time, clever use of technology should highest quality and don’t have to be company in achieving its wider goals. help to reduce inefficiency and costs. expensive. Companies could largely, if not Ideally IR strategy should be consistent, too completely, replace the annual 20-plus – there is a certain incongruity when Roadshows days of international C-suite travel to just a companies maintain ambitious carbon Roadshows are a good case in point. They few destinations, with virtual events that targets but contribute to the two billion were ‘invented’ in an era prior to the reach all investors in all corners of the passenger kilometres of air travel in our emergence of powerful new video-based Earth. Earlier this year, Shell came under industry annually. technologies yet, for some reason, they fire for cutting the interactive video link at IR must contribute to the very basic endure. At the edges, some issuers are its AGM between The Hague and London, mission of any for-profit organisation; it is experimenting with these technologies. replacing it with a simple webcast; yet with essential to regulatory and best practice Two examples at opposing ends of the the right technology, that webcast could criteria like disclosure, governance and budget scale are the recent results calls have been fully interactive, allowing the corporate social responsibility, and from Yahoo! and NetFlix: the former, a London contingent full participation. alongside PR it should help to create, polished newscast-style professional Further undermining the notion that enhance and protect the identity of the production, and the latter a DIY Google strategic equates to expensive, in a recent company – not just who the world thinks Hangouts event. Both had the potential to twist a new player in the communications this company is, but who the company reach huge audiences. One would have space, Institutional Data Ltd, established by thinks it is, too. been considerably more expensive than the a former Bloomberg executive, is responding All of this requires a joined-up approach other; one conveyed the brand, identity, to the Financial Conduct Authority’s (FCA’s) – an interconnection with the C-suite as standards and quality of the corporate position on corporate access payments by well as operations, conducted in a better than the other – something like the shaking up the current model. consistent way. In a battle context, it is said contrast between a professionally produced The service is provided to companies at that strategy rarely survives contact with the annual report versus a document no charge, and the institutional asset enemy. But with this firm footing, the photocopied on the office machine with a manager pays for a consolidated ‘feed’ of overall strategy has the best possible staple in the corner. live corporate events by sector – much as chance of delivery on its goals. ■
IR SOCIETY 25 THE STRATEGIC VALUE OF IR INFORMED
Take advantage of the corporate access debate
How should IROs deal with the hot topic of corporate access? Steve Kelly of Thomson Reuters Extel argues that there are opportunities here for companies of all sizes.
t the IR Society annual conference in do international fund managers account AJune, one of the guest speakers – David and operate for this, should the regulatory CORPORATE ACCESS Lawton of the Financial Conduct Authority environment change only in the UK? The (FCA) – gave a clear exposition of the deep connection between brokerage • Access questions matter deeply to regulator’s concerns around corporate research and corporate access is every UK quoted company and IR access, and the appropriateness, or undeniable, and there is much in the view team. otherwise, of asset managers, using client that the two services are integral to each • UK companies will need to put more money, through commissions, to secure other. resource into IR programmes. meetings with management. However, these questions, and many • Increasing team sizes and hiring It is a debate in the investment others, remain key for equity investors and talent is the best way forward. community, essentially sparked by the FCA brokerage firms alike. The point here is – (or FSA as then was) late last year, which they also matter deeply to every UK quoted continues to resonate for the buyside and company, and especially to every IR team. sellside alike. Will the FCA restrict or debar That is not to prejudge what may happen to commissions to be employed to pay for corporate access. Instead, it is simply company meetings is going to become even access? Do many buyside firms pay for implausible that nothing will change; and more pivotal, and influential in attracting straightforward non-deal roadshow given that reality, just how ready are UK IR and retaining investment dollars. meetings anyway? Will brokerage firms teams to respond, and ideally take So that’s all good then. The appetite for reduce or change the wide range of access advantage of the changes? access will keep IROs in a job. Well, yes, services, from conferences to bespoke but only if you can prove to be effective at reverse roadshows, which they offer? How Appetite for meetings managing and focusing that appetite. As ‘any IRO kno’, as Molesworth might Because, such demand means there is a lot have put it, equity portfolio managers and of competition too, from your peers and buyside analysts have an almost insatiable other companies; and from the buyside too, desire for meeting with companies. Over in the sense of trying to define who it 90% of the buyside have rated such makes sense to see, and who just isn’t meetings as important in their investment worth an hour of your CEO’s time (and decision process every year in Extel for probably not more than five minutes of several years now. Ally that to the pressure, yours either). on all sides, for more engagement and When you juxtapose the potential for effective stewardship from the buyside change in the corporate access model with towards the assets they own, and it is a this mania for meetings, the issues for UK plain fact that access to management and companies come into sharp relief. Such
IR TEAM SIZES
Companies Three or more people Index Five or more people UK 13.9% FTSE100 19.0% France 18.9% CAC40 29.7% Germany 19.7% DAX30 66.7% Italy 19.3% FTSE MIB 40 19.8% Netherlands 19.6% AEX20 36.8% Steve Kelly is managing director at Thomson Reuters Extel. Extel 2013 [email protected]
26 IR SOCIETY AUTUMN 2013 THE STRATEGIC VALUE OF IR
companies have long placed some reliance on corporate broking relationships, and the existence of that increasingly endangered Measuring the species – the UK equity fund – to both help deal with access, and to find investment dollars. As global mandates grow, and as brokerage-driven access will change, these value of the IRO are no longer enough. Particularly if you are not a mega-stock. The strength and value of corporate relationships – and the importance of such holdings to the largest A good IRO adds immense value to a listed company – and this can buyside firms – will continue to mean that, be recognised and quantified, says Brian Rivel of Rivel Research. for the biggest UK stocks, the challenge isn’t securing access and getting support from brokers to help make it happen – it is cross countless surveys of buy- and conferences, earnings calls, management just holding back the floodtide. Asell-side professionals over the last 20 one-on-ones, roadshows, annual reports years, our research has documented the and the website. More resources significance of proactive investor But did you know that equally important Below that, however, UK companies are communications. Simply put, there is no to buy-side investment decisions in the UK going to need to put more resource into corporate communication function (not is sell-side research (despite conventional their IR programmes, and first and foremost marketing, not advertising, not media wisdom that it has been declining in hire more people. Whereas over 70% of relations, not PR) of more strategic importance)? And whose job is it to each of the top ten companies in the UK, importance to a company’s intrinsic value inform, manage and increase the quality France and Germany employ at least five and investment appeal than investor and scope of what the sell-side says in its people in their IR team, the gap starts to relations. reports? widen dramatically thereafter. As the table The IRO is the UK investment Moreover, after analyst research, the UK opposite shows, UK plc is trying to run IR community’s link to the hearts and minds buy-side identifies ‘communications from outreach, engagement and access at a step of senior management – the person who investor relations executives’ as the single level below Germany and France, and even commands the lion’s share of the sources most common way in which new stocks lagging less obvious markets such as Italy of investment insight (as well as the come to their attention – above sell-side and the Netherlands. management access) fund managers rely conferences, earnings calls and In a way, this is just another version of on when learning about and making management meetings. And they say this how UK commerce/industry has been investment decisions. IR matters. far more often than investors do in North complacent, and found itself overtaken by Recently, at a Bloomberg Tradebook America or on the Continent. A pattern more aggressive, savvy rivals. But that is event in the City, my colleague Claire which continues when they name not really what is going on here. It is much Lavery and I had the opportunity to more about European companies (and not demonstrate some of the proof points. just European), with less heritage in the Indeed, the impact of investor relations in equity markets, seeing the imperative to tell the UK is, if anything, greater than it is in their corporate story as effectively as other parts of the world. possible. A story, for virtually any UK or We all know that in the absence of their continental European stock, that has to own in-house analyst research, fund work for investors across the globe. managers rely on information composed, The opportunity for UK IROs is obvious – coordinated and disseminated by IROs via increasing team sizes, and bringing on board individuals to harness and develop ■ your access to investors. INVESTOR RELATIONS
• The IRO is the investment The connection community’s link to the hearts and ‘ minds of senior management. between brokerage • The buy-side believes IR has a measurable impact on a company’s research and valuation. • These data points are compelling evidence for UK companies to ensure corporate access is that they do not underfund their IR Brian Rivel is president of programmes. undeniable Rivel Research Group ’ [email protected]
IR SOCIETY 27 THE STRATEGIC VALUE OF IR INFORMED
resources that play an important role when When asked to quantify this impact, the ensure that they do not underfund their making the actual investment decision. results are quite compelling – and have investor relations programmes. Any been so on a consistent basis over the last impartial cost-benefit analysis demands it. Measurable impact five years. In 2013, the UK buy-side But paying lip service to a commitment to Accordingly, the buy-side believes IR has a believes IR accounts for a total variance of proactive investor outreach, regardless of measurable impact on a company’s 30% in a company’s valuation – ranging how well intended, is the easy part. And it valuation. In July, we surveyed 403 buy- from a premium of 10% for ‘superb’ IR to goes beyond touting unrivalled siders around the world on, among other a discount of fully 20% for ‘poor’ IR. This responsiveness (gamely promising same- things, whether or not good IR has a is on a par with what investors globally day or 24-hour turnaround on any and all meaningful effect on a company’s stock report, but slightly higher in the UK than investor inquiries) or hiring seasoned, price. The results are convincing. Virtually elsewhere. highly-respected IR professionals. three out of four (73%) said they believe it Superb investor relations requires much does. What’s the percentage in the UK? Compelling more. Some of the touchstones of a superb Simply the highest reported by any At a minimum, these data points are IR programme include an ongoing country… a massive 86%! compelling evidence for UK companies to commitment of time, effort, forthrightness, transparency and robust disclosure as well as a C-suite that regularly avails itself to IDENTIFY IROs AS AN IMPORTANT RESOURCE (FEB 2013) the investment community. The resonance of a company’s investment appeal is in large part 81% UK buy-side dependent upon repeated exposure to the 69% story, growth drivers and management 67% itself. Investors need to understand the Continental Europe buy-side 61% underpinnings of a company’s success in good times and in bad, the strategies that 54% Canadian buy-side will be deployed to soften any downward 42% macroeconomic or industry pressure and the credibility management brings to bear. 46% US buy-side 47% Only those companies with IR programmes that are firing on all For bringing new stocks to their attention cylinders will reap the full valuation benefits (while avoiding the negative When making the investment decision effects of poor IR). ■ Rivel Research Group, 2013
IMPACT ON VALUATION OF SUPERB Vs POOR INVESTOR RELATIONS (UNAIDED) The UK buy-side (Among respondents who believe IR affects a company’s valuation, July 2013) ‘ believes IR
30% Valuation PREMIUM* from “superb” IR accounts for a total Valuation DISCOUNT* from “poor” IR 20% *median variance of 30% in
10% a company’s 10% 10% 10% 10% valuation… a 0% premium of 10% -20% -20% -15% -18% -10% for “superb” IR to a -20% Global UK Cont. Europe N. America discount of 20% for -30% Buy-side Buy-side Buy-side Buy-side “poor” IR ’ Rivel Research Group, 2013
28 IR SOCIETY AUTUMN 2013 THE STRATEGIC VALUE OF IR
The value of IR in letter from Asian markets Asia
In her latest report from Singapore, Judy Tan discusses the importance of IR strategy for companies operating in Far Eastern markets.
s the year progresses, Asia continues to of a company, and its importance cannot be Abrace itself for a turbulent ride amid overemphasised. MARKET CYCLES IN ASIA speculation about the US quantitative easing Take for example, real estate investment programme and uncertainty about the trusts (REITs) listed in Singapore – the IR • The IR role has changed in Asia – economic numbers from China. As market function plays a very strategic role as REITs evolving from a marketing role to a cycles come and go, it would be apt to can only gear up to 35% of their total assets strategic value-creating role. discuss, in this issue of my letter from Asia, (and up to 60% if they are rated by a credit • IR affects the capital cost of a the strategic importance of IR practitioners to rating agency), a regulation set by the company, supporting how important the companies they represent. Monetary Authority of Singapore. Hence, by IR really is. In Asia, the IR function has evolved over virtue of the regulatory requirement, REITs • Communication between a company time from a mere marketing role to a would have to issue equity, at some point in and the investment community is vital. strategic value-creating role in relation to time, to continue to make new acquisitions both the company’s management, capital or invest in asset enhancement initiatives, as costs and in particular, its share price. The part of their growth strategy. The IR function company’s capital costs are a measure of thus ensures that the company clearly what it costs the company to raise further communicates its growth plans to investors capital, ie, through bank loans, or issuance at large. This reduces the insecurity which The positioning and of new shares or bonds. In the case of the capital markets will have around the ‘ raising capital through issuance of new company, and eventually affects the investor shares or bonds, the company’s IR function appetite, the REIT’s new units and organisation of the communicates the ‘fair value’ of a ultimately, pricing. company’s business and future growth IR function is prospects so that there are buyers who take Communications an interest. IR clearly affects the capital cost Besides playing an obviously important crucial role in the capital markets, the strategic ’ value of IR lies in that it is a communication conduit between a company and the investment community. Investors often provide valuable feedback board. In Asia, while smaller listed about what they like or dislike about what companies still make do with the CFO the company is doing, as well as insights doubling up as the IRO, many companies into what the company’s competitors are are starting to have a dedicated IR doing. The IR function can provide these function, as part of the communication insights to the board and senior department, or one which reports directly management, and such market intelligence to the CFO. can indeed make a difference to a In a globalised world, investors can company’s long-term strategy. come from any part of the globe. The positioning and organisation of the Regulatory changes in any part of the IR function is therefore crucial as there is a world also mean that IR communicates signalling value in relation to the investor expectations to senior company’s prioritisations and credibility in management and the board. Increasing Judy Tan is the investor relations what the IRO communicates externally. emphasis on socially responsible investing, manager at ARA-CWT Trust Management This is affected by the organisational corporate governance and risk (Cache) Ltd. Cache Logistics Trust is a real distance between the IR department and management are some key areas of estate investment trust listed on the the CEO or CFO as its insight into strategy investor focus that companies will need to Singapore Exchange. www.cache-reit.com and future growth plans is related to its deal with to remain relevant to investors in [email protected] ease of access to management and the the long run. ■
IR SOCIETY 29 THE STRATEGIC VALUE OF IR INFORMED
The growth of IR in letter from the Middle East The Middle East
Despite the high-profile political crises, the Middle East contains great wealth and sophisticated markets. As a result, IR skills are increasingly in demand, according to these Middle Eastern experts.
e asked a selection of members from promote effective IR practices among colleagues to consider building long-term Wthe Middle East IR Society (ME-IR public companies in Palestine. These efforts careers in IR and financial Society) to share their insights regarding include the PEX Annual Palestinian Capital communications. how IR is developing in various countries Market Forum and the issuance of an IR The ME-IR Society offers an excellent across the Middle East. The contributors guide on the concept of economic value forum for sharing of best practices and comprise an exchange official from the for public companies and IR stakeholders. networking. However more needs to be Palestine Exchange (PEX) and six IROs from The guide includes information on how to done in terms of engaging with the companies listed in Abu Dhabi, Dubai, build an effective IR strategy, core regulators, stock exchanges, financial Egypt, Kuwait, Oman and Saudi Arabia. functions and organisational aspects, IR in institutions and investors from across the Each participant was asked to identify crisis management as well as how to globe in order to enhance participation in the most challenging aspect of their role, measure IR performance. In 2012, we the markets and locally-listed institutions. to outline the most important factor in the established the Palestinian Chapter of ME- development of their market, and to IR Society which has been fundamental in explain what contribution they have made arranging IR training in Ramallah. Kashif Moosa, to IR in the Middle East. senior vice president The responses reflect the different and head of investor operating and regulatory environments that Robinder Singh, relations, strategy and IROs work in and the challenges, and the IR director, Dana Gas, research, Dubai objectives that motivate them to set best Abu Dhabi Islamic Bank, Dubai practice examples for the region. At Dana Gas, we aim IR is a challenging role even when it is to significantly business as usual. However, it becomes enhance our presence even more challenging in difficult times Fida Musleh/Azar, on local and global platforms as the UAE such as financial crisis. One has to ensure manager, PEX, takes its rightful presence in the MSCI that the organisation continues to be Palestine Emerging Markets Index. A key part of my represented and is seen as a responsible, We are all aware that IR role is to increase coverage and target transparent and full disclosure corporate the political situation the buy-side more effectively so that we entity. This requires a significant effort to in Palestine is a great can compete with other large and keep the communication channels open challenge. Much is said about Palestine in developing economies, especially as there and to have accurate and appropriate the news, but not much is said about is little sell-side analysis and coverage. information ready at all times so as to business. My role is to correct The IR function in the Middle East is ensure equitable distribution to all misperceptions about Palestine among the evolving with wider public/institutional stakeholders. financial community and media, and to ownership and more active engagement. The UAE has become a critical part of familiarise them with the many success The team and I actively encourage younger the global economy and international stories of Palestinian listed companies. standards are becoming more and more In today’s global business environment, applicable, especially in the area of following the recent financial crisis, IR in the Middle disclosure practices and for the financial adherence to disclosure and transparency, ‘ sector. The UAE-based institutions are and building and performing an effective East is evolving now traversing the globe, setting up IR strategy among public companies has businesses, raising funds and being part of become a crucial factor. We promote the with wider public/ key transactions of high profile nature. message that constant communication This exposure dictates that the should be the norm, even in times of crisis organisations adopt quality IR programmess to maintain investors’ confidence. institutional which ensure that they can effectively Given the current local and global ownership compete head-to-head with the more challenges, PEX is making a great effort to ’ established organisations around the world. 30 IR SOCIETY AUTUMN 2013 THE STRATEGIC VALUE OF IR
Omar Darwazah, OCI platform to share knowledge and IR best N.V., the Netherlands. More needs to be practices. We successfully launched the Former head of IR, ‘ Oman Chapter of the MEIRS in 2012 with Orascom done to engage the aim to learn from each other, share Construction knowledge and help improve the overall Industries, Egypt global investors and business environment in Oman. The During my former position as head of founding members include representatives investor relations of OCI SAE in Egypt, the regulators from Nawras, Omantel, Bank Muscat, most challenging aspect of my job was ’ Renaissance Services, Ominvest and the active crisis management. Since early 2011, Muscat Securities market. the Middle East has been turbulent with challenges of my role is fulfilling and political and social upheavals. As OCI was complying with the changing regulatory previously listed in Egypt, investors were and corporate governance requirements. Artur Tarnowski, curious to receive unbiased commentary on Nevertheless, having such requirements in senior adviser, IR, events on the ground as they made their place is a very positive development for Ma’aden, investment decisions. Given the fluidity of the Kuwait market, and it will definitely Saudi Arabia events, it has been challenging, yet very benefit the functioning of our stock market One of the main rewarding, engaging the market actively on and help protect investors. challenges of IR various economic and political scenarios. Along with the IR heads of KIPCO and professionals is to manage market The most important factor for the future NBK, Zain was part of launching the expectations. In addition, there are development of IR in Egypt is the continued Kuwait chapter of the ME-IR Society last technical challenges of day-to-day IR acquisition of IR best practices so that global year. The chapter meets on a regular basis operations which are driven by local investors feel comfortable with the flow and to discuss IR issues and potential market constraints. One of the most transparency of information. Companies in improvements for IR in Kuwait and challenging aspects of IR operations in KSA Egypt need to consistently work to enhance representatives from the Society support us is to develop an accurate and the information flow between their in arranging events such as workshops, comprehensive database of both domestic respective managements and the investment conferences or training on various IR and international shareholders as direct community and strive to maintain related topics. We are actively looking to investment in public companies traded on professional standards when conducting expand our outreach to Kuwaiti companies the Riyadh Stock Exchange is only available their IR function. and to engage support from regulatory to local investors. Foreign institutions The Egyptian Stock Exchange (EGX) is bodies such as the CMA. cannot yet invest directly and therefore the home to a variety of attractive blue-chip and investors’ databases available only reflect mid-cap companies which could benefit names of local investors and/or from improved IR practices and Ahmed Al Humaidi, intermediaries. To develop a full list, consequently improved prospects for IR manager, including foreign institutions investing valuation enhancement. Together with the Nawras, Oman indirectly, is not an easy task. Egyptian IR Society and ME-IR Society we The greatest challenge The Saudi Stock Exchange (TADAWUL) will establish a working group in Egypt to of working in a and Capital Market Authority (CMA) are provide best practice and governance rapidly expanding and spearheading the evolutionary process of training, crisis management seminars, and IR regional Telco is to keep up-to-date with developing an efficient and transparent tools for all listed companies. the developments taking place in the capital market in KSA. To reach this goal, sector. IR requires a good understanding of a best practice regulatory framework was how all departments within an first put in place. This includes listing Mohammad Abdal, organisation function and I believe it rules as well as corporate governance IR and corporate provides an opportunity to promote both regulations. Furthermore, regulatory communications my company and country internationally. authorities encouraged dual language director, Zain Group, One of the biggest challenges for IR in reporting which further strengthened Kuwait Oman and in the wider Middle East is the transparency of the KSA market. These IR is a relatively new fact that the concept is still new to the types of initiatives allow a wider group of area for many companies in Kuwait, region. In the past many regional stakeholders, including international therefore raising awareness and companies have allocated the IR function market commentators, to follow corporate encouraging companies to adopt to their internal PR, finance or sometimes developments in the Kingdom. international best practices is critical. even legal departments. As companies At Ma’aden we not only champion the The Capital Markets Authority (CMA) become more aware of international best responsible development of the mining was recently formed in Kuwait, and they practices we can see this trend changing. sector as the third pillar of the Saudi have introduced a number of best practice As we see more individual ME-IR economy; We also aim to meet and exceed requirements that we are working to Society country chapters forming and more the continuous disclosure obligations and comply with. This requires a lot of companies joining the Society, the IR we place considerable importance on attention to detail and the full cooperation network in the Middle East grows, effective communication with its of all parties involved. One of the main providing us with a more extensive stakeholders and market participants. ■
IR SOCIETY 31 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
Events. Courses. Publications. Annual conference. Members’ website. Reading material. Professional development. Social networking. Weekly news bulletin. Quarterly magazine. Updates on industry news. Responses to regulatory consultation papers. Policy initiatives. Advice on IR tools and techniques. Putting IR into action. Best practice guidance. Awards. A knowledge base. And much more... AUTUMN 2013 LONDON’S MARKETS: SMITHFIELD
Meat and greet at LONDON MARKETS Smithfield market
In the third of the series on London’s traditional markets, Richard Knight ventures into the meat market, at Smithfield Market in East central London.
supremacy in ‘Engla lande’ – and perhaps SMITHFIELD MARKET helped themselves to a movable feast! With demand for meat growing in the ‘London’s capacity • Meat trade in London dates back to medieval and early modern periods, and the 12th century. given the lack of electrical refrigeration for coalescing • Smithfield market, where it currently necessitating regular purchase, the driving stands, has been in London for 145 of livestock through the streets resulted in heritage and years. Smithfield increasingly resembling a sort of • The only great market to retain its alfresco zoo except with the stars of the modernity is central position compared to Covent show destined not for display but the dinner Garden and Billingsgate markets. plate. By the middle of the 19th century, 220,000 head of cattle and 1,500,000 apparent in the sheep were being driven into the market annually.1 This quote from an amusingly wider market area mithfield meat market is one of London’s appalled Thomas Maslen sums up the ’ Sgreat heritage markets and occupies a problem: site of profound historical significance at “Of all the horrid abominations with the far north of the City. The current market which London has been cursed, there is not retain its central position, in contrast to site was designed by Sir Horace Jones, also one that can come up to that disgusting Covent Garden and Billingsgate markets, the lead architect for Billingsgate fish place, West Smithfield Market, for cruelty, which as we have seen in previous editions market, and completed in 1868 following filth, effluvia, pestilence, impiety, horrid of Informed have moved on from their the 1860 Metropolitan Meat and Poultry language, danger, disgusting and original sites. The future of the wider market Market Act. However, Smithfield’s role as a shuddering sights, and every obnoxious complex is not clear. While much of the specific centre for meat trading dates back item that can be imagined; and this market complex is Grade II listed, plans to the 12th century, while livestock were abomination is suffered to continue year have been approved by the Corporation of present earlier still in the 10th century as after year, from generation to generation, in London for a major redevelopment of the Norsemen and Anglo-Saxons struggled for the very heart of the most Christian and wider area taking in some of the other most polished city in the world.”2 market buildings. Meanwhile, London’s Clearly things had to change. capacity for coalescing heritage and So following the 1860 Act, Sir Horace modernity is apparent in the wider market took charge and today’s enormous site was area; for example the market’s former cold designed and built. Smithfield market is store is now the location of nightclub simply huge and as thriving and bustling in behemoth, Fabric. Certainly, Smithfield trading hours as to be expected. Slabs of market and its environs retain their various animals line the many stalls, vying evocative air and it is surely important that for space with boxes of sausages, cuts, one of London’s ongoing rituals continues rashers and sides as butchers, salesmen, for some time yet. ■ shoppers, restaurateurs and visitors look for the best possible deal in the Buyers’ Walk. As Smithfield’s website itself states: REFERENCES “Smithfield is a ‘proper’ market so shop 1 The Farmer's Magazine. London: around for the best price of the day.” This is Rogerson and Tuxford, 1849. 1849. immediately evident upon visiting and is p. 142. perhaps the best example of the dynamics 2 Maslen, Thomas (1843). Suggestions and realities of market trading still to be for the Improvement of Our Towns found in the capital. and Houses. London: Smith, Elder & Smithfield holds a particular importance Co. p. 16. Smithfield is also a social destination for London as the only great market to
IR SOCIETY 33 EVENTS INFORMED
The events below are scheduled in the next few months for IR Society members. Events 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.
OCTOBER – DECEMBER 2013
IR BREAKFAST – THE JOURNEY TO SUSTAINABILITY London – AIM Thursday 17 October and Thursday 24 October 2013 24 October 2013 / 8.30-10.00am (Breakfast will be provided from 8am) The Honourable Artillery Company Armoury House City Road The journey to sustainability: what FTSE 250 and AIM London companies should report? A Best Practice event in EC1Y 2BQ association with Emperor Design. The best companies manage their business RSVP Nada Zbirek strategy/sustainability programme and communication Email: [email protected] hand in hand. Integrated reporting is seen by some as a Tel: 020 7729 9090 major development on this journey, as it should show how The seminar will be held in Birmingham and Edinburgh in a company’s business strategy, sustainability programme January 2014. If you’d like to register your interest, please and communications are effectively linked. contact Nada Zbirek as above. What does this mean for companies that want to grow, but which do not yet have a clear understanding of what IR PM – GLOBAL HEADS OF STRATEGY AND ECM sustainability or corporate social responsibility looks like SHARE THEIR VIEWS ON THE WORLD ECONOMY AND for them? How will the absence of a strong, relevant and CAPITAL MARKETS visionary sustainability programme affect them, not just in Thursday 17 October the near future, but over 5-10 years? Time: 6.00pm to 8.00pm This practical seminar will demystify what sustainability Venue: Nomura International plc, 1 Angel Lane, London. means for corporates today and tomorrow. You will take EC4R 3AB away a number of strategic and practical considerations to Cost: Free to STD+ and members, non-members £50+VAT apply immediately. in advance. IRO Only event Hosted with Emperor Design, this event will include a presentation from Emperor’s head of sustainability, Andrew Kevin Gaynor, Nomura’s Global Head of Asset Allocation Kluth. A listed company will also share how they’ve Strategy, will discuss his views on the global economy, addressed the need for sustainability reporting – and the exploring current themes, recent political and economic benefits they have achieved as a result. events and their impact on investor sentiment. In addition, As we recognise that larger, main market companies will Ken Brown, Nomura’s Global Head of ECM, will look at be at a different stage in their sustainability journey developments in the equity capital markets in light of the compared to AIM quoted companies, we will be holding sustained increase in issuance this year, and the strong separate events for FTSE 250 and AIM companies. investor appetite to participate in equity transactions. However, all listed companies are welcome to attend. This session will be useful for all levels of IR professionals, and provide insight into current themes and London – FTSE 250 developments. 17 October 2013 / 8.30-10.00am (Breakfast will be provided from 8am) IR BREAKFAST – MEET THE JOURNALISTS The Honourable Artillery Company Wednesday 6 November 2013 Armoury House Time: 8.30am to 11.00am City Road Venue: MHP Communications, 60, Great Portlant Street, London London, W1W 7RT EC1Y 2BQ Cost: Members FOC, non-members £50 + VAT
34 IR SOCIETY AUTUMN 2013 EVENTS / EVENT REPORT
If you have any events queries, please contact Dipty Patel at [email protected] or call 020 7379 1763
OCTOBER – DECEMBER 2013
SEMINAR – CORPORATE GOVERNANCE WEBINAR – AGM/PROXY VOTING Wednesday 13 November 2013 Tuesday 10 December 2013 Time: 8.30am to 12.30pm Time: 12.30pm to 1.30pm Venue: College Group, The Registry, Royal Mint Court, Venue: Online London, EC3N 4QN Cost: No charge Cost: STD+ members free; £100 +VAT for members and £200 +VAT for non-members NETWORKING – NEW MEMBERS Thursday 12 December 2013 IR ANNUAL DINNER – BEST PRACTICE AWARDS Time: 6.00pm to 8.00pm Tuesday 19 November 2013 Venue: TBC Time: 6.00pm to 12.00am Cost: Members only event Venue: The Pavilion – The Tower of London More details on page 2 of this issue
REPORT – IR NETWORKING – SEPTEMBER Would you like your IR shaken or stirred?
eptember started off with our IR SNetworking Cocktail-Making event where members were given an insight into how to make the best mojitos and martinis. They sampled and created a number of tantalising and tasty mixes, finishing off with a competition for which team could create the best ‘Old Fashioned’ on the rocks! Thank you to everyone who came along, I hope you all had a fabulous time and we look forward to welcoming you to our next networking event on Thursday 12th December – details will be on our website soon. ■
IR SOCIETY 35 COURSES INFORMED
The IR Society provides a comprehensive programme of training 2013 Courses 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 21 November level This course gives you a basic introduction to investor relations and the financial ● Thursday 23 January 2014 environment in which IR professionals work. It explains how the financial markets operate and are regulated.
MANAGING CORPORATE STAKEHOLDERS – UNDERSTANDING INVESTORS, ● Foundation ● Tuesday 19 November ANALYSTS AND THE MEDIA level This interactive day of workshops presented by senior practitioners explores their day- 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 3 December level IR is communication. This interactive half-day of workshops presented by senior IR practitioners explores the most current communication tools and techniques relevant to IROs in their day-to-day roles.
● Foundation INVESTOR RELATIONS FOR PERSONAL AND EXECUTIVE ASSISTANTS ● Wednesday 16 October level Executive assistants and board level personal assistants who come into contact with investors and external advisers need to understand the dynamics of the financial markets. 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 ● Tuesday 5/ Wednesday 6 November Skills If you are working in investor relations or financial PR you need to understand ● Wednesday 26/Thursday 27 February financial statements and be able to answer questions from analysts, investors and the /Wednesday 19 February 2014 financial press. This two part course will help you achieve this by providing foundation knowledge in accounting.
● Core IR IR REGULATION & COMPLIANCE ESSENTIALS ● Wednesday 27 November Skills This course provides essential information and updates for both new and experienced IR professionals. Understand the legal compliance requirements for IR communications and how they are best applied in practice.
● Core IR IR REGULATION UPDATE ● 2014 date TBC Skills This half day course will bring you up to date with latest rules and regulations.
● Core IR EFFECTIVE INVESTOR TARGETING ● Tuesday 22 October Skills Gain an understanding of how to effectively target investors nationally and 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.
36 IR SOCIETY AUTUMN 2013 COURSES
To join the Professional Development programme, sponsored by Deutsche Bank, call 020 7379 1763 or email [email protected].
PROFESSIONAL DEVELOPMENT PROGRAMME 2013
● Specialist DEBT IR – THE NEW FRONTIER ● Please check date with IR Society 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 ● Thursday 5 December 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.
IN-HOUSE TRAINING COURSES ● Bespoke course run in-house The IR Society can also tailor a number of its training courses to meet your particular needs and deliver them in-house. This is an ideal and cost effective way for larger IR teams and wider company personnel to be kept up to date with the latest regulation, legislation and IR best practice. For more information or to discuss your needs contact Laura Hayter on +44 (0) 20 7379 1763 or [email protected]
CERTIFICATE IN INVESTOR RELATIONS (CIR) 2013
CIR REVISION COURSE ● Thursday 28 November To revise the CIR Study Guide and assist candidates with any questions they may have ● Wednesday 29 January 2014 on specific sections of the syllabus.
● Monday 7 October CIR EXAM DATES ● Thursday 12 December The following are exam dates for the Certificate in Investor Relations. ● Tuesday 11 February 2014
PROFESSIONAL DEVELOPMENT 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 37 Certificate in Investor Relations (CIR)
Worldwide, more than 650 successful candidates have demonstrated their expertise, commitment and professionalism by passing the CIR exam – you can too!
The CIR is an internationally The CIR: recognised core qualification • demonstrates competence; for existing IR professionals • enhances career development; and and those new to IR. • provides professional recognition.
For more information: email [email protected] visit www.irs.org.uk call +44 (0)20 7379 1763 AUTUMN 2013 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 Christiane Dickens on +44 (0)1285 831 789 or email [email protected].
Key to IR SERVICE PROVIDERS by category
ADR depositary services global3digital Investor roadshows Solutions BNY Mellon MerchantCantos HSBC Orient Capital Deutsche Bank Nasdaq OMX Corporate RD:IR RD:IR Annual reports Solutions Opinion research Video Black Sun WorkCast Orient Capital Casual Films Capita Financial Group Investor relations QuantiFire IR2 CKD Aura Financial RD:IR Jones and Palmer Design Portfolio Broadridge Proxy and corporate support Webcasting Emperor Design Clare Williams Equiniti Investis Investis Associates Orient Capital Nasdaq OMX Corporate Jones and Palmer EmCo ProxyCensus Solutions Langsford Corporate Design Equiniti RD:IR WorkCast MerchantCantos Fidelio Publications World Television SAS Financial Times IR Magazine Website development Board advisory Imagination Public relations Black Sun Fidelio Investis MHP Clare Williams Corporate broking Jones and Palmer Pelham Bell Pottinger Associates Barclays Maitland RLM Finsbury CKD CRM databases Makinson Cowell Registrars Emperor Design IR.soft MHP Equiniti global3digital Nasdaq OMX Corporate Nasdaq OMX Corporate Shareholder research Investis Solutions Solutions Clare Williams Jones and Palmer Orient Capital Orient Capital Associates MerchantCantos RD:IR RD:IR Equiniti Nasdaq OMX Corporate CSR/sustainability WorkCast Investor Perceptions Solutions Jones and Palmer World Television Jones and Palmer WorkCast Executive search Investor presentations Orient Capital SAS Fidelio Red Oyster QuantiFire Fund management IR for small caps RD:IR Exane BNP Paribas Investis Shareholder targeting Internet services Jones and Palmer Equiniti More information at: Black Sun RD:IR Nasdaq OMX Corporate www.irs.org.uk/resources/service-providers
AURA FINANCIAL – full service investor relations consultancy – BLACK SUN – www.blacksunplc.com – annual reports, internet www.aura-financial.com – investor relations services, website development
Speci ali st fi nanci al communi cati ons and i nvestor r elati ons consultancy Black Sun is one of Europe’s leading Contact: Sallie Pilot Transactions – Sustainability – I ssues management – Continuing obligations strategic corporate communications Director of Research and Strategy Targeted value-added IR services: consultancies. We bring together T:02077519509 Equity story corporate reporting, corporate E: [email protected] Benchmarking responsibility communications and Perception studies digital communications to enable I nvestor outr each our clients to create powerful Tailored Board training integrated solutions. www.blacksunplc.com/corporate www.aura-financial.com | [email protected] | 0207 321 0000
BARCLAYS – www.barclays.com – corporate broking BNY MELLON – www.bnymellon.com/dr – ADR depositary services
Investment Banking at Barclays provides comprehensive financial advisory, capital BNY Mellon acts as depositary for more raising, financing and risk management than 2,500 American and global services to corporations, governments and financial institutions worldwide. We take an depositary receipt programs, acting in c: Alisdair Gayne I Head of Corporate Broking integrated approach to client coverage, partnership with leading companies from t: +44 (0)20 3134 9801 providing you with access to bankers who 68 countries. e: [email protected] have industry and geography specific expertise a: Barclays, 5 The North Colonnade, Canary across all investment banking products. Wharf, London E14 4BB www.barclays.com Learn more at www.bnymellon.com/dr more >>>>
IR SOCIETY 39 DIRECTORY (continued) INFORMED
BROADRIDGE – www.broadridge.com – investor relations EMPEROR DESIGN – www.emperordesign.co.uk – annual reports, website development CAPITA FINANCIAL GROUP – www.capitafinancial.com/1462.htm – Since 1996, Emperor has been designing and annual reports producing straightforward printed and online annual reports, where accessibility of CASUAL FILMS – www.casualfilms.com – video information, strong navigation, clarity of communication and value are the key objectives. Casual Films is a multi-award- Tel: +44 (0)207 729 9090 +44 (0)121 262 3830 Call us today for a free consultation. winning UK Top 50 corporate film +44 (0)131 220 7990 www.emperordesign.co.uk production company with offices in London and New York. EQUINITI – www.equiniti.co.uk – investor relations, proxy and corporate support, registrars, shareholder research, shareholder info@casualfilms | +44 (0)203 411 8040 | www.casualfilms.com targeting
CKD – www.carrkamasa.co.uk – annual reports, website development EXANE BNP PARIBAS – www.exanebnpparibas.com – fund management Established in 1990, CKD specialise in building corporate reputation through the media of brand management, digital FIDELIO – www.fideliopartners.com – board advisory, executive communications and corporate reporting. To see how we can add value please visit www.carrkamasa.co.uk search, investor relations Contact: Adam Hindmarsh, Director Fidelio Partners is an +44 (0)20 7566 0191 International Executive [email protected] Search firm. Our unique capital markets and Investor Relations Contact: Gillian Karran-Cumberlege perspective enables us to attract CLARE WILLIAMS ASSOCIATES – www.clarewilliamsassociates.com – +44 (0) 20 7759 2200 senior talent which gives our [email protected] clients a clear advantage in the investor relations, shareholder research, website development www.fideliopartners.com competition for capital.
Investor relations and investment ● Market perception studies. FINANCIAL TIMES – www.ft.com – investor relations communication services: we provide an ● Investment communication across a independent, experienced and skilled range of channels. fund manager’s perspective with an ● Bespoke research support and training. Reach and engage the Financial Times audience of established track record. ● Flexible tailored approach. financially-aware decision-makers and affluent shareholders T: +44 (0) 141 419 9900 from across the world. E: [email protected] W: www.clarewilliamsassociates.com FT Investor Relations service – targeted multimedia communication packages that give you maximum visibility. Contact: DESIGN PORTFOLIO – www.design-portfolio.co.uk – annual reports Stella Sorrentino on +44 (0)20 7873 3865 [email protected] we combine compelling storytelling with a deep understanding of investor Contact Paul Crabb relations to create engaging GLOBAL3DIGITAL – www.global3digital.com – internet services, Business Development Director and effective stakeholder website development communications Direct +44 (0)20 7536 2032 [email protected] @WeAre_DP www.design-portfolio.co.uk
DEUTSCHE BANK – www.adr.db.com – ADR depositary services
Deutsche Bank Providing all the support necessary to set up and run a successful Depositary Receipt programme. For a more personal, specialist service please contact us. Zafar Aziz – Tel: +44(20)7545 6619 Email: [email protected] HSBC – www.hsbcib.com – investor roadshows
IMAGINATION – www.imagination.com – investor relations EMCO – www.em-co.ru/eng – investor relations
To appear here, call 01285 831789 or email [email protected]
40 IR SOCIETY AUTUMN 2013 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
Contact: Richard Carpenter [email protected] +44 (0) 20 7396 3581 MerchantCantos is one of Europe’s leading creative communications companies. We work across print, online, video and mobile. Our areas of expertise include: Corporate & IR Apps & Mobile Social Media Video & Charts, Maps & Branding, Corporate Advertising, Corporate Communications, Corporate Websites Webcasting Feeds Reporting, Corporate Responsibility, Digital, Employee Engagement, Investor www.investis.com [email protected] +44 (0)20 7038 9000 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 five PR disciplines (financial PR, brand PR, corporate DELIVERING reputation, CSR and public affairs). INDEPENDENT Contact: Reg Hoare (Managing Director & Partner) [email protected] INSIGHT 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 NASDAQ OMX CORPORATE SOLUTIONS –
2 www.nasdaqomx.com/whatwedo/corporatesolutions – IR – www.irsquared.co.uk – video CRM databases, internet services, investor relations, shareholder IR MAGAZINE – www.irmagazine.com – publications targeting, webcasting, website development
IR.SOFT LTD – www.irsoft.com – CRM databases Contact: Stephen James Managing Director Global Corporate Solutions The IR.manager Investor Relationship NASDAQ OMX Management platform helps in-house IR teams +44 207 065 8000 and IR advisors easily and efficiently manage NASDAQ OMX Corporate Solutions provides the technology that powers relationships with investors, analysts and the global business communications with our suite of tools servicing the needs of media. investor relations and corporate communications professionals. Arnaud D Robin http://www.nasdaqomx.com/whatwedo/corporatesolutions Tel: +44 (20) 7060 4700 [email protected] IR.soft: Software solutions for optimal Investor TM www.irsoft.com Relations ORIENT CAPITAL – www.orientcap.com – CRM databases, investor JONES AND PALMER – www.jonesandpalmer.co.uk – annual reports, relations, opinion research, proxy & corporate support, shareholder CSR/sustainability, Investor Relations, IR for small caps, Shareholder research, shareholder targeting research, Video, Website development Orient Capital is a global leader in share ownership analysis, equity market intelligence, investor communication and shareholder management technology for listed companies.
OnlineOnline strategy andand webweb developmentdevelopment London: +44 20 77 76 75 74 AnnualAnnual ReportsReports (electronic(electronic andand printed)printed) [email protected] ConsultancyConsultancy (best(best practicepractice recommendationsrecommendattions andand legislativelegislative requirements)requirements) www.orientcap.com Call JimJim RobinsonRobinson 01210121 236236 90079007 www.jonesandpalmer.co.ukwww.jonesandpalmer.co.uk PELHAM BELL POTTINGER – www.pelhambellpottinger.co.uk – public relations LANGSFORD CORPORATE DESIGN – www.langsford.co.uk – annual reports PROXYCENSUS LTD – www.proxycensus.com – proxy and corporate support MAITLAND – www.maitland.co.uk – investor relations QUANTIFIRE – www.quantifire.co.uk – opinion research, shareholder research MAKINSON COWELL – www.makinson-cowell.com – investor relations
IR feedback is changing. You can now reliably measure, analyse and trend market perception by different stakeholder groups – and You can reach a unique audience of E: [email protected] the impact that your IR programme T: +44 (0) 20 7060 5470 has on this. IR professionals by advertising here... www.quantifire.co.uk Contact us for a trial.
more >>>>
IR SOCIETY 41 DIRECTORY (continued)
The Investor Relations Society RD:IR – www.rdir.com – CRM databases, investor relations, IR for Bedford House, 3 Bedford Street, London, WC2E 9HD small caps, investor roadshows, opinion research, proxy and corporate Tel: 020 7379 1763 support, shareholder research, shareholder targeting Fax: 020 7240 1320 www.irs.org.uk THE BOARD
John Dawson (chairman) National Grid Nominations committee chairman Examinations board chairman [email protected] Bridewell Gate, 9 Bridewell Place, London, EC4V 6AW Sue Scholes (deputy chairman) AMEC Education committee chairman RED OYSTER – www.redoyster.co.uk – investor presentations [email protected] Ian Arnold (treasurer) Let us help you demystify complexity, enhance Finance committee chairman credibility and engage confidently. [email protected] Expert training for investor relations teams on: • Presentation skills Emma Burdett • Effective writing t: +44 (0) 20 3372 4860 • Powerful PowerPoint Maitland w: www.redoyster.co.uk • Storytelling Policy committee chairman e: [email protected] a: Aldermary House, 15 Queen St,. Plus director-level presentation mentoring for investor [email protected] London EC4N 1TX and analyst presentations by CIR-qualified coaches. Richard Carpenter MerchantCantos RLM FINSBURY – www.finsbury.com – public relations [email protected] Fay Dodds SAS – www.saslondon.com – annual reports, website development Burberry [email protected] SAS is a design and communications agency providing specialist John Gollifer (general manager) expertise across corporate, talent and brand communications. The Investor Relations Society We produce annual reports, sustainability communications, [email protected] corporate websites, internal communications and branding for some of the world’s largest organisations. Reg Hoare MHP Communications Contact: Victoria Sugg E: [email protected] T: +44 (0)20 7243 3232 www.saslondon.com Corporate affairs committee chairman [email protected]
Hazel Jarvis (company secretary) WORKCAST – www.workcast.co.uk – internet services, investor J Sainsbury relations, webcasting [email protected] Gillian Karran-Cumberlege The WorkCast Corporation is Europe's largest provider of Membership committee chairman webinar, webcasting and virtual event solutions serving [email protected] over 150 global organisations including the IR Society and IR magazine. Claire Lavery WorkCast's award-winning webcasting platform, WebCast Contact: Manager and Services, are used for many enterprise-wide Rivel Research Group Mike Bowman, Sales Manager applications such as investor and stakeholder relations, Conference committee chairman Tel: +44 (0)844 870 4912 lead generation, employee communications, training & [email protected] [email protected] product launches and user conferences. David Lloyd-Seed Dixons Retail WORLD TELEVISION – www.world-television.com – investor [email protected] relations, webcasting Sallie Pilot Black Sun Best practice committee chairman World Television is a leader in [email protected] strategic video communications. We are producers of award- Danielle Poulain winning programmes, webcasting Banco Espirito Santo Contact: Rob Jackson, UK Sales & Marketing specialists and experts in Events committee co-chairman Director +44 (0)20 7243 7370 delivering video online. [email protected] [email protected] www.world-television.com Keith Russell [email protected]
David Walker Hays www.irs.org.uk/resources/service-providers Events committee co-chairman [email protected]
42 IR SOCIETY INVESTOR PERCEPTION STUDY EUROPE 2013 Winning companies, winning IR strategies
A comprehensive survey and directory of investor relations in Europe today, based on in-depth interviews with more than 700 analysts and portfolio managers in the region, as well as with corporate IROs, CEOs and CFOs.
This full-color report containing numerous charts, photos and illustrations answers many important IR-related questions, including:
– Which companies are excelling at investor relations, and why? – Who are the IROs at Europe’s top 100 companies? What size are their teams? – What impact is the eurozone crisis having on European IR? – What do the top-ranked IROs, CEOs and CFOs think they are doing right?
To order your copy, please contact Nicola Valentine at +44 20 7107 2566 or [email protected]. To download or buy the report online now, please go to www.irmagazine.com/euroips. We combine Investment Management and Investment Servicing. It gives us our unique view of the investment universe, from global trends to decimal-place details. That helps us attract the industry’s brightest minds, who create powerful investment strategies. That can help lead to the success of a sovereign wealth fund. The fund builds dozens of new schools. And the schools build more bright minds. Invested in the world.
bnymellon.com