Best Practice Investor Relations a 14-Page Special Feature and Full Coverage of the 2018 Best Practice Awards

CHAIR’S LETTER | SERVICE PROVIDERS | PERSONAL VIEW | INDUSTRY NEWS INFORMED PROMOTING EXCELLENCE IN INVESTOR RELATIONS ISSUE 101 WINTER 2018/19

BEST PRACTICE INVESTOR RELATIONS A 14-PAGE SPECIAL FEATURE AND FULL COVERAGE OF THE 2018 BEST PRACTICE AWARDS

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INVESTOR ANALYTICS INFORMED WINTER 2018/19

CONTENTS 21

4 CHAIR’S LETTER IR Congratulations all round ACTICE David Lloyd-Seed, chair, IR Society BEST PR 5 NEWS FROM THE SOCIETY Evan Davis to host conference in 2019 New IR Society members, October to December (p8) Event report: IR Society visits Dublin (p9) A new addition to the Society team (p9) A SPECIAL FEATURE CIR and ICIR passes – October and November (p9)

6 A PERSONAL VIEW Welcome to issue 101 of Informed... 37 Gary Davies, CEO, IR Society

10 INDUSTRY NEWS MiFID II continues to have an impact Selected key issues for IROs

12 AGM SEASON AGM season is fast approaching – being well prepared will pay dividends Ross Hawley, ContourGlobal and IR Society AWARDS COVERAGE 14 LETTERS FROM OVERSEAS Romania: Welcome to ARIR, a new professional IR association Daniela Serban, ARIR and McGuireWoods Consulting 50 PROFESSIONAL DEVELOPMENT Singapore: A brave new world for IROs (p16) Judy Tan, ARA Asset Management Limited Courses (p47-48) Certificate in Investor Relations (p53-54) Denmark: After 30 years, DIRF navigates new waters Diploma in Investor Relations (p55) Tina Høilund Pedersen, DIRF (p18) 56 EVENTS Middle East: Demand for IR skills in a changing market (p19) The IR Society events programme Andrew Tarbuck, Al Tamimi & Company and MEIRA 57 IR SERVICE PROVIDERS DIRECTORY Find help in this listing of IR service providers WE WISH OUR MEMBERS AND READERS A MERRY CHRISTMAS AND A HAPPY NEW YEAR 62 IR SOCIETY BOARD Names, roles and email addresses

IR SOCIETY 3 INFORMED

CHAIR’S LETTER

The Investor Relations Society 5th Floor, 30 Coleman Street, London, EC2R 5AL Congratulations Tel: 020 7379 1763 www.irsociety.org.uk all round THE MANAGEMENT TEAM Gary Davies CEO [email protected] I hope you enjoyed this year’s fantastic, glamorous, fun and entertaining Best Practice Alina Ardeleanu Awards dinner as much as I did. The executive team at Coleman Street have done us Financial controller proud by pushing the boat out yet again this year – we should perhaps award them a [email protected] best practice award for the evening itself! With Miles Jupp as our host for the evening, it Robert Dann really was a night to remember. If you didn’t make it, you missed a good one, so make Head of marketing and membership [email protected] sure you get your tickets early for next year’s awards. Laura Hayter Our world is being shaken by ongoing political turmoil, economic stress and more Head of policy and communications directly by regulatory upheaval. The latter, through MiFID II, is sending seismic shock [email protected] waves through the capital markets and putting IR front and centre of much of the fall- Jessica Hyett out. This means that we in IR need to adapt to the changing world, overcome the Professional development executive challenges and help lead our companies to win in the competition for capital. [email protected] For me the biggest areas of impact are being felt among what I call the ‘Four C’s’: Tara Hogg Professional development executive corporate sustainability, consensus management, coverage and corporate access. [email protected] Investors are waking up to the financial advantages of promoting ESG within their Nicolle Oliver portfolios and thus are enquiring increasingly of companies about their sustainability Events manager credentials – that is sustainability in the true sense of the word, not just about ticking the [email protected] boxes in corporate governance, or having a PR campaign about how a business is using Rebecca White less of a scarce resource, but about a whole host of matters that ensure a company is Marketing and membership executive [email protected] here for the long term. Like a stick of Brighton Rock, sustainability must exist right through the core of a company in thought, word and deed. We, as the custodians of a company’s investment case must ensure that we weave that messaging right through our THE OFFICE HOLDERS narrative. David Lloyd-Seed Chair [email protected] Adapting to a changing world David Walker Research is going through existential changes impacting coverage, with, I suspect, Deputy chair more significant changes to come in the New Year. The shake-up is impacting our [email protected] ability to measure and thus manage consensus. All the while many IR teams are Fay Dodds establishing new ways of targeting and managing investor interaction. Treasurer A listing on our public markets is, if exploited fully, a source of incredible value [email protected] to a huge number of stakeholders, be they employees, investors or others. As such James Eves Company secretary listed companies have a duty to ensure that they fully exploit these benefits. That [email protected] can only truly be done through a properly formed approach to IR, even more so in For a full list of the IR Society board and the the new world to which we must adapt. It is beholden on every listed company – committee chairs, see last editorial page. be it large, mid or small cap – to invest in its IR function to enable it to overcome the four Cs. This is our moment of opportunity we need to adapt to the changing INFORMED world before us and take IR to the forefront of companies and be a part of the John Thistlethwaite leadership that we rightly justify. Publishing assistant At our conference next year we are planning to explore ways in which IROs can [email protected] do this and exploit the opportunities in the years ahead of us, so put 18 June 2019 Alex Murray in your diaries and make sure you get your ticket. Publisher Your IR Society is here to help and serve you, our members, and a key part of the [email protected] IR Society’s raison d’etre is to set out the basis for, and to promote, best practice in Informed is published on behalf of the IR Society by Silverdart Publishing our industry so that companies can achieve this. Tel: +44 (0)1285 831 789 www.silverdart.co.uk Pushing the boundaries Editorial enquiries can be addressed either to In being part of the judging panel for our awards, it was clear that this year there are Laura Hayter or to Alex Murray. emerging tensions between the competing forces of narrating the corporate and Views expressed in this publication are not strategic story vs regulations and best practice. But it was refreshing to see how many necessarily those of the Society. © 2018 IR Society companies are navigating these challenges in innovative and engaging ways. However, we were all struck by the fact that it is FSTE 250 companies who are really pushing the

4 IR SOCIETY WINTER 2018/19 SOCIETY NEWS

boundaries of best practice rather than, more usually, FTSE 100 companies. Evan Davis to host I was delighted that this year we were able to award ‘The Roddy’ for the first time. It is fantastic that the Society has decided to conference in 2019 remember one of the great characters of IR, sadly taken from us too young, and to The journalist and broadcaster Evan Davis recognise the characteristics that Roddy has confirmed that he will be the strove for in pushing the boundaries of best moderator for the 2019 IR Society annual practice. conference – a role that he has performed In recognition of all those shortlisted for with skill for the past six years. awards I am pleased to report that they will The conference is titled ‘IR: Leading be receiving a certificate in recognition for change; driving value’ and will be held on their achievement. A hearty congratulations 18 June at Kings Place, London. Further to all our winners, all very well deserved details will be on the website – and I hope you enjoy some of their insights www.irsociety.org.uk. Members are shared in this copy of Informed. advised to save the date. I wish you and your families a very happy Evan Davis is the presenter of the Radio and safe Christmas and very best wishes for 4 daily news and current affairs show PM. the New Year. ■ He is also the host of Dragons Den and the Radio 4 business discussion programme the Bottom Line. Until joining the BBC in 1993, he was an November 2018, he presented Newsnight economist at the Institute for Fiscal on BBC 2. And prior to that he was a Studies and at the London Business presenter of the Today programme on BBC School. Evan’s latest book is called Post Radio 4. He also spent seven years as the Truth: Why we have reached Peak DAVID LLOYD-SEED economics editor of the BBC. Before Bullshit and what we can do about it. ■

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PERSONAL VIEW INFORMED

Welcome to issue 101 of Informed...

While avoiding the thought police, Gary Davies highlights the Society’s progress in 2018 and sets out the priorities for the year ahead.

Being a bit of a science fiction buff, I can’t of other changes, with a half of the team see that number without thinking of being new this year. This has inevitably ‘Room 101’, the torture chamber in the resulted in a lot of additional George Orwell classic, 1984, where responsibility and pressure falling on the Winston Smith (brilliantly portrayed by shoulders of the established team Gary Davies is CEO of the IR Society John Hurt in the 1984 version of the members at Coleman Street and I cannot [email protected] movie) is confronted by his worst fear – praise them highly enough for their rats, in a wire cage tied to his face – and support and patience as us ‘newbies’ betrays his lover with the chilling words, arrived and got up to speed. I am very “Do it to Julia! Not me! Julia! I don’t care proud of all of them. ... and we look forward to 2019 what you do to her. Tear her face off, strip I am pleased to report that Jess Hyett In the New Year I aim to continue my her to the bones!” Eww! Random piece of joined the team at the beginning of programme of face-to-face meetings with sci-fi trivia: Orwell named ‘Room 101’ November as professional development current and potential new members and after a conference room at BBC executive, reporting to Tara, and bringing build on the regional roadshows that we Broadcasting House where he had to sit the executive team back up to full did in 2018 in Liverpool, Manchester and endure tortuously boring meetings in complement. Jess joins us from a HR and and Dublin (see page 9 for further details the 1940s. I’m sure that many of us have hospitality background with extensive on the Dublin event). I plan to visit other experience of our own equivalent Room customer-facing experience, most recently financial centres around the rest of the 101 meetings at some stage in our careers, working in a high-end hotel within a ski country in the coming months and am hopefully none that we have chaired resort in Japan arranging programmes for interested to hear from you if you have ourselves! high wealth clients. She is also somewhat of thoughts on venues or wish to a social media specialist, with experience of collaborate on any of these events – Farewell to 2018 … using platforms for promotional purposes, please don’t hesitate to drop me an As we wave farewell to 2018, I look back and I’m sure she’ll be a great addition to the email or give me a call directly. at what, for me, was a year of two halves: team (see page 9). Early bird booking rates have just been moving from an IRO role of 10 years at The IR Society year culminated with our posted to our website for our June GlaxoSmithKline to taking on the chief prestigious Best Practice Awards dinner annual conference, so if you want to executive role at The IR Society in July. In which was a highly successful and very save some money, I would encourage addition to my introduction to the enjoyable event, to which much of this you to book early. The conference executive team, there have been a number issue of Informed is dedicated. It was committee is already working on the great to work with such a talented and content and speaker invitations and we diverse judging panel in coming to the have, once again, secured the very decisions on the winners in each category talented Evan Davis to host and facilitate It was great to work – many congratulations to each of them – discussion. I hope to see as many of you and Miles Jupp made an excellent host for as possible at the same Kings Place ‘ the awards dinner itself. I hope that all of venue that has worked well for us for the with such a talented you that attended had a lovely time and last few years. Our events committee are enjoyed the change of venue this year. now working on the rest of our 2019 and diverse judging At the time of my writing this article, programme, and you should start to see the uncertainty of Brexit draws on, with that build on the website over the panel in coming to the Theresa May trying to sell to a mostly coming weeks, including our very unreceptive audience in parliament the popular pub quiz networking evening, decisions on the proposal agreed by the leaders of the that was such great fun to participate in other 27 EU countries, with just a few last month – congratulations to the winners in each weeks to go before the March deadline. worthy winners! I’m very interested to hear any stories Enjoy your copy of issue 101 – beware category that you have of how this period of Big Brother’s thought police – and I wish uncertainty is affecting the planning of your you all a Happy Holiday period and I ’ own company and sector, especially how it look forward to seeing as many of you as is affecting your role and budget in IR. possible in the New Year. ■

6 IR SOCIETY FUTURE-PROOFING COMPANIES & THEIR IR STRATEGIES SINCE 2002

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NEW IR SOCIETY MEMBERS – October to December 2018

The IR Society is pleased to welcome Adele Gokkaya – Investis Digtial Isabelle Nwodi – Orient Capital the following new members, who joined Agnieszka Gozdz – D.F. King Ugochukwu Obi-Chukwu – Nairametrics in October, November and early Caroline Heagney – Hardman & Co Financial Advocates Ltd December 2018: Henriette Heinisch – D.F. King Vilma Pabilionyte – Hardman & Co Sanjay Jobanputra – D.F. King Juan Pedemonte – Investis Digtial Sara Abbasi – D.F. King Belinda Joshuas – Orient Capital David Purcell – Assura Etan Blass – D.F. King Nasim Karegar – Investis Digtial Neil Roberts – Investis Digtial Frederic Bong-Jones – RD:IR Renee Kestler – Orient Capital Mark Roberts – Logicor Mark Brescacin – D.F. King Andrew Larkin – Kraft Heinz Fergus Rowland – Investis Digtial Yulia Casamassima – Orient Capital Daragh Lehane-Magee – Magee Cynthia Saint-Clair – Orient Capital Mary-Ann Chang – Independent Ray Ling – Orient Capital Michael Snell – Orient Capital Kathy Cole – D.F. King Wilfred Louwsma – D.F. King Robert Still – Orient Capital Jennifer Cooke – Pennon Group Cecilia Luras – Rowan Advisory Piers Sutton – Investis Digtial Chris Corrigan – Investis Digital Cleo Lymberis – MYTILINEOS SA Jamie Taylor – Investis Digtial Elliot Cox – RD:IR Jaya Malhi – RD:IR Roger Tejwani – Tulchan Communications Nick Cox-Johnson – Independent Guy Marks – RHI Magnestia Carolina Thiede – Aina Hospitaltiy Ben Davies – Orient Capital Laura Martin – RD:IR Iain Thomson – Harworth Group Plc David de Koning – Funding Circle Sergey Maslennikov – Orient Capital Sarah Titterington – Tesco Plc Sharan Dhami – SOCO International Nathalie Matthews – Babcock International Nick Turnor – Independent Zak Dyson – RD:IR Vlad Morgen – National Grid Shyam Udayakumar – Orient Capital Alice Fellows – Tesco Plc Laurent Muzard – D.F. King William Vandyk – GC/V Consulting James Fitzsimmons – Goldman Sachs Nicole Navon – Tesco Plc Sarah Williams – Orient Capital Sally Freeman – RD:IR Radek Nemecek – SAZKA Group Penny Wilson – Independent David Garlick – Orient Capital Kate Nunan – Investis Digtial Heather Wood – IHG

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EVENT REPORT: The IR Society visits Dublin

Laura Hayter and Rob Dann of the IR Society recently travelled to Dublin to participate in a series of meetings as well as a joint event, co-hosted with Goodbody: MiFID II First 300 Days. We were delighted with the turnout, which attracted around 30 company IROs who got to hear about the latest developments following MiFID II implementation. We will be planning further outreach to Dublin, as well as other regional centres outside of London in 2019, so watch this space and do drop us a line and we’d be delighted to meet up. Contact Laura at [email protected] or Rob at [email protected] and see our events page at irsociety.org.uk/events ■

A new addition to the Society team Ask the Board Having recently joined as a professional development executive, A service where by members Jessica Hyett introduces herself. may ask questions in confidence, which we will endeavour to I joined the IR Society in November which busy time has been very engaging and I’ve was an enormously busy time in the office been busy finalising the professional answer through our network of as the Best Practice Awards were development calendar for 2019. experienced IR professionals. imminent, and I was looking forward to I am very keen to learn as much as I can attending that and meeting you all. I’m about IR and I’m excited to work with the visit: new to investor relations, having team on the professional development irsociety.org.uk/resources/ graduated in 2016 and spent most of the programme over the next year. I look past two years travelling and working forward to meeting as many of you as I can ask-the-board abroad. This is my first professional job – whether it be on a course, at the office or or contact Gary Davies on and I’m extremely excited about what it at one of the events on our extensive +44 (0) 20 7379 1763 will bring. Joining the Society at such a events calendar. ■ CIR and ICIR PASSES – October and November 2018 The Society congratulates the following Rayman Bains – MTCnovo Bui Thi Hong Nhung – IRPAS candidates who passed the CIR® or ICIR® in Izzy Deterding – Aggregated Micro Power Allan Huang – IRPAS October and November 2018. Holdings plc Gregory Hughes – MEIRA Mohamed Rasheed Hasan – MEIRA Cao Thi Ngoc Quynh – IRPAS October Emily Tan – IRPAS Andrés Vergara – Antofagasta Plc November Lim Sia Ting – IRPAS Elizabeth Chow – RMS Partners Sultan Ahmed Alawadhi – MEIRA Elaine Yap – IRPAS Jason Spanos Abdalla Al Musharrekh – MEIRA For further information about the Kitty McCausland – Subsea 7 Lawrence Ang – IRPAS David Quirke – Inspired Marketing Doaa Bitawi – MEIRA CIR please see page 57.

IR SOCIETY 9 INDUSTRY NEWS INFORMED

MiFID II continues to have an impact

Developments in IR post MiFID II have ESG and integration continued to play out over 2018. From a company perspective the immediate effects into IR have included more direct contact from the A hot topic among investor relations buy-side to corporates, a decline in practitioners is the rising importance of ESG attendance at investor conferences and gaps and how this is being integrated into day to in broker-led roadshows. day IR activities and communications. With a Other concerns include the quality of number of recent events and panel Industry news briefing investor feedback, quality and quantity of discussion around this topic, it is clear how Selected key issues for IROs research coverage, liquidity, valuation and important it is to treat ESG as an integral part consensus guidance. There are however big of IR. Recommendations include: to take differences between large and small cap control of the information flow internally, get of progress. The consultation will enable companies. Among large caps there is less to know your ESG analysts at the research employers to identify the barriers to creating concern, although internal resourcing is an houses (MSCI, Sustainalytics etc), find out a truly diverse workforce. The consultation issue with more buy side direct contact. At which bodies your shareholders use and asks for views on how the government can the other end, mid- to small-cap companies always include these in discussions with top take forward its manifesto commitment to ask are more concerned with the lack of sell-side shareholders. Key to all ESG efforts is to large employers to publish ethnicity pay data coverage and reduced investor access, as ensure that they follow the company purpose while ensuring proposals are proportionate. well as more internal cost and resource. and are properly part of the business not just Meanwhile, fund managers are seeing a tick-box exercise. GC100 guidance on much tighter cost controls as a result of the directors’ duties: s172 regulations, whilst brokers are seeing lower BEIS launches consultation liquidity. Sell-side pricing continues to be in The GC100 has published guidance on the flux and it is expected that the Financial on ethnicity pay reporting interpretation of section 172 of the Conduct Authority, who are very committed The Department for Business, Energy & Companies Act 2006 and stakeholder to MiFID II, will come out with a statement Industrial Strategy (BEIS) has published a considerations. This coincides with the on their pricing probe (which was consultation paper on ethnicity pay publication of the UK Corporate Governance announced in June) shortly. reporting, alongside a ‘One Year On’ Review Code earlier this year and the new requirement for companies (other than medium-sized companies) to include a statement in their strategic reports, for FRC guidance on performance metrics financial years beginning on or after 1 January 2019, on how the directors have The Financial Reporting Council's Financial includes practical examples from considered section 172. ■ Reporting Lab has published guidance for companies that have implemented the companies on the presentation of recommendations in those reports. performance metrics in their reporting following calls for clarity from investors. The future of corporate reporting Keep up to date with the This includes examples of how companies The FRC has launched a project to latest industry news with the can apply the principles outlined in their ‘challenge existing thinking about IR Society’s weekly Bulletin. earlier project report, Performance metrics - corporate reporting and consider how an investor perspective, which was companies should better meet the It’s free to all – just register. published in June. information needs of shareholders and You can find further details other stakeholders‘. Reviewing current on our website – Business model, risk and viability financial and non-financial reporting disclosures practices, the FRC will consider what www.irsociety.org.uk The FRC has recently published a report: information investors and other Business model reporting; Risk and viability stakeholders require and the purpose of reporting – Where are we now? The corporate reporting and the annual report. report considers how reporting practice has The FRC is creating an advisory group to changed since the Lab published its support this project which will comprise up original reports in 2016 and 2017. It also to 15 participants.

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1204.9 03/16 ISS1

AGM SEASON INFORMED

AGM season is fast approaching – being well prepared will pay dividends

In the run up to Christmas, it feels like AGM season is a long way away. Here Ross Hawley relays the voice of the IR Society policy committee by providing useful advice for those wishing to get ahead of the calendar.

O ho ho...’tis the [AGM] season to be Plc board Hjolly.... OK, so even this close to All IROs know that good communication AGM SEASON IS NEAR Christmas, thinking of the AGM season as channels with their company secretary and • Fund managers prefer IROs to engage being ‘festive’ is clearly a step too far, but with the chairman/SID are key. In the as early as possible – and well ahead there are some valid parallels in terms of context of the AGM, being aware of any of AGM season. the benefits of advanced planning and potential changes in terms of governance • Find out which individual is preparation in order to avoid growing panic structure, remuneration proposals or responsible for voting rights – and be or tears on the day itself. unusual resolutions as early as possible is sure to target him or her. Just as Christmas present lists seem to be crucial. Similarly, potentially punchy • Make sure proxy advisers are well written as soon as schools go back, decisions such as on share pre-emption looked after – engage your company Christmas puddings made in October and limits – a ‘red line’ for some large secretary and remuneration team on Christmas party season kicks off in late shareholders – should be factored into the technical points. November, so should your AGM planning planning process. checklist already be well underway. When It is of course a two-way street – feeding the IR Society policy committee were back to the board what have been the discussing what might be done to get issues in the market or with peers which ahead of the game in terms of AGM 2019 have caused disquiet is an equally effectively reach out to some core preparation, the thoughts focused on important task for the IRO, often in stakeholders, and when to do this. managing three key interest groups: plc conjunction with the company secretary. board; major shareholders, including index Remuneration is perhaps the most likely of Index funds funds; and proxy advisers. these to occur as a sensitive topic, and the Any IRO who was at the IR Society Engagement with each well in advance media are always looking for a new target. conference in 2017 will have heard Sacha of the AGM will pay dividends (pun sort of So, having got a sense as to whether there Sadan from L&G talk about their approach intended) in terms of reducing the risk of are particular topics which need careful to corporate engagement – in short ‘please last minute surprises in the run up to the handling or not, the preparation list is do it early and out of the AGM season’ AGM itself. probably best focused on how to where they are overloaded. A similar message comes from the other index funds – so put them at the top of the list for a letter or email and phone call well before Christmas (and in truth ideally in the autumn) to see if they would like to have a Potentially call or meeting to cover off any issues – whether ones the company wishes to ‘ punchy decisions raise, or that they might have themselves. If they would like a governance meeting with the chairman or SID, plan for that such as on share early and get it into the NED diary.

pre-emption limits Major shareholders Just as with the index funds, many large should be fund managers have hundreds or thousands of AGM voting forms to factored into the complete during the AGM season, and so early engagement where there are issues Ross Hawley is SVP of IR at planning process to be discussed is very important. As ControurGlobal and chair of the IR mentioned earlier, certain investment Society’s education committee and ’ groups have well publicised ‘red lines’ deputy chair of the policy committee. which they have indicated they will vote ross.hawley@contourglobal.com against if crossed. Know which portfolio

12 IR SOCIETY WINTER 2018/19 AGM SEASON

managers like to be consulted directly and After the annual report is published which prefer to leave it to their Although annual reports are often governance team – and who actually An IRO can play published while roadshows are still in full presses the voting button. Most fund flow, this is an important time period for managers will not feel the need for a ‘ a major role in AGM preparation, not just in terms of governance meeting every year but would getting the proxy process underway. A like to be offered one – and if an issue working with the letter from the chair of remuneration to does crop up at the last minute, having a shareholders who had been consulted with track record of offering engagement shows earlier in the year, highlighting where their an important degree of openness. company’s proxy views had been followed or reasons why not, can go a long way to bringing key Proxy advisers agent to track votes onside, or at least abstaining in what Much is written and talked about the might be a sensitive situation. challenges of engagement with proxy down slow or An IRO also can play a major role in advisers, including by the policy working with the company’s proxy agent to committee in Informed a few years ago. uncertain voting help track down slow or uncertain voting. Relationships and experiences vary from This is very similar to chasing up analysts company to company, but it is without ’ who have been slower than ideal on doubt sensible to make sure you know providing estimates on consensus, a who is going to be designated by, say, ISS understood when their reports were likely combination of tact, politeness and or Glass Lewis to cover your company – to be ready in draft; understanding the occasionally pleading may be in order!! and also when in their planning timetable issuer data report process; and how to Back to my poor Christmas analogy: every would it be sensible to reach out to them gently challenge any perceived family has stories of Christmas going awry in order to have an educated conversation. misunderstandings all helped to smooth despite the best of intentions and planning. At Rolls-Royce, we worked hard to ensure the process. Knowing which proxy And so it will be with AGMs, but advanced they felt well looked after by the CoSec advisers are taken most note of or planning can help mitigate or diffuse and remuneration teams on technical mandated by your core shareholders is situations or post-event inquests. points, and that together with CoSec – also a very useful guide as to where the So, have a happy Christmas break, and with IR included – we could have sensible extra effort should be spent – while at the remember to look at that AGM action list conversations about any broader issues same time making sure engagement with while the turkey is resting and the sprouts they might have. Making sure we each has been factored in to the planning. coming up to boil. ■

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IR SOCIETY 13 LETTER FROM ROMANIA INFORMED

Letter Welcome to ARIR, a new from professional IR association Romania

Daniela Serban sets out how she helped to establish the Romanian IR Association after moving to consultancy, as a commitment to continue developing the local capital markets.

eing an IR professional has been the become listed companies, fund managers Bmain part of my working life, having and IR professionals, founded the IR IN ROMANIA spent more than seven years as the IRO of Romanian Investor Relations Association • The Romanian capital market is the Bucharest Stock Exchange, where I (ARIR), with the aim of providing existing experiencing increased visibility, acted as a representative both for that and potential issuers with a platform for the more IPOs, and increasing interest organisation and, on many occasions, for development of IR skills. from foreign investors. the Romanian capital markets in general The new association would also • The Romanian Investor Relations when meeting foreign and local investors. contribute to the implementation of best Association was created to support From this experience came the idea of practices in investor communication and best practice, increase transparency taking IR in Romania to a new level by corporate governance. and help companies comply with gathering experienced professionals into an ARIR is a non-governmental and non- governance principles. association to help us all improve and to profit organisation, founded by 11 • The Bucharest Stock Exchange is implement best practice in IR. The representatives of the capital market, currently classed as a ‘frontier opportunity came also as a result of the comprising: market’ – the aim is to get this to enhanced visibility which the Romanian ‘emerging’ status soon. capital market has enjoyed internationally • Bucharest Stock Exchange, the market in recent years amid the ever-growing operator, leading capital market competition for investors’ attention, institution; What will we do? especially after MiFID II. • ALRO, one of Romania’s largest ARIR was set up with the support of IR The Romanian market has developed in companies, the largest vertically professionals within listed companies, the past few years, with several IPOs of integrated aluminium producers in companies with potential to become listed private companies taking place, alongside Europe by production capacity; companies, fund managers, and increasingly frequent interaction between • Franklin Templeton Management – consultancy companies in the IR domain. foreign investors and local companies. Bucharest Branch, one of the largest In this way, IR professionals will contribute independent asset management to developing and implementing best Who are we? companies in the world with offices in 30 practices in investor communication, Bucharest Stock Exchange (BVB), along countries; increasing transparency of listed companies with some of the largest listed companies, • Electromagnetica, established as a and compliance with corporate governance private companies with potential to leading manufacturer of principles in order to provide investors and telecommunication equipment in shareholders with key elements needed for Romania; an informed investment decision. • Hidroelectrica, the largest Romanian company, state-owned, leading power producer; • Nuclearelectrica, a state-owned company producing nuclear power); The market has • Teraplast, one of the largest PVC ‘ processors in Romania and one of the developed in the leading producers of materials for the construction industry; past few years, with • Transelectrica, a state-owned transport and system operator in Romania, with a several IPOs of key role in the Romanian electricity market; private companies Daniela Serban is president of the Romanian • Cosmin Raduta (former IRO of Investor Relations Association and strategic Electromagnetica); and communications and public affairs • Tony Romany (IR director of Electrogrup). taking place coordinator at McGuireWoods Consulting. • and myself (see my details on the left of ’ [email protected] this page).

14 IR SOCIETY WINTER 2018/19 THE INVESTOR RELATIONS SOCIETY’S

The activity of ARIR will follow five key strategic directions with the following objectives: PROGRAMME • evaluation – assessment of investors’ DELIVER perception of listed companies; • presentation – improvement of companies’ presentations. • regulation – monitoring the legislative DEVELOPING framework and supporting members’ opinions; • communication – strengthening links with investor and analyst communities; FUTURE • recognition – promoting companies that implement best practices. LEADERS ARIR also aims to become a platform for companies to recruit IR staff.

First perception study on the THROUGH communications of listed companies The Romanian capital market is still a ‘frontier market’, according to international agencies, but in recent years INVESTOR we have met qualitative criteria and significantly improved the quantitative criteria which would allow us an upgrade RELATIONS in the medium-term. The number of sizeable companies, up to ‘emerging’ status, is around five and implementing best practices in communicating with The Deliver programme (Developing future leaders through investors would definitely support the upgrade objective. investor relations) is aimed at high potential IROs who are Before the launch of the association, we seeking the next step up in their career. decided to ask institutional investors about their opinion about the market. This is a six-month activity-based modular programme in three parts, Preliminary results of the study show that with other supporting activities and meetings throughout the Romanian companies are in general very responsive to investors’ questions or programme. concerns; the level of disclosure and transparency of the companies listed, as Deliver continues to offer unique exposure to captains of industry and well as availability of the management, is other thought leaders. In addition, working with IRO peers means about what they expected. creating your own personal network to compare notes with during and When asked about capital market strengths, institutional investors mentioned after the programme. the generous dividend policies, growth potential and low valuations. As to the For more information or to register your interest, contact Gary weaknesses, investors mentioned liquidity, Davies at [email protected] or call +44 (0) 20 7379 1763 level of financial education and retail involvements. The majority of investors who provided feedback were investing on the market for more than three years, and almost all of them will likely or very likely recommend investing on the Romanian market to other investors, which is a clear proof of the attractiveness of the market. ■

Follow ARIR on LinkedIn: www.linkedin.com/company/arir

IR SOCIETY 15 LETTER FROM SINGAPORE INFORMED

Letter A brave new world from for IROs Singapore

Judy Tan looks at some cornerstones of good investor relations to provide advice for those wishing to stay ahead in a dramatically changing global environment.

he world is in an unprecedented based on timeliness, consistent messaging Treboot. CEOs, companies and countries and openness. And with that comes trust A BRAVE NEW WORLD today face the challenges and opportunities over time. In a hyper-drive world of viral • The world is very different from coming from accelerating disruption, social media and fake news, embracing how it was even a few years ago. spiralling global complexities and daunting and engaging naysayers and activist • IR must stick to the ‘Three Cs’ – fast-paced regulatory changes. Good shareholders become ever more important and demonstrate a commitment to investor relations in a new world order will in establishing a strong level of public trust. long-lasting relationships. require more than just adopting best But that is just part of what makes an IR • Do not assume that what has practices. It will require IROs to adopt new function successful. In a brave new world worked in the past will work in the ways of thinking and creative approaches of globalisation, it is vital for an IR function present – be adaptive to thrive. for their organisations to thrive. these days to be multi-disciplined. • Internal communications between The IR function has been in existence for Understanding the impact of the UK all business functions are probably at least half a century. For stewardship code for the buy-side and the increasingly important. organisations in some regions, it is well- extraterritorial impact brought about by established. In other regions such as Asia MiFID II are just some of the changes to where I come from, it is a tad less mature grapple with, even if one is headquartered coordinate a consistent message across the but certainly evolving in response to or listed in Asia. A strong financial organisation. Where I work in ARA Asset responsible investing, shareholder activism orientation and business acumen, besides Management, a real assets fund manager and regulatory scrutiny. excellent communication skills, will go a with a global footprint in 63 cities across Experienced IROs are all too familiar long way in facilitating intelligent dialogues 21 countries, it is a top priority for with best practice for winning IR teams. with one’s stakeholders. management to communicate the Leading IR departments communicate to company’s strategic direction and business their company stakeholders with the ‘Three Separating past, present and future updates regularly via CEO Townhall Cs’ – consistency, clarity, and candour. The Successful IR in a new world order would sessions and the internal newsletter to its investment community values an also entail adopting a constructive employees. organisation that demonstrates its dissatisfaction mentality by not assuming As the competition for global capital commitment to building relationships what has worked in the past is appropriate intensifies, companies will need to keep for the present or future, and always refining their IR strategy. This will not only thinking of ways to improve how things are lower the cost of capital in the long run but done. A forward-looking mindset would also mitigate risks in financial also require the IR function to map things communication and disclosure, and out based on what it knows or expects to ultimately, create long-term shareholder unfold in the forthcoming months to ensure value. ■ that the construct of its communications strategy today can accommodate the future. It is only this way that the IR function can truly fulfil its role of being a conduit between the business and its stakeholders As the competition and minimising that valuation gap over ‘ time. for global capital Finally, effective internal communications within a global intensifies, organisation will become increasingly crucial. It’s not just what the IRO or the companies will need CEO or CFO say to investors, but also what Judy Tan is assistant director, group the salespersons are conveying to to keep refining their corporate development & IR at customers and what employees are thinking ARA Asset Management Limited. and saying. It therefore falls upon the IR strategy [email protected] responsibility of the IR function to ’ 16 IR SOCIETY

LETTER FROM DENMARK INFORMED

Letter After 30 years, DIRF from navigates new waters Denmark

Tina Høilund Pedersen describes the IR scene in Denmark, and shares some key messages from the Danish IR Society’s recent annual conference celebrating its 30th anniversary.

ack in the 19th century, we Danes held Bthe misconception that we were a DIRF NAVIGATES European power, but first Lord Nelson and The Danish • ESG is gaining momentum – later the German chancellor, Bismarck, ‘ however there is still work to be taught us that those days were long gone, economy has been done. and the loss of territories left our nation a • Good IR is about being open and fragment of its former self. Instead, we open and mainly supporting a fair valuation. learned that while small in geographical • IR should help management to align terms, we could still prosper through aimed at key messages with audience international cooperation and exports. Ever expectations. since, the Danish economy has been open accommodating • MiFID II is proving a challenge for and mainly aimed at accommodating smaller companies. foreign demand for high-quality products. That also goes for our investor relations. foreign demand for The Danish Investor Relations Society (DIRF) was established by IR officers, high-quality • ESG-related communication is gaining financial and communications executives momentum and traction among investors in 1988. The objective was and still is to products. That also and companies. However, there is still promote communication between listed relatively large divergence on both companies and their investors – in goes for our sides in terms of focus and perceived Denmark and abroad – thereby promoting importance. IR plays a central role in investor interest in Danish shares and investor relations bridging gaps between investor needs corporate bonds. DIRF represents some and requests and presenting the 270 members from approximately 100 ’ corporate value and relevance of ESG companies – many of which are global initiatives. names, such as Novo Nordisk, Carlsberg • Good IR supports fair valuation. From and ISS World Services. Most of our an investor perspective, good IR is open members are listed on one of the Nasdaq and straight talk, honest guidance and Copenhagen exchanges and represent expectations management and not least about 95% of the Danish total market cap. a balanced approach to C-suite access. In addition, service providers and advisers • Setting the scene for the presentation to working with financial communications investors of a major strategic change. IR are also represented, along with a few plays a key role in working closely with companies listed in Sweden and Norway. management to align expectations and DIRF’s network seeks to meet its messages – and in communicating steps objectives by arranging events and in the process. conferences dealing with current IR topics • MiFID II is a challenge for both issuers affecting the day-to-day tasks of IR and investors. New payment models for professionals. In September, DIRF research and corporate access will celebrated its 30th anniversary with a very affect small corporates in particular and well-attended annual conference force IR to find more alternative ways to DIRFdagen 2018 – How to navigate new ensure a high level of investor waters (cf. https://dirf.dk/dirfdagen/ for communication. programme, speakers etc). In many ways, IR professionals must navigate a changing To keep up to date and as a service to our landscape these days, and some of the members, DIRF cooperates with other IR Tina Høilund Pedersen is most predominant themes and discussions associations such as the IR Society, DIRK in director of DIRF. on their consequences were on this year’s Germany and NIRI for inspiration and input [email protected] DIRF conference agenda: on the latest IR trends globally. ■

18 IR SOCIETY WINTER 2018/19 LETTER FROM THE MIDDLE EAST

Letter Demand for IR skills in a from the changing market Middle East

Andrew Tarbuck writes about the special factors at work in Middle East capital markets – and suggests ways in which local companies could do better by boosting their IR function.

merging markets are commonly a IR however, supervision and enforcement Esource of high growth and opportunity of these requirements will be crucial if DEMAND FOR IR SKILLS and are open to new concepts and quick they are to really bite. • In emerging Middle Eastern adoption. Investor relations in the Middle economies, investor relations is East is developing rapidly as the region’s More to be done playing a crucial part. emerging markets gain status and open up There are some listed companies • Companies are becoming to foreign investment. throughout the region who quite clearly increasingly transparent in order to Many market participants in the region have adopted and practice exceptional attract foreign investment. understand that transparency and investor relations techniques but a review • Much more work is needed – disclosure through the adoption of of these top performers would be several companies still do not investor relations (IR) best practice misleading. There are a large number of understand the role of the IRO or techniques is key in order to compete for listed companies for whom investor why it is useful! international capital. It is very relations is not even on their radar; thus encouraging to see that the region’s the gulf in IR performance between listed regulators and stock exchanges are fully companies is considerable. there is no better showcase for this than aware of the need to promote investor The real target is to lift all of the boats MEIRA’s annual conference and awards, relations to give their markets credibility, and not just the top quartile. This will held for the tenth time this year. to attract increased investment and to take time and a shift in mindset for many The Middle East IR community is improve liquidity. listed company boards. The first step is conversant with prominent issues for the Regulatory provisions making IR just to understand what IR actually is and profession such as MiFID II, the impact of mandatory for listed companies certainly its value (why IR?), then to work out how ESG investing, use of the AGM, enhanced creates the right playing-field (as to conduct best practice IR (how IR?) and requirements for corporate governance witnessed in the UAE and announced in then finally to fully adopt and execute and the impact of shareholder activism Saudi Arabia, Oman and Qatar) and is by such practice (do IR!). but that community needs to far the most potent outreach to encourage The Middle East is moving firmly into exponentially expand and more boats the second stage with of course some star need to rise to take IR in the Middle East performers well into the third stage. The to the next level. ■ Middle East Investor Relations Association (MEIRA), the region-wide not-for-profit IR industry body, has been working extremely hard over the past 10 years to move the region along this development There are many listed curve by promoting IR best practice ‘ through engagement with individual companies for whom members, regulators and stock exchanges and market participants. investor relations is not MEIRA provides IR education and training to listed and non-listed even on their radar; companies and offers certification in IR best practice through its Certified Investor thus the IR gulf Relations Officer (CIRO) training. Further it works with regulators and stock exchanges to develop mandatory between listed regulatory IR provisions and generally assist with IR outreach to their respective companies is Andrew Tarbuck is head of public markets. capital markets at Al Tamimi & There is also a growing community of considerable Company, and MEIRA chair. companies and individuals who are [email protected] passionate about IR in the region and ’

IR SOCIETY 19

WINTER 2018/19 BEST PRACTICE IR

21 The long and short of it Richard Davies, RD:IR 24 Optimising your company website for investors Sonya Ghobrial, Clear Giraffe IR IR 26 The future of investor relations – ‘the silent disrupter’? PRACTICE Keilah Codd, Quilter BEST 28 A best practice business model for annual reports James Houston, Jones and Palmer 30 A year of MiFID II – a view from the ground Marina Zakharova de Calero, McCarthy & Stone 33 Shareholder activism – why a proactive approach works best A SPECIAL FEATURE Sandra Novakov, Citigate Dewe Rogerson

The long and short of it

It can be difficult to work out who is shorting your stock, or why they are betting against you. Richard Davies suggests that a better dialogue with the board can mitigate potential problems.

he recent IR Society governance many of which run short positions in Tmasterclass examined the issue of the equities. SHORT SHAREHOLDERS rising level of stocklending in UK equities. Companies have some visibility of who • It can be impossible to tell which While some of the reasons for this are is shorting their stock through the data investors are holding short positions. stock and sector specific (for example, the disclosed on the FCA website, but those • Conventional institutional investors challenges faced by the high street numbers usually do not tell the entire are increasing their short positions. retailers), there are broader macro- story because there may be investors • Most corporate brokers believe that economic issues (such as concerns over holding short positions under the 0.5% companies should not worry about – Brexit) and the technical driver of more disclosure threshold, as well as further or engage with – short sellers. money heading into quantitative funds, proprietary ‘inventory’ short positions of • IROs should report to boards on stock loan percentages. The differences ‘ between the total banks and stockbrokers. The differences short positions between the total short positions disclosed by Euroclear and the total short disclosed by position disclosed by the FCA may be significant. While low levels of transient shorting Euroclear and the have been a standard trading activity for many years, used mainly by market- total short position makers to cover their positions, the higher, more active and, in some cases disclosed by the tenacious, levels of shorting of equity stocks we have seen since the 1990s were FCA may be initially related to the significant upswing Richard Davies is founder and in the level of money managed by and managing director of RD:IR. significant invested into hedge funds. In recent years, [email protected] ’ we have seen many major ‘vanilla’ IR SOCIETY 21 BEST PRACTICE IR INFORMED

institutional investors, such as BlackRock, governance issue than a business issue, adopting long/short and arb strategies for then there is a very strong case for the SID their funds, increasing the overall level of or chair to get involved to solve the money that is able and willing to short The reporting to problem, but this could be a paradox. If stocks. the chairman or the non-execs are the ‘ boards of the stock problem in the company, then the hedge Is shorting a problem? funds will be on the hunt for blood, and While there are few UK equity issuers in this is where an activist will step in to the FTSE 350 (other than investment on loan percentage create change. companies) who do not have some degree The initial step in tackling shorting in of shorting in their stock, there are many of issued share your stock, if that is indeed possible, is to companies where the stock on loan understand what is the level of shorting, number is above 5%. Indeed, there are capital should be who is doing the shorting, and, if some UK retailers where the stock on loan possible, tracking which investors are number is in the upper teens at the time mandatory – and, lending the stock out to fuel the shorts in of writing. the first place. Given that stocklending is There is no right answer to the question in my view, carried out by a wide range of fund of when and at what level should a managers (particularly the passive and company be concerned about shorting in index fund managers, who ironically are its stock, but I would argue that it is part certainly a part of often the most vocal on governance), of the role of the IRO to ensure that the asset owners and custodian banks, it is board is made aware of this number in the IR best practice whimsical to think that corporates can IR board reporting. A rising stock on loan ’ stamp out this activity by pleading with number is by default a comment on the their investors not to get involved. perception of the business by at least governance which should be addressed some members of the investment by the chairman or the senior Deaf ears community. Of course, it may be independent director, and not the senior I have heard of some senior managers absolutely clear in some cases why some management or indeed the IRO. placing angry calls to their major funds are taking a dim view of the Of course, this engagement process investors to tell them to stop lending out prognosis for the company but in other may be fine in theory but difficult in their shares to the market, but these fall cases not. practice. If the fund shorting your stock is on deaf ears. The fund managers are many Either way, it is beholden on the non- a quant fund, there will be nobody at the layers of internal business away from the executive directors to understand what is fund for the SID to contact, and many back-office which organises the lend, and driving the shorting funds’ behaviour and hedge fund managers may refuse to meet if it is the investor’s custodian bank that is to tackle head-on the issues, perceived or to avoid the human conflict issue. doing the lending due to some real, that the funds believe to be Most corporate brokers take the view contractual kick-back, then the fund deleterious to the performance of the that companies should not worry about manager may not even be aware the company. shorting levels and that they should not lending is going on. Many governance fund managers view bother to engage with short holders. The reporting to boards of the stock on shorting as symptomatic of a sickness in Instead, they believe that companies loan percentage of issued share capital the company that needs to be cured and should focus on getting the business right, should be mandatory – and, in my view, believe that companies should reach out thereby improving the performance that certainly a part of IR best practice. Given to the shorting funds to talk through what will eventually squeeze out the short the ease with which this information can is driving their activity. High levels of funds through improved share price. be gathered, a failure to make boards shorting may indicate a failure of good If the reason for shorting is more of a aware of this number on a regular basis highlights a shortfall in the governance of the company. Non-executive directors should by turn also understand the Certificate in IR implication of this number, even if they do not feel it appropriate to engage with The Certificate in Investor Relations (CIR) has become a benchmark in the the shorting funds. It certainly forms part industry, widely recognised in the UK and in other international markets. of good governance for the board to understand why its stock is being shorted, The CIR is a comprehensive, stretching test of particularly if the short number is your competency in IR, providing the tools to significantly above the sector or index help you develop your career in the profession. average. How the board tackles the problems For more information see perceived by the shorting funds is another page 57 of Informed issue entirely but forewarned is to some extent forearmed. ■

22 IR SOCIETY Deutsche Bank Global Transaction Banking

We’re not just a depositary bank. We’re helping companies raise

BEST PRACTICE IR INFORMED

Optimising your company website for investors

The corporate website provides a real opportunity to ensure that the investment case is well understood and IR is visible. Sonya Ghobrial analyses FTSE 100 websites to identify impactful ideas.

s a former head of IR I have to admit, understanding, the investment case and Asomewhat embarrassingly, that the time providing good clear information and KEY TAKEAWAYS spent looking at the investors section of the contacts. Notably this focused less on • MiFID II is increasing the importance Heineken website was much less than it ‘bread and butter’ areas such as results, news of investor sections on websites. could have been. It was something that was releases and information, which were • A succinct and compelling investment always on the endless IR ‘to do’ list. Aside typically there for every company, but more case should be shown up front. from ensuring that it was up to date with on clever insights making the investor case • Sharing consensus can reduce consensus, figures and releases, I never had more compelling and communication best confusion around market expectations. the time to evaluate how useful it was in class. • Visibility is key; roadshow dates in relative to how useful it could be. Post calendars are worth considering and MiFID II, as an important free resource and What is the investment case? ensuring IR is accessible with clear first-stop learning about a company, the Just under 25% of the FTSE 100 included an contact details essential. website merits more focus. investment case in the website investor With this in mind I looked at a broad data section. Whilst a higher number had set of company investor sections to find company strategy detail, fewer examples of best practice and innovation, communicated an investment proposition or hopefully allowing IROs to benefit from reasons to invest. Explicitly providing this on each bullet, while easyJet, Imperial something I expect most would not have can reinforce rationale for buying shares and Brands and Whitbread also neatly provided time to do themselves! Findings are as at mid aid market understanding. Something investment cases with supporting facts and October, and examples below whilst not all- particularly important given MiFID II with colour on each argument. Ferguson also inclusive, hopefully provide context and potentially reduced analyst coverage or included a short CEO video message on the ideas. investor access to analysts. TUI Group investment proposition with mini videos on The FTSE 100 was my sample set, largely cleverly shared three reasons to invest, each supporting argument. assuming that predominantly global supported with a downloadable companies would have bigger budgets. presentation. Reckitt Benckiser and Rentokil Educating about the company Investor sections were reviewed for best provided key bullets on the investment case A quarter of the company websites provided practice in increasing company and allowed you to access more information general investor presentations or factsheets. Barclays included a two page factsheet with company overview, strategy, performance and targets. Burberry shared a longer version also including responsibility goals and contact details. Aberdeen and Standard Life Just under 25% of and Rolls-Royce also provided investor newsletters. ‘ Some companies also shared historic the FTSE 100 financial data making it easier to build a company financial model. Next, Burberry, included an Barratt, Informa and BAE shared comprehensive detail covering a longer investment case in period than one year’s history. TUI Group, Coca-Cola HBC and Ocado also cleverly the website investor allowed you download this into Excel. Mondi, Informa and 3i Group all included section separate sections for debt investors, and BAT even had a separate debt microsite with all ’ debt related considerations. Sonya Ghobrial is founder of Whilst most companies included analyst Clear Giraffe IR. coverage, a more limited number also [email protected] shared full analyst contact details.

24 IR SOCIETY WINTER 2018/19 BEST PRACTICE IR

To show or not to show consensus? How can I reach you? One in three companies included One thing I was guilty of before was A mini video can consensus, a little surprising given MiFID II sharing a generic IR email with limited regulation is increasing the potential for a contact details. Whilst I am aware of the ‘ variety of versions which can be confusing. fear of many unrelated non-market emails reinforce the message Those websites sharing consensus included from sharing more, the connection to IR appropriate disclaimers, often requiring feels more personal and conversational from a capital acknowledgement before access. with individual contact information. Pictures are helpful for identifying IR at markets day Reinforcing the message from a capital events. Informa, BP and Royal Bank of markets day Scotland not only shared details and ’ Whilst presentations, webcasts and pictures but also included helpful IR The ‘bread and butter’ transcripts were common from capital biographies. Whilst almost all companies provided share markets days, four companies included mini Finally, although obvious, it is worth price charts, IHG, WPP, Sainsbury’s and videos to reinforce takeaways and content. checking how easy it is to find IR contact Morrisons to name a few allowed charting Centrica, Mondi, Diageo and National Grid details on websites, with ensuring that performance vs peers. each in their own innovative way used them these are clear in the investors section an to summarise event content and key easy win. Closing thoughts messages – a brilliant teaser generating These points are not all-encompassing, but interest before reviewing the detail, and a Enabling investors to stay informed hopefully showcases some of the innovative useful tool to promote the event internally While I will side-step the merits of apps, ways to make the investor section more as well. BAT, Royal Dutch Shell and Royal Bank of impactful and investor friendly. Scotland all prominently highlighted IR Sustainability is another significant topic Where can I see you? apps. Almost all companies provided increasingly part of the investment decision Coca-Cola HBC and TUI Group both shared alerts to sign up to news. Rolls-Royce even and an important differentiator. financial calendars with not just reporting allowed sign up for text messages on Finally one further observation – hardly dates, conference and company events, but release publications. any companies incorporated feedback also roadshow dates and locations, thereby Some companies helpfully provided surveys on websites. Where present it ensuring investors knew where and when to reminders for events in calendars or tools demonstrated a company’s willingness to see the company, which, given respective allowing dates to be entered into your improve the website and an easy way to research agreements, they might not know. own calendars. find out how. ■

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CHAIR’S LETTER | SERVICE PROVIDERS | PERSONAL VIEW | INDUSTRY NEWS CHAIR’S LETTER | SERVICE PROVIDERS | PERSONAL VIEW | INDUSTRY NEWS CHAIR’S LETTER | SERVICE PROVIDERS | PERSONAL VIEW | INDUSTRY NEWS CHAIR’S LETTER | SERVICE PROVIDERS | PERSONAL VIEW | INDUSTRY NEWS CHAIR’S LETTER | SERVICE PROVIDERS | PERSONAL VIEW | INDUSTRY NEWS INFORMED INFORMED INFORMED INFORMED INFORMED THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 91 SUMMER 2016 THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 95 SUMMER 2017 THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 94 SPRING 2017 THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 93 WINTER 2016/17 THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 92 AUTUMN 2016

THE CHALLENGES AND OPPORTUNITIES ACCESS... BOARD... CAREERS... A NEW WORLD ORDER: ALL CHANGE IN THE CITY: CAREERS AND PROFESSIONAL THE ASCENT OF IR OF 2017 An ABC of CONFERENCE 2016 ANOTHER BIG BANG? DEVELOPMENT A 24-page report on CONFERENCE 2017 with keynotes, sessions, speakers, exhibitors, A SPECIAL FEATURE A special feature on: the new Diploma in IR, networking, photos, cartoons and more... the IR job market, IROs’ personal stories, online learning, courses Evan Davis talks to and many other ways to Lady Barbara Judge and get ahead Anne Richards

First graduates in Diploma in IR INSIDE ... BEST PRACTICE IN 2017 AND BEYOND A special 21-page feature BEST PRACTICE AWARDS 2016 Keynotes, sessions, speakers, exhibitors, A full report on the annual dinner, PLUS networking, drinks and more – with all winners and photos a 26-page report PLUS PLUS ... PLUS The state of IR in South Africa PLUS INSIDE MiFID II Update on Best Practice Awards IR IRO STORIES This issue of Informed Current IR topics in Germany What does Brexit mean for IR? BEST PRACTICE is sponsored by: DO ANALYSTS USE YOUR WEBSITE? QUARTERLY REPORTING Three ways to jump-start IR for SMEs Researching narrative reporting Six articles on best practice AWARDS 2017 21 NOVEMBER THE RISE OF FUND MANAGERS 2017 CONFERENCE UPDATE Courses and Events in 2017 Introducing best practice IR to Japan This issue is sponsored by: View from Johannesburg BOOK NOW! NEW HONORARY FELLOWS NEW YORK ROADSHOWS Informed editorial calendar for 2017 Brexit: new world, new demands Why is the CIR so valuable?

IR SOCIETY 25 BEST PRACTICE IR INFORMED

The future of investor relations – ‘the silent disrupter’?

Recent changes to the financial markets are having a knock-on effect for investor relations. Keilah Codd discusses the changing talent pool, and encourages members’ collaboration to develop IROs of tomorrow.

This article expands upon Keilah’s recent members in each IR team, we are few in presentation to the IR Sociey examination number, and without the large chartered THE SILENT DISRUPTER panel as part of her DipIR qualification. societies behind us, have limited support • MiFID II has put pressure on sell- to promote IR. However I am concerned side analysts to look for a new recently moved to the IR department at that if we do not promote IR as a career to career – and in many cases this is IR. the newly listed Quilter plc, having young people, we are missing an I • Brain-drain is a concern for the formed part of the team at Janus opportunity to build a future recruitment future – as highly-experienced IROs Henderson for over four and a half years. pool. will begin to move away, therefore During my transition, I reflected on the Over the last year or so, IR events have education, the CIR and Diploma in journey I have come in my career to date so often focused on disruptive forces IR programmes are essential. – how my understanding of IR has grown affecting our roles and activities: MiFID II, with experience and any legacies I may artificial intelligence, ESG, and activist have left behind as I move forward. It led investors. The topics of discussion never me to consider how we, as a group of IR focus on the development of IR teams and professionals, bring younger people into succession planning. If it is not IR and create succession plans for our considered, could the future of our teams We need to have teams. be affected by a so called ‘silent ‘ It is my belief that the awareness of IR disrupter’? Without building awareness of characteristics of amongst young professionals is IR, will we miss the opportunity to recruit significantly lower than that of functions the candidates with the most potential? integrity, confidence in the wider financial services industries – A recent IR trends report compiled by accountancy, law, investment banking. It recruiter Carter Murray documented the and presence, be can be argued that with a limited number routes IR professionals have taken into of listed companies and just a few their current roles. Over 66% of respondents came through financial personable, services – accountancy or finance, the sell- and buy-side, corporate broking and persuasive and corporate access. However these are the routes that experienced professionals have patient taken. There is very little data available as to how young university students or ’ professionals can find their way into IR. awareness of IR, we are stopping the We market our shares; how about our journey to a role in IR before it has begun. function? To be successful in IR, we need to have ACPP – this is not the beginning of an eye a great skill set: communication, financial test but stands for awareness, consideration, numeracy, literacy, marketing, preference; and purchase. This is the administration and logistics. Equally, we journey a marketing professional will take a need to have characteristics of integrity, customer on in order to achieve one – or confidence and presence, and be hopefully several – sales. Before they buy personable, persuasive and patient. When the product, the customer base needs to be building an IR team, it is not easy to find made aware of the product, consider it as all these characteristics and skills in single an item they would purchase, and prefer individuals. We need to bring people this product over others available in the together from different backgrounds and market. This is the same journey made by with different experiences. It adds diversity Keilah Codd is IR the professionals who Carter Murray of thought which can be hugely beneficial manager at Quilter. questioned. Which leads to my argument to the company and can make the [email protected] that, if we take a passive stance on building experience of working in the team more

26 IR SOCIETY WINTER 2018/19 BEST PRACTICE IR

enriching as members support and learn colleagues in communications functions from one another. We need to have access at Henderson took the CIR, I was always to a diverse pool of recruits in order to The Society’s heartened when they came to us build such a team. However I fear that afterwards and said: “I hadn’t realised with the impact of MiFID II, such a pool ‘ Certificate in IR is what you do is so interesting” or “Oh, will be harder to access. now I understand what you do!”. A recent article in the Financial Times Secondly, as a Society, we could put stated that when a FTSE 250 company doing a wonderful together a coordinated outreach posted an advert for a role in their IR team, campaign focusing on the free media with within 24 hours all 12 of the sell-side job at building which so many millennials and young analysts covering the stock had applied. professionals connect. Perhaps an With the sad uncertainty of the future of momentum in Instagram account showcasing IRO their careers, there is a flood of sell-side profiles, or blog posts describing the day analysts looking for roles in IR. This could promoting the role in the life of an IR team. There are ‘Diaries distort the pool of possible recruits, with of a Fund Manager’, why not ‘Diaries of engorged numbers of sell-siders over and professionalism an IRO’. Equally, if creative agencies were shadowing those with different skills sets. willing to work with the IR Society on the In order to maintain a diversity of outreach, each could benefit individuals in the recruitment pool, we of IR symbiotically – showcasing the agency’s need to feed the machine – to encourage ’ abilities through the creation of engaging possible IROs along the marketing journey, videos, infographics or alike. for our collective benefit. importance of the function, generate Lastly, the marketing professional’s holy The disruptive pressures on IROs are not internal stakeholder support and aide our grail: word of mouth. I encourage my limited to an influx of sell-side CVs. As a legacy and succession planning, the fellow IROs to get out there and speak the result of MiFID II and the changing companies for which we work and the word of IR. By sharing experiences relationship with the markets, IR teams broader market and society can also through career presentations, short increasingly have to manage corporate benefit. By demonstrating how IR is the seminars at local colleges or universities access and engagement with the buy-side open, two-way conduit between or internal newsletter articles, we can best directly, support corporate broking-led stakeholders and listed companies, it reach our target audience, with the only roadshows, manage and compile their could develop trust in corporates, cost being a short amount of your time. own consensus, respond to an increasing especially in the millennial generation number of ESG requests and find time to which is at an all-time low. Similarly, if Benefits for all members adopt new technologies. How to respond we can encourage engagement with the In conclusion, I passionately believe that to these pressures? Do IROs change the financial markets, it would improve the the promotion and raising awareness of IR size of their team, seek an increase in their understanding of the role which stocks benefits many. It gives us all access to a already pressured budgets, strategically and markets play in everyone’s future. wider and deeper resource pool; it decide what they can and cannot take on, mitigates the risk of ‘single geno-type’ or rely more on agency and/or broker Routes to increasing awareness IROs; it increases trust in corporates and support? While not exhaustive, in presenting to the the financial markets; and, it creates a The answer often given as the solution to IR Society’s Diploma panel, I considered a society that is more engaged with the these pressures is technology. However three-step approach to increasing financial markets. While we may be small there is no single system which solves all awareness of IR. Firstly, the Society’s in number as a function and the of the pressures, it is costly, and if the Certificate in IR is doing a wonderful job opportunities to grow are limited, if we focus is on technology, I fear we miss the at building momentum in promoting the work together to promote IR, the results opportunity to invest in individuals and role and professionalism of IR. When will benefit us all. ■ transfer knowledge through teams. If IROs move out of the profession or retire without passing on that experience and knowledge, we risk creating a brain-drain. Diploma in IR To be crude, young, inexperienced graduates could be a cheap resource and a The Diploma in Investor Relations (DipIR®) is the new senior level solution to the disruptive pressures. As qualification from the IR Society. Developed by expert IR practitioners and young professionals provide support, their educational organisations, the Diploma will equip understanding of IR can be developed and delegates with the skills, tools and expertise they hopefully set them off on a long career in the industry. need to become leaders in our profession. I passionately believe that the beneficiaries of increasing awareness of IR For more information see can be wide-ranging. While for IR as a page 59 of Informed collective, awareness can underline the

IR SOCIETY 27 BEST PRACTICE IR INFORMED

BUSINESS MODEL A best practice business • The FRC said that, whilst disclosure had progressed, there is still significant room for improvement. model for annual reports • Some rather generic models show too much high-level information. • Deciding what is of importance to Many business models miss the mark, as the FRC Financial Reporting support the investment proposition Lab confirms. James Houston suggests how to develop useful models. can be systemised.

good business model is critical as it some will not invest, while others may resources and capabilities and how can Acontextualises the rest of the choose to limit the capital they invest. they be captured to provide a thorough information about a company. The FRCs Investors will often compare business and detailed assessment? 2016 research found that investors use models and form views on the quality and ● What value is created by the business, business model information in their initial sustainability of the business model. and for whom, using these resources and investment appraisal process. Investors capabilities? were unanimous that business model Challenge of wider disclosure ● How are the disclosures best represented information is fundamental to their analysis UK Corporate Governance code revisions, for your audience? and understanding of a company and its wider disclosure of non-financial prospects. information, and greater demand for wider These steps involve exploring a number In their updated Implementation study in sustainability reporting are creating of different models, the outputs of which October 2018, the FRC revealed that whilst pressure to cover the interests of all provide: disclosure had progressed, there is still relevant stakeholders, which has resulted in significant room for improvement. Some some rather generic models that show too ● the resources and capabilities that companies are not understanding the much high-level information and fail to provide sustainable competitive importance of communicating their cover the information that is most advantage; business model with representations significant. ● the relationships between these ranging from very high level to quite advantages and the elements that support detailed, and covering different information Is there a process that can help them; sets. companies to improve their business ● whether the relationships are closer to a model disclosures? ‘pipes’ or ‘platforms’-based business Risk of poor business model articulation With more information to be considered as model; and Either unwillingness or inability of the relevant for disclosure in the business ● The most significant stakeholders groups board and management to clearly model, articulating this important section affected in the value creation process articulate their business model raises of the annual report well is becoming more and how they are positively or negatively concerns for investors, to the extent that challenging. impacted With different expectations of content within business model reporting, different This information then provides a stakeholder perspectives of value functional input to the creative process generation and with each company having with your agency and a set of criteria to a unique response to address the demands help to judge the outputs. Too often the of its marketplace, is it possible to use a creative process of assembling the systematic approach to consider and elements of the business model is started develop the disclosure of a business prior to the rigour of clarifying the model? information that is most significant. Jones and Palmer have developed a framework of tools that aims to provide a Summary greater clarity of what disclosure is Although the outputs of the articulation of significant and relevant for a business the business model will be unique to the model to capture. We focus on four steps to way each entity addresses their help capture the appropriate components marketplace, the approach to deciding in which to start the visual articulation: what is relevant and of importance to support the investment proposition can be ● What are the key resources and systemised. capabilities of the company and which of If you would like help in developing a these provide sustainable competitive better approach to articulating your James Houston is managing director at advantage? business model in order to make your Jones and Palmer. ● What are the activities and supporting business understandable, we’d be delighted [email protected] elements of the business that use these to assist. ■

28 IR SOCIETY Enhancing engagement & optimising shareholder response

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A year of MiFID II – a view from the ground

The landmark change in legislation has created various concerns for companies and service providers. Marina Zakharova de Calero uses real-world data to assess the new corporate environment.

lmost a year has passed since the Thomson Reuters conducted its own Aintroduction of MiFID II and market assessment of the usage of research MiFID II – ONE YEAR ON data on Q1, Q2 and even Q3 is now reports by large and mid-size asset • 2018 proved to be a transition and coming through. It is also the time when I managers for the first six months of this fact-finding year with price take stock following McCarthy and Stone year and the UK saw a 50% drop. discovery and establishment of FY18 results investor roadshow where Direct feedback from our shareholders basic market dynamics. MiFID II was certainly on the agenda. So, supports this more selective approach and • Corporates remain largely in ‘wait where are we a year on? Not in a preaty we are seeing an increased reliance on and see’ mode, waiting for place, but a place with opportunities for IR. their own in-house buy-side anlaysts. directions from brokers (with a few We expect to see further pressure on exceptions). Research – the pressure is on budgets in 2019 following the 2018 • Companies are expressing growing As fund managers get used to meticulous transition year, as a number of institutions concerns about inadequate internal record-keeping, an inconvenience under have been using this year to conduct resources and funding, quality of the MiFID II rules, they are also becoming ongoing scoring of the purchased research research, conferences and far more selective when it comes to time for quality. These score results will be roadshow meetings. and budget allocation. Research budgets used during the budget planning for 2019, across the board were cut to protect margins with agreements with the lowest scoring as fund managers absorb costs of the providers not being renewed. research in their P&Ls. The reduction is quite significant from approximately 6-12% Price war wounds of assets under management (AUM) to 1-3% In order not to out-price themselves, the Research budgets (source: Bloomberg Intelligence / Quinlan & sell side responded by slashing prices of Associates) and the trend is expected to the research offered, while often ‘across the board continue with a c.40% expected reduction neglecting the quality. Six-figure price in research spend by 2020. points we saw being quoted at the end of were cut to protect 2017 are in the past and big players settled on Base level ++ model (ie, access to basic research at around $10,000 to margins as fund $30,000 annually + fee for direct communication with analysts and managers absorbed meetings with companies), practically reducing analyst role to publishing rather costs of the research than advisory. As any war, this one has its own in their P&Ls casualties. Redburn, Cenkos, Panmure Gordon, WH Ireland and Numis all saw ’ sharp decline in their oprating profits and some reported departures of senior staff. Berenberg made a substantial investment the effect of the rules on the use of in bolstering its research offering in the research, pricing models and run up to MiFID II, but was forced to methodologies, as well as governance reduce its London staff by about 10%, around the decision making related to mainly in research. research provisions. The pricing of The price war prompted the UK’s corporate access will also be covered in Financial Conduct Authority (FCA) in the the review which is expected to be Marina Zakharova de Calero spring to raise concerns that research is completed at the end of the year. The is IR director at Powerscourt and head being priced substantially below cost, findings are unlikely to have a significant of IR at McCarthy & Stone which is in breach of MiFID II rules. In immediate impact on pricing, but will [email protected] June it announced a review to evaluate certainly increase transparency and help

30 IR SOCIETY WINTER 2018/19 BEST PRACTICE IR

to shape fund managers’ budgets for 2019 of potential sources of new capital, level and beyond. In practice, few of broker dependence, control over McCarthy and Stone as a FTSE 250 guidance and consensus, and board company, is lucky to be well covered by ‘companies are involvement in IR to name a few. quality analysts, but concerns are evident ‘Wait and see’ is still a default option and we are mindful that internal geared up to deal for many IR teams, but the sooner an budgetary pressures might change the accurate assessment of the impact is composition of coverage over the next undertaken, the sooner available year or two. with investor queries resources can accurately be allocated and pressure points identified and mediated. Corporate access – move towards a directly, especially direct model Take-away points: It comes as no surprise that reduced in the UK • Taking initial steps to reduce budgets forced investors to engage dependence on brokers in investor directly with companies. It is free and in ’ interaction would be a good start. theory should be more efficient. In Speak to your top 20 investors to practice, few companies are geared up to resource, but targeting junior, less identify their preference for future deal with investor queries directly, experienced candidates, mainly to deal engagement, which should give a better especially in the UK. It sounds unnatural with execution, rather than origination indication of the workload you will be for IR, but in the UK for many years the and relationship building. faced with in 2019. corporate broker provided a comfort Broker-sponsored conferences are in • Having a list of pre-qualified targets blanket and a filter to company/market decline and investors seek direct compiled from various sources (not just interactions. House brokers are an interaction with companies outside suggestions from brokers) would help invaluable resource, when used wisely conference venue or hours - which is with meeting planning and senior and not blindly, but, in terms of direct especially relevant for overseas management time allocation. Regular engagement, IR teams need to be ready companies coming to London. Shareholder ID is no longer optional and proactive, as the direct interaction As in-house IR resources are • Consensus management is increasingly will only continue to rise. overstretched to co-ordinate an needing to be done in-house, as there is More than 50% of 300 financial independent roadshow, companies are no reliable third-party source for it. So institutions surveyed by the IR Society reaching compromises with their brokers compile, manage and publish it on the planned to use brokers less for corporate by either adding an extra day to investor website (behind a disclaimer) – and we access and said they would be more roadshows or, in my case, asking brokers are working on doing so in 2019 reliant on companies instead. to leave a few free slots for ‘private following a number of analyst and To free up fund managers’ time and to meetings’ in the schedule in order to meet institutional requests. have a coordinated approach, many larger local investors directly. • Revamp your IR materials (hard copies investment houses invested in their own and website) making the message corporate access capabilities by bring in- …so, what does it mean for companies? clearer, materials more concise and house teams of senior experienced More work, I am afraid, to deal with focus on long-term strategic objective professionals (Wellington, Norges, reducing visibility on the market, fewer rather than short term targets. BlackRock, Schroders, Fidelity etc), but channels to spread the message, more • Maintain a close relationship with the not all corporates fully understand the pressure on internal resources and, remaining analysts, understanding their role of these teams and we hear feedback consequently, much stiffer competition for motivation for coverage and internal that their direct approaches are sent back capital. The intensity will certainly differ pressures. to brokers for one reason or another. from company to company and sector to • Technology will certainly help, but We have seen a mini drive by FTSE100 sector, determined by many factors such there is no fully integrated offering out firms to hire in-house corporate access as, liquidity, shareholder structure, clarity there, so make your choices wisely. ■

BEST PRACTICE GUIDELINES

The IR Society website brings together the Society’s views on the topics of relevance to our profession. It shows our position (where we have one), outlines current best practice and suggests sources for further information and guidance.

There are 11 guides, including the following topics: The role of the IRO, IR and the board, governance and proxies, policy and regulation, corporate reporting, sustainability and corporate responsibility, communication and more.

Visit irsociety.org.uk/resources/best-practice to view and download all of the guides

IR SOCIETY 31

WINTER 2018/19 BEST PRACTICE IR

Shareholder activism – why a proactive approach works best

As boards across the world wake up to the significant costs of a potential activist approach, Sandra Novakov argues the case for taking proactive steps to reduce vulnerability and enhance investment case attractiveness.

ngaging in a public dispute with an looking at themselves from an activist’s Eactivist investor can have significant perspective and assessing vulnerability to ACTIVIST DEFENCE negative consequences, even if the an approach: company emerges victorious. With the • Adopt an activist agenda, average spend on solicitation alone running • How does your share price performance challenging internal assumptions. into seven figures, such battles are costly, compare to that of your investment • Clearly demonstrate how your they divert management attention from peers? company creates value. running the business for months on end, • Are your current shareholders supportive • Ensure that board directors and the reputational damage sustained of your corporate strategy? regularly engage with shareholders from extensive public scrutiny of potential • Is your capital allocation in line with and IR. weaknesses in corporate governance, your key strategic objectives? strategy or performance can take years to • Are your business segments worth more undo. together than they are apart? Taking proactive action to evaluate • How closely do you adhere to the vulnerability, address weaknesses, and corporate governance code in your strengthen relationships with existing market? As activists grow shareholders can play a critical role in • Is your management remuneration linked ‘ avoiding such situations. to the right KPIs? their networks of • How engaged is your board with your Ask yourself the right questions shareholders? supporters, so must Most IROs are aware that activists look for a gap between a company’s market value and We believe there is value in companies, and its intrinsic value, but what does that mean supplementing such internal analysis with in practice? The following questions would independent perceptions research and make a good starting point for companies comprehensive benchmarking of the these relationships company’s narrative and IR practices versus the investment peer group. must be forged at By engaging in this process, IR can work effectively with management to proactively board level challenge internal assumptions regarding ’ value creation and take action before an activist comes along to demand change. Ensure you have a closer relationship with Tighten your story your shareholders than an activist investor Whilst activists will typically conduct might extensive research on your company and Over the past decade, we have seen may have valuable suggestions to offer, at support for activist campaigns grow with times perceived weaknesses are used to both active and passive fund managers gain support from other shareholders and increasingly willing to team up with the media. Clear communication regarding activists in their pursuit of higher returns. the company strategy, its business model Often, shareholders are now willing to and performance is therefore critical. form an opinion much earlier in an activist This means addressing weak points and campaign, to avoid wasting time and to misconceptions across all information help to minimise the impact on a materials and the corporate website, as company’s value. Sandra Novakov is well as ensuring that all aspects of the As activists grow their networks of head of investor relations at investment case are effectively supporters, so must companies, and these Citigate Dewe Rogerson. communicated by management at group relationships must be forged at board level. [email protected] events and in one-to-one meetings. It is vital for IR to work closely together

IR SOCIETY 33 BEST PRACTICE IR INFORMED

with corporate secretaries to ensure According to our research, 49% of meetings with the chairman and non- companies do not offer investors the executive board directors are offered Passive investors, opportunity to meet non-executive proactively to investors. Passive investors, directors, 37% of chairmen only meet who are increasingly engaged with ‘ investors at the AGM and 66% of IROs are companies regarding corporate who are increasingly not regularly included in board meetings. governance, should not be overlooked. Some directors may require more engaged with Closing the gap extensive preparation ahead of such Finally, we believe that there is value in meetings to ensure no price sensitive companies regarding taking these steps beyond managing the information is divulged and that only risk of an activist investor approach. appropriate topics are discussed. Lack of corporate A proactive review of capital allocation preparation or ‘market shyness’ should not and business performance that scrutinises be a hurdle to more proactive engagement. governance, should investment decisions and capital allocation, IROs should also keep the board up-to-date the company’s cost structure, quality of regarding shareholder perceptions and not be overlooked communications with shareholders and drivers of investment decisions throughout corporate governance standards can lead to the year, without glossing over contentious ’ meaningful improvements for the long issues. A fit-for-purpose board should be term. Steps taken to address issues receptive, as well as proactive, with regard identified, and to build a stronger to understanding investor concerns. shareholders and a greater connect relationship with investors, can ultimately The findings of our 2018 Annual IR between the board and IR teams to ensure help close the gap between a company’s Survey indicate that, for most companies, that shareholder concerns are known early market value and its intrinsic value, the there is still some way to go in achieving enough in advance to allow a company to very thing that attracts activist investor optimal board engagement with address them before they escalate. interest. ■

The Investor Relations Society’s 2019 ANNUAL CONFERENCE

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34 IR SOCIETY WINTER 2018/19 BEST PRACTICE IR

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IR SOCIETY 35 CONNECT WITH INFORMED INVESTORS

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For more information please contact Daniel Fish [email protected] +44 (0) 20 7873 4571 WINTER 2018/19 AWARDS DINNER

Awards host, Miles Jupp IR Society chair, David Lloyd-Seed Mid-cap companies excel at the 2018 Best Practice Awards dinner

R Society members and guests celebrated a companies, but there was still much to do in THE 2018 JUDGING PANEL Iwide range of award-winners at the 20 this area, he added. November Best Practice Awards Dinner at After a delicious meal of excellent food Many thanks to the panel who judged the De Vere Connaught Rooms in Great and fine wines, Miles Jupp took the stage to the self-entry section of the awards: Queen Street, London. The 18th year of this host the rest of the evening, starting with a annual dinner was a sparkling occasion, held lively commentary on the challenges of • David Lloyd-Seed, IR Society Chair in the venue’s glamorous ballroom, where being involved in such a dinner, with many • Hilary Eastman, PWC the television and radio comedian Miles well-targeted jokes. Then came the awards • Phil Fitz-Gerald, FRC Financial Jupp entertained the audience and acted as presentations when the winners of the 19 Reporting Lab the host for the ceremonies. awards categories were welcomed in turn to • Will Goodhart, CFA Society UK Following the drinks reception, the the stage, along with the sponsors of each • Giles Peel, DCO Partners Society’s chair David Lloyd-Seed introduced award, in a Hollywood-style sound-and-light • Peregrine Riviere, Riviere & Co the events of the evening by running through display. • Caroline Stockman, ACT the achievements of the past year and the These awards recognise the companies • Hamish Clark, Fidelity Management priorities of the Society over the next 12 that are leading the way in engaging with the and Research months. He paid tribute to the team at capital markets, building trust and • Thomas Toomse-Smith, FRC Coleman Street who had worked hard to strengthening corporate reputation. They Financial Reporting Lab ensure the dinner’s success. He also made a have influenced many improvements in IR • Chrysoula Zervoudakis, Independent special mention of the forthcoming ‘The practice over the years and are a much- • Peter Swabey, ICSA Roddy’ award – in memory of the late Roddy prized recognition of best in class • John Dawson, Statera Partners Child-Villiers, who had made a huge performance. Each award aims to cover contribution to the evolution of professional companies from the largest to the smallest, IR practice. including FTSE 100, FTSE 250 and small-cap Lloyd-Seed commented that FTSE 250 and AIM companies, as well as overseas mid-cap companies had made a particularly companies in the international categories. strong showing this year, and seemed to be The 2018 awards dinner more than lived up ahead of many larger companies in to its predecessors in showing how far listed displaying cutting-edge professional IR skills. companies have come in developing IR ■ ESG issues were being addressed by many professional IR skills.

The following pages contain full coverage of the awards dinner, including winners, sponsors, judges’ remarks and photos of the event.

IR SOCIETY 37 AWARDS DINNER INFORMED

IR BEST PRACTICE AWARDS • THE WINNERS

1 Best annual report: International Winner: Swiss Re

Congratulations to Swiss The judges were looking for evidence of an innovative and effective report that Re who are commended plays an integral part in the communication of the strategy and investment case. for doing a great job of An annual report should provide insight into the company’s main objectives and making their story clear strategies, the principal risks it faces and how they might affect future prospects. and understandable, and really drawing the reader in. The judges particularly liked the way the annual report described the investment proposition and the purpose, focus and resilience of the business. Well done Swiss Re!

Highly Commended: Puma Energy In a hotly contested category, the judges would like to highly commend Puma Energy for an engaging report, prominent use of facts and figures, and good link to KPIs.

Award sponsor: IR Magazine

(From left to right) Jack Aldane from IR Magazine, Alexa Winnik from Swiss Re, Bill Krarup from MerchantCantos and Miles Jupp.

2 Best annual report: Small Cap & AIM Winner: Majestic Wine

Congratulations to The judges were looking for evidence of an innovative and effective report that Majestic Wine for an plays an integral part in the communication of the strategy and investment case. excellent example of a An annual report should provide insight into the company’s main objectives and small cap delivering best strategies, the principal risks it faces and how they might affect future prospects. practice. The judges applauded the clear and innovative design of the report, as well as a brilliant use of customer stories. This is a report that ‘breaks the mould’— a very intelligent presentation with an excellent tone of voice. Well done!

Award sponsor: Invicomm

(From left to right) Joel Garthwaite from Invicomm, Andy Meades from Friend Studio (on behalf of Majestic Wine) and Miles Jupp.

38 IR SOCIETY WINTER 2018/19 AWARDS DINNER

IR BEST PRACTICE AWARDS • THE WINNERS

3 Best annual report: FTSE 250 Winner: Derwent London

Congratulations to The judges were looking for evidence of an innovative and effective report that Derwent London who plays an integral part in the communication of the strategy and investment case. produced a well- An annual report should provide insight into the company’s main objectives and designed annual report strategies, the principal risks it faces and how they might affect future prospects. with very clear sub-division of elements which also worked nicely online. The judges also liked the very well explained risks to the business. Well done Derwent!

Award sponsor: Jones and Palmer

(From left to right) James Houston from Jones and Palmer, Quentin Freeman from Derwent London, Darren Waller from MerchantCantos and Miles Jupp.

4 Best annual report: FTSE 100 Winner: Taylor Wimpey

Congratulations to Taylor The judges were looking for evidence of an innovative and effective report that Wimpey, the outstanding plays an integral part in the communication of the strategy and investment case. entry in this category. The An annual report should provide insight into the company’s main objectives and annual report had an strategies, the principal risks it faces and how they might affect future prospects. excellent layout with good links between KPIs, strategy and remuneration. Rich in content, the judges remarked that it was a ‘refreshingly honest view of a challenging sector.’ Well done Taylor Wimpey!

Award sponsor: Equiniti

(From left to right) Rob Hemming from Equiniti, Alice Thomas from Taylor Wimpey and Miles Jupp.

IR SOCIETY 39 AWARDS DINNER INFORMED

IR BEST PRACTICE AWARDS • THE WINNERS

5 Most effective integration of ESG: International Winner: BASF

Congratulations to BASF, The judges were looking for evidence a of year-round communication approach a standout winner who to investors that provides insight into how sustainability and environmental, social demonstrated a very and governance (ESG) risks and opportunities are identified, understood and thorough and well- proactively managed and measured to contribute to competitive advantage. integrated and measured approach to their ESG communications. Judges particularly liked the savvy use of social media content around sustainability. First class, well done!

Award sponsor: Financial Times

(From left to right) Miles Jupp, Nicolle Oliver from the IR Society (on behalf of BASF), and Jacqui Dobson from the Financial Times.

6 Most effective integration of ESG: FTSE 250 Winner: Howdens Joinery

Congratulations Howdens The judges were looking for evidence a of year-round communication approach Joinery, you are a winner! to investors that provides insight into how sustainability and environmental, social The judges commend you and governance (ESG) risks and opportunities are identified, understood and for a distinctive and well proactively managed and measured to contribute to competitive advantage. presented report throughout, with excellent communications around inclusion and diversity. Great job Howdens Joinery!

Highly commended: G4S The judges would like to highly commend G4S for demonstrating how social responsibility was well integrated into their strategy.

Award sponsor: J.P. Morgan Cazenove

(From left to right) Alex Watkins from J.P. Morgan Cazenove, Paul Sharma and Simon Gleadhill from Howdens Joinery and Miles Jupp.

40 IR SOCIETY WINTER 2018/19 AWARDS DINNER

IR BEST PRACTICE AWARDS • THE WINNERS

7 Most effective integration of ESG: FTSE 100 Winner: Lloyds Banking Group

Congratulations to Lloyds The judges were looking for evidence a of year-round communication approach Banking Group who to investors that provides insight into how sustainability and environmental, social presented extremely well and governance (ESG) risks and opportunities are identified, understood and with good sustainability proactively managed and measured to contribute to competitive advantage. focus in the Chairman’s statement. The judges acknowledged the nice metrics used to measure non-financial KPIs, and very good integration between risks, KPIs and remuneration.

Highly commended: Royal Dutch Shell The judges would like to highly commend Royal Dutch Shell for a very well joined up report that included a wealth of information.

Award sponsor: Morrow Sodali

(From left to right) Reza Eftekhari from Morrow Sodali, Douglas Radcliffe from Lloyds Banking Group and Miles Jupp.

THE INVESTOR RELATIONS SOCIETY’S

DELIVEPROGRAMME The Deliver programme (Developing future leaders through investor DEVELOPING relations) is aimed at high potential IROs who are seeking the next step up in their career. FUTURE This is a six-month activity-based modular programme in three parts, with other supporting activities and meetings throughout the programme. LEADERS Deliver continues to offer unique exposure to captains of industry and other thought leaders. In addition, working with IRO peers means creating your own personal network to compare notes with THROUGH during and after the programme.

INVESTOR For more information or to register your interest, contact Gary Davies at [email protected] RELATIONS or call +44 (0) 20 7379 1763 AWARDS DINNER INFORMED

IR BEST PRACTICE AWARDS • THE WINNERS

8 Best use of digital communications: International Winner: Valmet

Congratulations Valmet, you In this broader category, the judges are looking for entries that embrace the full have developed a great potential of digital media, demonstrating specifically how engagement with website with good linkages investors, shareholders and other key stakeholders through digital, delivers the and your ‘Value Creation’ investment story in a clear and effective way. section explains your investment proposition clearly. Judges particularly liked the excellent use of video and the availability of investor roadshow Q&A. Great job Valmet!

Highly commended: BASF The judges would like to highly commend BASF who have invested a great deal of time and effort into their digital offering with lots of links to a great deal of information on the business.

Award sponsor: Q4

(From left to right) Amit Sanghvi from Q4, Calle Loikkanen from Valmet and Miles Jupp.

9 Best use of digital communications: Small Cap & AIM Winner: Echo Energy

Congratulations Echo In this broader category, the judges are looking for entries that embrace the full Energy! As a new business potential of digital media, demonstrating specifically how engagement with the judges applauded the investors, shareholders and other key stakeholders through digital, delivers the great deal of effort behind investment story in a clear and effective way. the website, which is rich in content, with lots of detail on the areas of the business they are exploring. The layout of the online report was easily accessible and an interesting read. Well done Echo Energy!

Award sponsor: London Stock Exchange Group

(From left to right) Miles Jupp, David McCann, Stuart Vernon and Sarah Dees from Echo Energy, James Devon from London Stock Exchange Group and Lloyd Nicely from Emperor.

42 IR SOCIETY WINTER 2018/19 AWARDS DINNER

IR BEST PRACTICE AWARDS • THE WINNERS

10 Best use of digital communications: FTSE 250 Winner: Coats Group

Congratulations Coats In this broader category, the judges are looking for entries that embrace the full Group! You demonstrated potential of digital media, demonstrating specifically how engagement with best in class digital investors, shareholders and other key stakeholders through digital, delivers the communications with investment story in a clear and effective way. excellent design and functionality! The judges particularly liked the very interactive ‘Year in Review’ that described a complex business very well. Well done Coats Group!

Highly Commended: Dunelm Group The judges would like to highly commend Dunelm Group for a very well laid out website and good online version of the report and accounts.

Award sponsor: BRR Media

(From left to right) Julian Smith from BRR Media, Cathal Smyth from brrbbr media Superunion, Simon O’Brien from Coats and Miles Jupp.

11 Best use of digital communications: FTSE 100 Winner: British Land

In this exceptionally In this broader category, the judges are looking for entries that embrace the full strong category, potential of digital media, demonstrating specifically how engagement with British Land is this investors, shareholders and other key stakeholders through digital, delivers the year’s winner! The investment story in a clear and effective way. judges viewed their Investor Centre as the best of any of the websites they had assessed. The company also demonstrated very good linkage between KPIs, performance and risk and connection to Long Term Incentive Plans online. Most deserving British Land.

Award sponsor: Zebra Corporate Communications

(From left to right) Andrey Kozhevnikov from Zebra Corporate Communications, David Walker and Joanna Waddingham from British Land and Miles Jupp.

IR SOCIETY 43 AWARDS DINNER INFORMED

IR BEST PRACTICE AWARDS • THE WINNERS

Grand Prix: Best overall communication of company investment 12 Winner: Valmet proposition: International Congratulations Valmet. The The judging panel was looking for evidence of clear and concise communication judges commented that of an investment proposition. They considered the channels used and consistency overall, the organisation of of messaging, as well as transparency around material issues. It should be information was terrific, supported by linkages to strategy, business model, sustainability and risk. with an excellent “why invest in us?” section online. Valmet is also praised for its plentiful information around sustainability and clear articulation of risks up front in their reporting. Excellent!

Award sponsor: QuantiFire

(From left to right) Miles Jupp, Calle Loikkanen from Valmet and Charles Hamlyn from QuantiFire.

Grand Prix: Best overall communication of company investment 13 Winner: ESB proposition: Small Cap & AIM Congratulations ESB, The judging panel was looking for evidence of clear and concise communication the winner of this of an investment proposition. They considered the channels used and consistency category! Judges of messaging, as well as transparency around material issues. It should be commended ESB for a supported by linkages to strategy, business model, sustainability and risk. comprehensive investor update and the access to helpful fact sheets, along with an excellent CEO video. KPIs were clear and linked to future company prospects. Well done, ESB!

Award sponsor: Master Investor

(From left to right) Miles Jupp, Éilish Dolan and Ted Browne from ESB and Tim Corcoran from Master Investor.

44 IR SOCIETY WINTER 2018/19 AWARDS DINNER

IR BEST PRACTICE AWARDS • THE WINNERS

Grand Prix: Best overall communication of company investment 14 Winner: RDI REIT proposition: FTSE 250 The judges are delighted The judging panel was looking for evidence of clear and concise communication to award RDI REIT as of an investment proposition. They considered the channels used and consistency winners this year. of messaging, as well as transparency around material issues. It should be Congratulations for a very supported by linkages to strategy, business model, sustainability and risk. clear investment proposition, with excellent graphics that describe the 3 different sources of income. The judges remarked on the well- designed and clearly presented content, that communicates the story very well. Well-deserved indeed, RDI REIT!

Award sponsor: Carter Murray

(From left to right) Debbie Nathan and Tish Crawford Jones from Carter Murray, Janine Ackerman from RDI REIT and Miles Jupp.

Grand Prix: Best overall communication of company investment 15 Winner: British Land proposition: FTSE 100 Congratulations go to The judging panel was looking for evidence of clear and concise communication British Land for of an investment proposition. They considered the channels used and consistency demonstrating a clear of messaging, as well as transparency around material issues. It should be connection to the supported by linkages to strategy, business model, sustainability and risk. investment case, upfront and easy to understand! The judges especially liked the case studies linking KPIs to performance, risk and pay. Well done British Land!

Award sponsor: Orient Capital

(From left to right) Miles Jupp, David Walker and Joanna Waddingham from British Land and Alison Owers from Orient Capital.

IR SOCIETY 45 AWARDS DINNER INFORMED

IR BEST PRACTICE AWARDS • THE WINNERS – VOTED AWARDS

16 Best investor engagement: Investor Winner: Fidelity International

Congratulations to Fidelity Voted award: This award recognises the investor who engages most with the IR International, who win this community. award for the second year. The Fidelity team are applauded for their very good quality of knowledge on the companies and the sectors they cover.

Award sponsor: Extel, an Institutional Investor company

(From left to right) Miles Jupp, Patricia Lefranc from Fidelity International and David Enticknap from Extel, an Institutional Investor Company.

17 Best newcomer to IR: Individual Winner: David Phillips, Hays Voted award: This award recognises the IRO who has made the greatest impression as a newcomer to the IR industry during the past year. Congratulations David. He is described as a very knowledgeable IRO who has settled into the role very easily and made it his own. Well done indeed!

Award sponsor: EMR

(From left to right) Miles Jupp, David Phillips from Hays, Muksheeda Boodhooa and Max Forsyth from EMR.

46 IR SOCIETY WINTER 2018/19 AWARDS DINNER

IR BEST PRACTICE AWARDS • THE WINNERS – VOTED AWARDS

18 Best investor relations officer: Individual – ‘The Roddy’ Winner: Stuart Morgan, easyJet

Congratulations Stuart! Stuart is described by the Voted award: This award recognises the IRO who has offered the best all-round investment community as contribution to the IR profession during the past 12 months. excellent in his role, very approachable and good at educating investors about the industry and the company. Well done Stuart!

Award sponsor: The IR Society

(From left to right) Miles Jupp, Stuart Morgan from easyJet and Gary Davies from the IR Society.

19 Best overall company IR: Team Winner: easyJet

Congratulations Voted award: This award is for the company that has the best overall IR easyJet! Not programme, including contributions made by the IR team as well as the C-suite. only an award- winning IRO but now an award-winning team! The easyJet IR team is credited with being very open and honest and balanced in their communications with the market. Well done easyJet, you’re the best!

Award sponsor: RD:IR

(From left to right) Richard Davies from RD:IR, Stuart Morgan from easyJet and Miles Jupp.

IR SOCIETY 47 AWARDS DINNER INFORMED

Scenes from the 2018 Best Practice Awards and dinner

48 IR SOCIETY WINTER 2018/19 AWARDS DINNER

IR SOCIETY 49 PROFESSIONAL DEVELOPMENT INFORMED

IR Society professional development

Our sponsor

Deutsche Bank’s Depositary Receipt group is pleased to sponsor The Investor Relations Society’s 2019 Professional Development Programme for another year. The following three American Depositary Receipts (ADRs) are a means for non-US companies to raise their profile with US investors, make their shares more easily available to them and raise new capital pages contain in the US. Deutsche Bank’s ADR business is dedicated to providing excellent service for companies with ADR programmes. Deutsche Bank provides all the services necessary to set up and run a successful ADR course details, 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 testimonials and support to companies with ADRs to assist them in communicating with their US investors. information on For further information please contact: Zafar Aziz, director, head of DR IR advisory group our courses [email protected] or +44 (0) 20 7545 6619

The IR Society’s professional development programme comprises a suite of courses and qualifications for IR professionals at every stage of their career. Our courses will ensure that you have the tools, techniques and knowledge to perform your role as effectively as possible and our qualifications provide globally-recognised endorsements of your skills, competencies and capabilities.

Courses

Specialist Core IR Skills Advanced IR

4 courses 10 courses 6 courses

Qualifications

Certificate in Investor Relations Diploma in Investor Relations

50 IR SOCIETY WINTER 2018/19 PROFESSIONAL DEVELOPMENT

Upcoming courses 2019 KEY TO COURSES • Core IR Skills For more information on all of our courses and for the full • Advanced IR 2019 course calendar please visit www.irsociety.org.uk • Specialist

Jan 15/16 • 9am-4.30pm Jan 17 • 9am-4.30pm Feb 13 • 9am-4.30pm

Demystifying company accounts Introduction to IR and financial IR regulation and compliance – – module one and module two markets module one

Feb 14 • 9am-4.30pm Feb 28 • 9am-1pm Mar 7 • 9am-1pm

IR regulation and compliance – Best practice in IR Avoiding ethical pitfalls module two

Mar 13 • 9am-4.30pm Mar 19 • 9am-1pm Mar 22 • 9am-1pm

Introduction to IR and financial Building your debt IR capability IR regulation update markets

Mar 28 • 9am-1.30pm May 7 • 9am-1.30pm May 10 • 9am-4.30pm

IRO engagement with the Board Introduction to PR IR for PAs and EAs

For full 2019 course dates please see www.irsociety.org.uk

If you have any questions, contact Tara Hogg at [email protected] or call 020 7379 1763

IR SOCIETY 51 PROFESSIONAL DEVELOPMENT INFORMED

New for 2019

IRO engagement with the board a new IR Society professional development course

First course: 28th March 2019 • 9am to 1:30pm

For senior IROs, a key aspect of their role is building influence and impact to secure a voice in the boardroom and to become a trusted adviser to the most senior stakeholders in the company. Success comes through understanding what such key stakeholders are looking for and how to ensure that the IR function is both respected and empowered to provide such advice.

This course is aimed at senior investor relations professionals who have, or are starting to, engage with their executive and non-executive board members.

Participants should have several years of practical experience in in-house investor relations and a good understanding of the roles and responsibilities around the board table.

Course tutor, John Dawson has been a leader in IR for nearly 20 years and is a former chairman of the IR Society. As an in-house practitioner, John has advised senior management and boards on numerous complex investor, corporate and communications challenges leveraging his financial expertise and practical experience.

To book, contact Tara Hogg at [email protected] or call +44 (0) 20 7379 1763

Special courses In-house training courses Tailored courses The IR Society can also tailor a number of our training courses to We will adapt our existing courses to suit your specific training meet your particular needs and deliver them in-house. This is a requirements. cost-effective way of ensuring staff are kept up to date with the Save money by having one of our existing courses delivered in- latest regulation, IR principles and IR best practice. house for your team.

Bespoke training courses For more information about these special course options, Based on your training brief we will develop an entirely unique contact Tara Hogg at [email protected] course utilising content and materials most relevant to your particular needs.

For more information and to book a course, see www.irsociety.org.uk/professional-development or contact Tara Hogg at [email protected] or call +44 (0) 20 7379 1763

52 IR SOCIETY WINTER 2018/19 CERTIFICATE IN IR

Certificate in Investor Relations® – are you set for a challenge? Key dates for 2019 What is the CIR? For bookings, contact Tara Hogg at [email protected] The Certificate in Investor Relations (CIR®) is an internationally recognised qualification for the investor relations profession. This is a valuable benchmark for those already in the CIR revision course dates profession and an essential prerequisite for those considering a move into investor January 24th relations, either in the UK or overseas. April 9th June 20th September 24th What will I learn? November 21st

• Understand the fundamental principles • Know the legal requirements regarding CIR exam dates and practice of investor relations the financial calendar February 12th • Know the main regulations concerning • Be familiar with the fundamentals of April 30th the structure, governance and behaviour basic accounting, ratios, valuation and July 2nd of listed companies investment analysis October 9th • Be able to identify the different types of • Be aware of the requirements for UK December 11th shares and shareholders listed companies conducting investor relations in major overseas markets • Understand the role of stock exchanges • Be aware of the required ethical and • Know the regulations governing the professional standards expected of conduct of investor relations and in What does it cost? investor relations practitioners particular the disclosure of information CIR exam cost: IR Society members, £499 + VAT Non-members, £649 + VAT

Process for taking the CIR

Register and pay = Optional Attend ‘Demystifying company accounts’ and/or the ‘IR regulation and compliance essentials’ courses

Receive study guide and mock Attend revision course Sit final exam exam details

“A fantastic course “As an experienced treasurer with a background in treasury and corporate finance, I was always keen to coupled with an gain a better understanding of IR with a view to also help taking on IR responsibilities. in that regard the engaging and concise CIR materials were perfect in terms of the level of detail on each chapter. I personally opted for the home revision day – I would study option and I thought the study materials and mock exam prepared me very well for the exam. I definitely recommend particularly enjoyed learning about the complex regulatory environment as it is something that all those this to those wishing to working in IR, or pursuing a career in IR, will need to be astutely aware of. I also really enjoyed the obtain a deeper insight effective IR module as this outlines the requirements of putting in place a successful investor relations into the IR role.” programme. The supplement from the education team at the IR Society was very professional and I am now looking to take the Diploma in IR.” Izzy Detering, Aggregated Micro Power Holdings plc David Quirke, a recent successful CIR candidate

IR SOCIETY 53 CERTIFICATE IN IR INFORMED

Studying for the CIR Home study Revision course

The CIR is a self-study qualification based on the IR Society’s Aim comprehensive CIR study guide. It is assessed by an examination • To clarify the purpose and format of the exam. comprising 60 multiple-choice questions, based on the topics set out • To revise the key areas of the syllabus with the focus on the in the syllabus. regulatory sections 3 and 4. The study guide provides a comprehensive overview of the main • To deal with any specific issues candidates might need to cover. subject areas that you will need to know in order to pass the CIR examination. It is intended to support other learning sources such as Who should attend and what will you lern? courses and reading material. The study guide summarises the This is intended for registered candidates who have completed the required knowledge for each subject area. On average, 40 hours of CIR study guide and are preparing to take the CIR exam. self-study is recommended to complete the CIR. You should also consider attendance on other relevant IR Society courses to expand There will be a review of the CIR syllabus and opportunity for Q&A your knowledge base and understanding of the topics covered. with the course trainer. As a revision aid, you can take an online mock examination which will help you assess whether you have grasped the key principles. Course costs These questions do not cover every aspect of the CIR examination. IR Society member £449 + VAT Non-member £599 + VAT

A successful CIRO (ICIR) training course in association with MEIRA

A total of 16 delegates attended a three-day CIRO (ICIR) training course in Dubai organised by the Middle East Investor Relations Association (MEIRA). The course, delivered by Deborah Morton- Dare from the IR Society, explains the fundamental principles and best practice of investor relations from an international perspective, including the latest updates on the local regulation. In order to complement the study materials, the delegates had the opportunity to hear an exclusive presentation from Mohammad Abdal, Chief Communications Officer at Zain Group and MEIRA Board member, and attended the MEIRA and Bloomberg IR Breakfast on the last day of the training course. The CIRO Programme is delivered in the Middle East by MEIRA in collaboration with the UK IR Society at least twice per year.

The International CIR® or ICIR®

We offer an international syllabus of the CIR which captures the essential elements common to international markets. The CIR currently runs in the UK, Hong Kong, Indonesia, Latin America, Malaysia, the Middle East (CIRO), Nigeria, Russia, Singapore and Sri Lanka.

Hong Kong Indonesia & Sri Lanka Latin America Malaysia www.hkira.com [email protected] www.governart.com www.mira.com.my [email protected] [email protected] [email protected]

Middle East Russia Singapore CONTACT www.meira.me www.irfr.ru www.irpas.com For more information about our [email protected] [email protected] international CIR partners, please contact Tara Hogg on [email protected] or call +44 (0) 20 7379 1763

54 IR SOCIETY WINTER 2018/19 DIPLOMA IN IR

Diploma in IR (DipIR®)

What is the Diploma in Investor Relations? Candidates will sit two The Diploma in Investor Relations (DipIR®) is the new three-hour exams which senior level qualification from the IR Society. Developed will assess their skills, knowledge and experience across by expert IR practitioners and educational organisations, all the compulsory topics and at least three of the optional the Diploma will equip delegates with the skills, tools topics shown in the syllabus. The exams will also assess and expertise they need to become leaders in our familiarity with the UK’s legislative and regulatory profession. environment and corporate governance standards, and detailed knowledge of best practice IR and how it adds Who should consider the Diploma? value. Candidates will also be expected to demonstrate Each candidate will be considered on their own merits. In their ability to communicate clearly in writing, identifying general, however, it is expected that Diploma candidates and justifying their key messages, their management and will be members of the IR Society, will have successfully leadership potential and their understanding of their completed the IR Society’s Certificate in Investor company and industry. Relations (CIR) qualification and will have a minimum of five years’ experience in IR or a related profession. The presentation module, where candidates will make a formal 15 minute presentation with Q&A, is designed to What is the process? test the candidates’ competency in some of the softer Candidates will complete an application form and if attributes required as they progress in their career, successful they will be registered for the next available including gravitas, authority/presence, credibility, clear intake. We aim to run two Diploma programmes each communication and presentation skills. year. On successful completion of the qualification, candidates How is it examined? will receive a certificate and are entitled to put DipIR® Diploma candidates will be examined on three modules after their name. and attend two compulsory half-day courses: What does it cost? Modules: The cost for the Diploma is £995 + VAT and this covers: • Principles of IR Module Examination fees, two half-day training courses and • IR in Practice Module support from an IR Society mentor. • Presentation Module Find out more Half-day courses: For more information or to request an application form • Ethics Course please contact: Tara Hogg, head of professional • Revision Course development at [email protected]

This is what our chair and the Diploma pilot candidates had to say about the qualification:

“We expect the Diploma in IR to become the de facto quali cation “It’s a safe environment to talk about real issues with your peers – the for anyone looking to reach the most senior levels in our profession” best way to learn. It’s invaluable to discuss how to handle the Big IR challenges before you find yourself dealing with one of them. The David Lloyd-Seed, chair of the IR Society core expertise of IR is as much about a way of thinking as it is a syllabus to learn by heart.” “A qualification which all senior IROs should aspire to, demonstrating accumulated skills and experience while enhancing Tom Randell DipIR, former head of IR and communications future career prospects.” at John Laing

Phil Corbett DipIR, head of IR at Genel Energy

IR SOCIETY 55 EVENTS INFORMED

The IR Society events programme

Events news The events below are scheduled throughout the year for IR Society members. Further events will be announced in due course. For the latest information and to register for our events, please visit irsociety.org.uk/events Events contact 1 S S I

If you have any events queries or suggestions, please 6

1 / 8 0

contact Nicolle Oliver at [email protected] or

8 . 9 7

call +44 (0) 20 3434 2211. Part of | Corporate Markets 2

Link Group 1

C O

For the latest infrmation on our events, and for the full 2019 calendar see www.irsociety.org.uk

Jan 15 • 12.30pm – 1.30pm

IR Webinar – Policy Forum 2019

As we start another year, the IR Society invites commentators and experts to review the events from 2018 as well as look forward into the New Year, 2019.

Free of charge for members and non members.

Jun 18 • 8am – 6pm

2019 Annual Conference

At: Kings Place, York Road, London N1 9AG

The IR Society's 2019 annual conference will take place in London on Tuesday 18 June 2019. This one-day event provides unparalleled opportunities to learn, keep up to date and network with peers so book now! Premium members please email [email protected] to book your place free of charge. (Scenes from 2018 below)

56 IR SOCIETY WINTER 2018/19 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.irsociety.org.uk For more information, please call John Thistlethwaite on +44 (0)1285 831 789 or email [email protected]

Key to IR SERVICE PROVIDERS by category

ADR services Digital platforms Citigate Dewe Rogerson News providers Shareholder targeting BNY Mellon Senasen Clare Williams Associates EQS Group Capital Access Group Deutsche Bank Clear Giraffe IR Q4 Inc. Citigate Dewe Rogerson Citi Executive search EM Clear Giraffe IR Anna Hartropp EQS Group Opinion research Equiniti Annual reports Broome Yasar Partnership Equiniti Georgeson Euronext Black Sun Carter Murray Euronext Hardman & Co Fairvue Partners CKD EMR Fairvue Partners Instinctif Partners Georgeson Clear Giraffe IR Fidelio Partners Fidelio Nasdaq Corporate Solutions Instinctif Partners Design Portfolio Latchmoor Search Financial Times Orient Capital Issuer Direct Emperor Design Taurus London FTI Consulting QuantiFire LINK Asset Services EQS Group Taylor Bennett Georgeson RD:IR Nasdaq Corporate Solutions FleishmanHillard Fishburn VMA Hardman & Co Rivel Research Group Meetyl Europe FourthQuarter Investis Tavistock Orient Capital Instinctif Partners Fund management KPMG Makinson Cowell Q4 Inc. Invicomm Exane BNP Paribas Maitland Proxy and corporate support RD:IR Langsford Corporate Design Meetyl Europe Equiniti Tavistock LINK Asset Services Internet services MHP Georgeson Yellowstone Advisory Luminous Black Sun Nasdaq Corporate Solutions Instinctif Partners Lyonsbennett Brighter IR Orient Capital LINK Asset Services UK Regulatory Disclosure MSLGROUP BRR Media RD:IR Orient Capital EQS Group MerchantCantos EQS Group Taurus London ProxyCensus Instinctif Partners Zebra Corporate FourthQuarter Tavistock RD:IR PR Newswire Communications Investis Taylor Rafferty MerchantCantos WorkCast Publications Video Board advisory Nasdaq Corporate Solutions Yellowstone Advisory FleishmanHillard Fishburn BRR Media Citigate Dewe Rogerson WorkCast Zebra Corporate Black Sun Design Portfolio Clear Giraffe IR Zebra Corporate Communications IR Magazine EQS Group Fairvue Partners Communications Financial Times FleishmanHillard Fishburn Fidelio Investor roadshows Investis Georgeson Investor communications EM Public relations World Television Investor Insight Brighter IR Clear Giraffe IR EM LINK Asset Services Black Sun Georgeson FleishmanHillard Fishburn Webcasting Taurus London Clear Giraffe IR Hardman & Co Finsbury BRR Media Euronext ingage FTI Consulting EQS Group Corporate broking FleishmanHillard Fishburn Instinctif Partners Instinctif Partners Euronext Davy FourthQuarter LINK Asset Services MHP Investis Liberum Friend Studio Meetyl Europe MSLGROUP Nasdaq Corporate Solutions LINK Asset Services Georgeson Nasdaq Corporate Solutions Nasdaq Corporate Solutions Orient Capital Panmure Gordon Hardman & Co RD:IR PR Newswire PR Newswire Instinctif Partners Tavistock Tavistock Q4 Inc. CRM databases Invicomm Yellowstone Advisory WorkCast Euronext KPMG Makinson Cowell Registrars ingage PR Newswire IR for small caps Equiniti Website development Investor Insight Q4 Inc. Brighter IR LINK Asset Services Black Sun LINK Asset Services Taurus London BRR Media Brighter IR Nasdaq Corporate Solutions Tavistock Citigate Dewe Rogerson Share register analysis Clare Williams Associates Orient Capital Valor IR Consulting Clear Giraffe IR Clear Giraffe IR CKD Q4 Inc. Yellowstone Advisory EM Georgeson Design Portfolio RD:IR Zebra Corporate EQS Group Instinctif Partners Emperor Design Communications Euronext Q4 Inc. EQS Group CSR/sustainability Fairvue Partners RD:IR FourthQuarter Black Sun Investor presentations Invicomm Instinctif Partners Design Portfolio Black Sun LINK Asset Services Shareholder research Investis EM Clear Giraffe IR Meetyl Europe Clare Williams Associates Invicomm FleishmanHillard Fishburn Design Portfolio Nasdaq Corporate Solutions Clear Giraffe IR irFactory Instinctif Partners EM Q4 Inc. EM Luminous Luminous Emperor Design RD:IR Equiniti Lyonsbennett Lyonsbennett EQS Group Yellowstone Advisory Fairvue Partners MerchantCantos MSLGROUP FleishmanHillard Fishburn Georgeson MSLGROUP RD:IR FourthQuarter Mobile technology Instinctif Partners Nasdaq Corporate Solutions Hardman & Co Black Sun KPMG Makinson Cowell PR Newswire Debt IR Instinctif Partners Brighter IR LINK Asset Services Q4 Inc. Citigate Dewe Rogerson Invicomm BRR Media Nasdaq Corporate Solutions WorkCast Clear Giraffe IR LINK Asset Services EQS Group Orient Capital Yellowstone Advisory EM Luminous Euronext Q4 Inc. Zebra Corporate Fairvue Partners Lyonsbennett ingage QuantiFire Communications Instinctif Partners Media Sterling irFactory RD:IR Orient Capital Yellowstone Advisory Orient Capital Rivel Research Group RD:IR Q4 Inc. Tavistock Investor relations RD:IR Yellowstone Advisory Visit: irsociety.org.uk/ Black Sun resources/service-providers

IR SOCIETY 57 DIRECTORY INFORMED

ANNA HARTROPP – www.annahartropp.co.uk – executive search CARTER MURRAY – www.cartermurray.com – executive search

+44 (0) 20 7415 2840 [email protected] cartermurray.com Anna Hartropp connects companies with experienced Working across all industries focusing on sourcing professionals, with a particular emphasis on corporates who are looking to hire Investor Relations professionals. [email protected] www.annahartropp.co.uk

BLACK SUN – www.blacksunplc.com – annual reports, CSR/ CITI – www.citi.com/dr – ADR depositary services sustainability, investor communications, investor presentations, investor relations, mobile technology, publications, video, website development Citi Depositary Receipt Services is a leader in bringing quality issuers to global capital markets and on promoting depositary receipts as an effective capital markets tool. Learn more at citi.com/dr

Ayden Dagg, Managing Director, Tel: +44 (0) 20 7500 5709 EMEA Depositary Receipts Email: [email protected]

CITIGATE DEWE ROGERSON – www.citigatedewerogerson.com – board advisory, debt IR, investor relations, IR for small caps, shareholder targeting BNY MELLON – www.bnymellon.com/dr – ADR depositary services Citigate Dewe Rogerson is one of the most respected names in financial BNY Mellon acts as depositary for more communications. than 2,500 American and global Our dedicated investor relations team has depositary receipt programs, acting in a track record of more than 30 years in partnership with leading companies from Sandra Novakov, Head of IR advising boards, senior executives and IROs 68 countries. worldwide to build their profiles amongst the investment community and nurture 1089 7282 20﴿0﴾ +44 [email protected] relationships with key decision makers. Learn more at www.bnymellon.com/dr CKD – www.carrkamasa.co.uk – annual reports, website development BRIGHTER IR – www.brighterir.com – internet services, investor comms, IR for small-caps, mobile tech, website development Established in 1990, CKD specialise in building corporate reputation through the media of brand management, digital communications and corporate reporting. To see how we can add value please visit www.carrkamasa.co.uk Contact: Adam Hindmarsh, Director +44 (0)20 7566 0191 [email protected]

CLARE WILLIAMS ASSOCIATES – www.clarewilliamsassociates.com – investor relations, shareholder research, website development BROOME YASAR PARTNERSHIP – www.broomeyasar.com – executive search

BRR MEDIA – www.brrmedia.co.uk – Internet services, IR for small Investor relations and investment ● Market perception studies. communication services: we provide an ● Investment communication across a caps, mobile technology, video, webcasting independent, experienced and skilled range of channels. fund manager’s perspective with an ● Bespoke research support and training. Contact: [email protected] or call established track record. ● Flexible tailored approach. brrbbr +44 (0) 20 3435 7010 for more information. T: +44 (0) 141 419 9900 media E: [email protected] W: www.clarewilliamsassociates.com Specialist digital media company delivering live streamed and on demand broadcasts. In-house production, proprietary media management and webcasting platform. CLEAR GIRAFFE IR – www.cleargiraffe.com – Annual reports, board Distribution across multiple platforms and websites. advisory, debt IR, investor communications, investor presentations, investor relations, investor roadshows, IR for small caps, share register Focused on the IR needs of public companies. analysis, shareholder research, shareholder targeting

CAPITAL ACCESS GROUP – www.capitalaccessgroup.co.uk – Clear Giraffe IR provides bespoke shareholder targeting specialist independent investor relations and communications advice.

Sonya Ghobrial Leveraging direct investor relations +44 (0) 7392 784 784 and sell side analyst experience we [email protected] can help optimise market interactions, www.cleargiraffe.com perception and valuation.

58 IR SOCIETY WINTER 2018/19 DIRECTORY

DAVY – www.davy.ie – corporate broking EURONEXT – www.euronext.com – CRM databases, investor communications, investor relations, IR for small caps, mobile Leading independent Corporate Adviser & technology, shareholder targeting, webcasting Institutional Stockbroker in the UK and Ireland. Provides full range of advisory services relating to Corporate Broking, Investor Relations, ECM and M&A. David Nangle +44 (0) 207 448 8892 [email protected] | | DESIGN PORTFOLIO – www.design-portfolio.co.uk – Annual reports, CSR/sustainability, investor presentations, video, website development EXANE BNP PARIBAS – www.exane.com – European equities broker

Looking for a FAIRVUE PARTNERS – www.fairvuepartners.com – board advisory, debt IR, investor relations, IR for small caps, shareholder research, complete corporate shareholder targeting communications design-portfolio.co.uk [email protected] FIDELIO – www.fideliopartners.com – board advisory, executive partner? +44(0)20 7536 2015 search, investor relations

Fidelio Partners is an International P Board Development and Executive Search DEUTSCHE BANK – www.adr.db.com – ADR depositary services consultancy. We have a deep understanding of what shareholders and stakeholders Deutsche Bank expect from the leadership team, as well as expertise in the Finance, Communications, Providing all the support necessary to set up and run Contact: Gillian Karran-Cumberlege +44 (0) 20 7759 2200 Strategy and Governance functions. As such Fidelio has a recognised world class a successful Depositary Receipt programme. [email protected] For a more personal, specialist service please contact us. capability in sourcing senior Investor www.fideliopartners.com Relations professionals. Zafar Aziz – Tel: +44(20)7545 6619 Email: [email protected] FINANCIAL TIMES – www.ft.com – investor relations, publications

Reach and engage the Financial Times audience of D.F. KING – www.dfkingltd.com – Board advisory, opinion research, financially-aware decision-makers and affluent shareholders proxy and corporate support from across the world. FT Investor Relations service – targeted multimedia communication packages that give you maximum visibility. With 74 years’ experience in securing Contact: shareholder support, D.F. King is a global leader in proxy solicitation, M&A and corporate governance advisory. London +44 20 77 76 75 74 dfkingltd.com FINSBURY – www.finsbury.com – public relations

Part of Link Group | Corporate Markets FLEISHMANHILLARD FISHBURN – www.fhflondon.co.uk – annual reports, CSR/sustainability, investor communications, EM – www.em-comms.com/en – CSR/sustainability debt IR, investor investor presentations, public relations, publications, video presentations, investor relations, investor roadshows, IR for small caps, public relations, shareholder research

EMPEROR DESIGN – www.emperordesign.co.uk – annual reports, website development

Since 1996, Emperor has been designing and producing straightforward printed and online annual reports, where accessibility of information, strong navigation, clarity of communication and value are the key FOURTHQUARTER – fourthquarter.com – annual reports, internet objectives. Tel: +44 (0)207 729 9090 services, investor communications, investor presentations, website +44 (0)121 262 3830 Call us today for a free consultation. development +44 (0)131 220 7990 www.emperordesign.co.uk

EMR – www.emrrecruitment.co.uk – executive search

EQUINITI – www.equiniti.co.uk – investor relations, proxy and We’re a London-based design consultancy that listed and private clients of corporate support, registrars, shareholder research, shareholder targeting all sizes and sectors depend on to solve their communication challenges. fourthquarter.com +44 (0)20 7234 8960

REPORTING BRANDS MARKETING WEBS I T ES The Informed service providers directory is FTI CONSULTING – www.fticonsulting.co.uk – investor relations, published in tandem with the online directory, public relations available for members and non-members at irsociety.org.uk/resources/service-providers

IR SOCIETY 59 DIRECTORY (continued) INFORMED

GEORGESON – www.georgeson.com/uk – board advisory, investor LANGSFORD CORPORATE DESIGN – www.langsford.co.uk – communications, investor relations, investor roadshows, opinion annual reports research, proxy and corporate support, share register analysis, shareholder research, shareholder targeting LATCHMOOR SEARCH – www.latchmoorsearch.co.uk – executive search HARDMAN & CO – www.hardmanandco.com – opinion research, investor communications, investor presentations, investor relations, Specialists in Executive Search for Investor roadshows Investor Relations and Corporate Communications. Contact: Delivering the right talent through Jennifer Bargrove our responsive and innovative [email protected] approach, informed by decades of www.latchmoorsearch.co.uk dedicated expertise.

LIBERUM – www.liberum.com – corporate broking

INGAGE – www.ingage.com – CRM databases, investor roadshows, mobile technology Corporate Access & IR Software LINK ASSET SERVICES – linkassetservices.com – annual reports, board www.ingage.com +44(0)20 7118 2288 advisory, corporate broking, CRM databases, investor presentations, investor roadshows, IR for small caps, proxy and corporate support, registrars, shareholder research, shareholder targeting INSTINCTIF PARTNERS – www.instinctif.com – annual reports, CSR/sustainability, debt IR, investor communications, investor presentations, opinion research, proxy and corporate support, investor roadshows, public relations, share register analysis, shareholder research, Link Asset Services is the UK’s largest share registrar. We partner with shareholder targeting, website development, UK regulatory disclosure 1,300+ companies listed on UK and Irish markets, offering bespoke support with communications, Depositary Interests, and corporate actions. INVESTIS – www.investis.com – investor relations, internet services, video, webcasting, website development David Kilmartin | e: [email protected] www.linkassetservices.com

LUMINOUS – www.luminous.co.uk – annual reports, CSR /sustaina b ility, investor presentations, website development

Making the message resonate Luminous deliver outstanding corporate reporting for some of the most respected organisations in Europe. We combine strategic expertise with creative innovation to produce efective, fresh and meaningful reporting solutions. INVICOMM – www.invicomm.com – annual reports, investor Stephen Butler [email protected] communications, investor presentations, IR for small caps, website Corporate Reporting Director 020 7101 1677 developement

We are a corporate communications LYONSBENNETT – www.lyonsbennett.com – annual reports, design agency with expertise in CSR/sustainability, investor presentations, website development delivering strategic creative solutions for corporate and investor communications. Lyonsbennett is an award winning We help businesses engage and connect corporate communications agency. with internal and external audiences. We consistently deliver enviable creative that communicates our clients’ messages Neil Duncanson www.invicomm.com | [email protected] | +44 (0) 207 205 2586 cost effectively and in an environment Business Development Director where service is key. T: +44 (0)1273 608 589 IR MAGAZINE – www.irmagazine.com – publications E: [email protected] www.lyonsbennett.com

ISSUER DIRECT – www.irmagazine.com – shareholder targeting MAITLAND – www.maitland.co.uk – investor relations

KPMG MAKINSON COW ELL – www.makinson-cowell.com – investor communications, investor relations, shareholder research

MEETYL EUROPE – www.meetyl.com – investor relations, roadshows, small caps, shareholder targeting

60 IR SOCIETY WINTER 2018/19 DIRECTORY

MERCHANTCANTOS – www.merchantcantos.com – annual reports, Q4 INC – www.q4inc.com – CRM databases, investor internet services, website development communications, IR for small caps, mobile technology, news providers, share register analysis, shareholder research, shareholder We are an international corporate targeting, webcasting, website development communications agency. We offer advice and award-winning creativity across Contact: Carly Mercer, reporting, digital, film, brand and Bringing the world’s top director of business development engagement. Our areas of expertise include: IR solutions to the UK. M +44 (0)7387 090226 annual reporting, sustainability reporting, T +44 (0)20 7242 1336 corporate websites and films, branding and IR Desktop Websites Webcasting Intelligence [email protected] identity, and employee engagement.

www.q4inc.com [email protected] MHP – www.mhpc.com – investor relations, public relations

MSLGROUP – www.mslgroup.co.uk – annual reports, QUANTIFIRE – www.quantifire.co.uk – opinion research, shareholder CSR/sustainability, public relations, website developent research

MSLGROUP is a communications agency with digital, insight and creativity at its heart. Our skills range from reputation IR feedback is changing. You can management and content marketing to annual reports and now reliably measure, analyse and sustainability communications. With 25 years’ experience trend market perception by crafting reports and websites, we work with brands such as different stakeholder groups – and Sainsbury’s, Experian, SABMiller, BT and Standard Chartered. E: [email protected] the impact that your IR programme T: +44 (0) 20 7060 5470 Be Interested. [email protected] has on this. Be Interesting. Victoria Sugg +44 (0)20 3219 8838 www.quantifire.co.uk Contact us for a trial. Business Development Director mslgroup.co.uk

NASDAQ CORPORATE SOLUTIONS – business.nasdaq.com/intel – RD:IR – www.rdir.com – CRM databases, investor relations, IR for CRM databases, internet services, investor relations, IR for small caps, small caps, investor roadshows, opinion research, proxy and corporate investor roadshows, opinion research, public relations, shareholder support, shareholder research, shareholder targeting research, shareholder targeting, webcasting, website development !"#$%"#$&#'&(")"&("&*#+,-.$,#/&0"1*-%# Contact: Abishek Singh 2",$*'-&1# 3-&14,*$&35# -66"%'&+# $# 7'("# Corporate Solutions IR Business Development %$&+"# -6# /28%",$*"(# $&$,51'19# %"1"$%3:# Direct: +44 7769 2828 60 ;# $(0'1-%5# 1"%0'3"1# *-# <-%"# *:$&# =>># [email protected] ?@# ;# '&*"%&$*'-&$,# )4.,'3# 3-<)$&'"1 Nasdaq Corporate Solutions offers the most comprehensive suite of content, analytics, advisory services and communications tools to help you maximize the !"#$%&$'()*''$'+,,'-.'/,0-'.1..''2'324&"5267897:&"5''3'7897:&"5 value of your IR program. To learn more visit business.nasdaq.com/intel RIVEL RESEARCH GROUP – www.rivel.com – shareholder research, ORIENT CAPITAL – www.orientcap.com – CRM databases, debt IR, opini on researc h investor relations, mobile technology, shareholder research, shareholder targeting, webcasting Rivel Research Group is a research firm devoted to gathering, analysing and interpreting investment community feedback. We specialise in delivering Orient Capital is a global leader in share ownership actionable insight based on in-depth analysis, equity & debt market intelligence, investor Contact Claire Lavery measurements of the investment community. communication and shareholder management ● ● ● technology for listed companies. +44 (0) 20 3356 2791 [email protected] www.rivel.com Rivel Research Group, 4th Floor, Rex House, 4-12 Regent Street, London SW1Y 4PE London +44 20 77 76 75 74 orientcap.com

Part of Link Group | Corporate Markets SENASEN – www.senasen.com – digital platforms

PANMURE GORDON – www.panmure.com – corporate broking Facebook is for your friends. PR NEWSWIRE – www.prnewswire.co.uk – investor Twitter is for your opinions. communications, public relations, UK regulatory disclosure, LinkedIn is for your career. webcasting, website development [email protected] PR Newswire is the leading global provider of www.senasen.com Senasen is for your investors. PR and corporate communications tools that enable clients to distribute news and rich content across traditional, digital and social media TAURUS LONDON – www.tauruslondon.com – board advisory, channels in real time with full actionable reporting executive search, investor communications, investor relations and monitoring. www.prnewswire.co.uk Contact: Alexandre Bykov • [email protected] +44 (0) 20 7454 5104 • Follow us @meetthemedia @prneurope

+44 (0) 20 7959 7000 | [email protected] 16 Kingly Street | Carnaby | London | W1B 5PT

IR SOCIETY 61 DIRECTORY (continued)

TAVISTOCK – www.tavistock.com – IR, investor communications, investor roadshow, opinion research, public relations, shareholder research, shareholder targeting The Investor Relations Society 5th Floor, 30 Coleman Street, Tavistock is a leading London­ London, EC2R 5AL based corporate and financial Tel: 020 7379 1763 Jessica Stalley communications consultancy. www.irsociety.org.uk Director, Investor Relations We advise public and private +44 (0) 20 7920 3150 companies, organisations and THE BOARD [email protected] governments at senior levels. David Lloyd-Seed (chair) TAYLOR BENNETT – www.taylorbennett.com – executive search Telefonica UK (O2) Nominations committee chair TAYLOR RAFFERTY – www.taylor-rafferty.com – investor relations [email protected] David Walker (deputy chair) British Land Corporate affairs committee chair 35 [email protected]

Brian Rafferty James Eves (company secretary) +1 212 889 4350 Deutsche Bank [email protected] Dana Diver [email protected] [email protected] Emma Burdett VALOR IR CONSULTING – www.vmagroup.com – executive search Maitland Policy committee chair VALOR provides personal coaching, written [email protected] VA LOR adaptations and crisis response advice to I R C O N S U L T I N G corporations looking for better relationships Fay Dodds (treasurer) with their institutional investors. Independent Jonathan L. Passmore. Valor IR Consulting, First-class communications promote Finance committee chair Fairfield, CT 06824, USA. understanding, trust and resilience. [email protected] [email protected] • +1-203-258-2880 • www.valorinvestmentsllc.com Gary Davies (CEO) The Investor Relations Society VMA – www.vmagroup.com – executive search [email protected] Ross Hawley WORKCAST – www.workcast.co.uk – internet services, investor ContourGlobal relations, webcasting, website development Education committee chair The WorkCast Corporation is Europe’s largest provider of [email protected] webinar, webcasting and virtual event solutions serving over 150 global organisations including the IR Society Charles King and IR magazine. Worldpay WorkCast’s award-winning webcasting platform, WebCast [email protected] Contact: Manager and Services, are used for many enterprise-wide Mike Bowman, Sales Manager applications such as investor and stakeholder relations, Claire Lavery Tel: +44 (0)844 870 4912 lead generation, employee communications, training & Rivel Research Group [email protected] product launches and user conferences. [email protected]

YELLOWSTONE ADVISORY – www.yellowstoneadvisory.com – Alison Owers investor communications, investor presentations, investor relations, Orient Capital investor roadshows, IR for small caps, shareholder research, Membership committee chair shareholder targeting, website development [email protected] Helen Parris Specialist Investor G4S Relations Consultancy [email protected] Sallie Pilot Inform Connect Comunicate Advise Black Sun • • • Best practice committee chair [email protected] • +44 (0) 7710 164 120 [email protected] Douglas Radcliffe ZEBRA CORPORATE COMMUNICATIONS – www.zebracc.co.uk – Lloyds Banking Group Annual reports, internet services, investor communications, investor [email protected] relations, website development Cas Sydorowitz Georgeson Events committee chair [email protected] Digital Reporting: Fraser Thorne Edison Investment Research The Next Big Thing for Your Business [email protected] Tel: +44 (0) 20 3824 2351 www.zebracc.co.uk

62 IR SOCIETY

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