EVENTS & COURSES | CHAIRMAN’S LETTER | NEW MEMBERS | SERVICE PROVIDERS INFORMED THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 82 SPRING 2014
A DAY IN THE LIFE OF IR
How IR professionals achieve their goals in a challenging global market
PLUS 2014 IR conference update The trouble with proxy voting Member survey A look at Lloyd’s of London Letters from Asia, Europe and North America THE INVESTOR RELATIONS SOCIETY 28TH ANNUAL CONFERENCE
TODAY’SIR: CREATING TOMORROW’S VALUE
A WORLD-CLASS PANEL OF SPEAKERS WILL EXPLORE BEST PRACTICE INTERNATIONALLY AND DISCUSS WHAT IS REQUIRED TO GROW IR SUCCESS NOW AND INTO THE FUTURE
// TUESDAY 17TH JUNE 2014
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VISIT WWW.IRS.ORG.UK FOR MORE INFORMATION AND TO BOOK YOUR PLACE
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CONTENTS
4 CHAIRMAN’S LETTER A day in the life of an IRO John Dawson, IR Society chairman 22 A DAY IN THE LIFE OF IR 5 NEWS FROM THE SOCIETY Creating value at the June conference Global IR summit in Sydney (page 6) 23 THE IRO AND THE New IR Society members (page 6) COMMUNICATIONS CHALLENGE A new executive joins the IR Society (page 9) Holly Birch, The Go-Ahead Group plc Chairmen’s plaque unveiled (page 9) Certificate in Investor Relations – passes (page 12) 25 MULTIPLE ROLES FOR THE ACTIVE IRO 8 A PERSONAL VIEW Judy Tan, ARA-CWT Trust Management Ltd All change at the IR Society John Gollifer, IR Society 26 THE DAILY LIFE OF AN IRO IN CANADA 10 INDUSTRY NEWS Karen Keyes, Aimia FCA consultation on dealing commision rules Growing investor activism (page 12) 28 HANDLING THE STRESSES OF Investors seeking more engagement (page 14) RAPID GROWTH Charles Hamlyn, QuantiFire Greg Feehely, ASOS Improving the dialogue over proxy voting (page 16) Ross Hawley, PageGroup and Emma Burdett, Maitland 30 THE GLOBAL MESSAGE OF A FINANCIAL MARKETS TRAINER Paul Meadows, Chadley House Training Ltd. 20 IR SOCIETY SPONSORS Our sponsors in 2014, Robert Dann reports. 31 TEACHING LEADERSHIP IN INVESTOR RELATIONS 34 LETTER FROM EUROPE Mark Fritz, IE Business School In Paris, IROs see signs of spring. Lourens Kavelaars, Paris-based IR consultant 32 A DAY IN THE LIFE OF THE IR SOCIETY John Gollifer, IR Society 36 LONDON’S MARKETS: LLOYD’S How Lloyd’s is riding the waves of change Laura Hayter, IR Society
37 EVENTS 43 IR SERVICE PROVIDERS DIRECTORY The IR Society events programme for 2014 Find help in this listing of IR service providers Event report: Policy review webinar (page 38)
39 PROFESSIONAL DEVELOPMENT 46 IR SOCIETY BOARD 2014 courses (pages 39-41) Names, roles and email addresses Certificate in Investor Relations (page 42)
IR SOCIETY 3 INFORMED
CHAIRMAN’S The Investor Relations Society 5th Floor, 30 Coleman Street, LETTER London, EC2R 5AL Tel: 020 7379 1763 Fax: 020 7240 1320 www.irs.org.uk
THE MANAGEMENT TEAM A day in the John Gollifer General manager [email protected] life of an IRO
Alina Ardeleanu Financial controller [email protected] It was suggested to me that a ‘day in the life’ article from your chairman would be a Robert Dann nice way of embracing some of the topical themes of the moment as well as providing Head of marketing and membership an insight into the varying and challenging nature of a senior IRO’s role. It could also be [email protected] an appropriate way to sign off as I reach the end of my time as chairman of the Society Alison Hamilton – three very enjoyable years providing some measure of guidance and leadership for the Marketing and events executive industry’s leading representative body. It has been a real privilege. [email protected] However, a single ‘day in the life’ barely captures the enjoyment and challenges of an Laura Hayter IRO. I’ve been delighted to enjoy almost every aspect of my career to date. Clichéd to Head of policy and communications say but true nonetheless that never have I had the same day twice nor indeed a dull [email protected] moment. What makes every day different? Change, constant change – and therefore the Janet Kelly need to react to that change and work with the many people who, let’s face it, can Head of professional development and events never be dull in IR. [email protected]
Breaking bad THE OFFICE HOLDERS Looking back at an individual day and trying to assess the impact or value added is John Dawson often hard – after all, no day fully encapsulates the different roles we play over a length Chairman of time. Take yesterday for example. [email protected] I woke up in a small (but very comfortable) hotel in Santa Fe, New Mexico, having Sue Scholes spent 16 hours travelling on Monday. Emails and work on a draft board paper for Deputy chairman [email protected] National Grid followed from 4.00 till 7.00am, then I joined a colleague for a car ride to Thornburg and enjoyed a stimulating and wide-ranging conversation with a potential Ian Arnold (hopefully still so after the meeting) investor. Treasurer [email protected] After that, an hour to Albuquerque for four hours of travel to San Francisco – a nice view of the Grand Canyon on the way. Leaving Albuquerque thoughts drifted to life after James Eves chairmanship – perhaps a career change beckoned. I have always wanted to be a Company secretary [email protected] teacher but perhaps I should jump the training and go straight to dealing – where better to learn that than under the watchful eye of Mr White in Albuquerque, home of For a full list of the IR Society board and the committee chairs, see last editorial page. ‘Breaking Bad’ – thankfully a fleeting thought and rapidly discarded. More work on the plane(s) and in the hotel before a very nice dinner at a great restaurant find ‘Range’ – INFORMED 842 Valencia Street for anyone visiting. What’s really interesting, rather than a blow-by-blow account of a roadshow or results John Thistlethwaite day – interesting as they may be – is to take a step back every now and again and reflect Publishing assistant [email protected] on the positive impact good IR has on the organisation you work for and how, through our actions, we’ve made that happen. Alex Murray For me, and hopefully not sounding too much like I am writing my CV or blowing my Publisher [email protected] own trumpet, it is the influence that experience, judgement and leadership bring to the company. Informed is published on behalf of the IR Society by: Whether it’s preparing board briefings on the results, with a view to securing support Silverdart Publishing for the messaging strategy you have created, board papers on remuneration, dividend Tel: +44 (0)1285 831 789 policy, new performance measures or more mundane activities, it is the engagement www.silverdart.co.uk and satisfaction of knowing that you’ve added some value to what is a complex process Editorial enquiries can be addressed either to of influencing decision-making. Then translating that into actions, good communication John Gollifer or to Alex Murray. and relationship building with, in the end, our most important audience – the investors Views expressed in this publication are not themselves who own the company – this is the world of IR. necessarily those of the Society. © 2014 IR Society. Responsibility Well that sounds great for those at the top of the tree, doesn’t it? Lots of glamorous (are we serious in this day and age?) travel and high-profile boardroom access. But in my
4 IR SOCIETY SPRING 2014 SOCIETY NEWS
view the role of IR at every level provides that scope to get satisfaction out of hard Creating value at the work – using analysis and understanding to influence many important things. It can be as simple as seeding an idea June conference into the CEO’s head as he/she is on the road and meeting investors – an idea that The 2014 IR Society annual conference will This event will equip IR professionals perhaps clarifies communications or leads take place on Tuesday 17 June 2014. The with a clear understanding of what the buy- to bigger things. It can be making sure we title for this year's event is 'Today's IR: side thinks and wants, and how this insight target and see the right investors, and creating tomorrow's value'. The venue is the can contribute to a successful IR provide briefing materials that really same as in recent years – Kings Place, 90 programme. Attendees will get the 360- impact the quality of the meeting. Not York Way, London N1 9AG. degree view and receive key ‘take-aways’ everything but many things we do as IROs Following the success of last year’s from each session, which will assist them in our daily lives can have a tremendous conference, the 2014 event will take a internally and externally. positive effect. practical look at IR today and how to create Finally, the conference will look at IR as a But as Uncle Ben once said, “with great value in the future. career path, examining the pitfalls and power comes great responsibility”. We live This year, the Society will address the opportunities of the profession, taking a on the front line and lest we ever forget, challenges of attracting international closer look at what makes the ideal IR it’s a risky place to be. To really succeed in investors and the sell-side’s role in this practitioner and how to build and retain IR you can’t, in my view, rely completely process. The conference will look at the effective IR teams, as well as breaking on intelligence and analysis. You need difference between good IR and poor IR through the ‘glass ceiling’. judgement – founded probably on and how it can affect a company’s share The days of IR being a ‘nice to have’ are experience, but also a willingness to listen price, re-affirming IR as a major value- long gone, IR is now a ‘must have’ and the and take on board other views. driver whose power is not to be 2014 IR Society conference will celebrate You also need patience – both in terms underestimated or underutilised. this progression and seek to reinforce IR’s of the time some things take, and also to Updates on the governance issues and essential and significant role in the find the right opportunities to influence progress in the digital space will provide corporate environment. If you have any stakeholders and corral (sorry, but I was in IROs with essential insights to make sense questions please contact John Gollifer Santa Fe) opinions, perhaps around your of what is really necessary. [email protected]. ■ ideas. If nothing else, at least generating ideas that also embed your constructive contribution in the debate. And therein lies the true value of good IR and what helps make every day different. ■
JOHN DAWSON At last year’s conference, the moderator, BBC journalist Evan Davis, leads a panel session.
[email protected] New Court St. Swithin’s Lane London EC4N 8AL +44 (0)20 7280 5081 www.investorperceptions.com SOCIETY NEWS INFORMED
Global IR summit in Sydney
A summit of leaders of several of the major national investor relations associations from around the world was held in Sydney on 17 and 18 February. The annual event was hosted this year by the Australasian Investor Relations Association and also involved CIRI (Canadian IR Institute), DIRK (German IR Association), NIRI (National Investor Relations Institute from the USA) as well as the UK IR Society, represented by general manager John Gollifer. From left to right: the IR Society’s general manager John Gollifer; Ian Matheson, CEO of Over the two days, participants discussed AIRA (Australia); Kay Bommer, general manager of DIRK (Germany); Yvette Lokker, trends and advancements in IR practice, president and CEO of CIRI (Canada); and Jeff Morgan, president and CEO of NIRI (US). professional development and regulatory changes impacting investor relations in each issues in the practice of investor relations that this could be an important enhancement of the jurisdictions. around the world. to membership benefits by assisting members Summit attendees also met with In an important new initiative, the five IR to engage with global peers on areas of representatives of the Australian Securities organisations agreed to facilitate IRO-to-IRO mutual sector interest and trends in IR Exchange and the Australian Securities & contact when members are on global practice when travelling to major roadshow Investments Commission to discuss current roadshows. The organisational leaders agreed destinations around the world. ■
NEW IR SOCIETY MEMBERS
The IR Society is pleased to welcome the Larisa Kogut-Millings – FTI Consulting Maria Stepanova – JSC Russian Grids following new members, who joined Dominic Lagan – Old Mutual David Stocks – SAS recently: Letita Leigh-Pemberton – Strand Partners Michael Tagg – Sage Group Limited Josefina Tallqvist – Rettig Group Ayeesha Aliyu – Dangote Industries Martin Luke – Vox Markets Ramona Tipnis – Mothercare Anna-Lena Åström – Edison Investment Julia Martynova – JSC Russian Grids Ben Ullmann – StockWell Research Murdo Montgomery – Sage Group Liz Vaughan-Adams – IP Group Diana Barham – J.P. Morgan Heather Nicholls – Black Sun Sean Wade – Asia Resource Minerals Louise Bryant – Aggreko Kate O'Riordan – Lyons Bennett Jon Wakeford – UPP Group Stephen Butler – Luminous Geoffrey Pelham-Lane – Thomas Cook Matthew Watkins – Nationwide Francesca Cocilovo – Korn Ferry Group Zöe Watt – StockWell International Samuel Perowne – The Phoenix Group Rosie Wilkins – TelecityGroup Matthew Cole – FTI Consulting Anastasia Pittas – EMR Mav Wynn – Thomas Cook Group James Cooper – Mitchells and Butlers Stefan Ploghaus – EQS Group Elizabeth Xu – Citigate Dewe Rogerson Peter Crane – Espirito Santo Ana Pombo – Independent Liz Ferry – Sage Group Pooja Pradeep – Cairn India Ltd Jason Frank – SAS Nicola Ratchford – StockWell David Gracie – Makinson Cowell Ralph Rauschenberger – SES For information on membership Denis Guryanov – JSC Russian Grids Adriana Rodgers – Land Securities Group benefits and to join the IR Society Linda Hardy – Homeserve Lindsey Sanders – AkzoNobel please contact Janet Kelly: Matt Johnson – Travis Perkins Debbie Sempie – Taylor Wimpey [email protected] or visit Fiona Kehily – Henderson Global Brett Simnett – Radley Yeldar www.irs.org.uk Investors Richard Smith – Lloyds Banking Group
6 IR SOCIETY
A PERSONAL VIEW INFORMED
All change at the IR Society
An office move and an active calendar at home and in overseas markets promise a busy 2014 schedule, as John Gollifer reports.
It feels like all change at the IR Society. We together. Change is always tough, even for have a new team in that half of the a small organisation, as you can never John Gollifer is general manager of executives have arrived in the past year or quite factor in everything that you will The Investor Relations Society. so. If they haven’t, their roles have need to address. That said, we did it and [email protected] certainly changed or at least grown along we’re open for business and very much with our 2013 financials, ably managed by looking forward to welcoming you to the Alina Ardeleanu, the financial controller. new home of the IR Society. One really participation in this year’s awards that We welcome Alison Hamilton who joins important thing that hasn’t changed though culminate on 25 November at the annual us in the new role of marketing and events is the continued support of all our sponsors Society Awards dinner, always a grand executive having played a similar role at and partners, all of whom are featured in finale to the year and this time taking place Developing Markets Associates. Alison will this issue and without whom, of course, at the historic grounds of the Honourable support the broader marketing and we could not possibly do all that we want Artillery Company. Again, perhaps time to membership role of Rob Dann and the to do! try something a little different and let’s see professional development and events Just to recap on 2013, membership what happens. calendar run by Jan Kelly. ended the year at a high of 689, course We have of course recently moved office revenues were strong, particularly on the Looking forward too, from good old Bedford Street, where Certificate in IR (CIR) side that included So what are our other plans for 2014? We we had been since the 1990s, to a newly new overseas partners in Asia and the aim to grow our membership, offering an refurbished fifth-floor location at 30 Middle East. We’re delighted to see all our engaging calendar of courses and events Coleman Street, well positioned between existing CIR partners join us again in 2014 and continually thinking of other ways to Bank and Moorgate, in the ward of cheap, and we’re expecting the number of CIR engage as many of our members as we can. the origin appropriately meaning ‘market’. passes, recently hitting the 700 mark, to The webinars, on the use of proxy We expect to offer a convenient location continue to grow as we seek new ways to advice, a comprehensive policy review of for members, a refreshed look and feel and address the demand for a bona fide 2013-14 and ‘Getting remuneration right’, more space for staff and our Society international measure of an IR that kicked off the events calendar in the activities in a larger open-plan office. professional’s success. Our policy work first quarter are a great example of how we continues to attract requests for feedback can cost-effectively reach a larger Looking back from regulators and other interested audience, including prospective new Coming off the back of a strong parties, including similar organisations members, with sought-after content and performance in 2013 puts us in the driving both in the UK and overseas. We should expedient use of technology. seat to consolidate what we have learned share what our members are saying and Live events, like the popular ‘Meet the find more ways to get the industry view journalists’ featuring the significance of across publicly. Our policy and social media to IR, of course, help communications work remains at the emphasise the importance of networking to We aim to grow forefront of what the IR Society stands for our members. It is pleasing to add that we ‘ and I am sure Laura Hayter will be are seeing more enquiries to join the our membership, contacting you at some point to canvas Society coming from new players, both your views on topical issues. IROs who have recently joined the industry offering an After a very successful annual and service providers who are seeing conference and another bewitching awards opportunities in a changing market and engaging calendar dinner last year, 2014 offers us more regulatory landscape. opportunities to build on this success. Often these are smaller players who have of courses and We’re sure ‘Today’s IR: Creating tomorrow’s spotted a market opportunity to add an IR value’ will resonate well before 17 June role to their business and of course if and long after our annual conference. investors are happy to return to the events Likewise, we have plans to feature our markets, we would expect initial public ’ revised Best Practice guidelines, showcase offerings (IPOs) to generate more new past winners and encourage wider players for the industry.
8 IR SOCIETY SPRING 2014 PERSONAL VIEW / SOCIETY NEWS
We are fortunate to be part of an industry A NEW EXECUTIVE that is growing and still developing as it JOINS THE IR SOCIETY responds to changes. We expect to be a We would expect meaningful voice in an important and ‘ vibrant sector of the financial services We were sector. IPOs to generate delighted to welcome Alison IR abroad more new players Hamilton, our UK plc is getting stronger again and it is no new marketing coincidence that we are receiving more for the industry and events enquiries from other markets too as the ’ executive, who changes that are affecting us also raise joined the IR potential issues elsewhere, or at least an Society on 3 interest from our overseas counterparts. We always happy to offer reciprocal member April from do well to respond and to embrace the rates to our counterparts should their Developing opportunity to compare notes as I did in members be visiting the UK at the time of Markets Associates where she was the January at the annual IR Club conference in one of our events. Have IR, must travel! events co-ordinator. Alison started Frankfurt. quickly with a useful insight on her first I was also timely in my holiday travels in Members day provided by the ‘Managing that I managed to find a few days in It remains for me to encourage you to get stakeholders’ course that introduces the February to join the illustriously named in touch with us at Coleman Street, get sort of audiences that make up our ‘G5’ meeting, a collaboration between the more involved and help your IR Society community, including the buy- and sell- larger IR associations, including AIRA of grow further by building on a strong base sides and advisers. Australia, CIRI of Canada, DIRK of that has been put in place by many of you An energetic and sporty person, Germany, NIRI of the US and of course, the over many years. Alison, a 2011 Oxford Brookes IR Society. We customarily share views, Let’s encourage newcomers, make graduate, was on hand at our new exchange ideas on common issues and introductions to the Society and add to the office opening on 19 March. She was seek to work more closely in promoting the diversity of our Society to ensure that we thrilled to see a lively and enthusiastic IR industry and best practice as broadly as are even stronger in 2014. Do please feel response from our members to the we can. It seems the bugbears are common free to contact us now if you are keen to Society’s new facilities in the heart of to all our markets. In 2015, we will host contribute to the committees that support the City. the G5 meeting in London. the Society’s activities, perhaps write an ‘There’s a real buzz here and I’m It is encouraging to note the efforts to article for this publication or should you happy to be joining an established team work together and assist in connecting just want to let us know what you’re that I can work with immediately and international IRO peers by introducing thinking. And by all means, do please find really feel part of. I’m naturally keen to them to one another across our markets. time to drop in for a coffee at Coleman hit the ground running and use my Further, I’m pleased to add that we are Street! ■ experience and ideas in events to help the Society meet the needs of its members and partners. I wanted to work in this part of the industry and I think I’m in exactly the right place!’ ■
Eric Silvester 1980–1986 Peter Smith 1986–1989 Neil Ryder 1989–1992 Joanne Lawrence 1992–1993 Andrew Woods 1993–1994 Michael Cooling 1994–1997 Andrew Mills 1997–1999 Chris Milburn 1999–2001 Richard Bowler 2001–2003 Diane Faulks 2003–2005 Lynda Ashton 2005–2007 Peregrine Riviere 2007–2009 Richard Davies 2009–2011 At the opening of the new IR Society office in Coleman St (page 33), three past chairmen of John Dawson 2011– the Society and the current chairman, John Dawson, posed with a new plaque which is now placed on the wall of the new office listing the chairmen since the Society’s foundation in 1980. From left to right, Richard Davies, Michael Cooling, John Dawson and Diane Faulks.
IR SOCIETY 9 INDUSTRY NEWS INFORMED
FCA consultation on dealing commission rules
The Financial Conduct Authority (FCA) which we believe needs correcting. It is an issued a consultation in November 2013 increasing challenge for companies to on the use of dealing commission rules, to establish both who ‘owns’ their shares and which the Society has submitted its then within that ‘ownership’ who is comments. This is an important issue for controlling the voting. With an increase in corporates, especially small- to mid-caps, binding votes, communicating with the and one we will be monitoring closely. right audience is an ever-growing The FCA intends to publish a policy challenge. statement later in the spring, which will As part of the response to the Kay Industry news briefing summarise the key points from the Review (2012), the Department for comments received and a final approach Business, Innovation & Skills (BIS) Selected key issues for IROs to the proposed changes, or any requested comments on an analysis of the alternative considerations. You can view proposals to disenfranchise short-term our consultation response on the news shareholders during a takeover bid. Factual and views section of the IR Society Despite analysis from the Kay Review and ‘ website. the Takeover Panel concluding that it inaccuracies The Investment Management would not be practical or effective to Association (IMA) has also undertaken a disenfranchise short-term shareholders among proxy review on the use of dealing commission during a takeover bid, a parliamentary for the purchase of investment research. select committee had requested further research reports The report published in February highlights views on how this issue can be overcome. the current benefits and challenges as well The IR Society participated in the BIS and lack of as proposing an eight-point framework to roundtable in January, with a large number assess alternative business models. of advisory bodies attending the meeting. expertise around General consensus among meeting Short-term traders participants remains that the issue of complex deal disenfranchising short-term shareholders The government has thrown the spotlight will be difficult to overcome. It remains to structures are a on beneficial ownership again, albeit be seen where the government stands on much of their emphasis is directed towards this issue. concern for private companies. However this is a perennial issue which the Society’s policy Independent research corporate issuers committee is set to highlight. In particular ’ areas such as announcements about stock There has been much debate around the lending and change of ownership cause an Blinkx/Edelman affair recently – an asymmetry of information in the market authoritative professor, selling opinions to academics or other third parties who can investors and subsequently publishing sell their research services and publish it those views via a blog to the broader more widely. Keep up to speed with the weekly market, accused of influencing trading While many noted the Blinkx/Edelman INFORMED e-Bulletin for: (shares off 30%) and benefiting clients affair warranted further investigation, 52% (short positions under scrutiny). of respondents agreed it appeared to be a In a recent survey conducted by the case of potential market abuse. • industry news; Society among IRO members, while the Respondents cited quality of research and • society news; majority of respondents are currently not the independence of views of ‘paid for’ • service providers; seeing an increase of independent research as concerns. research firms covering their companies, •IR jobs & more. 62% expect this to increase over the next Best practice principles five years. Although respondents remarked it may be impractical to enforce, 52% of The IR Society responded in December See the IR Society website to respondents agreed that the same rules for 2013 to The Best Practice Principles for register – www.irs.org.uk. FCA-registered market participants should be applied or expected of journalists, Continued on page 12
10 IR SOCIETY
INDUSTRY NEWS INFORMED
Governance Research Providers Group consultation on its draft principles. These GROWING INVESTOR ACTIVISM, SURVEY SHOWS included guidelines on the nature of governance research services, the BNY Mellon conducted its ninth annual (36%) and Western Europe (29%) were standards of conduct, as well as how Global Trends in Investor Relations Survey most in favour of compensating the sell- signatories to their principles will interact in late 2013 and officially launched it in side for corporate access. with other market participants. The February. Here are the key findings of the • Companies are taking a more formal committee intends to issue the final survey. approach to managing potential risk principles in March 2014. You can view when communicating with the capital our consultation response on the news and • Companies reported a growing markets: Over the last four years, views section of the IR Society website. proportion of active investors in their companies with formal crisis A group of Society members who shareholder base for the second year communications policies in place have participated in the recent consultation met running. Thirty-six per cent of risen from 31% in 2010 to 52% in 2013. with The Takeover Panel in January to hear companies reported a rise in active In terms of social media, 49% of firms thoughts about proxy advisors and their investors in 2013, compared to 26% in have policies governing internal use of roles in the context of M&A activity. 2012. Roughly half of all Asian and Latin these channels, up from 42% in 2012. Factual inaccuracies among proxy research American firms saw a jump in active • Twenty-four per cent of boards of reports and lack of expertise around investors, which may reflect a more directors have met with investors in the complex deal structures are a concern for selective approach to investing in those last 12 months. Furthermore, 72% of corporate issuers when proxy advisors are regions. companies believe there is tangible making voting recommendations. The • Only 27% of companies overall use value in direct board and investor Takeover Panel would be supportive of social media to engage investors. dialogue, as opposed to only 28% companies reporting on any factually Western European firms are the most believing there should be no interaction. incorrect proxy research reports relating to advanced in this area, with 45% using • More investor relations officers (IROs) an M&A situation. social media. The top social media tools see a direct link between their The Society has also participated in a are Twitter/Stocktwits, followed by performance and pay. Companies are recent Confederation of British Industry and mobile apps and Facebook. Developed using more qualitative over quantitative International Institute of Communications Asia is the most reluctant region, with metrics to evaluate IR performance, such (CBI/IIC) roundtable on investors’ use of only 6% of respondents using any form as informal feedback from the proxy research. There has been a growing of social media for IR purposes. investment community and the quality interest, from issuers, regulators and others, • Just 23% of companies globally believe of information in analyst reports. in relation to how institutional investors, the sell-side should be compensated for within the UK, EU and internationally, providing investors with access to senior More details about the survey are at utilise proxy advisory services in exercising management. Firms in North America www.adrbnymellon.com/IRSurvey.jsp ■ their voting decisions. ■
CERTIFICATE IN INVESTOR RELATIONS – PASSES
The Society congratulates the following Nicholas Carter – Three Judy Ong – IRPAS candidates who passed the Certificate in Karolina Minkiewicz – Media Tree Raymond Koh Boon Rui – IRPAS Investor Relations (CIR) from Pooja Pradeep – Cairn India Elena Mironova – IRFR December 2013 to February 2014: Emma Clifford – Bowleven Catherine Zych – MEIRS Eva Fehrenbach – Independent Ross Gillam – Kreab Gavin Anderson Mohamed EI Khalouki – Independent Alexei Novikov – Federal Grid Company Yelena Perekhoda – JSC “Halyk Bank” The CIR is an internationally of Unified Energy System Mohamed Shawky – Egyptian Resorts recognised core qualification for Stella Sorrentino – Financial Times Company IR practitioners, and has been Antonello Romano – Comunika Laura Doyle – Independent updated to include recent changes Shane O'Reilly – CRH Alice Essam – RD:IR in law and regulation. Simon Gleadhill – Howden Joinery Group Laura O'Neill – AMEC Daniel Redman – Black Sun Hazel Newell– Home Retail Group For further information on CIR see page 42 or email Janet Kelly on Sam Black – Broker Profile Matt Duffy – Kingfisher [email protected] Rachel Price – Black Sun Grace Chen – IRPAS
12 IR SOCIETY Global investors at your fi ngertips
Every day, 2 million* people read the FT in print, online or on their mobile device. Our readers include senior business decision-makers and affl uent shareholders from across the world. Reach and engage this audience with the FT’s Investor Relations services – the multimedia communications package that gives you maximum exposure to these fi nancially-aware decision-makers. To have this audience at your fi ngertips, contact Stella Sorrentino on +44 (0)20 7873 4012 or [email protected]
* FT AGDA March 2013, PWC assured INDUSTRY NEWS INFORMED
FIGURE 1 Investors seeking more Relationship between IR role and perceived quality of feedback provided by brokers engagement, survey says 35 IR Directors 18 IR Executives 30 IR Managers
25 12
17 Using data from the latest annual membership feedback survey, 20 Response count Charles Hamlyn explains the changing opinions of corporates about 15 11 the buy-side, sell-side and service providers. 9 10
5 1 5 ‘ f you can’t measure it, you can’t improve However, as part of a new initiative, some 4 4 1 Iit’. It’s a simple and compelling maxim that of the questions that were asked were 0 1 1 can be applied to many things, including the designed to provide results that would be of Very poor Poor Neutral Good Very good extent to which we are satisfying our target interest to the wider IR community. These audiences. Clearly we first have to questions covered four new areas of enquiry understand the thrust of what our audience under a general heading of ‘market ‘neutral’ and ‘very poor’), the seniority of is thinking, but unless we can somehow intelligence’. respondent made a difference to this answer quantify and measure this, it is difficult to Broadly speaking, ‘corporate’ members with a much higher proportion of IR target areas for improvement and make were asked to provide feedback regarding directors being unimpressed with feedback progress. their views on the sell-side, the buy-side and than was the case among IR managers – see In November last year the IR Society on the supplier community, and ‘service Figure 1, above. asked QuantiFire to run the annual provider’ members we asked to provide Data aside, one of the clearest themes membership feedback survey. The aim was feedback relating to IR departments. The from this feedback exercise is the prevailing to provide the board and committee responses are summarised here. view among IROs (with a few exceptions) members with clear, quantifiable feedback that the sell-side is becoming increasingly information from the Society’s members. This IR department feedback on the sell-side over committed, resource-constrained and would help to determine performance IROs reported a wide range of satisfaction generally less engaged, and that, as a measures across various areas of activity and levels across the various services that brokers consequence, the quality of analyst research enable informed decision-making around provide, from analyst research to the is declining. how and where the Society’s services can be logistical quality of roadshows. There is considerable concern around improved in the coming year. Unsurprisingly perhaps, large UK companies there being a lack of high-quality critical Some 231 members kindly responded (up tended to report higher levels of satisfaction research as well as an increasing tendency from 89 the previous year), providing the with the overall level of service from brokers among analysts to ‘follow the herd’. Society with detailed and very valuable than small cap or overseas companies. The Furthermore, there is clearly some comment, as well as a range of different quality of meetings that brokers organise is suspicion that trading commissions are a data. This made it possible to apply some an example of one area that is perceived to tail that is wagging the dog, resulting in measurements and to scrutinise the be significantly poorer by smaller companies analysis that is often is too focused on near- aggregated results to reveal the hidden than it is at larger ones. term catalysts. trends and relationships across responses. In addition, whilst the quality of broker The head of IR at one FTSE 100 company feedback is generally considered by far the puts this more bluntly: “The buy-side are weakest area of the brokers’ suite of services now struggling to find thought-leaders (68% rated this somewhere between among the slavish and the ignorant…”
INVESTOR ENGAGEMENT
• 68% rated the quality of broker Feedback is the feedback as ‘neutral’ or worse. ‘ • Large UK companies tended to weakest area of report higher levels of satisfaction. • FTSE 100 companies still attract most brokers’ services interest from investors. ’ Charles Hamlyn is founder and managing • Only 21% of respondents anticipate director of QuantiFire. a larger IR budget in 2014. [email protected]
14 IR SOCIETY SPRING 2014 INDUSTRY NEWS
Investors are FIGURE 2 Reported investor appetite for companies with differing profiles ‘
60% 60% FTSE 100 companies increasingly FTSE 250 companies 50% Overseas companies 44% bypassing the 40% 38% 34% 31% sell-side 30% 26% IRO responses 23% ’ 20% with corporate communications, also that 13% clients are becoming better informed and 10% 8% 8% 9% 4% more demanding. 2% 0% However, this is not to say that service Very negative Negative Neutral Positive Very positive providers believe that the standard of IR practice is universally high. One adviser commented that IR is clearly hampered in IR department feedback on the buy-side respondents anticipate working with a larger growing FTSE 250 companies due to limited Perhaps these concerns explain another budget in 2014, which may present a in-house resources, whilst another stated that recurring experience commented on by challenge to some of the 67% of suppliers broker advice “is not always conflict-free or several IROs, which is that investors are who anticipate doing more business with IR objective” and expressed frustration that increasingly bypassing the sell-side and departments this year. IROs fail to recognise the value of engaging with companies directly. There is A significant majority of IR departments independent IR counsel or represent this to even evidence of investors asking to bring (65%) experienced neither price rises nor CFOs /CEOs. fellow buy-siders along to company meetings falls from their suppliers in 2013, although in an effort to play a part in spreading the most of the balance (30%) saw prices Conclusion word where a business has been getting increasing. However, exceptions prove the In the written part of this feedback survey inadequate market exposure. rule and one company declared that they there were many excellent answers to the At a headline level, roughly 60% of actively negotiated price reductions with question ‘How would you summarise what corporate respondents reported that investors their long-term suppliers during their most you see as the “strategic value” of IR?’. One sought more engagement with management recent budget round. Putting budgets to one of these was: “Providing direct insight for the last year, with a similar number also side, one IRO reflected that: “with most management team into the motivations and experiencing greater ‘investor appetite’. service providers you get out of them what aspirations of the owners of the company, However in this regard, as we can see in the you put in” – a more holistic perspective providing the board with licence to operate Figure 2 (above), this picture becomes more perhaps. and space to execute their strategy.” mixed if we cross-tabulate responses for this Although there was something of a market As well as being a very good summation of with company size and location. cap lottery in terms of experience with the IR’s strategic value, this quote could be UK companies experienced significantly investor community in 2013, company size adapted to describe the strategic value of higher levels of interest from investors than appears to have made little difference when it market insight generally. We might easily their overseas counterparts in 2013, comes to experiences with service providers. replace ‘owners of the company’ with especially larger FTSE 100 companies. There is some evidence that FTSE 250 ‘members of the Society’ to express the value companies are generally more satisfied with of the feedback that was provided to the IR IROs’ feedback on service providers their annual report providers than FTSE 100 Society as a result of this exercise. In addition to having a more positive companies – who in turn rate perception Adding a little bit of data analysis into the experience with the investor community last studies more highly – but across all other mix made it possible to conduct a further year, UK IROs reported having a better services the average differences are analysis of the 231 submitted responses, experience with service providers too. IROs negligible. revealing several key measures that the IR from non-UK listed companies reported In other regards, corporate views towards Society can now use to underpin its overall satisfaction scores that were on the supplier community were quite mixed. continuing plans for improvement in 2014. average 10% lower than their UK Some companies have found that they have In addition there is also now a foundation counterparts. One IRO was quite specific in been receiving significantly more requests for of ‘IR market intelligence’, based on the their view that IR services are not yet meetings, whilst others felt that there is too views and experiences of Society members, adequately tailored to the market in Africa. little choice for certain services. which can be developed and built upon in UK IROs also reported higher expectations the future. Thank you to everyone who for IR budget increases in 2014 than their Service provider feedback on IR participated. ■ overseas colleagues, with a logical departments correlation existing between expected There was a disparate mix of thoughts QuantiFire provides specialist investor budget increases and more positive reported by service providers in respect to feedback and perception services, and IR experiences of investor appetite in 2013 their experiences with IR departments last programme analytics. To receive a copy of and/or experience of supplier price increases. year. The most common observations were the Market Intelligence report, email However, in total only 21% of all that IR is becoming increasingly integrated [email protected]
IR SOCIETY 15 INDUSTRY NEWS INFORMED
Improving the dialogue PROXY VOTING • US investment managers rely on proxy advisors recommendations in over proxy voting most cases. • IROs unhappy with a proxy adviser acting as an intermediary. Ross Hawley and Emma Burdett explain the IR Society’s • Suggested guidelines for proxy advisers. policy approach to the controversial topic of proxy voting.
poor proxy voting experience is more significant events where shareholders issuers, while others provide minimal time to Asomething which gets many IROs highly are asked to approve key corporate actions review what can be material issues and exercised. It is a regular hot topic at industry and transactions. documents. Over 64% of companies have gatherings and there have been strong Many hours of IRO and senior executive reported being given two days or less to viewpoints expressed on all sides. It is clear time is spent preparing and then engaging respond to reports, with 25% indicating they that the relationship and dialogue between directly with key shareholders to understand had less than 24 hours to review and issuers and proxy advisers needs to be their views and gain their support for comment. improved in order for the proper workings of proposed resolutions. However, all too the corporate process to be better achieved. often, whether through resourcing issues or The problem The first step in this direction has been otherwise, it is left to the proxy advisers to Frustration has crept in after bad taken with the publication of the Best recommend how to vote blocks of shares experiences. IROs are understandably upset Practice Principles report – produced by which can, in aggregate, be very significant. in particular where information is those in the industry as a statement of self- In too many cases, the fund managers are inaccurate, out-of-date, or just regulation following a request from the remote from this process. This is particularly misunderstood. They become doubly so European Securities and Markets Authority true for US shareholders where an estimated when offered no chance to review and to do so. This document sets out the main 75% to 80% of investment managers rely on comment on even basic inaccuracies before principles of best practice with further proxy adviser voting recommendations. the report is circulated widely, multiplying detailed guidance behind these. For an While many proxy advisers indicate they the task of correction. 84% of IR Society industry which has been unregulated thus far are only formally making recommendations, members polled have noted they have been and which has appeared remote or opaque there is an increasing trend by investment presented with reports on their company to many issuers, this is to be welcomed as an managers towards contracting out, whether which contained inaccurate or otherwise encouraging move. actual or de facto, with a blanket acceptance misleading information. The IR community went through a similar of the proxy adviser recommendation. This It is clear that at key times of year, proxy professionalisation more than a decade ago, trend is very significant for issuers as it teams are under significant resource with best practice guidelines first published places an intermediary into the key voting pressure, with many reports and accounts by the IR Society in 2007. However this is process who is almost never on any issued, and AGMs held, on a similar not a panacea for all the complexities in this roadshow programme, and generally timeframe, but this cannot be an acceptable process, nor will it on its own resolve all the unknown to the executive team. reason for falling below best practice. Issuers problems. This is compounded by certain proxy should take a more proactive stance in advisers simply refusing to engage with pointing out to investors (who are paying for Impact of proxy advisers Continued on page 18 Proxy advisers are playing an ever increasing role in guiding investment managers through both mundane annual voting processes, and ‘ Over 64% of companies have reported being given two days or less to respond to Ross Hawley is IR director at Emma Burdett is head of IR and PageGroup and deputy chair of the IR governance at Maitland and chair of the reports Society policy committee. IR Society policy committee. ’ [email protected] [email protected] 16 IR SOCIETY globalglobal videovideo communicationscommunications
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the proxy advisory service) where best routes for companies to be able to correct practice standards are not being met and Companies should what can be significantly inaccurate also to the relevant industry bodies – the ‘ reports, and in extreme cases have a Finacial Reporting Council and the Financial fundamental impact on a material Conduct Authority. have the ability to corporate transaction. Openness to early dialogue with issuers would greatly help here, to enable a proper provide a response From the issuer and its IRO’s perspective, two-way dialogue in a timely manner, resolving these five elements are absolutely before the AGM season is in full swing. UK to a proxy report... key to moving the experience on and companies work under principles of ensuring that the issuer and its shareholders ‘comply or explain’ and so IROs are very and to seek are best served by their advisers on what can used to engaging with commentators or be key milestones in a corporate’s history. market participants – such as ratings agencies, industry consultants and redress Conclusion regulators – without compromising their ’ So what does the future hold? The range of impartiality. It would be reasonable to scenarios encompasses the good and the expect proxy advisers to be able to engage structure and consistency. These covered the bad. The ‘good’ would be where the proxy in dialogue which is similarly educational key areas of timely engagement, industry embraces its best practice exercise, rather than implicitly persuasive. transparency, confirmation of factual seeks to continuously improve and update It is clear that proxy advisers are here to accuracy, right of reply, and ability to seek its practices and positions itself as a stay, and many make an important redress and public correction, and our views thoughtful and universally well-respected contribution in highlighting areas of genuine are summarised below: intermediary between issuers and investors, concern and placing them in a context with open dialogue with each as to how we which might otherwise have been missed. It • timely engagement – this is key to can work together to improve the is in everyone’s interests for an issuer’s building a positive relationship, with experience. stakeholders to be well informed before sufficient time made available to review The ‘bad’ outcome is no meaningful participating in key decisions in a and discuss key issues; change from the current experience, and the company’s future. They should also be free • confirmation of factual accuracy – issuers proxy community using the current exercise to outsource this task where it makes should be able to review a report to make limited or inconsequential changes economic sense for them to do so. sufficiently in advance of publication to which do not address the issues of parties But from the issuers’ perspective, any be able to confirm the facts; who can validly claim to have significant such outsourcing should not come at the • transparency – this should exist in terms of interaction with the proxy advisers, cost of a reduction in the quality of the disclosure of research policies and irrespective of whether they are clients or message or understanding, as their investors guidelines, the identity of the research not. deserve well researched, coherent and team, and notification of report The IR Society sees real potential for a accurate views on key issues. In areas where publication. And from an investor’s positive outcome and looks forward to ‘comply or explain’ principles operate, perspective, the level of discretion working with the best practice committee without dialogue the view is extremely one- applied; and proxy advisers on an ongoing basis to sided. • right of reply – companies should have the make this a reality for the benefit of all. The ability to provide a response to a proxy policy committee will continue to monitor Proposed guidelines report and for this to be made readily these developments, seek feedback from IR At the end of 2013, the IR Society policy available to proxy adviser customers; and Society members as to how the proxy committee provided detailed feedback to • ability to seek redress and public adviser best practice guidelines have been the best practice committee setting out some correction – proxy advisers need to be implemented, and provide guidelines as to of the key elements of the areas in which the responsible and with that comes how the IR community can provide a IR community is most keen to see more accountability, but there are currently no consistent response to any ongoing issues. ■
Informed issues covering the last five years of IR developments are available for members to download free of charge from the IR society website. See www.irs.org.uk/news/category/informed
18 IR SOCIETY Delivering the highest quality Investor Relations services to IR professionals across the world since 2002 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 rdir.com a Bridewell Gate, 9 Bridewell Place, London EC4V 6AW t +44 20 7492 0500 e [email protected] IR SOCIETY SPONSORS INFORMED
For information about Our sponsors in 2014 sponsorship opportunities with the Society please contact Robert Dann at The IR Society is very grateful to its sponsors, many of whom have been [email protected]. supporting us for several years now, as Robert Dann reports below.
ANNUAL SPONSORS Sponsorship not only provides the Society with a valuable source of revenue, which helps to underpin all of the Society’s activities, it also provides companies with great exposure to the Society’s members around our major annual events, the conference and the awards dinner, as well as at smaller events and courses throughout the year. It is particularly gratifying that some of our sponsors are signing up for the fifth, or even sixth year in a row – a sure sign that their sponsorship packages are providing tangible benefits for their businesses.
PROFESSIONAL DEVELOPMENT Zafar Aziz, head of DR market solutions, standards of education via its comprehensive said: “Deutsche Bank is very proud to be range of courses. We look forward to sponsoring the IR Society's Professional working with the Society to help equip Development Course for the sixth successive investor relations professionals in meeting year. The IR Society continues to raise their goals both in the UK and abroad.”
PLATINUM Peter Gotke, managing director and head resonates globally. In today’s fast-paced of UK & Ireland, BNY Mellon Depositary and dynamic global capital markets, the Receipts said: “BNY Mellon is delighted UK IR Society leverages its global acumen and proud to be the principal sponsor of to the continued benefit of its members, the UK Investor Relations Society for a fifth many of whom clearly also enjoy the year. Through the work done by its networking opportunities membership committees and the events and courses that brings. BNY Mellon commends the IR it holds, the IR Society provides excellent Society and remains a committed and coordination and thought leadership that engaged partner.”
GOLD Richard Davies, managing director, said: “I finance and communication on financial am delighted that RD:IR will continue as and non-financial issues becoming ever Gold Sponsor to the IR Society for 2014. We more linked. We look forward to the Society are glad to see that the Society is growing helping IR professionals deal with the and evolving, as indeed are our services and challenges of change and offer our support insights. This year will be an exciting year for through our sponsorship and through our investor relations in the UK and direct involvement as contributors to and internationally, as the relationship between participators in the Society’s events and companies and investors changes in committees. We wish the IR Society and all structure and content, with corporate its members a successful 2014.”
EVENTS The IR Society is delighted that one of our valuable input to the rest of the events long-standing sponsors, Orient Capital, has programme. Alison Owers, CEO, UK at given us a significant boost by agreeing to Orient Capital said: “We are delighted to become the overall sponsor of the IR be sponsoring the IR Society events Society 2014 Events Programme. This will programme for 2014. We recognise the have a particular impact on the quality of valuable work it does in promoting the the networking events that we are able to efforts of the IR industry in the UK and run for our members as well as providing further afield.”
20 IR SOCIETY SPRING 2014 IR SOCIETY SPONSORS
SILVER The Society is pleased to welcome delighted to continue our Silver sponsorship global3digital as a Silver Sponsor for 2014 – for the fifth consecutive year. We are looking for the fifth year in a row – highlighting the forward to the year ahead and are proud to value that both parties derive from the support the outstanding work of the IR relationship. Peter Kemp, managing director Society championing best practice investor at global3digital said: “global3digital are relations.”
SILVER Radley Yeldar joins us as a Silver Sponsor its professional development programme this year. Brett Simnett, lead investor and events programme, offers genuine engagement consultant at RY, said: “This is support and advice for IR professionals. We an exciting year for all those involved in are delighted to be able to support the investor engagement. The IR Society, through Society in achieving its goals in 2014.”
SPONSOR Another returning sponsor is EMR, whom we look forward to working with again in 2014 at the conference and the awards dinner.
CONFERENCE SPONSORS ‘Today’s IR: Creating tomorrow’s value’ will gather around 300 IR professionals on 17 June for what promises to be a superb event once again!
Alisdair Gayne, Head of Corporate value. The 2014 conference will provide an Broking, Barclays Bank said: “We are overview of best practice approaches to delighted to sponsor the Investor Relations building appreciation of your equity story Society conference for the third year amongst the right people at the right running. The investment community is institutions. It will highlight the support that constantly evolving and the successful the sell-side can offer as well as providing navigation of geographically diverse a forum for Investor Relations professionals institutions with often complex fund to discuss successful approaches to structures is a growing challenge. Getting it reaching and communicating with the key right is critical to maximising shareholder investor audiences.”
We are delighted to welcome Berenberg Another new face at the conference this We are very excited to be working with as a new conference sponsor for 2014. year, RR Donnelly is a welcome addition Arnaud Robin and IR.soft, a long-term to our regular exhibitors. supporter of the Society, on a new initiative around the 2014 conference.
CONTRA PARTNERS We are also delighted to be working with our contra partners again in 2014.
IR SOCIETY 21 FEATURE INFORMED
INVESTOR RELATIONS: A DAY IN THE LIFE OF IR
The day-to-day work of IR professionals can vary enormously, depending on which facet of the industry they are engaged with. To shed light on the diverse roles and the wide-ranging job pressures, we asked a number of IROs and other professionals to describe their daily challenges in this special feature.
23 The IRO and the communications challenge
25 Multiple roles for the active IRO
26 The daily life of an IRO in Canada
28 Handling the stresses of rapid growth
30 The global message of a financial markets trainer
31 Teaching leadership in investor relations
32 A day in the life of the IR Society
22 IR SOCIETY SPRING 2014 A DAY IN THE LIFE OF IR
The IRO and the communications challenge
The world of IR evolves at a rapid pace with changes in markets, legislation and technology. Holly Birch looks at the importance of the relationship between IR and communications.
s a bus and rail operator with widely- together all the spokespeople in the group. Aspread operations The Go-Ahead Although fairly small, Go-Ahead’s group IR COMMUNICATIONS Group plc is a highly devolved centre is multi-site, based in both London organisation with a small corporate centre. and Newcastle, so we must work • IR cannot exist in a vacuum. A single This both gives us benefits and presents us effectively as a team despite the integrated comms approach is needed. with challenges. Being a very lean team geographical distance. Strong internal • Strong internal communications means we have to focus hard on carefully- communication builds and strengthens strengthen effective IR. chosen priorities, but it also makes it easy relationships and underpins effective • At Go-Ahead the IR and comms teams to co-ordinate amongst colleagues. investor relations, which in turn is a crucial work together closely to provide part of the organisation’s wider communications suitable for both Bridging corporate functions communications strategy. investors and other stakeholders. As head of investor relations my everyday concern is effective dialogue with the Reaching our audiences investment community – but it is just as Every organisation has a wide range of important to act as a bridge between other stakeholder audiences. For an IR function corporate functions. It is equally possible it is not enough to work directly with The explosion of for an IR team to work successfully within investors – it is also important to work ‘ a finance function, a company secretariat, closely with other members of the new channels is a or a corporate communications communications team to help them department. What matters most is the understand the financial dynamics of the challenge for all quality of the communication between business and tailor core messages for their those functions and the alignment of the own audiences, including employees, the communications company’s aims and messages. Investor media and political stakeholders, ensuring Relations cannot exist in a vacuum. There the content, style, tone-of-voice and professionals needs to be one integrated channel are appropriate and relevant. ’ communications approach which ties Of course the investment community does not rely solely on the information IROs present them with to make investment decisions. Views can be in a press release or even a tweet. The fluid influenced by media coverage, political nature of the digital world emphasises the opinion and policy, customer views and importance of alignment and consistency. reviews. Also some investors will have their own direct personal experience of an Technology and communications organisation. The explosion of new channels is a In the case of Go-Ahead, which operates challenge for all communications many central London and commuter professionals as more and more options services, many of our investors travel with become available. Technology can now us daily. This is an example of how our bypass the traditional press release and reputation as a business is built on annual report. Many CEOs tweet daily, and delivering on our promises to our financial results are published on customers as well as to our investors. Facebook just seconds after a regulatory As technology advances it becomes ever news service (RNS) is released. In this fast- more necessary to consider secondary developing environment IROs may feel audiences for any corporate message. A they have less control. Holly Birch is head of investor relations note to employees can easily become But these developments can be seen as at The Go-Ahead Group plc. something spoken about externally, a an opportunity for a more open and [email protected] meeting with a stakeholder may well result transparent way of communicating and
IR SOCIETY 23 A DAY IN THE LIFE OF IR INFORMED
receiving feedback in real time. Our were recognised by the Investor Relations investors have quickly adopted our IR iPad Society at the Best Practice Awards four app to receive alerts as we update. Twitter, Many of our years in a row (2009-2012) for our Facebook and other social media sites are ‘ corporate site. spaces that we are using more as people investors travel with want to access information on the go and An integrated approach in a more personalised way. us daily. This is an Alongside compliance with changing Our corporate website is the ‘shop legislation, we work hard to stay up-to- window’ of the Group and is the first port example of how date with best practice, particularly of call for most stakeholders. Unlike a lot online. In 2013 we took the decision to of forms of communication the website is our reputation as a produce our first integrated annual report not fixed in time and can continually be and accounts. Our ‘balanced scorecard’ updated and refreshed to provide timely business is built on approach supports this integration and and accurate information. means that we’re able to present a fuller The importance of an effective corporate delivering on our more rounded story of the company’s website to investors cannot be operations. underestimated; not only can they access promises to our We find that our investors are interested corporate and regulatory news, in all aspects of our business – as are our presentations and reports, they are given a customers as well employees, industry partners and other greater insight into the workings of the stakeholders – and the appetite for organisation. as to our investors ’ information grows as understanding of the At Go-Ahead the IR and comms teams organisation deepens. Continuous effort is work together closely to provide a website placed on evolving the nature of our suitable for both our investors and other communications to ensure this ever stakeholders and we were proud that we growing need is met. ■
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24 IR SOCIETY SPRING 2014 A DAY IN THE LIFE OF IR
Multiple roles for letter from the active IRO Asia
In her regular column from Singapore, Judy Tan describes the hectic pace of an IRO’s life in Far Eastern markets.
or a few days this spring, there was a bit it’s a ‘normal day’ (if there is any to speak Fof a whirlwind, thanks to a market of), it typically starts with racing through MULTIPLE IRO ROLES rumour that our CEO was selling out his multiple dailies on global market events shares. “My client has been asking me if on the train ride to the office. I would • The ride to work consists of reviewing the CEO is cashing out… can you confirm also be looking at the trading global news, Wall Street trading and the facts?” During that period, the share performance on Wall Street the previous social media profiles of competitors. price seem to be sliding a little more than night to ‘crystal-ball’ into where the • Much of the day consists of one-to-one usual, and trading volume had been Asian markets are heading today. Oh and meetings, responding to enquiries and notably higher. of course, this also includes combing tracking markets. At the same time, a few big through social media platforms on the • Earnings announcement week means shareholders were firing emails my way, latest newsfeed on the company. Armed reviewing Q&As, drafting a press thirsty for some reassurance that would with the ‘street views’ even before getting release and meetings with potential keep them at ease on their investment. It to work, I alert senior management if I and current shareholders. turned out after a few phone calls that find any important news that they need the bogus market rumour was due to to be aware of, and send over a brief some misunderstanding by an investor one-page summary. who had called a few sell-side brokers, Intermittently during the day, I also igniting a mild panic of sorts among look at things like our own share price several investors. movement, competitors’ share price All in all, an IRO is It took another half a day of fervent movements, major capital markets deals, ‘ phone calls to these investors to clear the industrial news, and anything else going a CFO-treasurer-PR air, before ending the day with a sigh of on outside our own firm that needs to be huge relief. reported to management in a timely officer-strategist manner. I would also typically be A ‘normal’ day occupied with investor one-on-one rolled into one Well, just in case I get you all piqued, meetings, or catching up with a new sell- not every day as an IRO is as adrenalin- side analyst to initiate research coverage person. Isn’t that pumping as the one described above. If on the stock, or responding to investor enquiries. exciting? Lunch meetings are not uncommon, ’ and I end up talking more than eating as we discuss the investment merits of the company and engage in a bit of chit-chat about how wild the markets (and the weather!) can be. The rest of the day Q&As, drafting the earnings press release could be spent engaging internal and the CEO’s conference call comments. stakeholders in strategy meetings or off to Once the results are out, I pick up some an investor site visit at one of our far- copies of our earnings release, deal with flung logistics warehouses in my trusty any questions the analysts and media old pumps. may have and by the time it comes to the post-results luncheon, we are all ready to A busy day! meet with potential and current And if it was earnings announcement shareholders on the same day the Judy Tan is the investor relations week, things can get a little crazy. In company is on the wire or in the press. manager at ARA-CWT Trust Management smaller setups like ours, the IRO pretty All in all, an IRO is a CFO-treasurer-PR (Cache) Ltd. www.cache-reit.com much deals with everything from start to officer-strategist rolled into one person. [email protected] finish. I would be busy reviewing the Isn’t that exciting? ■
IR SOCIETY 25 A DAY IN THE LIFE OF IR INFORMED
The daily life of an letter from IRO in Canada North America
In her latest letter, Karen Keyes reflects on the key ingredients that make up an IRO’s daily business.
scan of Tulchan’s morning briefs, opportunity to have a discussion around THE IRO IN CANADA Aalong with a scan of the Globe and some policy issues that are topical for IR Mail’s Report on Business, the Financial practitioners. Right now, these continue Post and the Financial Times, usually sets to be around disclosure obligations and • Being on top of news and social me up with a view of what is happening proxy voting. The supplier reminds me of media is a daily activity. in the markets on both sides of the the CIRI Annual Conference taking place • The next set of quarterly results is Atlantic. It’s been a reasonably modest in June in Ottawa (unlike the IRS always on the horizon. start to the year and the TSX is up 1% on Conference, the CIRI event is two days • Meeting potential investors and a year-to-date basis but we are tracking and starts on the weekend) so on return tracking policy issues are constants. slightly down. to the office, I send in my registration. Our internal press and social media monitoring highlights any relevant stories An interested investor or mentions of Aimia but today, there is As I head back, the Barclays market nothing of note to react to so it’s time to report provides an email update on how get on with the events of the day. The the UK market closed, and a glance at next set of results is approaching and so the iPhone gives me a snapshot of how The investors, their the day starts with a discussion on key the Aimia shares are doing. ‘ messaging with the CFO and the wider A portion of the afternoon is devoted to decision-making comms and legal team. The consensus a background session with an investor has been gathered and finalised and is to who has been on our target list for some approaches, the be distributed to analysts after the time. They have only recently re- meeting by the team. engaged, after having been inactive in team interaction, the stock for several years, with the Catching up on IR policy issues movement in the share price and a the office art, the Lunch with a supplier gives a chance to change in the team composition driving catch up on IR industry news and what the renewed interest. The timing has reception – all the my peers are up to. It also provides an been agreed to under the strict conditions adhered to for all meetings undertaken in small elements a quiet period – no discussion of current trading. The investor understand the rules contribute to a of engagement and the meeting revolves around the history of the company, unique sense of sources of gross billings and longer-term drivers of profit and free cash flow. the institution’s As I leave, I reflect as I often do on the culture of this institution compared to the corporate culture many others I have been exposed to over ’ the course of a career as an IRO. The investors, their decision-making approach, the way the investment team interacts with each other, the office art, they compare one management team to the reception – all the small elements another. contribute to a unique sense of the And with that in mind, I turn to the last institution’s corporate culture. I remind task of the day – to have a look at the myself that these are the same kinds of questions our corporate social Karen Keyes is senior vice president of small things that, along with our printed responsibility (CSR) team wants to take to investor relations at Aimia. documents, contribute to the investors’ investors for feedback – and head out, [email protected] understanding of our corporate culture as with a last glance at the share price. ■
26 IR SOCIETY 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.
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Handling the stresses ‘ With coverage by 25 analysts, you of rapid growth do need to work them and work Greg Feehely, head of IR at online retailer ASOS, has to cope with the challenges of fast growth and the demands of with them analysts, as he explained recently to John Gollifer. ’
e had the pleasure of dropping in on IRO of this rapidly growing empire, Greg HANDLING GROWTH Wthe winner of five awards in the has a direct line to both CEO and CFO on a Society’s 2013 Best Practice voted awards – daily basis – he sits between them and he • Market capitalisation more than Greg Feehely of online retailer ASOS Plc – participates in the weekly executive doubled in a year. at his London office. I joined the throng committee meeting as well as reporting to • The IR road show calendar now coming and going at what has become the the board on a regular basis. There are includes China and Australia. darling of the global online retail space. about 10 business ‘verticals’ that he • Corporate social responsibility is Last time we met a year ago, the company's remains constantly in touch with. All this in becoming more of a focal point. market capitalisation was £2.2 billion. a day's work but the open-plan office Since then it more than doubled, though helps! the shares recently slipped back on a more doesn't get involved in the more procedural cautious trading outlook. How has the Global IR side of the statutory reporting and AGM. company coped with this rapid growth and Then of course there is the IR calendar and Yet, on the other hand, when it comes to the challenges that this brings? supporting programme which includes investors, Greg will be there, even with the regular overseas travel. A year on, Greg is chairman, to deal with the more strategic Rapidly growing empire consolidating this into more manageable view of the business, including governance First you have to understand the unique chunks with a trip to the US, for example, and any investor concerns. business that ASOS has become. It is a added to a business purpose so that the veritable pioneer in a very intricate and CEO can double up where needed and Share the love global logistics and supply chain that then leave Greg to beat the path to all those We had to ask about the economic manages the whole process from sourcing investor nooks and crannies in far-flung recovery and corporate access. On the in emerging markets to protecting the ASOS America. Places like Shanghai and Sydney former, the trickle-down effect has not intellectual property that is now so are now part of the IR roadshow plans positively impacted the core clientele of prevalent in international markets. As the given ASOS has established its presence in ASOS, a younger audience who have these markets. When he's in the office, suffered disproportionately higher Greg's day starts with a look at the unemployment in the European markets. international sales figures, comparing notes Yet ASOS is still managing to grow its top with colleagues before heading out to City line with good volume increases across its meetings. e-commerce markets. It's certainly doing something right with a fivefold increase in Working with the chairman five years! Greg concluded our meeting What else has changed in a year of award with a great comment about taking the IR winning IR? The rising importance of role back, which is how he addressed the corporate social responsibility has led to a issue of corporate access. Yet he was quick four-person team to look after this area that to add that you need to share the love, of course cuts across IR but it hasn't led to quite apt given we met around Valentine's Greg increasing his own head count yet! It day, but what he meant was that with seems that the management processes and coverage by 25 analysts, you do need to reporting lines at ASOS are very clear work them and work with them. having been put in place quickly as the This sometimes means putting them on company developed. The legal side is the straight and narrow as far as the naturally strong given the new markets company's guidance goes but it also means ASOS is working in and also covers the giving them opportunities to prove Greg Feehely is head of IR at ASOS. company secretary role, quite distinct from themselves on the road with the award- [email protected] what the IRO does. So for example, Greg winning IRO. ■
28 IR SOCIETY Deutsche Bank Depositary Receipts
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The global message of a THE KEY INGREDIENTS • Fail to prepare and prepare to fail. • Patience is truly a virtue. financial markets trainer • Stay flexible and use your initiative. • A good financial markets trainer should have real markets experience – Paul Meadows runs a course for the IR Society on hedge funds for a minimum of 10 years. and sovereign wealth funds – here he explains his work.
uffice to say, this is not the same as a day participants have a presence in all the financial markets player does not Sin the life of a financial markets trader; obvious, and some less obvious, financial necessarily mean you fully understand what nevertheless the expectation in a training centres. I can now declare that I have is going on around you, a point well proved room is that whoever is standing at the front delivered training programmes on every when I found myself delivering hedge funds has not just immense knowledge on the continent in the world apart from training for one of the world’s top hedge subject matter, but practical real market Antarctica! The longest trip I have ever funds. experience to answer those questions which undertaken (from London) was to the tiny If you land at 06.00 in Saudi Arabia and inevitably go ‘off script’. Anyone can island of Vanuatu in the South Pacific, three nobody has turned up in arrivals to meet memorise and regurgitate a book, but not and a half hours flying time north-east of you, you do not speak Arabic, do not know anyone can train. A good rule of thumb I Sydney. Fresh coconuts with every break where exactly your target destination is (an have always followed is this: If you really time, beats biscuits. expatriate compound in a Riyadh suburb if want to understand a subject, try teaching it Audiences originate from investment you were wondering), cannot obtain any to someone else. banks, fund managers, regulators, IT local currency because all the counters are On my first day as a full-time financial providers, exchanges, lawyers and of course shut, the looming taxi journey is going to markets trainer, some 14 years ago, my then investor relations personnel employed by be, shall we say, ‘interesting’. employer handed me the required listed corporates. As a trainer you might be Finally, one of the more unreal sights I paperwork for me to sign to allow them to facing a room full of eager young graduates, have come across travelling the world was obtain a second passport for me, a or quite senior middle- and back-office witnessed as I was being driven back to the procedure that appeared worryingly simple personnel who know how their piece of the airport in Harare, Zimbabwe. A local if you phrased the requirement carefully financial machine works, but are not aware newspaper vendor was advertising that enough it seemed. This was the clue as to of the bigger picture around them. Just day’s headline story on a small billboard: how the next few years’ daily life would because you happen to work for a major “Lion causes havoc” – I bet! ■ pan out.
Training the world Just like the financial markets themselves, the training world is a globally INSIGHTS INTO HEDGE FUNDS AND SOVEREIGN WEALTH interconnected place. The major Paul Meadows spent 16 years on the sovereign wealth funds operate in today’s buy-side, initially in the in-house Asset global financial market place. It will offer Management operations of Royal an insight into the thinking behind some Insurance and Trygg Hansa, before of the investor behaviour which has switching over to the high net worth attracted much comment in the financial private client industry with Lloyds Private press – not all of it well informed. Banking and Bank of Butterfield, advising The course is designed to demystify on asset allocation and stock selection. much of the commentary surrounding In 2000 Paul moved into the training these groups of money managers and industry full-time with DC Gardner will develop participants’ knowledge of: Training, taking responsibility for Why are they called hedge funds if they managing their investment management are not ‘hedged’?; The mechanics of short and private banking business stream selling and leverage; Why are pension worldwide. In 2004 he set up Chadley funds investing in them?; What is Alpha House Training Limited. all about and what does it cost?; Should Paul runs the IR Society course we be afraid of sovereign wealth funds or ‘Beyond the traditional investor base – not? hedge funds and sovereign wealth funds’. If you are interested in attending this Paul Meadows runs This half-day course provides an course please contact Janet Kelly – Chadley House Training Limited. overview of how hedge funds and [email protected] [email protected]
30 IR SOCIETY SPRING 2014 A DAY IN THE LIFE OF IR
Teaching leadership in LEADERSHIP IN IR • Enjoying what you do is key to becoming world-class. investor relations • Start the day with non-enjoyable activities. • Defining work and motivation are key Mark Fritz holds an IR Society course on achieving potential to success. in IR. He offers some basic pointers to IR professionals.
ho do you think are the more ‘enjoyable results’ and success, do you? ‘ Define your own work + motivate yourself Wsuccessful people?....people who Now here is another question for you. Do to do it = great success ’ focus on ‘enjoyable activities’ or ‘enjoyable successful people do the ‘non-enjoyable results’? Most people say ‘enjoyable results’, activities’ at the beginning of the day or at So, why not ask yourself this ever and there are always some people saying the end of the day? Right ... the beginning, important reflection question: ‘ When do I ‘enjoyable activities’ too. Actually, it is a and by doing them in the beginning, their do the ‘non-enjoyable? ’ trick question! day is always going to get better as the day You need to enjoy 80-90% of what you goes on. You will climb as high as you want if you do or you will never be world-class. If you Some people refer to these ‘non- can do the ‘non-enjoyable activities’ at the don’t enjoy something, you will never put in enjoyable activities’ as ‘necessary evils’, as beginning of the day, and do them before the time to get really good at it ... as the they are the things they hate to do, but they your boss or others tell you to do them! ■ motivation will not be there. Also, the world know they need to do them to enjoy doesn’t pay you for just doing what you success. enjoy; the world pays you for ‘enjoyable results’ ...the value you provide. Climbing high However, there is something in the There’s another equation of success that is You need to enjoy middle of these two that is the key to your the key to you climbing as high as you want ‘ success. It’s the ‘non-enjoyable activities’, to in your career. You will rise in any and success is really based on when and organisation to the level based on your 80-90% of what how you do them; and is shown in the ability to do two things very well: 1) your equation below: ability to define your own work; and 2) your you do or you ability to motivate yourself to do it. To the ‘ Enjoyable activities + non-enjoyable level you cannot do both number 1 and will never be activities = enjoyable results ’ number 2, you need a boss above you to do it for you. world-class You don’t really enjoy everything you Therefore, a second equation of success ’ need to do in order to achieve the could be defined as:
LEARNING HOW TO DEFINE PERSONAL TARGETS IN IR
Mark Fritz is an international leadership add value to your IR programme’. This speaker and consultant focused on course aims to help IROs to develop helping international business leaders to their role and credibility within their achieve even greater success in leading organisation by explaining how to across distances and cultures. He has create added value from the IR function. lived and worked across the world and Working through practical IR speaks regularly on the ‘power of examples, course attendees will learn ownership’ in leading today’s how to define personal targets and organisations. Mark is the author of goals; measure success; identify Lead & Influence: Get More Ownership, personal strengths and weaknesses; Commitment, and Achievement from develop focus and manage time Your Team and teaches extensively on effectively; build relationships and leadership at the international IE influence others. Business School in Madrid, Spain. If you are interested in attending this Mark Fritz is an author and leadership Mark runs the IR Society course course please contact Janet Kelly – teacher at IE Business School in Spain. ‘Achieving your IR potential – how to [email protected] markfritzonline.com
IR SOCIETY 31 A DAY IN THE LIFE OF IR INFORMED
A day in the life of ‘ 30 Coleman Street, our new the IR Society address, sits perfectly nestled Last month, the Society moved offices from Covent Garden to in the City the City. Here John Gollifer uses this event to explain the ’ working schedules of his busy six-person team.
t was 34 years ago that some of the first The Society and contacts and you’d be surprised at the IUK IRO pioneers started the IR Society The IR Society today stands with its required attention to detail. What about the out of an office close to the Tower of membership at around 700. We are well fire extinguishers, the door signage and London. Well, we’re moving back to the linked to similar organisations overseas and those ‘lost’ bottles of brandy and wine City and in many ways it’s a fitting tribute to we mean to build on this strong base after tucked away in the GM’s cupboard? Thanks all those IROs, past and present. many years of hard work by our long- to her unerring efforts, Jan’s delighted to While it’s true that IR has probably come standing community. 30 Coleman Street, have just added the fire warden’s role to her from a vague concept to being a real our new address, sits perfectly nestled in already full day! To have sifted through industry, IR as a function has of course the City and we expect this location to many years’ archives, some of which we existed in one shape or another from the benefit all our members and visitors. After must keep, and still maintained a time that companies and investors started another week of business as usual, coupled semblance of getting on with what we’re needing one another. with packing up and moving today from supposed to do every day, is a tremendous Even before the famed East India Covent Garden, our home since the 1990s, effort on the part of the whole team. Company of the 17th century, you can we thought for posterity we would try to Alina Ardeleanu is next up given she has imagine Sir Walter Raleigh presenting his capture what your six-person executive to pack more than a day’s work into an key messages to the Royal Court. He was team do in a day. impossible number of hours and somehow, bold enough to go where no CEO had gone she always does. The quality of our before and bring back tobacco from the Jan Kelly is usually first in, often at accounts, including chasing those tardy Americas. unearthly hours (particularly in the days debtors, is down to our exemplary financial Sadly, the King, his largest shareholder, before our move, as she has admirably controller. just wasn’t buying it and nutty Walt lost his spearheaded the logistics). It helps that Jan I guess Laura Hayter arrives soon after, head at the Tower! brings a wealth of office move experience always composed and on top of her broad
Farewell to Bedford Street and hello to Coleman Street as the translocation begins...
32 IR SOCIETY SPRING 2014 A DAY IN THE LIFE OF IR
remit that covers everything to do with we play together. This gives us ample make more of an exciting calendar of policy issues, public consultations and the excuse to be here, there and sometimes courses and events in 2014. Alison will communication of all our Society views not in the office! Rob also doubles up as be doing this in conjunction with Rob and news. our chief operating officer, somehow and Jan. I think you call that a matrix of We are always pleased to hear, for managing to ensure that all systems are sorts. example, that you like the snappy and go. This includes the investment we made In an organisation of our size, we’re readable approach we take to our weekly in the new customer relationship manager clear that we are all working across each Bulletin. Please keep the feedback coming (CRM) system, now fully bedded down service area to provide the support needed as it can make a difference. and ready and easy to use for all of us to deliver what you, our members and Rob Dann and I are probably the most across each area that we look after. partners, expect. out and about given the overall marketing, It remains for Alison Hamilton, our Here’s to an even busier day at the IR sponsorship and membership roles that latest addition to the team, to help us Society! ■
... and is completed in time for the office opening party on March 19!
IR SOCIETY 33 LETTER FROM EUROPE INFORMED
In Paris, IROs see signs letter from of spring Europe
As the European economy regains traction, Lourens Kavelaars discusses share ownership and high-profile IPOs on the Paris stock exchange.
edia coverage of France’s economy very entrepreneurial, but more support Mwould have you believe the country is from the government would be useful to AN UPDATE ON FRANCE still in the middle of a cold and dark help raise investor confidence in French winter, while other European economies companies.” • CAC-40 rose by 18% in 2013, and has are awaking and finally seeing the first outperformed other major European signs of spring. Though Paris is in close Economic recovery indices so far this year. proximity to London, many IR Even though the deep freeze of the • Unemployment at record 11% high. professionals consider the Parisian market eurozone crisis may have passed, the • Tax relief for R&D investments provide to be rather different to its counterpart in French economy is certainly not in full support for French industry. London. In this first feature on IR in France bloom. With a slower recovery in France • Government is a long-term investor in I will look at the unique aspects of the compared to most of the eurozone, many many French companies. market here. questions remain about the direction of the • Recent boom of high-profile IPOs. Unlike their British counterparts, a government and the economy, in general. subject investor relations professionals in According to figures published by the France cannot ignore when meeting labour ministry, the French unemployment overseas investors is the French economic level reached a record high in January with Where other and political situation. This clearly depends more than 3.3 million people now ‘ on the exposure of a company to the registered as out of work, representing just domestic market, but as Kathleen Clark- over 11% of the working population. European countries Bracco, director, investor relations, at Nevertheless, the country seems on the Sopra Group, an IT-services company, says: up; in his New Year’s speech, President have lost industries “The reputation of France can sometimes Hollande announced a number of work against companies. I get questions measures to help kick-start the economy as over the years, from wary investors about the employment part of his ‘Responsibility Pact’ between market all the time. The French are in fact the government and employers. While the France remains a monthly survey of the National Institute of Statistics and Economic Studies (INSEE) world leader in showed that business confidence among French industry firms has remained stable many different over the last three months, it also found that manufacturing businesses in France sectors are planning to increase their investments ’ in 2014. Since the start of the year the Where other European countries have lost CAC-40 index has gone up by more than industries over the years, France remains a 2%, outperforming the other major world leader in many different sectors. The European indices which have gone down. government actively supports R&D This performance follows a strong rebound investments by the private sector through in 2013 when the CAC-40 rose 18%, various tax incentives and continues to higher than the FTSE-100, which was up invest heavily in France’s leading research 14%, but lower than the DAX which institutes and Grandes Écoles. gained 26%. The success of France-based multinationals is also due in part to the Global player more interventionist approach of the As Europe’s third largest economy, France French state, regardless of whether the has a proportionally high number of country is led by a left- or right-wing Lourens Kavelaars is a Paris-based multinational companies. In the latest government. It was for example former investor relations consultant. Fortune Global 500, 31 of the world’s 500 president, Nicolas Sarkozy, who launched [email protected] biggest companies are based in France. France’s Strategic Investment Fund (FSI) in
34 IR SOCIETY SPRING 2014 LETTER FROM EUROPE
2008 to enhance equity and help stabilise of CAC-40 stock, owning 33%. While French corporations. The fund became part Domestic share British investors hold 13%, Norway holds of the newly created Public Investment ‘ 7%, of which most is owned by the Bank (BPI) last year. ownership in nation’s sovereign wealth fund. Other Through the BPI and the Deposits and European investors own 17% and the rest Consignments Fund (CDC), another state- France went is owned by predominantly Middle Eastern owned financial institution, France remains and Asian investors. a long-term anchor shareholder in the down, while at companies it has privatised long after the same time Organisation for French IROs being listed, unlike the UK for example. The French Investor Relations Association The state’s portfolio not only includes foreign funds (CLIFF) has evolved with the international stakes in former state-owned enterprises, diversification in the French market. but it has become an influential minority continued to raise Founded in 1987, the organisation has, shareholder in many other private under the leadership of Eliane Rouyer- companies deemed strategic to the French their investments Chevalier, developed from a circle of in- economy as well. The latest high-profile in French stocks house professionals into an organisation example of this is the government’s ’ welcoming all stakeholders in the French investment in loss-making carmaker PSA investor relations community. Peugeot-Citroën, which employs nearly The CLIFF now has over 150 members, 100,000 people in France. broadly stable and has now launched a bid representing 90% of the total market to buy SFR, France’s second largest mobile capitalisation on the Parisian market. But Paris stock market operator. The listings in 2013 certainly the organisation wants to support the other As mentioned earlier, 2013 was a good showed an appetite among Parisian 10% as well. Eliane Rouyer-Chevalier year for the Paris market, but besides a investors for new businesses, and this has explains: “The CLIFF is trying to address good performance it also had several high continued into 2014. So far the IPO market the issues of small- and mid-cap profile IPOs. It welcomed Numericable, is off to a good start with the recent listing companies listed in France and we France’s leading cable operator, in of GTT (Gaztransport & Technigaz) and encourage them to join our organisation.” November. The listing, which was Paris’ expected listings of Alstom Transport (the With the growing number of listed largest since 2009, was a great success. manufacturer of high-speed TGV trains), companies and the increasing foreign Other high-profile IPOs last year were and Euronext (the operator of the Paris, investment, the CLIFF will continue to Blue Solutions, the operator of the Autolib Amsterdam, Brussels and Lisbon stock expand its services and proactively electric car hire scheme in Paris, which exchanges) are in the pipeline. continue to help raise the already high will soon be introduced in London, During the recent economic crisis standards of financial communications and Constellium, the leading aluminium domestic share ownership in France went investor relations in France. producer, Fnac, one of France’s favourite down, while at the same time foreign funds Despite some differences, the French retailers, and Tarkett, the world’s third continued to raise their investments in market is moving in the same direction as largest flooring company. But while Blue French stocks. In 2011 French funds its other European counterparts. Now that Solutions, Constellium and Fnac have been owned 34% of the CAC-40, while in 2013 we can see the first signs of spring in Paris in positive territory since their listing, this had decreased to 26%. American and other financial capitals, let’s hope we Tarkett remains under its listing price from funds have invested particularly heavily will be able to enjoy a long and warm last November. Numericable has remained and have now become the largest owners summer in the not too distant future. ■
INFORMED – editorial schedule for 2014 The following features are planned for Informed magazine for the remainder of this year:
• Summer (July) – ‘The strategic value of IR’ plus full coverage of 2014 conference. • Autumn (September) – ‘IR and the board’. • Winter (December) – ‘Careers in IR’ plus full coverage of the 2014 awards.
We welcome any ideas or contributions to these features – please contact John Gollifer on [email protected] – or call +44 (0) 20 7379 1763.
IR SOCIETY 35 LONDON MARKETS: LLOYD’S INFORMED
How Lloyd’s is riding LONDON MARKETS the waves of change
The Lloyd’s of London insurance market is one of the oldest businesses in the City. Laura Hayter describes a successful and changing institution.
ounded in 1688 by Edward Lloyd, in a Fcoffee house in the City of London, LLOYD’S OF LONDON Lloyd's of London was originally notorious as a gambling den offering “speculative lines of • Once a popular stop for ships’ insurance ranging from highway robbery to captains, Lloyd’s is the world leader death by gin drinking”1. Having come a long in marine insurance. way from its coffee house roots, as well as • It offers tradition mixed with being a favourite meeting place among ships’ modernity. captains, merchants and ship owners, where • Inga Beale is the first female CEO in Edward Lloyd provided unrivalled shipping Lloyd’s 325-year history. intelligence, Lloyd’s is now home to over 50 managing agents and over 80 syndicates and is the world’s leading specialist insurance maritime roots with displays of historical market, writing a wide range of insurance on artefacts; in the main underwriting room on a global basis. the ground floor, there is still the Loss Book Inga Beale at the centre of Lloyd’s While little life insurance is written these which is dated each day by hand in feather days, Lloyd’s still leads the way in marine quill and ink charting maritime disasters. its first female CEO in its 325-year history, and aviation insurance; celebrity body parts Even today, the Lutine Bell, rescued from a and 40 years after the first female broker have even been known to be insured – David sunken ship and formerly used to ring in the entered the underwriting floor. Inga Beale a Beckham’s legs and Bruce Springsteen’s news of overdue ships, is still rung on 30-year veteran of the insurance industry and vocal chords to name but a couple! ceremonial occasions. also former competitive rugby player for On a trip up to the corporate headquarters, Wasps has pledged to champion diversity. Heritage the Adam Room is a grand meeting room, “Nearly all underwriters are white, most are An iconic structure designed by Lord Rogers, which would appear more at home in a royal British and almost two thirds are men”2. the Lloyd’s building moved to its current palace. Used by the Council of Lloyd’s, the There is also the challenge for Lloyd's to premises in Lime Street in the City of London market’s governing body, the room was stay relevant in a time of mounting in 1986. Today it remains a buzzing installed and restored from the original competition where “premiums are being marketplace where business is still dining room of Bowood House in Wiltshire. squeezed and brokers are putting pressure on conducted face-to-face in the underwriting It is the striking contrast of this beautiful and smaller syndicates”2. While London remains room. traditional classical interior with the modern the market to which companies turn to Despite the advent of modern technology, architecture on the exterior, (it has lifts on the secure coverage, local insurance industries in Lloyd's still manages to honour its historical outside) designed by Lord Rogers that makes developing markets are growing fast. this building so interesting. Ms Beale, however, sees a strong future for Lloyd’s and commenting on her appointment Full steam ahead in January this year noted, “Lloyd’s is already Lloyd’s now does business in more than 200 an international leader, but this unique countries and has established itself as the market has an extraordinary opportunity to global centre for specialist insurance and increase its footprint and to cement its reinsurance. But it has not been without its position as the global hub for specialist troubles. During the 1980s and 1990s insurance and reinsurance”3. ■ Lloyd’s suffered its most difficult period due to unexpected large asbestosis and pollution legal awards in the US which served up huge REFERENCES losses for the ‘names’, those individuals who 1 www.lloyds.com/history 2 ‘Inga Beale, the steely trailblazer shaking up underwrite the market. a masculine bastion’, Financial Times, Lloyd’s has since turned itself around and December 20, 2013 Laura Hayter is head of policy and today is taking strides to stay competitive and 3 ‘Lloyd’s of London appoints Inga Beale as communications at the IR Society. forward-thinking. Keen to shake off its male- first female chief executive in 325 years’, The Telegraph, December 16, 2013 [email protected] dominated past, Lloyd’s recently appointed
36 IR SOCIETY SPRING 2014 EVENTS
The IR Society events programme 2014
Our sponsor for 2014 Events news The events below are scheduled Orient Capital is a global leader in share ownership analysis, equity market intelligence, throughout 2014 for IR Society proxy solicitation, investor communication and shareholder management technology. members. Further events will be miraqle is our unique web-based platform through which our products are delivered or announced in due course. For the managed. Acclaimed for its intuitive design and integrated functionality, it comprises a latest information and to register for constantly evolving series of modular products – each designed to assist companies to our events, please visit efficiently and accurately identify, profile, track, manage, target and communicate with www.irs.org.uk/events. investors, potential investors and the wider investment community.
Events contact For further information please contact: If you have any events queries, please +44 (0)20 77 76 75 74 contact Alison Hamilton at www.orientcap.com [email protected] or call +44 (0)20 7379 1763
Events outline for 2014
NETWORKING: CLUB 11 LUNCH WEBINAR: TBC Wednesday 23 April Tuesday 9 September
HALF-DAY SEMINAR: TOPIC TBC CLUB 22 DINNER Wednesday 30 April Tuesday 9 September
WEBINAR: BEST PRACTICE AWARDS 2014 LAUNCH EVENT NETWORKING EVENT Thursday 1 May Thursday 11 September
WEBINAR: MARKET VIEWS EVENT BREAKFAST: ACTIVISM UPDATE Tuesday 13 May Tuesday 16 September
CLUB 22 DINNER CLUB 22 DINNER Tuesday 13 May Tuesday 14 October
BREAKFAST: DEALING WITH FINANCIAL JOURNALISTS CLUB 11 LUNCH Wednesday 21 May Thursday 16 October
LUNCH: MEET THE FUND MANAGER BREAKFAST: IR CASE STUDY Tuesday 3 June Wednesday 22 October
WEBINAR: LEGAL IMPLICATIONS OF USING SOCIAL MEDIA HALF-DAY SEMINAR: TOPIC TBC Thursday 12 June Wednesday 29 October
CONFERENCE: TODAY’S IR: CREATING TOMORROWS VALUE BREAKFAST: RETAIL INVESTORS Tuesday 17 June Wednesday 5 November
ANNUAL GENERAL MEETING CLUB 22 DINNER Thursday 26 June Tuesday 11 November
WEBINAR: AGM DEBRIEF LUNCH: INVESTOR RELATIONS AS A CAREER Tuesday 8 July Thursday 13 November
CLUB 22 DINNER BEST PRACTICE AWARDS Tuesday 8 July Tuesday 25 November
SUMMER NETWORKING EVENT IN THE CITY NETWORKING EVENT Date TBC, July Thursday 4 December
IR SOCIETY 37 EVENTS INFORMED
REPORT – POLICY REVIEW WEBINAR – JANUARY Reviewing policy issues for 2014
Clare Williams, who chaired this in 2014. Louise demonstrated that whilst We were delighted with the level of equity valuations had increased over the interest in this year’s webinar with 47 event, summarises the key points past year, earnings growth has yet to catch members online for the lunchtime event made by her fellow experts. up, which will be an area to watch closely with plenty of questions on a range of areas as we travel through the results season. following the formal presentations. We are he overall theme of this year’s policy Louise also highlighted the importance that looking forward to next year’s event already Treview was to provide insights into Aberdeen places on the interface with IR to discover which events have played out financial markets through a review of 2013 professionals as well as company meetings. and which ones surprised us all. ■ as well as thoughts of how various factors Matt Hall then provided the corporate might influence 2014. In my role as broker’s perspective highlighting the member of the IR Society Events committee market’s return to equities over the past I chaired the event and was delighted to be year and how the shape of the ownership joined by the following experts who all of the UK market has changed enormously gave excellent presentations: over the past 20 years through the increase in overseas investors. In addition, Matt • John Dawson – director of investor highlighted the various personnel changes relations, National Grid and chairman of at fund management houses which may the IR Society; impact fund flows in 2014. • Matt Hall – corporate broking, Deutsche John Dawson provided the IRO Bank; and perspective for the webinar focusing on the • Louise Kernohan – investment manager key themes which he thought would be of Pan Euro Equities, Aberdeen Asset important to our members. These included Management the quality and value of equity research, the 2015 general election, the range of Louise Kernohan started the webinar investor behaviour and debate around with a review and outlook on financial corporate access – but his overall message markets highlighting key factors which are was that more than ever we need to Clare Williams is director of CWA Limited. likely to drive equity investment decisions demonstrate the benefits of good IR. [email protected]
More than 600 successful candidates have demonstrated their expertise, commitment and professionalism by passing the CIR exam – you can too!
The CIR is an internationally recognised core qualification for existing IR professionals and those new to IR.
2014 CIR The CIR PROGRAMME Demonstrates competence Certificate in Enhances career development Investor Relations Provides professional recognition
For more information: email [email protected] visit www.irs.org.uk phone +44 (0)20 7379 1763
See page 42 for further information about Certificate in Investor Relations SPRING 2014 PROFESSIONAL DEVELOPMENT
Professional development 2014
Our sponsor for 2014 Bespoke training courses The IR Society can also tailor a Deutsche Bank’s American Depositary Receipt group is pleased to sponsor The Investor number of our training courses to Relations Society’s 2014 Professional Development Programme. meet your particular needs and deliver American Depositary Receipts (ADRs) are a means for non-US companies to raise their them in-house. This is a cost-effective profile with US investors, make their shares more easily available to them and raise new way of ensuring staff are kept up to capital in the US. Deutsche Bank’s ADR business is dedicated to providing excellent service date with the latest regulation, for companies with ADR programmes. legislation and IR best practice. Deutsche Bank provides all the services necessary to set up and run a successful ADR programme plus a range of added services to ensure that both the issuing company and its investors get the most from the programme. This includes providing specialist investor relations support to companies with ADRs to assist them in communicating with their US Contact details investors. For more information about Professional Development courses For further information please contact: and bespoke training courses, Zafar Aziz, head of DR market solutions. please contact Janet Kelly – [email protected] [email protected] +44 (0) 20 7545 6619 or +44 (0) 20 7379 1763.
2014 at a glance • Foundation level • Core IR skills • Other IR-related courses
April September Tuesday 29 IR regulation and compliance essentials Thursday 4 IR regulation and compliance essentials Module One Module One Wednesday 10 IR regulation and compliance essentials May Module Two Wednesday 7 IR regulation and compliance essentials Thursday 18 Annual reporting – best practice in practice Module Two Tuesday 23 Introduction to financial markets and IR Tuesday 13 Introduction to financial markets and IR Wed 24/Thurs 25 Demystifying company accounts and valuations Wednesday 14 Traditional and new media for IR Tuesday 30 Best practice presentation techniques for IR Tuesday 20 Beyond the traditional investor base – hedge funds and sovereign wealth funds October Thursday 22 Script writing for IR and results presentations Wednesday 1 IR regulation update Tuesday 7 IR for personal and executive assistants June Wednesday 15 Managing corporate stakeholders Tuesday 10 IR for personal and executive assistants understanding investors, analysts and the media Wed 11/Thurs 12 Demystifying company accounts and valuations Tuesday 21 Effective investor targeting Thursday 19 Managing corporate stakeholders Tuesday 24 Achieving your IR potential – how to add value November to your IR programme Tues 11/Wed 12 Demystifying company accounts and valuations Wednesday 26 IR regulation and compliance essentials July Module One Wednesday 9 Introduction to financial markets and IR Thursday 27 Introduction to financial markets and IR Thursday 3 Introduction to writing for IR Thursday 17 Script writing for IR and results presentations December Tuesday 2 Effective IR in practice August Thursday 4 Behind the traders’ screens – how securities are Wednesday 6 Effective IR in practice traded Tuesday 9 IR regulation and compliance essentials Module Two
Debt IR – the new frontier – planned for H2 2014
IR SOCIETY 39 PROFESSIONAL DEVELOPMENT INFORMED
About professional KEY TO COURSES development •Foundation level Investor relations is a two-way communication channel between These courses provide an excellent introduction to IR by explaining companies and their shareholders. In order to fulfil this important role the workings of the financial markets, identifying key relationships safely and effectively, IR practitioners require a solid understanding of and developing awareness of crucial IR techniques. the regulatory and financial environment, combined with a wide range of relationship-building and communication skills. •Core IR skills The IR Society promotes the highest professional standards These courses allow IR practitioners to develop their knowledge in amongst our members and the wider IR community. Our courses are the fundamental areas of understanding financial accounting, IR delivered by expert course trainers, each with in-depth knowledge in regulation and compliance, investor targeting, media relations and a particular field. best practice annual reporting. However, there is no substitute for practical experience, and what really sets our courses apart are the contributions from IR Society •Other IR-related courses members. Most of our courses include sessions with senior IR These courses take a more in-depth look at specific IR issues such as practitioners and advisers, who provide essential first-hand insight Debt IR, hedge funds and sovereign wealth funds and securities into the course topic and practical advice that can be implemented trading. almost immediately. The Society offers additional courses helping IR practitioners of all We provide a comprehensive programme of training courses for IR levels to improve their communication skills and maximise their practitioners at every stage of their careers. overall effectiveness in the role.
Foundation level
● Tuesday 13 May INTRODUCTION TO FINANCIAL MARKETS AND IR ● Wednesday 9 July This course gives you a basic introduction to investor relations and the financial environment in ● Tuesday 23 September which IR professionals work. It explains how the financial markets operate and are regulated. ● Thursday 27 November
MANAGING CORPORATE STAKEHOLDERS – UNDERSTANDING INVESTORS, ANALYSTS ● Wednesday 15 October AND THE MEDIA 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’.
EFFECTIVE IR IN PRACTICE ● Wednesday 9 April IR is communication. This interactive half-day of workshops presented by senior IR practitioners ● Wednesday 6 August explores the most current communication tools and techniques relevant to IROs in their day-to-day ● Tuesday 2 December roles.
INVESTOR RELATIONS FOR PERSONAL AND EXECUTIVE ASSISTANTS ● Tuesday 10 June Executive assistants and board-level personal assistants who come into contact with investors and external ● Tuesday 7 October 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?
INTRODUCTION TO WRITING FOR IR ● Thursday 3rd July New for 2014. This half-day workshop will help you to produce accurate, effective and polished written IR communications. Learn how to get your message across through the written word. Put this into practice when writing press releases, company factsheets and more.
BEST PRACTICE PRESENTATION TECHNIQUE FOR IR ● Tuesday 30 September This interactive course helps you achieve best practice in developing and delivering investor presentations. Audience focus is the thread throughout this one-day course. In the morning learn how to develop your message and communicate succinctly through slides and printed decks. In the afternoon, discover how to use your voice and body to enhance your personal impact when presenting.
40 IR SOCIETY SPRING 2014 PROFESSIONAL DEVELOPMENT
Core IR skills
DEMYSTIFYING COMPANY ACCOUNTS – MODULES ONE AND TWO ● Wednesday 11/Thursday 12 June If you are working in investor relations or financial PR you need to understand financial statements ● Wednesday 24/Thursday 25 September and be able to answer questions from analysts, investors and the financial press. This two-part course ● Tuesday 11/Wednesday 12 November will help you achieve this by providing foundation knowledge in accounting.
IR REGULATION & COMPLIANCE ESSENTIALS– MODULES ONE AND TWO ● Tuesday 29 April New for 2014. This two-part course provides an analysis of current legislation and forthcoming Wednesday 7 May changes. It helps attendees understand how the legal compliance requirements for IR communications ● Thursday 4 September fit together, how they are applied in practice, and what best practice standards are. Wednesday 10 September ● Wednesday 26 November Thursday 9 December
IR REGULATION UPDATE ● Thursday 13 March This half-day course will bring you up to date with latest rules and regulations. ● Wednesday 1 October
EFFECTIVE INVESTOR TARGETING ● Tuesday 21 October 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.
SCRIPT WRITING FOR IR AND RESULTS PRESENTATIONS ● Thursday 17 July New for 2014. This interactive course aims to help you improve the quality and effectiveness of your script writing for results presentations. It will help you ensure your scripted investor communications are clear, efficient and authoritative.
ACHIEVING YOUR IR POTENTIAL – HOW TO ADD VALUE TO YOUR IR PROGRAMME ● Tuesday 24 June This course aims to help practitioners to develop their role and credibility within their organisation by explaining how to create added value from the IR function.
ANNUAL REPORTING – BEST PRACTICE IN PRACTICE ● Thursday 18 September Working through practical lR examples, IROs attending will learn how to define personal targets and goals; measure success; identify personal strengths and weaknesses; develop focus and manage time effectively; build relationships and influence others.
Other IR-related courses
BEYOND THE TRADITIONAL INVESTOR BASE – HEDGE FUNDS AND SOVEREIGN WEALTH ● Tuesday 20 May FUNDS This half-day course provides an overview of how hedge funds and sovereign wealth funds operate in today’s global financial market place.
BEHIND THE TRADERS’ SCREENS – HOW SECURITIES ARE TRADED ● Thursday 4 December This course provides a basic knowledge and understanding of the key aspects of 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.
DEBT IR - THE NEW FRONTIER ● Planned for Autumn 2014 Understand the importance of debt IR as part of a company's communications programme. This course will explain the nature of debt instruments and help professionals to understand the information requirements of holders.
IR FOR DIRECTORS AND SENIOR EXECUTIVES ● Bespoke course run in-house The new Corporate Governance Code and the UK Stewardship Code has put increased emphasis on effective communication between boards and investors. It is therefore ever more important to understand how investor relations can facilitate effective contact with the investor community.
IR SOCIETY 41 PROFESSIONAL DEVELOPMENT INFORMED
Certificate in Investor Relations
About the CIR CIR revision courses The CIR is an internationally recognised qualification in IR. It is regarded as an essential To revise the CIR Study Guide and assist prerequisite for those entering the IR profession, and a valuable benchmark for those candidates with any questions they may already in the profession. The qualification ensures an appropriate level of factual have on specific sections of the syllabus. knowledge of both the regulatory requirements and the financial and market ● Wednesday 25 June environment, which will enable the practitioner to operate competently and safely. ● Wednesday 17 September ● Tuesday 25 November The benefits of obtaining the CIR include:
• demonstrates competence; • enhances career development; and CIR exam dates • provides professional recognition within the IR community. Exam dates for the Certificate in Investor Relations. The qualification is suitable for everyone working in investor relations or related ● Thursday 10 July professions considering a move into investor relations, either in the UK or overseas. It is ● Thursday 9 October assessed by a one-hour examination comprising 60 multiple-choice questions, based on ● Thursday 11 December the topics set out in the syllabus.
Some of The Investor Relations Society’s International CIR partners
The Malaysian Investor Relations Association (MIRA) is the only professional association in Malaysia which is committed to develop and advance the status and integrity of IR professionals, and the proficiency of its members in the field of IR. MIRA is proud to be the IR Society’s partner to promote and conduct the Certificate in Investor Relations (CIR) examination in Malaysia. A total of 121 Malaysians have obtained their CIR since our partnership began in 2009. Our graduates have all reported great satisfaction with their certification, especially in enhancing career advancement prospects and professional development. www.mira.com.my
The Investor Relations Professionals Association (Singapore) (IRPAS) was established in 2006 by leading IR practitioners, supported by the Singapore Exchange, with the primary objectives of championing IR best practices, enhancing professional competencies and elevating the overall standard of the IR profession in Singapore. The Certificate in Investor Relations (CIR) is an internationally recognised qualification for those entering the IR profession. IRPAS is the strategic partner of the UK IR Society administering the CIR in Singapore, Southeast Asia’s largest financial hub, equipping IR practitioners with the knowledge and expertise to operate competently in their roles and within the regulatory environment. 25 professionals in Singapore have attained the CIR since it was launched in 2012 by IRPAS. www.irpas.com
Established in 2008 by IROs for IROs and based in the UAE, the Middle East Investor Relations Society has members and Country Chapters from the Atlantic to the Indian Ocean. With the active support of the region’s exchanges and regulators, the Society promotes best practice in investor relations through formal qualifications, professional and peer-to-peer training, and networking. The Certified Investor Relations Officer qualification is an internationally recognised qualification for IR professionals, developed and monitored by internationally experienced IR professionals practising in the region, and is for the second year being delivered by our strategic partner, the UK IR Society. www.me-irsociety.com
For more information about the Certificate in Investor Relations, or to book an exam, please contact Janet Kelly – [email protected] or +44 (0) 20 7379 1763. Recent CIR passes are on page 12.
42 IR SOCIETY SPRING 2014 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 John Thistlethwaite on +44 (0)1285 831 789 or email [email protected].
Key to IR SERVICE PROVIDERS by category
ADR depositary services global3digital Investor roadshows Shareholder targeting BNY Mellon MerchantCantos HSBC Equiniti Deutsche Bank Nasdaq OMX Corporate RD:IR Nasdaq OMX Corporate Annual reports Solutions Mobile technology Solutions Black Sun WorkCast theIRapp Orient Capital Capita Financial Group Investor relations Opinion research RD:IR CKD Aura Financial Orient Capital Video Design Portfolio Broadridge QuantiFire IR2 Emperor Design Clare Williams RD:IR Jones and Palmer Investis Associates Proxy and corporate support Webcasting Jones and Palmer EmCo Equiniti Investis Langsford Corporate Design Equiniti Orient Capital Nasdaq OMX Corporate MerchantCantos Fidelio ProxyCensus Solutions SAS Financial Times RD:IR WorkCast Board advisory Imagination Publications World Television Fidelio Investis IR Magazine Website development Corporate broking Jones and Palmer Public relations Black Sun Barclays Maitland MHP Clare Williams CRM databases Makinson Cowell Pelham Bell Pottinger Associates IR.soft MHP RLM Finsbury CKD Nasdaq OMX Corporate Nasdaq OMX Corporate Registrars Emperor Design Solutions Solutions Equiniti global3digital Orient Capital Orient Capital Shareholder research Investis RD:IR RD:IR Clare Williams Jones and Palmer CSR/sustainability WorkCast Associates MerchantCantos Jones and Palmer World Television Equiniti Nasdaq OMX Corporate Executive search Investor presentations Investor Perceptions Solutions Fidelio Red Oyster Jones and Palmer WorkCast Fund management IR for small caps Orient Capital SAS Exane BNP Paribas Investis QuantiFire Internet services Jones and Palmer RD:IR More information at: Black Sun RD:IR 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 43 DIRECTORY (continued) INFORMED
BROADRIDGE – www.broadridge.com – investor relations EQUINITI – www.equiniti.co.uk – investor relations, proxy and corporate support, registrars, shareholder research, shareholder CAPITA FINANCIAL GROUP – www.capitafinancial.com/1462.htm – targeting annual reports EXANE BNP PARIBAS – www.exanebnpparibas.com – fund CKD – www.carrkamasa.co.uk – annual reports, website development management
Established in 1990, CKD specialise in building corporate FIDELIO – www.fideliopartners.com – board advisory, executive reputation through the media of brand management, digital communications and corporate reporting. To see how we search, investor relations can add value please visit www.carrkamasa.co.uk Fidelio Partners is an International Contact: Board Development and Executive Search Adam Hindmarsh, Director consultancy. We have a deep understanding +44 (0)20 7566 0191 of what shareholders and stakeholders [email protected] expect from the leadership team, as well as Contact: Gillian Karran-Cumberlege expertise in the Finance, Communications, +44 (0) 20 7759 2200 Strategy and Governance functions. As such Fidelio has a recognised world class [email protected] CLARE WILLIAMS ASSOCIATES – www.clarewilliamsassociates.com – capability in sourcing senior Investor www.fideliopartners.com investor relations, shareholder research, website development Relations professionals.
FINANCIAL TIMES – www.ft.com – investor relations
Investor relations and investment ● Market perception studies. Reach and engage the Financial Times audience of communication services: we provide an ● Investment communication across a financially-aware decision-makers and affluent shareholders independent, experienced and skilled range of channels. from across the world. fund manager’s perspective with an ● Bespoke research support and training. established track record. ● Flexible tailored approach. FT Investor Relations service – targeted multimedia T: +44 (0) 141 419 9900 communication packages that give you maximum visibility. E: [email protected] W: www.clarewilliamsassociates.com Contact: Stella Sorrentino on +44 (0)20 7873 3865 [email protected] DESIGN PORTFOLIO – www.design-portfolio.co.uk – annual reports GLOBAL3DIGITAL – www.global3digital.com – internet services, we combine compelling website development storytelling with a deep understanding of investor Contact Paul Crabb relations to create engaging Business Development Director and effective stakeholder 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 HSBC – www.hsbcib.com – investor roadshows Providing all the support necessary to set up and run a successful Depositary Receipt programme. For a more personal, specialist service please contact us. IMAGINATION – www.imagination.com – investor relations Zafar Aziz – Tel: +44(20)7545 6619 Email: [email protected] INVESTIS – www.investis.com – annual reports, investor relations, IR for small caps, webcasting, website development
EMCO – www.em-co.ru/eng – investor relations
EMPEROR DESIGN – www.emperordesign.co.uk – annual reports, website development Corporate & IR Apps & Mobile Social Media Video & Charts, Maps & Websites Webcasting Feeds Since 1996, Emperor has been designing and producing straightforward printed and online www.investis.com [email protected] +44 (0)20 7038 9000 annual reports, where accessibility of information, strong navigation, clarity of communication and value are the key objectives. Tel: +44 (0)207 729 9090 +44 (0)121 262 3830 Call us today for a free consultation. +44 (0)131 220 7990 www.emperordesign.co.uk
To appear here, call 01285 831789 or email [email protected]
44 IR SOCIETY SPRING 2014 DIRECTORY
INVESTOR PERCEPTIONS – www.investorperceptions.com – NASDAQ OMX CORPORATE SOLUTIONS – shareholder research www.nasdaqomx.com/whatwedo/corporatesolutions – CRM databases, internet services, investor relations, shareholder targeting, webcasting, website development
Contact: Stephen James Managing Director Global Corporate Solutions NASDAQ OMX +44 207 065 8000 [email protected] New Court St. Swithin’s Lane London EC4N 8AL +44 (0)20 7280 1775 www.investorperceptions.com NASDAQ OMX Corporate Solutions provides the technology that powers global business communications with our suite of tools servicing the needs of investor relations and corporate communications professionals. http://www.nasdaqomx.com/whatwedo/corporatesolutions IR2 – www.irsquared.co.uk – video
IR MAGAZINE – www.irmagazine.com – publications ORIENT CAPITAL – www.orientcap.com – CRM databases, investor relations, opinion research, proxy & corporate support, shareholder IR.SOFT LTD – www.irsoft.com – CRM databases research, shareholder targeting The IR.manager Investor Relationship Management platform helps in-house IR teams Orient Capital is a global leader in share ownership analysis, equity market intelligence, and IR advisors easily and efficiently manage investor communication and shareholder relationships with investors, analysts and the management technology for listed companies. Arnaud D Robin media. Tel: +44 (20) 7060 4700 London: +44 20 77 76 75 74 [email protected] IR.soft: Software solutions for optimal Investor [email protected] TM www.irsoft.com Relations www.orientcap.com
JONES AND PALMER – www.jonesandpalmer.co.uk – annual reports, PELHAM BELL POTTINGER – www.pelhambellpottinger.co.uk – CSR/sustainability, Investor Relations, IR for small caps, Shareholder public relations research, Video, Website development PROXYCENSUS LTD – www.proxycensus.com – proxy and corporate support
QUANTIFIRE – www.quantifire.co.uk – opinion research, shareholder OnlineOnline strategy andand webweb developmentdevelopment research AnnualAnnual ReportsReports (electronic(electronic andand printed)printed) ConsultancyConsultancy (best(best practicepractice recommendationsrecommendattions andand legislativelegislative requirements)requirements) Call JimJim RobinsonRobinson 01210121 236236 90079007 www.jonesandpalmer.co.ukwww.jonesandpalmer.co.uk IR feedback is changing. You can now reliably measure, analyse and trend market perception by different stakeholder groups – and LANGSFORD CORPORATE DESIGN – www.langsford.co.uk – E: [email protected] annual reports the impact that your IR programme T: +44 (0) 20 7060 5470 has on this. www.quantifire.co.uk Contact us for a trial. MAITLAND – www.maitland.co.uk – investor relations
MAKINSON COWELL – www.makinson-cowell.com – investor RD:IR – www.rdir.com – CRM databases, investor relations, IR for relations small caps, investor roadshows, opinion research, proxy and corporate support, shareholder research, shareholder targeting MERCHANTCANTOS – www.merchantcantos.com – annual reports, 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: Bridewell Gate, 9 Bridewell Place, London, EC4V 6AW Branding, Corporate Advertising, Corporate Communications, Corporate Reporting, Corporate Responsibility, Digital, Employee Engagement, Investor Communications, Video Production and Webcasting. RED OYSTER – www.redoyster.co.uk – investor presentations
Let us help you demystify complexity, enhance MHP – www.mhpc.com – investor relations, public relations credibility and engage confidently.
Expert training for investor relations teams on: MHP is an award-winning new agency – in fact we’ve gone • Presentation skills • Effective writing straight into the top 10. We cover 15 sector specialisms and t: +44 (0) 20 3372 4860 • Powerful PowerPoint five PR disciplines (financial PR, brand PR, corporate w: www.redoyster.co.uk • Storytelling reputation, CSR and public affairs). e: [email protected] a: Aldermary House, 15 Queen St,. Plus director-level presentation mentoring for investor Contact: Reg Hoare (Managing Director & Partner) London EC4N 1TX and analyst presentations by CIR-qualified coaches. [email protected] tel: + 44 (0) 20 3128 8793 www.mhpc.com more >>>>
IR SOCIETY 45 DIRECTORY (continued)
The Investor Relations Society 5th Floor, 30 Coleman Street, London, EC2R 5AL RLM FINSBURY – www.finsbury.com – public relations Tel: 020 7379 1763 Fax: 020 7240 1320 SAS – www.saslondon.com – annual reports, website development www.irs.org.uk THE BOARD
SAS is a design and communications agency providing specialist John Dawson (chairman) expertise across corporate, talent and brand communications. National Grid We produce annual reports, sustainability communications, corporate websites, internal communications and branding for Nominations committee chairman some of the world’s largest organisations. Examinations board chairman [email protected] Contact: Victoria Sugg E: [email protected] T: +44 (0)20 7243 3232 www.saslondon.com Sue Scholes (deputy chairman) AMEC Education committee chairman [email protected] theIRapp – www.theIRapp.com – mobile technology Ian Arnold (treasurer) theIRapp® is a native app platform available for Finance committee chairman publicly traded companies on all global stock [email protected] exchanges. It enables public companies to push important company information to investors where Emma Burdett they are engaged the most, on the mobile device. Maitland • iPhone, iPad and Android Devices • Ready in 2-3 weeks Policy committee chairman www.theIRapp.com • No systems integration [email protected] [email protected] +1 212 896 1255 Experience the Power of Push. Connect...Share...Engage. Richard Carpenter MerchantCantos [email protected] WORKCAST – www.workcast.co.uk – internet services, investor Fay Dodds relations, webcasting Burberry [email protected] The WorkCast Corporation is Europe's largest provider of webinar, webcasting and virtual event solutions serving John Gollifer (general manager) over 150 global organisations including the IR Society The Investor Relations Society and IR magazine. [email protected] WorkCast's award-winning webcasting platform, WebCast Contact: Manager and Services, are used for many enterprise-wide Reg Hoare Mike Bowman, Sales Manager applications such as investor and stakeholder relations, MHP Communications Tel: +44 (0)844 870 4912 lead generation, employee communications, training & [email protected] product launches and user conferences. Corporate affairs committee chairman [email protected] James Eves (company secretary) WORLD TELEVISION – www.world-television.com – investor BNY Mellon relations, webcasting [email protected] Gillian Karran-Cumberlege Fidelio Partners World Television is a leader in Membership committee chairman strategic video communications. [email protected] We are producers of award- winning programmes, webcasting Contact: Claire Lavery Rob Jackson, UK Sales & Marketing specialists and experts in Rivel Research Group Director +44 (0)20 7243 7370 delivering video online. Conference committee chairman [email protected] www.world-television.com [email protected] David Lloyd-Seed Dixons Retail [email protected] Sallie Pilot Black Sun Best practice committee chairman [email protected] Danielle Poulain Banco Espirito Santo Events committee co-chairman [email protected] Keith Russell Split Rock Partners [email protected] David Walker Hays www.irs.org.uk/resources/service-providers Events committee co-chairman [email protected]
46 IR SOCIETY JUNEJUNE 24,24, LONDON,LONDON, UKUK
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