CROSSING THE 2019 NIRI NIRI ATLANTA HOSTS FIRST STREET 18 CONFERENCE PREVIEW 22 SOUTHEAST CONFERENCE 26 THE VOICE OF THE INVESTOR RELATIONS PROFESSION SPRING 2019 NIRI Celebrates 50 Years of SuccesS The investor relations profession, born in the 1950s as Americans began investing in corporate stock in record numbers, officially came of age in 1969 with the founding of NIRI. Learn how NIRI made a difference during its first two decades. NYSE Stock Exchange, March 30, 1970 MODIR Camp19 Full Page Ad.pdf 1 3/13/19 12:27 PM Ever Felt Like This? C M Y CM MY CY CMY K If you run IR at your company, you’re driving your equity value, from the Chief Intelligence Ocer for the Exchange Traded Funds to shorting capital markets. And markets have and event-driven trends. Be relevant, changed. Your seat at the table can’t accurate and valuable. depend on those out-of-work stock-pickers and sellside analysts. We’re the IR profession’s undisputed Relevant. Accurate. Valuable. market-structure experts. Do what Stop the hit-or-miss conjecture. It’s time your peers are doing. They use data Call 303-547-3350 or visit to lead your executive team and board analytics from ModernIR. ModernIR.com to better understand the realities SPRING 2019 | CONTENTS President and CEO Gary A. LaBranche, FASAE, CAE THE Vice President, Communications and Member Engagement Ted Allen [email protected] Editor Al Rickard, CAE [email protected] Art Direction OF IR Thor Design Studio [email protected] Letters to the Editor The 2019 NIRI Annual Conference and 50th Anniversary Celebration is coming IR Update welcomes letters to the June 2-5, 2019 in Phoenix, Arizona. LEARN MORE IN THE ARTICLE ON PAGE 22. editor. Please send feedback to [email protected]. About NIRI 10 NIRI ANNIVERSARY CELEBRATION 26 CHAPTER SPOTLIGHT Founded in 1969, the National Investor NIRI Celebrates 50 Years MiFID II, Passive Investing, Relations Institute (www.niri.org) is the professional association of corporate of Success and Activism Were Top officers and investor relations consul- The investor relations profession, born in tants responsible for communication the 1950s as Americans began investing Issues at NIRI Southeast among corporate management, share- in corporate stock in record numbers, Fall Conference holders, securities analysts, and other officially came of age in 1969 with the The inaugural NIRI Southeast Regional financial community constituents. NIRI founding of NIRI. Learn how NIRI made Fall Conference conducted by the NIRI is the largest professional investor a difference during its first two decades. Atlanta chapter addressed several key relations association in the world, with BY AL RICKARD issues of concern to IROs. more than 3,300 members represent- BY DAN A. ALDRIDGE III ing over 1,600 publicly held companies 18 IRO SKILLS and $9 trillion in stock market capital- 30 CHAPTER SPOTLIGHT ization. NIRI is dedicated to advanc- Crossing the Street Former sell-side analysts talk about ing the practice of investor relations Learning Savings Lessons and the professional competency and their experiences and challenges stature of its members. transitioning from Wall Street to IRO at an Early Age positions. Leaders of the NIRI Los Angeles chapter About IR Update BY ALEXANDRA WALSH recently volunteered at a high school IR Update is published by the National to deliver messages about saving and Investor Relations Institute as a service 22 NIRI ANNUAL CONFERENCE investing to a group of eager students. to its members. BY KIMBERLY ESTERKIN ISSN 1098-5220 Tapping the Power of IR © 2019 by the National Investor The 2019 NIRI Annual Conference will draw on “The Power of IR” across Relations Institute. All rights reserved. 4 At the Bell For change of address, contact: the spectrum of the capital markets, k Earth, Fire, Water, and A(IR) NIRI–IR Update offering members unparalleled learning RON PARHAM 225 Reinekers Lane, Suite 560 and networking opportunities. It’s also NIRI CHAIR Alexandria, VA 22314-2875 USA the official 50th Anniversary Celebration MANAGING DIRECTOR Phone: (703) 562-7700 of NIRI. NW STRATEGIC COMMUNICATIONS [email protected] BY AL RICKARD 6 NIRI Now www.niri.org k NIRI Celebrates IR Week in New York Advertise in IR Update k NIRI Names Senior Roundtable With a circulation of 3,500, IR Update Steering Committee is an economical method to reach IR k On the Move professionals. For more information on ad rates and sponsorship opportuni- k FINEO Investor Relations Celebrating ties, please e-mail Aaron Eggers at 20th Anniversary [email protected]. niri.org/irupdate IR UPDATE u SPRING 2019 3 AT THE BELL Earth, Fire, Water, and A(IR) very vibrant, thriving ecosystem depends upon an ample supply of basic elements. The global capital markets ecosystem is no exception. E Capitalism, carefully incentivized and regulated by government, provides the rich, fertile soil in which an incredibly diverse genome of businesses and industries have evolved and thrived. While some businesses – and entire industries – age, decline, die, and decay, new businesses and previously unimagined industries emerge, fresh and nimble, from the newly enriched soil. Innovation, creativity, and human imagination spark the fire that drives introduction of new technologies, new products and services, and new ways of delivering those products and services to where they are needed and desired. Liquidity flows from several sources, beginning with the primary wellsprings of private seed cap- ital, angel investors, and venture capitalists, and eventually flowing into the major rivers of capital Ron Parham, NIRI Chair provided by investment banks and the public markets. A multitude of trading platforms and innova- Managing Director tive investment vehicles provide a critical secondary flow of liquidity, enabling more citizens of the NW Strategic ecosystem to participate in the growth and creation of new capital. A virtuous liquidity cycle. Communications Finally, the capital markets ecosystem depends upon a constant supply of information – the oxygen that it inhales to keep all of its systems functioning efficiently and that fuels action by all participants in the ecosystem. Investor relations professionals, in symbiotic partnership with their C-suite, finance, accounting, legal, and financial planning and analysis colleagues, hold the awe- some responsibility of ensuring that the primary source of information emanating from the com- pany is clean, reliable, consistent, and responsive. As members of NIRI, we must never lose sight of this critical role. The IR profession represents a sub-system of the larger ecosystem, and “our” health and abilities must constantly evolve in order to respond effectively to the capital market’s changing needs and demands for its form of oxygen. As the largest and longest-tenured professional investor relations organization, NIRI exists to both promote the profession and to develop IR professionals. Through a year-round schedule of semi- nars, webinars, and publications, as well as networking opportunities through local chapters, NIRI is committed to enhancing and expanding the capabilities of all of its members. On March 19, NIRI hosted the inaugural Investor and Issuer Invitational Forum (“Big I”) at Baruch College in Manhattan, at which a diverse group of thought leaders engaged in dialogue about the growing importance of ESG (Environmental, Social and Governance) information to the capital markets and other key stakeholders. It was a day of provocative and insightful interchange and posi- tioned NIRI at the nucleus of this important conversation. On June 2-5, NIRI’s Annual Conference will take place in Phoenix at the J.W. Marriott Desert Ridge Resort. Under the theme of “The Power of IR,” the conference will include 50 educational sessions, including 10 general sessions with a stellar lineup of speakers. Making the commitment to attend and hear these speakers, and to network with IR colleagues from around the globe, will help you expand your understanding of market forces and enhance your ability to serve your company and its stakeholders. If you haven’t already, register today at www.niri.org. During the Annual Conference, NIRI will celebrate its 50th anniversary with numerous activities to commemorate this milestone. One intriguing way of measuring the health of the capital markets 4 SPRING 2019 u IR UPDATE niri.org/irupdate ecosystem over the past 50 years is to look at the growth in total market Total Market Capitalization capitalization of the S&P 500 over that of the S&P 500 time span. According to data from S&P September 1968 – September 2018 Dow Jones Indices, a division of S&P Global,the capital markets ecosystem has been thriving, particularly during the past 25 years since the Internet “crawled ashore.” In fact, the numbers are somewhat astonishing: Since December 1968, total market capitalization of the S&P 500 has multiplied by a factor of 50 — from approximately $500 billion to $25 trillion today! Market Value (in Billions) Evidently, the Earth, Fire, Water and A(IR) on which the capital mar- kets depend have been in ample supply. As the primary providers of the ecosystem’s AIR, the IR profes- Date sion has much to be proud of . and an awesome responsibility to keep Source: S&P Dow Jones Indices. Reprinted with permission. the supply flowing. IR Global Company- Sponsored Research The Best Of Sell-Side Research — Reasonably Priced / None Of the Demands Global Readership — No MIFID Restriction Guaranteed Impact With Prospective Investors Deliverables To Measure Performance CONTACT THEODORE R. O’NEILL, IRC, TO DISCUSS YOUR SPECIFIC NEEDS 860.435.9940 | www.hillsresearch.com | IRVINE and NY niri.org/irupdate IR UPDATE u SPRING 2019 5 EDITORIAL ADVISORY COMMITTEE Evan Pondel, Chair NIRI NOW PondelWilkinson Geoffrey Buscher Expeditors International James Farley Cowen, Inc. Patrick Gallagher Dix & Eaton Eileen Gannon Workiva Rebecca Gardy GreenSky, Inc. Heather Kos, IRC Ingredion Gregg Lampf, IRC NIRI leaders ring the bell to close Nasdaq trading on Monday, March 18, 2019.