CHAIR’S LETTER | INDUSTRY NEWS | PERSONAL VIEW | SERVICES DIRECTORY INFORMED PROMOTING EXCELLENCE IN INVESTOR RELATIONS ISSUE 105 WINTER 2019/20 ADVANCED EARLY BIRD OFFER ENDS 31ST DECEMBER 2019!
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INVESTOR ANALYTICS INFORMED WINTER 2019/20
CONTENTS
4 CHAIR’S LETTER 13 Looking ahead to a busy New Year IR NOTEBOOK 2020 David Walker, chair, IR Society a special feature
5 NEWS FROM THE SOCIETY 13 IR 2020 – Looking back, looking forward Walker steps up as Society chair Richard Davies, RD:IR Davis to host conference 2020 A new policy head for the Society (p7) 15 Can you judge an annual report by its cover? Breakfast briefing on activism (p7) Jarrad Comley, MerchantCantos New IR Society members (p8) 18 How to stand out from the crowd in 2020 ESG developments (p10) Sandra Novakov, Citigate Dewe Rogerson CIR and ICIR passes (p10) 20 How Severstal is putting its corporate purpose into practice 6 PERSONAL VIEW Andrew Hayes, Hudson Sandler Building the IR profession at home and overseas 23 Pay and performance top AGM themes in 2019 Laura Hayter, CEO, IR Society Lisa Graham, Equiniti
24 Are companies reporting the climate change 8 FINAL THOUGHT information that investors need? The Society is in good shape Stuart Lemmon, EcoAct David Lloyd-Seed, outgoing chair, IR Society 26 Putting flesh on the bones of your corporate culture 11 INDUSTRY NEWS Nick Bastin, Montfort FRC publishes revised UK stewardship code Selected key issues for IROs 29 36 PROFESSIONAL DEVELOPMENT Courses (p36-39) Certificate in Investor Relations (p40-41) Diploma in Investor Relations (p42)
44 EVENTS The IR Society events programme
45 IR SERVICE PROVIDERS DIRECTORY Find help in this listing of IR service providers FULL REPORT WITH PHOTOS
WE WISH ALL OUR MEMBERS AND READERS A MERRY CHRISTMAS AND HAPPY NEW YEAR
IR SOCIETY 3 INFORMED
CHAIR’S LETTER
The Investor Relations Society 5th Floor, 30 Coleman Street, London, EC2R 5AL Tel: 020 7379 1763 Looking ahead to www.irsociety.org.uk a busy New Year THE MANAGEMENT TEAM Laura Hayter took over as chair at the end of our board meeting in early December. The board always CEO Iuses the last meeting of the year to reflect on the last 12 months and this time it also [email protected] allowed us to take stock on the many things David Lloyd-Seed has achieved in his time in Alina Ardeleanu the role. This has included the appointment of two CEOs to the Society, the successful Financial controller launch of the Diploma, and strengthening our CIR offering with further international [email protected] collaborations, to name just a few. I know David will remain engaged and supportive of Robert Dann Head of marketing and membership the Society in future, not least as a board member, and I thank him on behalf of the [email protected] board, the executive team and all of our members for his significant contribution. Kate Heseltine With these changes, and with Laura having recently taken over as CEO, we have a real Head of policy and communications opportunity to look forward. We’ll focus on how we can effectively build on the strong [email protected] position the Society has established to help develop our profession and support our Jessica Hyett members, old and new, from across the IR spectrum. Professional development executive [email protected] Four points Tara Mitchell Professional development executive My firm belief is that there are four points to the IR compass, all of which are of equal [email protected] importance to the profession and the Society. We need to ensure that we reflect all four in Nicolle Oliver our activity, membership and board composition. One of these groups are the companies Events manager – we must be and will remain focused on addressing the challenges and opportunities [email protected] these members face as their role develops, expands and becomes more complex; it’s the Rebecca White lifeblood of what we all do. Then there are the crucial group of businesses who focus on Marketing and membership executive [email protected] providing IR-related advice and services. Many of you will work in, or run, these organisations. They are a vital part of our industry and it’s crucial that the Society continues to engage with them in an inclusive way, but also that our membership, THE OFFICE HOLDERS committees and board reflects the massive contribution that they make. David Walker There are two points to this IR compass, though, where I feel we could do more to Chair engage. Firstly, investors and secondly, our brokers, analysts and advisers, as well as the [email protected] regulatory or industry bodies. Both are groups with whom, as regulation and complexity Douglas Radcliffe increases, there is real mutual benefit in working together. We could and should do more, Deputy chair and interim treasurer certainly in terms of bringing them into the Society as active members. So many people [email protected] have moved across from that side of things into IR roles within corporates, only to be James Eves Company secretary (pleasantly) surprised by the work the Society does. The onus is on us all to make sure our [email protected] investors, advisers and analysts have that awareness already – to do that, we need a For a full list of the IR Society board and the constructive, ongoing and two way dialogue. This is something on which Laura, Douglas committee chairs, see www.irsociety,org.uk. and I, with your support, will be very focused.
A 40th anniversary INFORMED Next year will be the 40th anniversary for the Society. As someone who turned 40 myself John Thistlethwaite last year, I know this is a milestone for us to reflect, celebrate and, most importantly, look Production manager ahead. Unlike me, though, the Society has never been fitter or stronger as it moves into [email protected] its fifth decade and Laura, Douglas and I are already hard at work to establish our plan to Alex Murray take the Society forward. As we do this, we’d love to hear your thoughts and welcome Publisher [email protected] your help. If you have any ideas, or think you can help in any way (big or small), please Informed is published on behalf of the don’t hesitate to get in touch. IR Society by Silverdart Publishing In the meantime, I wish you all a very happy and restful Christmas and all the best for Tel: +44 (0)1285 831 789 what should be a fascinating and busy 2020. ■ www.silverdart.co.uk Editorial enquiries can be addressed either to Laura Hayter or to Alex Murray.
Views expressed in this publication are not necessarily those of the Society. © 2019 IR Society DAVID WALKER
4 IR SOCIETY
WINTER 2019/20 SOCIETY NEWS
Walker steps up Davis to host conference 2020 as Society chair Evan Davis, the BBC broadcaster and David Walker, head of IR at British Land, journalist, has confirmed that he will be became IR Society chair this month after joining the IR Society’s members and guests David Lloyd-Seed stepped down. David for the 8th year as moderator at the Society’s Walker has served on the board of the IR annual conference in 2020. Society since 2012 and was deputy chair The conference will take place on 23 June from 2016 until now. Douglas Radcliffe, 2020 at Kings Place, London. Full details of group IR director at Lloyds Banking the conference will be revealed on the Group, is now deputy chair. Society website soon, so keep an eye out David qualified as a chartered and make sure to save the date! accountant with PwC in London before Since autumn 2018, Davis has been the Evan Davis spending over seven years at Deutsche lead presenter of the PM evening news Bank in various roles within the corporate programme on BBC Radio 4. He also programme in 2008, before moving on to be finance division, including in business presents Dragons' Den on BBC Two and the the main presenter of BBC Two’s Newsnight development and as a vice president in weekly The Bottom Line business discussion between 2014 and 2018. He previously the UK corporate broking team. programme on Radio 4. Having been worked as an economist at the Institute of Subsequently, David worked for seven appointed the BBC’s economics editor in Fiscal Studies and the London Business years at Hays PLC, the FTSE 250 listed 2001, he became a presenter on the Today School. ■ specialist recruitment group, where he headed up the IR and corporate development team. In October 2017 he 2020 IS THE IR SOCIETY’S 40TH ANNIVERSARY YEAR! joined British Land, the FTSE 100 real estate company, as head of IR. ■ WE WILL BE CELEBRATING THIS IN VARIOUS WAYS – WATCH THIS SPACE!
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PERSONAL VIEW INFORMED
Building the IR profession at home and overseas
In her first Personal View column since taking over as CEO of the Society, Laura Hayter outlines her priorities in the year ahead.
take over the reins at an exciting time dinner – and I’d like to thank my dedicated Ifor the IR profession, and with the executive team, Rob, Alina, Tara, Jess, changing dynamics in the capital Nicolle and Rebecca, who have yet again Laura Hayter is CEO of the markets, regulatory change and the delivered all of this for our members in IR Society. increasing demands from responsible 2019. In November we were also joined [email protected] investors, now has never been more by a new team member, Kate Heseltine important for the role of IR to shine and who will continue the good work in policy to continue to push the boundaries in best (see opposite). CIR programme practice IR. As a Society we’re here to help every Continuing professional development is key The Society exists for two main reasons – single one of you in your careers, through to the IR role as it grows in stature and to champion you, our members, and the our wide range of professional professionalism, and in January 2020 we will fantastic work you are all doing in raising development courses for IR professionals at be launching our updated CIR and ICIR the standards in IR, developing best any stage of their career, and suite of IR study guides. A huge thank you to Ross practice and driving professionalism within qualifications. Hawley, chair of our education committee, the sector. And second, to raise the profile We will also help you keep up-to-date our examinations committee and other of IR more generally – act as the focal through the work of our excellent policy Society volunteers who have generously point for issuers and investors, and to committee, our regular communications given their time to revise and update the represent your views to regulators, the and best practice guidelines. You can see study guide content. We are also very government and the wider investment what‘s coming up in Informed and on the grateful for the support of our all our CIR community. website. partners who continue to deliver the CIR overseas, and to date we have over 1,600 An active year A full events programme CIR passes in the UK and beyond. We look It’s been another busy year for the Society I would encourage each and every one of forward to welcoming new international – more than 25 events, four issues of you to attend at least one our IR Society collaborations in 2020. Informed, 37 courses with more than 350 events in the next three months. For those attendees, 250 CIR and diploma of you that regularly attend our events, you Change at the top candidates, and of course our annual know what to expect, and for those of you Finally, I’d like to thank David Lloyd-Seed for conference and best practice awards have haven’t been for a while, come and his service and commitment as chair of the see what you’ve been missing, I guarantee Society board over the last three and a half you won’t be disappointed! years. He has given a huge amount of his Plans for 2020 are gathering pace as we time and support to me and the team here at continue to broaden our offering to both Coleman Street. A true champion of IR, our existing and new members across all David remains on the board and will markets and sizes. We already have a full continue to support the Society through the Look out for some events programme scheduled for next year, many events we have planned for the future. and we’re also looking to deliver more A big welcome to David Walker into the ‘ special events we events to our members outside of London, role of chair. David brings with him a wealth in the UK regional hubs. First stop of experience and is currently head of IR at have planned for our Manchester in February. British Land. I look forward to working with 2020 also marks the 40th birthday for him, our new deputy chair, Douglas the IR Society, and we will be proudly Radcliffe from Lloyds Banking Group and 40th anniversary in celebrating our achievements in a number the rest of the board as we continue to of ways throughout the year, so stay tuned promote excellence in the IR profession. 2020 for some special events we have planned. Finally, all that remains for me is to wish ’ We will be shortly be rolling out our new you a very happy Christmas, and much Fellowship programme and look out for health and happiness for the New Year, and I our special collection of 40 IR interviews look forward to seeing you in the course of at 40 throughout Informed next year. 2020. ■
6 IR SOCIETY WINTER 2019/20 SOCIETY NEWS
A new policy head for the Society
Kate Heseltine, who joined the Coleman Street team in November, introduces herself to members and Informed readers.
I am delighted to have joined Laura and voice of our members during periods of the executive team as the head of policy consultation. and communications. This is a I am a chartered accountant and have particularly exciting time to be taking up broad experience across equity capital this role, given the sea change in the markets, having previously led investor regulatory landscape and the greater relations for a FTSE real estate investment demands being placed on listed trust and worked as a sell-side equity companies. research analyst covering the retail sector. Kate Heseltine Over the coming months I look forward My ACA qualification was gained with [email protected] to meeting many more of our members, the insurance and investment management helping to shape the IR Society’s views on team at PwC after graduating from two young children. I enjoy running and developments in policy and best practice university with an MSc in finance. Outside recently completed my third half- investor relations, and representing the of work, much of my time is focused on my marathon, raising money for Macmillan. ■
EVENT REPORT Breakfast briefing on activism
The IR Society was delighted to be hosted by Georgeson on 13 November for a breakfast panel and Q&A session on activism. The event was moderated by Anthony Kluk, head of the Nordic region at Georgeson, with Nick de Bunsen, director at Teneo, and Michael Henson, an independent investor relations consultant, contributing to an active and informative discussion as guest speakers. The key takeaways were as follows:
• Institutional investors are becoming more actively involved in discussions on strategy and governance. • Most activists dislike public battles, which and companies are, in turn, responding to structured programme of investor can be distracting and expensive for all ensure their own approach stands up to engagement around governance issues) involved, but instead prefer to drive scrutiny. and be prepared to potentially fight a change behind the scenes. There is a huge • There has also been a rise in M&A proxy vote from the moment an activist undercurrent of activism that does not activism. Corporates must clearly approaches the company or enters the make the press. communicate their strategy and share register. • Activists typically come onto a share demonstrate consistency in delivering • It was asked at what stage should an IRO register because they see value enhancing against it. It is important for corporates to escalate an activist approach to executive opportunities and governance failings that understand the views and investment management. A first step before involving can be addressed. Activists are likely to objectives of their top holders by engaging the board may be to set up a meeting approach other key holders to put on a regular basis. A lack of consultation between the activist, IRO and CFO to pressure on the company to enact change. with holders can prove disastrous. gauge intentions. When the CEO becomes • On ESG, the panel agreed that mainstream • Companies must take a measured involved in meetings, the approach should institutional holders are increasingly approach and engage openly in the early be escalated to the board. feeling forced to become vocal on stages of an activist approach, rather than • Looking ahead, as many companies governance issues whilst environmental view it as a personal attack on approach the three-year binding vote on and social activism is also on the rise. management. remuneration policy in 2020, we are likely There has been considerable recent • Boards should be thinking strategically, to see increased investor activity and change in the level of interest in ‘ES’ issues have a clear plan of action (including a engagement on the issue. ■
IR SOCIETY 7 FINAL THOUGHT INFORMED
The Society is in good shape
The outgoing chair of the IR Society David Lloyd-Seed commends the ‘best in class’ of the best practice award-winners and pays tribute to the Society team.
ongratulations to all the winners at clearly bringing the best out of Cthis year’s star-studded awards dinner. companies as the most prestigious IR It’s great to see so many companies awards around. David Lloyd-Seed is the outgoing demonstrating how to deliver best in chair of the IR Society. class IR. While it’s a mammoth The passing of the baton [email protected] commitment I thoroughly enjoy the As I pass the baton of chair on, this will review process for the judged awards. In be my last article for Informed. It has particular, I enjoy hearing the views and been an honour and a privilege to serve small cap offering. Leveraging your thoughts of our august judging panel. the Society in this capacity over the last membership is of course the best way to These range from individuals representing three and half years. I am delighted to network, learn and share. professional bodies, advisers and hand over to David Walker who I know There has been much change in the investors to ESG specialists. will do a fantastic job in taking the excellent executive team at Coleman Their views really do reinforce the Society through its next phase. Street and I can safely say that we now importance of a company having a I am delighted to be able to say that have the best team to take the Society clearly articulated business model and your Society is in a fantastic place to forward. We have an incredibly strong joined up strategic narrative that works support you as our industry continues to and supportive board and we have across all communications channels as professionalise. We have a brilliant rebalanced the relationship between the well as for all stakeholders. education pathway that supports board and the executive to enable both A common theme again this year was members from the beginning of their to be more effective in their roles also to that the FTSE250 companies led the way careers in IR right through to being reflect best practice corporate in terms of better disclosure and leaders in their companies. Our CIR is governance. communications practices versus recognised across the world as the best IR With the 40th anniversary of the FTSE100 companies. Maybe it’s the qualification, bar none. society next year we are in a great place complexities of scale combined with the Our qualification programme and the in a wonderful and growing industry, burden of increasingly onerous disclosure important voice that the Society holds ready for the next 40. requirements that makes it harder for means that there is a clear pathway to It just leaves me to say thank you. large caps to really break new ground in creating a professionally recognised Thank you to the hard work and support best practice. industry, one from which we can all of the executive team and my fellow But overall the standards continue to derive accreditation to support career board members and of course to our rise each year and investors on our development and recognition. We are great membership. But most of all thank panels appreciate the progress being continuously improving the services that you for allowing me to serve as chair for made. Our best practice awards are we offer, including an evolving bespoke this great Society and industry of ours. ■
NEW IR SOCIETY MEMBERS – October to December 2019
The IR Society is pleased to welcome the Phil Courtney – Global Fashion Group Jonathon McManus – Foresight Group following new members, who joined in Amal Dahoum – RD:IR Anne Melbourne – Alliance Pharma October to December 2019. For David Farrell – Credit Suisse Dr Ravish Mohammad Hussain Tatli – membership enquiries, contact Luca Gagliardi – M&G United International Transportation [email protected] or Marion Genais – Independent Company call +44 (0) 20 7379 1763. Spencer Horgan – M&G Jean O’Donnell – Applegreen Daisy Jones – RD:IR Lynette Otiti – Dialog Semiconductor Maria Baines – M&G Lawrence Kibet – Image Registrars Faye Procter – Tesco George Caine – TUI Group Mitesh Kotecha – Independent Amber Sekhri – RBS Andrew Carter – Rotork Emiljana Krali – VertoFX Daniel Somoza – Invicomm Nicola Caverzan – M&G Caroline Lakey – Independent Rupert Taylor Rea – RSA Hannah Chambers – Marks and Spencer Shaun Laubscher – Spirax-Sarco Dirk Vermehren – Orient Capital Nick Commandeur – Croda International Engineering Lawrence Williams – Tesco Ayomide Condotti – Uthande Global Darice Liu – Universal Display Corporation Jonathan Yarr – Petrofac
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SOCIETY NEWS INFORMED
Global ESG survey of buy side ESG – IROs call for disclosure The IR Society is currently conducting a global survey of the buy side, in partnership With the rising interest in ESG, the IR creation, with only 13% of respondents with QuantiFire, around their approach to Society recently conducted a short survey having fully incorporated ESG factors ESG research and engagement. We expect to of its IRO members asking for views into their investment story. publish these results in early 2020. around current ESG reporting practices. • Despite the increasing number of rating The key findings were: agency surveys and requests for ESG ESG data – mind the gap disclosure, 41% of IROs surveyed have The IR Society recently partnered with • Survey participants overwhelming agreed not yet discussed the analysis process Responsible Investor to host a webinar there is a need to improve disclosure with their top investors. discussing the different views of companies, around ESG communication in the next • Almost half of the respondents have not investors and industry practitioners regarding one to three years. incorporated investor views into an ESG ESG data quality, consistency and accuracy. • Respondents consider a wide range of materiality assessment process. During the session, CEO Laura Hayter ESG metrics, however, there is a strong • A small proportion of the IR Society provided insights into the key findings and focus on environmental factors rather small-cap membership responded, views from our recent IR Society ESG survey. than governance factors. suggesting they are not ready or The webinar is available online at • It is still a work in progress for sufficiently resourced to consider their www.responsible-investor.com/webinars/ companies to articulate long-term value approach to ESG within IR. esg-data-mind-the-gap-part-1 ■
CIR and ICIR PASSES – September to November 2019
The IR Society congratulates the following Sandra Grace Benny – IRPAS Sarah McKenzie – Britvic candidates who passed the CIR® or ICIR® Kainoa Blaisdell – IRPAS Marlin Medina – IRPAS from September to November 2019. Sebastien Bland – Citigroup Ali Tarek Mourad – Qatar General Tom Blundell – Tulchan Communications Insurance & Reinsurance Redha A Alamri – MEIRA Group Yeoh Hong Nam – IRPAS Abdulla Jaber Al-Athbi – QNB Fiona Blythe – Independent Surya Narayanan – Qatar Industrial Mai Al Baroudi – Qatari German for Dece Claverie – MEIRA Manufacturing Company Medical Devices Abigail Cohen – Investec Bank Hicham Nedjari – Gulf Warehousing Fahad Al Besher – MEIRA Hal Cullity – InfraRed Capital Partners Zaggie Ng – IRPAS Omar Ali Aldalaan – MEIRA Selam-Maya Demeke – Independent Marta Parry-Jones – Tulchan Iyad Al Garawi – MEIRA Consultant Communications Group Abobaker Ahmed Al-khateeb – MEIRA Sophie Duckworth – Tulchan Nicole Paxton – Anderson Hoare Gaylene Allen – MEIRA Communications Group Emma Simo Pinatella – MEIRA Talal Riad Almoallem – MEIRA Mohammed El Sadi – Dlala Holding Geraldine Poindron – Advanced Samah Basel Al Moghrabi – Milaha Matthew Evans – Tullow Oil Oncotherapy Mohammed Mostafa Al Qadi – Mazaya Ellen Freeth – Just Eat Ahmed O. Sager – Saudi Stock Exchange Real Estate Company Ekaterina Gorelikova – J.P. Morgan Diala Saliba – Qatari Investors Group Nasser Al-Qunaiah – MEIRA Cazenove Zaid Shelleh – Aamal Qutaiba AlRabe – MEIRA David Green – Caxton Asset Management Kelly Shia – IRPAS Yanal Refaat Alsaad – Commercial Bank of Georgina Griffin – Shawbrook Bank Dr Ravish Mohammed Hussain Tatli – Qatar Rob Gurner – Inmarsat Unitrans (BudgetSaudi) Saudi Arabia Sara Al Sayed – Ooredoo Joseph Hanson – MEIRA Atarah Taylor – Kennedy Wilson Ammar M Al-Shamrani – MEIRA Ross Hawley – Independent Victoria Walsh – Taylor Wimpey Abdulrahman Abdulaziz AlShaye – MEIRA Tianning He – IRPAS Chai Hung Yin – IRPAS Eyad Abdulaziz Al Shobaian – MEIRA Rebecca Hislaire – Teneo Fotios Zeritis – Qatar Gas Transport Hamad Al-Yacoub – Ahli Bank Ahmad Irshaid – Baladna Food Industries Company Ltd (NAKILAT) Walid Ibrahim Abu Arjah – Qatar Islamic Harriet Jackson – Yellow Jersey PR Insurance Zameel Ammanoor Kasim – MEIRA Eliane Abou Atmeh – Al Khaliji Muhammad Durraiz Khan – QNB Commercial Bank Koh Shu Min Samantha – IRPAS For more information about the Hakeem Tunji Balogun – Independent Jacinta Kong – IRPAS CIR and ICIR, including course Sandro Barbato – Morrow Sodali Neeraj Kumar – MEIRA dates, please see pages 48-49, Misha Bayliss – Tulchan Communications Caroline Lakey – Financial translator Group Justin Lau – IRPAS or contact Tara Mitchell at Asmaa Ibrahim Othman Belal – Sophia Martin-Pavlou – Tulchan [email protected] Investment Holding Group Communications Group
10 IR SOCIETY WINTER 2019/20 INDUSTRY NEWS
FRC publishes revised UK stewardship code
In October, the Financial Reporting 2020. Organisations wishing to become Council (FRC) published the UK signatories must produce an annual Stewardship Code 2020, following a stewardship report explaining how they consultation which received many have applied the code in the past 12 responses from a range of stakeholders, months, with submissions for the first list of including the IR Society. The revised code, signatories due to the FRC by 31 March which is voluntary, sets high expectations 2021. For a full copy of the UK for investor stewardship, with the Stewardship Code 2020, visit overarching aim of creating long-term www.frc.org.uk. Industry news briefing: value for clients and beneficiaries, and Selected key issues for IROs delivering sustainable benefits for the IA launches framework for economy, the environment, and society. It responsible investment comprises 12 ‘apply and explain’ principles early November, in support of the for asset owners and asset managers and Reflecting the growing importance of ESG, shortening of market opening hours to six further principles for service providers. the Investment Association (IA) launched its 9am – 4pm (currently 8am – 4.30pm) The IR Society welcomes the publication Responsible Investment Framework in GMT. of the revised code, which places a greater November. The framework and its European trading hours are among the focus on environmental, social and supplementary definitions aim to bring longest in the world and it is suggested governance (ESG) issues while aiming to be clarity and consistency to the way its that this 90-minute reduction will improve tougher and more aligned with the members describe their products, in order market efficiency by concentrating Corporate Governance Code. Among key to help beneficiaries to understand and liquidity and allowing traders more time changes, the code now requires signatories assess how ESG is being integrated into the to digest corporate news flow. Importantly, to take ESG factors into account and to investment process. it is also expected to promote a better ensure their investment decisions are The IA framework can be applied both at work-life balance and encourage greater aligned with the needs of their clients. firm and fund-level and is intended to diversity within the industry. Signatories must also explain their support the promotion and development of The LSE has responded by stating that it organisation’s purpose, investment beliefs, responsible investment in the UK. intends to open a formal consultation to culture and strategy and how these enable review its trading hours, for which the them to practice stewardship. The scope of Shorter EU market hours Society will be keen to put forward the the code has been extended to include asset proposed views of its members. ■ owners and service providers, in addition to asset managers, and covers all asset classes, The Association for Financial Markets in not just equities. Europe (AFME) and the IA delivered a joint Keep up to date with the The code takes effect for reporting letter to the London Stock Exchange (LSE) periods beginning on or after 1 January and other European trading venues in latest industry news with the IR Society’s weekly e-Bulletin. It’s free to all – Welcome to The Impact Investing Institute just register. You can find Members of the IR Society’s policy Peter Harrison, chief executive of details on our website – committee attended the recent launch Schroders and chair of the Investment www.irsociety.org.uk event for the Impact Investing Institute, Association, and Sarah Gordon, chief which aims to promote the growth and executive of the Impact Investing effectiveness of the UK as a leader in this Institute. field. This new independent, non-profit Together, they outlined plans to make it organisation brings together the UK easier for large pools of capital, such as National Advisory Board on impact pension funds, to invest for positive investing and the Implementation impact and to bridge the gap between the Taskforce for Growing a Culture of Social City and the social sector, and in doing so Impact Investing in the UK. The event giving people the ability to save and was well attended with speeches from invest in line with their personal values.
IR SOCIETY 11 ISSUER SERVICES
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IR 13 IR 2020 – Looking back, looking forward NOTEBOOK 15 Can you judge an annual report by its cover? 2020 18 How to stand out from the crowd in 2020 20 How Severstal is putting its corporate purpose into practice
a special feature 23 Pay and performance top AGM themes in 2019 focusing on several hot topics in investor 24 Are companies reporting the climate change information relations in the year that investors need? ahead 26 Putting flesh on the bones of your corporate culture
IR 2020 – looking back, looking forward
From the clay tablet in ancient Iraq to the digital tablet of today, the ‘persuasion’ industry has honed its skills to an impressive degree, but the underlying work remains the same, writes Richard Davies.
s we face the start of a new decade, and unsurprisingly, the public relations industry. Athe 40th anniversary next year of the PR has its own very long history – some LOOK BACK, FORWARD founding of the IR Society, I thought it scholars argue that a clay tablet found in • Investor relations developed in the appropriate to take stock of our industry and ancient Iraq that promoted more advanced US from public relations, whose think about how we got here. agricultural techniques is considered the origins go back centuries. Investor relations has a long track history first known example of public relations. • The major shift from retail to which began in the US and spun out of, After that, all major civilisations have institutional investors in the 1960s examples of artefacts or strategies designed and 1970s created a new layer of to influence people – and in more modern communications function. times, even the Boston Tea Party has been • We are still trying to influence described as one of the more notable PR people to modify their behaviour, but events. now through digital media. The first example of public relations being used in the pursuance of capital raising took place in the 1860s when the major railway defended in the press the reputations of companies building the Transcontinental companies. Railroad engaged in a systematic corporate The Publicity Bureau was arguably the public relations strategy in order to raise the first PR agency, founded by former Boston $125 million needed to construct the 1,776- journalists, including Ivy Ledbetter Lee, mile-long railroad. The point of the strategy sometimes called the father of PR. In 1906, was to maintain an image attractive to Lee published a Declaration of Principles, potential bond buyers and to maintain good which said that PR work should be done in relationships with members of Congress and the open, should be accurate and cover the California state legislature, federal topics of public interest. Ivy Lee is credited regulators, workers and journalists. with developing the modern press release Richard Davies is founder and It was, however, at the beginning of the and the ‘two-way-street’ philosophy of both managing director of RD:IR. twentieth century that the first companies listening to and communicating with the [email protected] started offering specific services that public. It was from this time that companies
IR SOCIETY 13 IR NOTEBOOK 2020 INFORMED
started to pay journalists to present them in a set up to enforce the 1933 Act and it largely good light. Despite the succeeded in bringing back integrity to a The rise in the use by companies of market wracked by scandals and corruption. journalists to sway opinion brought about a ‘ The term ‘investor relations’ was first need among investors to receive more increasingly surreal coined in 1953 by General Electric (GE), one independent information, particularly about of the biggest American companies, when the many major bond issuances of the time. nature of our modern GE started a programme that aimed at Arise, the credit rating agency and the attracting individual investors to invest in the financial data provider. environment, the company’s shares thanks to a specific communication strategy. However, there Rating agencies fundamentals of were professionals employed within Credit rating agencies originated in the businesses before that date who were United States in the early 1900s. The communication in engaged in the management of investors, construction of extensive railroad systems alongside colleagues involved in dealing had led to the development of corporate with the press, but GE is widely held to have bond issues to finance them, and therefore a our industry have not run the first IR strategy. bond market several times larger than in IR in the US really took off in the 1960s, other countries. The bond markets in the changed but it garnered a questionable reputation as Netherlands and Britain had been ’ being a sales function for the corporation’s established for longer but these tended to be capital, aided and abetted by ‘conniving’ smaller in comparison with the US and more analysts. It would take some years and a related to debt raised by sovereign significant amount of legislation for IR in the governments which were deemed more US to achieve the more noble status that the trustworthy in terms of paying back their and it also began to use a letter-based system profession enjoys in the UK. debts. for its rating. Poor's Publishing Company The origins of the IR industry in the UK are One of the first financial data companies began issuing ratings in 1916, Standard more obscure, partly because of the use of in the world was that of the publisher, Henry Statistics Company in 1922 and the Fitch terminology. The major shift from retail to Varnum Poor, who produced a publication Publishing Company in 1924 – the modern institutional investors in the 1960s and compiling financial data about the railroad era of credit rating had begun. 1970s created a new layer of and canal industries. After the financial crisis communications function within of 1907, demand rose sharply for Bringing back integrity corporations to deal with the burgeoning independent market information, One further important historical event that audiences of asset managers and sell-side particularly for analysis of bond shaped our industry is the creation of the US analysts. These professionals worked in creditworthiness. Securities and Exchange Commission (SEC) departments called ‘shareholder relations’ or Financial analyst John Moody issued a in 1934 as part of the Securities Exchange ‘corporate affairs’ – the activities of which publication in 1909 focused solely on Act of the same year, an important piece of were what we now understand to be the railroad bonds. His ratings became the first the New Deal legislation of President basic functions of IR. to be published widely and his company Franklin D. Roosevelt. The previous year had Despite the UK IR Society being set up (in was the first to charge subscription fees to seen a ground-breaking piece of law that a rather avant-garde manner, one could investors, the model for the credit rating sought to increase public trust in capital argue) in 1980 by members drawn from in- agencies of today. markets by requiring uniform disclosure of house and consultancy, it would take Moody's carried out two major changes to information about public securities – The another decade before it became its analysis in 1913. The firm expanded its Securities Act of 1933, also known as ‘The commonplace for companies (and then only focus to include industrial firms and utilities, Truth in Securities Act’. The commission was large-cap companies) to run a dedicated IR department.
FTSE 100 companies As we enter a new decade and look forward Be different from the rest to the challenges of the IR of the future, we Obtaining the Diploma in Investor Relations – the senior level can take comfort that despite the qualification from the IR Society – will demonstrate a significant degree of increasingly surreal nature of our modern expertise in IR along with the broader skillset required to perform the role environment, the fundamentals of at the highest level. communication in our industry have not changed. We are still trying to influence To learn more, contact Tara Mitchell people to modify their behaviour, but now at [email protected] or we do this through digital media, albeit with call +44 (0)20 7379 1763 higher standards of probity around content. The clay tablet is now a computer screen. irsociety.org.uk/professional-development/diploma-in-ir I wish you a very merry Christmas and a healthy and prosperous 2020. ■
14 IR SOCIETY WINTER 2019/20 IR NOTEBOOK 2020
Can you judge an annual report by its cover?
The cover of your annual report can be a vital part of your communication effort. Jarrad Comley surveyed all FTSE 100 and 250 reports to discover how IROs are approaching this mission.
he clock is ticking down to the statement? Do they introduce their purpose Tintroduction of the EU’s latest directive, in the opening pages, rather than embedded ANNUAL REPORT COVERS which will see the Single Electronic Format into the statements? And finally, how many • With EU-driven changes coming in begin to take effect in January 2020. It reports still use photography? annual report regulation, IROs need heralds a big change in the annual reporting to consider their report designs. landscape and I’m really interested in one FTSE 100 companies • 72% of FTSE 100 companies put a potential side effect – whether reports will Amongst the FTSE 100, 72% of companies message on their report covers, become less communicative. put a message on their cover, whether it be compared with 57% of FTSE 250. My approach was simple. Download about brand or performance. Of these 72 • The cover is prime real estate for every report from the FTSE 100 and FTSE companies, 67 are using what I categorised capturing attention and setting the 250 and ask one question of each – does it as a branded theme. Things like EasyJet’s tone of the report. have a message on the cover? If yes, is it a ‘The warmest welcome in the sky’ or branded message or a performance Inmarsat’s ‘Enabling Connectivity’. These message? statements talk to the value of the company’s To clarify my categories: a ‘branded long-term brand strategy rather than last message’ is a phrase used in their brand, an year’s historic performance. I think that 67% company’s long-term strategy rather than a extension of a campaign message, a is significant. It says to me that companies snapshot of 2018. Having worked with description of the business, or a company want their stakeholders to think of them not clients to develop cover themes I also tagline. In contrast, a ‘performance message’ only in the context of their numbers but as a suspect that accurately reducing the is one that directly speaks to the contents of brand, with a vision. complexities of an entire year into a pithy the report, acting as a summary of the year. Only five companies opted to use their phrase is no longer worth the effort. It may As I had gone to the effort to download cover to describe the performance of the also be the evolution in best practice 350 annual reports, I thought I’d also look year which is an extremely small number reporting to recognise the needs of broader for a few more indicators. Do they continue given the report is essentially all about stakeholders – specifically non-financial the cover message inside the report and use performance, but understandable if the audiences. it as a structure, essentially proving the cover document is seen as a record against the One indicator suggesting reports are already beginning to focus on compliance rather than a bespoke investment story is demonstrated by the fact that only 19 reports in the FTSE 100 set out a theme on the cover and used it to frame the story inside the Only five FTSE 100 report. Severn Trent’s ‘Wonderful on tap’ theme was one of the few reports where the ‘companies opted to title continued inside the book, establishing a framework to describe performance. Another was Ocado who used the cover line use their cover to ‘Changing the way the world shops’ to explain their ‘Now is our time’ performance describe the summary. Once considered best practice in performance of communicating a joined-up story, it now seems that narrative reporting, in an the year editorial storytelling sense, is an investment few companies want to make. Interestingly, Jarrad Comley is partner and ’ even if 81% didn’t tell a themed story, executive creative director at imagery was still seen as an important MerchantCantos. feature to illustrate the business and add [email protected] some additional visual stimulation. 90% of
IR SOCIETY 15 IR NOTEBOOK 2020 INFORMED
the FTSE 100 still use imagery, which means their covers (versus 5% in the FTSE 100). text-only reports remained very much in the This may be another sign that the FTSE 250 minority in 2018. prefer to use the report for its original The decreased uses of Finally, just 15 reports made any mention purpose – talking about the year’s of their purpose in the opening pages. A achievements. Another interpretation would ‘themes, imagery and handful spoke about it later in their reports, be that there’s simply a lag in approach but I wanted to see who was using it as a between the two indexes. However, digging leading message. It will be interesting to see a little bit deeper we see that only 4% of purpose challenges how this number changes next year given the FTSE 250 reports set out a theme on the rise of ‘purpose’ on the corporate agenda. cover and follow it through into the report as the assumption that a structural messaging device. That’s an FTSE 250 companies incredibly low figure and may also be a the FTSE 250 use So, how different is the picture amongst reflection of lower budgets and less internal FTSE 250 reports? There’s an old assumption resource. Something all agencies know all their report for that their reports tend to be more too much about. communicative, with businesses using the Looking at uses of imagery and purpose broader marketing document as a broader marketing tool as we see that 69% of the FTSE 250 feature much as a record of the year. But is that imagery (lower than the FTSE 100 at 90%) ’ really the case? and mentions of purpose also came in lower This year, we saw 43% (108 reports) of at 10% with only 26 reports mentioning it in FTSE 250 companies declining to put any the front of their reports. So, if we think messaging on the cover (compared to 28% about the decreased uses of themes, imagery FTSE 350 front covers reference of the FTSE 100). That’s a pretty big and purpose, it again challenges that performance. On the other hand, if you proportion, although it’s slightly skewed by assumption that the FTSE 250 use their want the cover to explain what a company the number of funds that sit in the FTSE 250 report for broader marketing uses. The actually does then most do that job who generally use a templated design exceptions being Derwent London, who reasonably well simply through the use of approach – in 2018 they accounted for clearly see their report as a key document to imagery. around 28 reports (11%). explain the unique value of their business, Some may say that trying to judge any Some 40% of FTSE 250 reports feature a and Pets at Home who brilliantly leverage book by one single page is a ridiculous branded message on their cover. That’s a the personality of their brand. Of my list of exercise in the first place, but those who do significantly lower proportion compared to leading FTSE 250 reports, many are commit to an idea on the cover set an the FTSE 100 (where 67% feature a branded businesses who physically make things, not expectation about its contents. Specifically, cover message). While 40% is still a decent just profits, so may still use this budget to that a company knows itself and proportion, it’s perhaps an indication that update the image library. understands the journey they’re on. More companies in this index aren’t actually using practically, it’s prime real estate for capturing the report for general marketing purposes as FTSE 350 as a whole attention and setting the tone of the report… assumed. Or maybe it’s simply down to the Let’s make some overall observations so companies shouldn’t waste this space. fact that FTSE 250 brands aren’t quite as well looking at the FTSE 350 as a whole. It’s pretty safe to say that the reporting established. To look at the FTSE 350 as a group and landscape is continually evolving but it feels Some 17% of FTSE 250 companies opted summarise I see a couple of key factors: like most reports sit in one of three distinct to use a performance related message on firstly, very few companies commit to a camps. performance statement on the cover which is Firstly, there is a very small, elite group at interesting given these are documents that the top who are still committed to telling a are all about performance and almost half of coherent and connected story through the FTSE 350 are using a brand-style concept, content and design. I counted 10 message instead. This may be more a sign of reports in the FTSE 100 that I thought were apathy, than seeing the report as a key piece truly excellent examples of this, the FTSE Reports may possibly of brand communications. The other notable 250 had 26. Strangely this is identical at ‘ factor is that 40% have no message on the 10%. In the middle is a group who have become more cover. This is a pretty big number and pared back their books and focused less on potentially a sign of things to come as storytelling and more on charts and graphs. compliant, more text- reports possibly become more compliant, These books are generally well designed, but more text-heavy and probably more you have to spend more time with them to heavy and probably templated. really understand the context behind the graphics. more templated Conclusion And finally, there is a surprisingly large Can you judge a report by its cover? If you’re group who… well… clearly have other ’ looking for guidance on performance, or a priorities. message to hold in the mind, then the I look forward to seeing how the answer is a resounding no – just 14% of landscape will evolve next year. ■
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How to stand out from the crowd in 2020
In an evolving landscape for listed companies worldwide, Sandra Novakov discusses the issues that IROs should be prioritising in the coming year.
Effective communication of long-term Focus on ESG disclosure strategy Amid growing calls for action from STANDING OUT Ensuring that investors understand the multiple stakeholders, including the • Increased focus on long-term strategy company’s long-term strategy is a public, media and governments, across a and ESG disclosure a key 2020 priority fundamental task for any IR team. wide range of ESG concerns, investor for IROs. However, for many, this is proving focus on non-financial performance • More proactive approach by those surprisingly difficult in the current continues to grow. Among our research who typically relied on the sell side to environment. A disconnect between sample, a significant 47% of companies communicate their message needed. internal and external expectations has led state that improving ESG disclosure is a • Greater board engagement key to investors to increasingly challenge key priority for the coming year. building strong, constructive management regarding their plans. In recent years, great strides have been relationships with shareholders. The findings of our 11th annual IR made in this respect across the globe, but survey, which are based on feedback from as scrutiny intensifies and expectations 479 IROs worldwide, show that 72% of IR rise, those who continue to report only teams have set educating investors what is required by regulation in their proactive and commercially driven regarding long-term strategy as by far the jurisdiction risk falling behind. approach to IR. This is clearly evident in most important objective for the coming their attitude to investor targeting and year. Engage proactively direct engagement. North American IR Looking ahead, we expect to see a With the buy side consuming less sell- teams are most likely to research investor greater focus on identifying investor side research, conducting more research targets internally and engage third-party perceptions (or misconceptions!), internally and engaging with companies consultants to support this process. significant upgrades to IR websites and directly, IR teams that typically relied on Having invested this time in carefully information materials optimising the the sell side to communicate their selecting investor targets, North American delivery of key messages, as well as more message and arrange investor roadshows companies prefer to engage through one- frequent capital markets days. on their behalf are now coming under on-one meetings rather than attend pressure to adopt a far more proactive broker-hosted conferences. The majority approach. will also contact investors before and after In this respect, we recommend a meeting to get their views on the following the lead of North American company. companies. Our research has shown that By taking this approach, engagement is companies in this region take the most more effective, valuable and the company retains greater control over the process.
Strengthen shareholder relationships at North American all levels Given the rise in shareholder activism and ‘ companies take passive investment, it is critical to build strong, constructive relationships with top shareholders, not just at executive the most management level, but at board level too. Our research shows that, in the absence proactive and of any investor pressure regarding specific governance issues, a large proportion of commercially chairpersons and other non-executive board directors (‘NEDs’) rarely see driven approach investors outside the AGM. Improved Sandra Novakov is head of IR at interaction would allow investors to more Citigate Dewe Rogerson. to IR easily express any frustrations they may [email protected] ’ have and allow board directors to keep 18 IR SOCIETY WINTER 2019/20 IR NOTEBOOK 2020
better abreast of sentiment and gauge guidance now plays a greater role in likely support in the event of an activist setting market expectations. investor approach. Given the changes Given the changes in market dynamics, As scrutiny of board actions and it is increasingly important to receive ‘ regular feedback from the buy side and to effectiveness continues to rise, we expect in market more companies to proactively offer publish your own consensus figures on meetings with board directors outside the dynamics, it is the website and/or make necessary C-Suite. Ahead of any action, we changes to the guidance policy to ensure recommend taking the time to thoroughly increasingly effective expectation management going prepare any NEDs who have not met forward. In this dynamic environment – investors in the past, through appropriate characterised not only by regulatory training. important to change, but also by political and economic factors – we urge IROs to step A fresh approach to expectation receive regular back, take stock, and ensure their management practices and level of resource remain fit We have seen a rise in the number of feedback from the for purpose. Acting swiftly to evaluate companies that have difficulty assessing your approach to IR, make the necessary market expectations due to a decline in buy side adjustments and secure the appropriate analyst research and availability of up-to- support to ensure improved effectiveness date consensus figures, and who feel their ’ in 2020. ■
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IR SOCIETY 19 IR NOTEBOOK 2020 INFORMED
How Severstal is putting its corporate purpose into practice
One of the largest Russian companies listed in London, steel-maker Severstal is meeting its ESG challenges head on, as Andrew Hayes finds in conversation with director Sakari Tamminen.
innish industrialist Sakari Tamminen was activities in the world. A real challenge for Frecently in London as the senior corporates is to prove to stakeholders that SEVERSTAL’S PURPOSE independent director at Severstal, one of they are reducing their environmental • Independent director Sakari Russia’s leading vertically integrated steel impact, most notably CO2 emissions and Tamminen gives his thoughts on the companies listed on the London Stock waste water discharge. “Steel is a crucial Russian company’s governance. Exchange. He was here to lead the component of a modern economy and is • The company aims to put company’s annual capital markets day to give infinitely recyclable” said Tamminen “but we ‘reinventing the future of steel’ at a deep dive into the business to investors, recognise our duty to ensure we operate as the heart of its purpose. alongside the executive management team. responsibly as possible.” • With a commitment to ESG matters, He was in buoyant mood, boosted by asset To that end, Severstal has set clear 2025 Severstal aims to change markets’ manager East Capital’s decision to award objectives around reducing work fatalities, views of Russian corporates. Severstal its prestigious ‘Best Corporate weight of discharge wastewater pollutants Governance Award’ where they highlighted and atmospheric pollutants. “Only with the company’s commitment to dividends, an clear targets can our commitments be improving environmental footprint and measured by investors and others” said enhanced reporting on emissions. “We are Tamminen, “and we will further develop naturally pleased to see our approach these to set additional measurable, robust Severstal's principal shareholder, billionaire recognised by a valued blue-chip targets that our stakeholders can monitor and entrepreneur Alexey Mordashov. “Engaging shareholder, but we are on a journey and will assess. We will be the leader in our industry.” with our workforce has always been a top continue to build on the progress we have priority for Alexey and we are pleased that made in recent years,” he said. Workforce engagement 81% of colleagues across the business Severstal’s mission has been ‘to be the Tamminen stressed that getting Severstal’s engage with the platforms we have put in leader in value creation’ but Tamminen and culture fully aligned to both its strategy and place such as employee surveys – this is an the board are also now putting ‘reinventing ESG commitments has been one of the improvement of 21 percentage points from the future of steel’ at the heart of the board’s top priorities. He refers to the old five years ago”, said Tamminen. “An early company’s purpose. maxim that culture ‘eats strategy for indicator of culture being not fit for purpose Steel production is one of the most energy- breakfast’ and is keen to emphasise that this is lack of engagement, absenteeism and consuming and CO2-emitting industrial area has been a long-term commitment of health and safety moving in the wrong direction. We are moving firmly in the right direction with the board focused on ensuring that the executive management team is also delivering on our vision to be a leader in innovative and safe collaboration in steel production.” Only with clear He said that the company also has a strong sense of social purpose in the communities ‘ targets can our where it has a significant influence. “Our business has a huge impact on the communities in which we operate. We are commitments be investing in education, training as well as sport and a better environment.” With real measured by passion he talks about the environment in Cherepovets, the town that has grown up investors and others around Severstal’s massive steel plant, which has been transformed over the last 20 years ’ to improve the environment for young Andrew Hayes is managing partner at people, SMEs and even to develop an Hudson Sandler. industrial tourism industry. Severstal employs [email protected] over 29,000 people in the town.
20 IR SOCIETY WINTER 2019/20 IR NOTEBOOK 2020
Governance is also a key focus. “This is an He referenced the commitment of the area that has always been an important to our executive management team to the capital principal shareholder and the board. Since Our business has a markets day in London every year as a our GDRs were listed in London in 2006, we ‘ demonstration of this. have had an absolute commitment to huge impact on the international best practice and transparency.” Investor commitment communities in Tamminen welcomed the commitment of investors to engaging with the company on which we operate. ESG. This was illustrated by the company’s response to an unusual request from the Church of England’s pension board on behalf We are investing in of almost 100 European investors asking what risks Severstal’s operations pose to the education, training environment. The request followed the collapse of Vale’s mining dam in Brazil which as well as sport and released a torrent of waste into nearby communities. a better Not only did Severstal's investor relations department provide a detailed response, but environment they made it available to all stakeholders. And as Tamminen said, “we were proud to ’ do so.” As Russian corporates struggle with the Sakari Tamminen is the senior famous Russian ‘discount’ in capital markets, independent director at Severstal believes that it is leading the way to Severstal. reduce this with its approach to ESG. ■
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WINTER 2019/20 IR NOTEBOOK 2020
AGM TRENDS Pay and performance top • Corporate governance continues to be high on the business agenda. • There have been growing concerns AGM themes in 2019 over executive remuneration. • More shareholders have voted against the re-election of individual Equiniti has published its annual review of trends and developments directors. during the 2019 AGM season,* as Lisa Graham explains. • Climate policy is likely to be a prominent discussion point in 2020.
orporate governance has continued to Executive remuneration Cbe high on the business agenda during Shareholders are becoming increasingly approve the re-election of a director, closely the past year. Companies have been forthright in their demands around followed by remuneration policy/report. reviewing and implementing the provisions remuneration packages and this year the of the new UK Corporate Governance Code proportion of companies with under 80% Auditor appointment and new remuneration reporting approval for the remuneration report rose Votes in favour of the auditor’s re- requirements. to 10.2%, up from 7.6% in 2018 and appointment and approval of remuneration The importance of engaging meaningfully 7.4% in 2017. remain very high, especially for the FTSE with employees, shareholders and the wider It is a requirement for the executive 100 (98.7%) and FTSE 250 (98.8%). community has been recognised and climate remuneration policy to be put to a binding Whilst support for resolutions related to change has emerged as perhaps the key shareholders’ vote at least once every three the auditor’s re-appointment and their challenge for business and government in years. A large number of companies sought remuneration remains steady, this could the foreseeable future. shareholder approval for their remuneration change over the coming years. A number of The main themes that have been policies in 2014 and 2017, so we expect to reviews into the audit sector have been highlighted by investors at AGMs in the last see a spike in remuneration policy carried out in 2018 and 2019 arising from year, either through voting activity or resolutions in 2020. concerns over lack of competition, auditor shareholder activism, are a continuation of It will be interesting to analyse how independence and audit quality. concerns that have been coming to the fore investors respond to these resolutions, It is likely that these reviews will mean over the last few years. These are: particularly among companies that have not major changes to the way auditors are delivered strong financial or operational appointed and regulated, including possible • executive remuneration; results. mandatory joint audits for the largest • board performance; companies, fixed-term audit contracts and • director re-election; and Board performance greater oversight of how the auditor is • auditor appointment. Concerns over company performance or appointed. governance can also attract negative votes for the chair. The number of companies Looking forward to 2020 receiving over 95% of votes in favour of The matters identified during the year as the company chair has decreased from important to shareholders are those that we 70% to 69% whilst those receiving less believe will continue to be of concern into than 80% of votes in favour has increased 2020. These are: from 10% to 11%. • targeting individual directors over Director re-election independence, time commitment or board Back in 2010, the UK Corporate composition concerns; Governance Code incorporated for the first • executive remuneration re-balancing, time the requirement for directors of FTSE particularly in relation to pensions; 350 companies to stand for re-election at • environmental and social concerns every annual general meeting. including the impact of business activities This change has resulted in an increase in on climate change; and shareholders using their votes to protest • focus on the length of tenure and against individual directors. Possible reasons independence of the auditor. ■ for this are pressures from investors against directors who have served on a board for a * This year, the review also includes articles long period of time and also companies from Boudicca on the growth of shareholder wishing to address board composition and activism, Korn Ferry on investors’ diversity issues. remuneration concerns, an update from the Lisa Graham is head of 163 companies (over 31% of companies Investment Association on the public meetings at Equiniti. surveyed) saw the lowest vote in favour for register and Emperor on how to make the [email protected] any of their resolutions being a resolution to most of your annual report.
IR SOCIETY 23 IR NOTEBOOK 2020 INFORMED
Are companies reporting the climate change information that investors need?
Listed companies in the UK and overseas have taken on board the activists’ messages about the need for meaningful climate reporting, but there is still further to go, argues Stuart Lemmon.
t is now understood that climate change EcoAct’s ninth annual research into the Iposes a significant risk to business and sustainability reporting performance of the CLIMATE REPORTING the global financial system, alongside the FTSE 100. The report tracks business negative impact on ecosystems and sustainability, mapping the progress of • A rising number of investors are now society. As such, investors are increasingly environmental best practice and reporting considering climate risk as a factor in asking companies to manage their risk across the most engaged and most portfolio investment. exposure and mitigate their contribution to important decade in climate action. • Climate scenario analysis (CSA) is climate change. But are companies important to help understand the reporting enough, relevant information? Taskforce on climate-related financial resilience of a company to the There is progress to be made when it disclosures (TCFD) uncertainties of climate. comes to understanding how climate The Taskforce on Climate-related Financial • More companies are looking at change will affect investment ventures and Disclosures (TCFD) has moved the needle climate risks and opportunities. assets. With the Intergovernmental Panel on climate risk reporting since its on Climate Change (IPCC) concluding in recommendations were released in 2017. 2018 that we must reach net zero carbon The recommendations are formed on the emissions globally by 2050 to avoid the basis that climate change is one of the To provide worst impacts of climate change and with most pressing global economic issues. The 2019 already evidencing extreme flooding, objective is to guide businesses in ‘ investors with the heatwaves, wildfires, intense storms, and disclosing the correct information to help shrinking ice, the impacts of climate investors to understand the financial risks change on our businesses and our and implications of climate change and to information they investments simply cannot be overlooked. assist their decision-making. This article looks at climate-related This year, 37% of FTSE 100 companies need, more financial disclosures, climate risk are aligning with the recommendations of assessment and progress to ‘net zero’ of the TCFD, more than doubling from 2018 companies need to the UK’s biggest companies based on and similar increases can be observed across the other international indices (CAC urgently answer 40, IBEX 35, Dow Jones 30) in our study. This can be attributed to both the rising the call for better number of investors now considering climate risk as a factor in portfolio investment and support for the TCFD climate-related growing to 825 organisations as of July 2019, including the world’s largest banks, financial asset managers and pension funds, responsible for $118trn of assets. disclosures This support is only likely to increase with major sustainability reporting ’ frameworks such as CDP, GRI and the UN Principles for Responsible Investment (PRI) the sustainability reporting curve as 100% aligning to the TCFD recommendations. are reporting in line with the TCFD The PRI announced in 2019 that the TCFD disclosures and 50% are actively divesting section of its reporting framework will from fossil fuels, including Lloyds, RBS, become mandatory in 2020 and the UK HSBC, BNP Paribas, Société General and government is exploring the Credit Agricole. appropriateness of mandatory reporting of Our findings are in agreement with climate risk. those of the TCFD’s own status report Stuart Lemmon is managing director at The uptake is cross-sector as a released in June. There is good progress, EcoAct, Northern Europe. consequence of this. However, the but this is best demonstrated among the ukoffi[email protected] banking sector now finds itself ahead of financial sectors or those already engaging
24 IR SOCIETY WINTER 2019/20 IR NOTEBOOK 2020
in climate-related initiatives. To provide on 2018 reporting and, therefore, pre-dates investors with the information they need, In the UK, 8% of the national legislation, this is an more companies need to urgently answer encouraging sign that some businesses are the call for better climate-related financial ‘ already ahead in preparing themselves. disclosures. the FTSE 100 are However, it still falls far short of where business needs to be in order to adequately Climate risk assessment carbon-neutral in at reduce emissions and avoid the worst One of the key recommendations of the impacts of climate change to our planet TCFD is that companies assess climate least part of the and our financial system. An increasing risks based on different future climate number will need to be demonstrating their scenarios. Climate scenario analysis (CSA) business, 15% have preparedness for net zero to stakeholders in is important to help understand the their 2019 reports. resilience of a company to the committed to The TCFD has been pivotal in uncertainties of our future climate. It is challenging the status quo of sustainability important that companies consider both carbon neutrality reporting by businesses over the last two the ‘physical’ risks to their business of years and guiding the industry towards climate change, like extreme weather more decision-useful climate-related events, but also consider the ‘transitional’ by 2050 financial disclosures. Year-on-year, more risks associated with adapting operations ’ companies are looking at climate risks and and future legislative changes. opportunities and providing more of the Overall, 39% of companies in the FTSE potential value of sustainable business information that investors need. The rapid 100 mention, plan to use or already use opportunities being almost seven times the up-take of these recommendations CSA up from 18% in 2018, with 100% of cost of realising them. 75% of companies demonstrate the influence of investor/ electricity, gas and oil companies and 80% in the FTSE 100 have identified climate- financially-led initiatives. Ultimately, of energy, water and multiutilities related opportunities for their business. investors play a vital role in driving forward companies planning to use or are already ongoing improvements to climate-related using CSA. This is an encouraging sign of Progress to net zero disclosures. improvements to risk assessment, This year has seen a surge in government, Having said this, we are now in particularly within sectors with high media and public engagement with unprecedented times with a changing exposure to climate risk such as the sustainability issues, with terms like ‘net climate already jeopardising commercial impacts to infrastructure from weather zero’ becoming mainstream. In June, the operations, and a target of net zero by events and strengthening policy regime UK government committed to a target of 2050 that calls for rapid transformation of around fossil fuels. net zero greenhouse gas (GHG) emissions our economies. Companies performing However, it isn’t only a matter of climate by 2050, and with this will come an highly in terms of their disclosures and risk. Companies should also be assessing increased expectation from businesses to their response to climate change are within the commercial opportunities of climate respond and we would anticipate (at least a minority of business leaders. action, including decreasing costs from if we are to achieve this target) sweeping Improvements to disclosures need to energy efficiency projects, or increasing legislative changes that will have proceed faster still and across the board to margins from the development of implications for all sectors of the economy. ensure that we can safeguard both our innovative low-carbon goods and services. In the UK, 8% of the FTSE 100 are planet and our financial interests. CDP reports US$2.1trn in climate business carbon-neutral in at least part of the opportunities, nearly all of which are business, 15% have committed to carbon For more information, visit highly likely or virtually certain and the neutrality by 2050. Given that this is based www.eco-act.com ■
SECTION 1 The role of the IRO BEST PRACTICE GUIDELINES BEST PRACTICE GUIDELINES 1.7 Analyst/capital markets days
The Society believes that analyst days /capital markets days are a The IR Society’s position good opportunity to present the company's operations, its strategy and long-term outlook in depth. The IR Society website brings together the Society’s views on the topics of
• Analyst days are often conducted annually, outside of the main Best practice in brief financial reporting season. If there is nothing really new to say, relevance to our profession. It shows our position (where we have one), outlines a biannual event is fine.
• Sell-side analysts, buy-side analysts and fund managers are typically invited. The audience may also include bankers, but it is not recommended to invite journalists. current best practice and suggests sources for further information and guidance. • It is recommended to offer a webcast alternative in order to be able to reach those analysts and investors who cannot attend in person.
• The CEO and CFO should present on the operational and financial strategy. Even if the strategy has not changed significantly since the last such event, there should be a reminder session. There are 11 guides, including the following topics: The role of the IRO, IR and the • An analyst day is not a results meeting and the content should therefore be more long-term orientated and/or aspect of the business should be presented in greater depth than one would typically do in a results meeting. board, governance and proxies, policy and regulation, corporate reporting, • It is common to have in-depth presentations from divisional heads, which may be coupled with a site visit. This represents an opportunity to showcase the company's management breadth. it is very important that they understand the limits of what they can say within the bounds of price sensitive information. sustainability and corporate responsibility, communication and more.
IR Society course: Best Practice in IR Further details
12 Visit irsociety.org.uk/resources/best-practice to view and download all of the guides
IR SOCIETY 25 IR NOTEBOOK 2020 INFORMED
Putting flesh on the bones of your corporate culture
One of the main challenges for IROs is to monitor their corporate culture and advise if issues are starting to emerge that would affect the business’s reputation. Nick Bastin sets out the problems and some solutions.
‘Corporate culture does not emerge missteps prompted a slew of negative overnight. The chronic lack of accountability media coverage questioning the nature of FLESH ON THE BONES and professionalism now evident in corporate personality. • The revised UK Corporate Carillion’s governance were failures years in Finally, the ESG movement has brought Governance Code 2018 has led to the making. The board was either negligently an overlay of purpose, vision and values to more subjective characteristics ignorant of the rotten culture at Carillion or the corporate culture debate and all public complicit in it.’ around corporate purpose. businesses (as well as private organisations) Work & Pensions Select Committee enquiry • IROs need to be aware of the are under relentless pressure to justify, into the collapse of Carillion plethora of metrics and take a view explain, defend and support their position. as to how to respond effectively So how does this affect IROs? What • Corporate culture must be robust, igh-profile cases of company crisis in should they be doing to help support the transparent and withstand scrutiny. Hrecent years have tended to reveal board and the executive? deep-seated problems with corporate culture. The Parliamentary Select A growing need Committee that reviewed the failure of The revised UK Corporate Governance with investors, to ensure openness and Carillion in 2018, identified its ‘rotten Code 2018 has given rise to a greater range accountability. culture’ as one of the reasons behind its of more qualitative and subjective Sir Win Bischoff, in his foreword to the demise. characteristics around corporate purpose, Financial Reporting Council’s 2016 paper Other high-profile ‘scandals’ have also values and culture on which companies on corporate culture and the role of board, set the tone: at Volkswagen the diesel-gate and boards are responsible for reporting. states: ‘The strategy to achieve a company’s failure of corporate culture led to costs and The boards needs to show it is not only purpose should reflect the values and fines in excess of $30bn. More recently, the alive to these issues, but also actively culture of the company and should not be collapse of the IPO ambitions at WeWork, managing them by aligning company developed in isolation. boards should where a personality-driven culture at the purpose and culture, and ensuring that it is oversee both.’ top, compounded by over-expansion, dovetailed with corporate strategy. This all excessive pay and other governance then needs to be communicated effectively Be a racehorse, not a camel There is no handbook or reference bible for the definition of corporate purpose. Every company’s response should be authentic. In Montfort’s experience a good place to start is the IR and comms/ consultancy functions There is no (holding the sustainability team, if a company has one, in reserve at this stage). ‘ handbook or The process can be painful. A first draft approach from IR and comms should be able to kick off a lively debate at board reference bible for level. We then aim to bring a peer group analysis and lessons to be learned the definition of therefrom. This approach helps avoid a committee approach designing the corporate purpose. proverbial camel instead of a racehorse (apologies to Sir Alec Issigonis). Every company’s A template then needs to be reviewed by the executive directors for authenticity, response should be clarity and sense of direction, and to run a draft through the sustainability lens. At this Nick Bastin is senior consultant authentic stage specific outside expertise will cover at Montfort. important specialist areas such as slavery, [email protected] ’ climate change, diversity and – crucially –
26 IR SOCIETY WINTER 2019/20 IR NOTEBOOK 2020
metrics, to measure progress and point to debate and the process. They need external future intentions and direction. For decades, verification for any website or annual report statements that are made. The IR From face-to-face through to AI ‘ team should be able to ensure that For decades, investors have consistently investors have independent, corroborative advice helps stated that meeting management is the the non-execs become confident in the single most important factor in their consistently stated company’s statements in this regard. decision-making process. Alongside the face-to-face test investors now use other that meeting Soft issues have hard edges third-party sources to cross reference what In the same way that governance they hear direct from companies. Glassdoor management is the roadshows and capital market days are gives investors the opportunity to look becoming more common, it is possible behind the shiny façade and see what single most that culture, purpose and values days many insiders really think is going on. not be far behind. With ESG and its A host of other players from the proxy important factor in exigencies moving to the very heart of agencies through FTSE 4 Good and MSCI to corporate sustainability and investibility, the Tortoise Responsibility 100 Index are companies must ensure that their corporate vying to develop useful, usable their decision- culture is robust, transparent and able to measurement systems to drive the ESG and withstand increasing scrutiny. After all, the purpose-driven investment model. None of making process recent past has shown us that they have these relies on face-to-face interaction with very real, hard-edged financial impacts on the company. IROs need to be aware of the ’ a company’s licence to operate, and even plethora of metrics and take a view as to its very existence. how to respond effectively and time- Above all, neither a ‘herd’ nor a simple efficiently. compliance approach should prevail. Non-executive directors will increasingly Companies need to take a bespoke route to be drawn into the culture and sustainability ensure authenticity. ■
IRO engagement with the board
An IR Society professional development course
For senior IROs, a key aspect of their role is building influence and impact to secure a voice in the board room 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.
For dates and further information, contact Jessica Hyett at [email protected] or call +44 (0) 20 7379 1763. Check www.irsociety.org.uk for more courses.
IR SOCIETY 27 SRA CRM TARGETING PERCEPTION [email protected] +44 20 7492 0500
WINTER 2019/20 AWARDS DINNER
Awards host, IR Society deputy chair, Alun Cochrane Douglas Radcliffe A sparkling evening at the 19th IR Society Best Practice Awards
ver 450 IR professionals gathered at the The breadth of quality of investor relations THE 2019 JUDGING PANEL OTower of London’s Pavilion in late across the market was demonstrated as 15 November to recognise the companies different companies collected the 17 Self- Many thanks to the panel who judged leading the way in engaging with the capital entry awards. There were two double award the self-entry section of the awards: markets, demonstrating trust, and winners on the night with U+I winning ‘Most strengthening corporate reputation through Effective Use of Digital Communications’ • David Lloyd-Seed, outgoing IR investor relations. and ‘Best Annual Report’ in the Small Cap Society chair, and Powerscourt The host for the 19th IR Society Best category, and Polymetal winning ‘Best • Hamish Clark, Fidelity Practice Awards was the comedian Alun Communication of ESG’ and ‘Best Annual • John Dawson, Statera Partners Cochrane, who has appeared on numerous Report’ in the International category. This • Hilary Eastman, PwC TV shows including Michael McIntyre’s year a new award was introduced, ‘Best IR • Robert Farrington, Citi Comedy Roadshow, Russell Howard’s Good Communications in a Corporate • Phil Fitz-Gerald, FRC News, Mock The Week, Have I Got News Transaction’, for which Phoenix Group and • Richard Good, Linklaters For You and 8 Out Of 10 Cats. After the Serco were the winners in the FTSE 100 and • Will Goodhart, CFA Society introductory drinks reception, the dinner FTSE 250 categories respectively. • Jessica Ground, Schroders began with an address by the Society’s new In the Voted awards, BAE Systems • Jennie Guay, Independent deputy chair Douglas Radcliffe, welcoming celebrated winning ‘Best Overall Company consultant Society members and their guests. IR’. The award-winning team was credited • Jeremy Richardson, RBC A delicious meal followed, after which for an excellent IR programme, always being • Caroline Stockman, ACT Cochrane entertained the audience with a available and providing valuable insights. • Peter Swabey, The Chartered stand-up routine, before he began the Congratulations also go to Edward Thacker at Governance Institute awards presentation to the winners. Landsec for winning ‘Best IRO’, and Clio • Thomas Toomse-Smith, FRC There were two categories of awards Adam at Unilever for winning ‘Best presented – the Self-entry awards, with the Newcomer to IR’. winners determined by a panel of Many thanks to the award sponsors and experienced professionals, and the Voted congratulations to all of the winners, who awards, determined by votes cast by the buy demonstrated best-in-class investor relations and sell sides. in their respective categories. ■
The following pages contain full coverage of the awards dinner, including winners, sponsors, judges’ remarks and photos of the event.
IR SOCIETY 29 AWARDS DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
Most effective overall communication of company investment 1 Winner: BASF proposition: International The judges commented The judging panel was looking for evidence of clear and concise communication on a great capital of an investment proposition. They considered the channels used and consistency markets factbook, with of messaging, as well as transparency around material issues. clearly laid out information, and an excellent investment case up front. With a good variety of materials, BASF is also praised for its plentiful information and providing a clear message for investors.
Award sponsor:
(From left to right) Charles Hamlyn from Quantifire, Alex Koehler from BASF and Alun Cochrane.
Most effective overall communication of company investment 2 Winner: ESB proposition: Small Cap & AIM The judges commended The judging panel was looking for evidence of clear and concise communication ESB for an excellent of an investment proposition. They considered the channels used and consistency factsheet and a clear of messaging, as well as transparency around material issues. investment proposition. Judges noted the clear focus of investor communications around risk profile, debt and cash position.
Award sponsor:
(From left to right) Tim Corcoran from Master Investor, Eilish Dolan from ESB and Alun Cochrane.
30 IR SOCIETY WINTER 2019/20 AWARDS DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
Most effective overall communication of company investment 3 Winner: Avast proposition: FTSE 250 Avast showed a strong The judging panel was looking for evidence of clear and concise communication and compelling and of an investment proposition. They considered the channels used and consistency comprehensive set of of messaging, as well as transparency around material issues. investor communications. Avast also demonstrated the key tenets to the company investment case through an excellent company factsheet. Judges noted the financial characteristics of the business were clear, which supported the recent IPO communications.
Highly Commended: Babcock In a very strong category, judges would like to highly commend Babcock International for a clear and simple strategy and investment proposition that demonstrates the strengths of the business.
Award sponsor:
(From left to right) Marina Calero from Powerscourt, Peter Russell from Avast and Alun Cochrane.
Most effective overall communication of company investment 4 Winner: Severn Trent proposition: FTSE 100 This was a stand-out entry The judging panel was looking for evidence of clear and concise communication which did a great job of of an investment proposition. They considered the channels used and consistency laying out the regulatory of messaging, as well as transparency around material issues. changes through an excellent set of investor materials, along with well-integrated sustainability communications. The judges commented, ‘It looks like a company that knows what it is doing and how it is generating value’.
Award sponsor:
(From left to right) Matt Smith from J.P. Morgan Cazenove, Richard Eadie from Severn Trent and Alun Cochrane
IR SOCIETY 31 AWARDS DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
5 Most effective integration of ESG: International Winner: Polymetal
Polymetal was a The judges were looking for evidence of year-round communication approach to most deserving investors that provides insight into how sustainability and environmental, social winner who and governance (ESG) risks and opportunities are identified, understood and demonstrated a very proactively managed and measured to contribute to competitive advantage. thorough and well-integrated and measured approach to their ESG communications. The judges particularly liked the reference to ratings agencies.
Highly Commended: BASF The judges highly commended BASF for a well- integrated report that shows tone from the top and explains value creation in a clear way.
Award sponsor:
(From left to right) James Devon from London Stock Exchange Group Issuer Services, Tatiana Ridley from Instinctif (on behalf of Polymetal) and Alun Cochrane.
6 Most effective integration of ESG: FTSE 250 Winner: G4S
G4S was commended for The judges were looking for evidence of year-round communication approach to sustainability investors that provides insight into how sustainability and environmental, social communications that are and governance (ESG) risks and opportunities are identified, understood and very well embedded into the proactively managed and measured to contribute to competitive advantage. company strategy. The judges commented on the good description of the realities G4S faces along with the clearly identified risks.
Award sponsor:
(From left to right) James Devon from London Stock Exchange Group Issuer Services, Helen Parris and Nigel Lockwood from G4S and Alun Cochrane.
32 IR SOCIETY WINTER 2019/20 AWARDS DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
7 Most effective integration of ESG: FTSE 100 Winner: Mondi Group
Mondi Group demonstrated The judges were looking for evidence of year-round communication approach to that sustainability was investors that provides insight into how sustainability and environmental, social clearly a board priority and and governance (ESG) risks and opportunities are identified, understood and at the heart of company proactively managed and measured to contribute to competitive advantage. strategy. The judges acknowledged a well-integrated report with good use of case studies and useful materiality section.
Highly Commended: Rio Tinto The judges highly commended Rio Tinto for a clear ESG strategy and very honest disclosure overall.
Award sponsor:
(From left to right) Alun Cochrane, the team from Mondi Group and James Devon from London Stock Exchange Group Issuer Services.
The Investor Relations Society’s ANNUAL CONFERENCE 23rd June 2020
Save the date and visit www.irsocietyconference.org.uk
IR SOCIETY 33 AWARDS DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
8 Best IR communications in a corporate transaction: FTSE 250 Winner: Serco
The judges congratulated For this brand new award judges were looking for evidence of effective and Serco on their IR successful investor relations activity relating to a corporate transaction. Judges communications and the were looking for a structured consistent communications plan, pre/during/post the narrative of the broader transaction as well as the significance of the IR team’s role in the overall success. investment story leading up to the acquisition and equity placing in 2019. Share price reaction as well as sell-side commentary around the strategic fit of the acquisition, highlighted the clarity with which Serco had communicated the deal to the market. A great job from the IR Team at Serco.
Award sponsor:
(From left to right) Alun Cochrane, Stuart Ford from Serco and Sebastian Dutrieu from IR Magazine.
9 Best IR communications in a corporate transaction: FTSE 100 Winner: Phoenix Group
Phoenix Group was For this brand new award judges were looking for evidence of effective and praised for the best successful investor relations activity relating to a corporate transaction. Judges practice layout of were looking for a structured consistent communications plan, pre/during/post the the transaction documents as well as the ease in transaction as well as the significance of the IR team’s role in the overall success. clicking through the website to access the relevant deal information. The judges also noted how it was easy to understand the company strategy and investment case and the challenge involved in doing the deal.
Award sponsor:
(From left to right) Paul Campbell from IR Magazine, Claire Hawkins and Juliane Hohnstedt from Phoenix Group and Alun Cochrane.
34 IR SOCIETY
AWARDS DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
10 Best use of digital communications: International Winner: Valmet
Valmet developed a great In this broader category, the judges are looking for entries that embrace the full website, rich with potential of digital media, demonstrating specifically how engagement with information. The investors, shareholders and other key stakeholders through digital, delivers the company is commended investment story in a clear and effective way. for a clear and transparent site, with ‘Value Creation’ front and centre of digital communications. The judges particularly liked the excellent use of video, remarking that IR really owns and works this website.’
Award sponsor:
(From left to right) Tish Crawford-Jones from Q4, Rebecca White from the IR Society (on behalf of Valmet), Michael Snell from Q4 and Alun Cochrane.
11 Best use of digital communications: Small Cap & AIM Winner: U + I
The judges applauded In this broader category, the judges are looking for entries that embrace the full an excellent and potential of digital media, demonstrating specifically how engagement with innovative website, investors, shareholders and other key stakeholders through digital, delivers the with a clear investment story in a clear and effective way. communication of the strategy and investment case. It is clear there is a great deal of effort behind the website, with a variety of engaging and interactive media.
Award sponsor:
(From left to right) Alun Cochrane, Will Davenport from Gather, Chris Barton bbrbrr media and Nicola Krafft from U+I and Julian Smith from BRR Media.
36 IR SOCIETY WINTER 2019/20 AWARDS DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
12 Best use of digital communications: FTSE 250 Winner: Go-Ahead Group
Go-Ahead Group In this broader category, the judges are looking for entries that embrace the full demonstrated potential of digital media, demonstrating specifically how engagement with best in class investors, shareholders and other key stakeholders through digital, delivers the digital communications through intuitive design investment story in a clear and effective way. and excellent use of space, colour and tools. The judges particularly liked the easy to locate investment case and the useful information up front.
Highly Commended: Hays The judges highly commended Hays for a very investor-focused website and good use of digital communications tools.
Award sponsor:
(From left to right) Julian Smith from BRR Media, Holly Gillis from Go-Ahead bbrbrr and Alun Cochrane. media
13 Best use of digital communications: FTSE 100 Winner: British Land
British Land is In this broader category, the judges are looking for entries that embrace the full applauded for the potential of digital media, demonstrating specifically how engagement with richness of information investors, shareholders and other key stakeholders through digital, delivers the in the investor section, investment story in a clear and effective way. and well thought-out, and comprehensive information about key markets. The judges particularly like the customer story highlighted in the investor day materials. Overall an excellent digital communications strategy.
Highly Commended: Whitbread In this exceptionally strong category, the judges highly commended Whitbread for an easy-to- access and navigable website with excellent infographics.
Award sponsor:
(From left to right) Yulia Casamassima from Zebra, Eloise Hecimovic from British Land and Alun Cochrane.
IR SOCIETY 37 AWARDS DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
14 Best annual report: International Winner: Polymetal
Polymetal was The judges were looking for evidence of an innovative and effective report that commended for a plays an integral part in the communication of the strategy and investment case. clear, open and An annual report should provide insight into the company’s main objectives and honest annual strategies, the principal risks it faces and how they might affect future prospects. report with a good description of the business model and strategy. The judges applauded the company for tackling the business issues head-on in its reporting. Well designed, well written and easy to follow.
Award sponsor:
(From left to right) Alun Cochrane, Tatiana Ridley from Instinctif (on behalf of Polymetal) and Sophie-Marie Steenkamp from Invicomm.
15 Best annual report: Small Cap & AIM Winner: U + I
U + I produced an The judges were looking for evidence of an innovative and effective report that innovative report, plays an integral part in the communication of the strategy and investment case. demonstrating a strong An annual report should provide insight into the company’s main objectives and sense of passion and strategies, the principal risks it faces and how they might affect future prospects. clearly showing a purpose-led organisation. The judges commented on how the company presented a simple business and communicated what makes it different very well.
Award sponsor:
(From left to right) Alun Cochrane, Nicola Krafft and Chris Barton from U+I Group, Richard Orr from Gather and Sophie-Marie Steenkamp from Invicomm.
38 IR SOCIETY WINTER 2019/20 AWARDS DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
16 Best annual report: FTSE 250 Winner: Derwent London
Derwent London The judges were looking for evidence of an innovative and effective report that produced a well- plays an integral part in the communication of the strategy and investment case. designed and An annual report should provide insight into the company’s main objectives and clear annual strategies, the principal risks it faces and how they might affect future prospects. report which also demonstrated a cohesive management team and joined-up strategy. The judges noted a strong focus on value creation for shareholders throughout the report.
Highly Commended: Britvic In a hotly contested category, the judges highly commended Britvic for a strong report with excellent tone of voice.
Award sponsor:
(From left to right) Jim Robinson from Jones and Palmer, Darren Waller, Deborah Ford and Bill Krarup from MerchantCantos (on behalf of Derwent London) and Alun Cochrane.
17 Best annual report: FTSE 100 Winner: Anglo American
Anglo American was The judges were looking for evidence of an innovative and effective report that the outstanding entry plays an integral part in the communication of the strategy and investment case. in this category. A fair An annual report should provide insight into the company’s main objectives and and balanced annual strategies, the principal risks it faces and how they might affect future prospects. report that is upfront about its values and demonstrates a strong sense of culture. Rich in content, the judges remarked that they had the ‘best KPIs across the FTSE 100.’
Award sponsor:
(From left to right) Alun Cochrane, Anna Lankester and Leisha Wemyss from Anglo American, and Rob Hemming from Equiniti.
IR SOCIETY 39 AWARDS DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS – VOTED AWARDS
16 Best investor engagement Winner: Norges Investment Management Voted award: This award is decided by company IROs for an investor/buy-side firm that the investment community believes represents the leader in investment Norges Investment engagement with companies. Management won this award for the first time. The Norges team were applauded for being a very professional and dedicated team.
Award sponsor:
(From left to right) Alun Cochrane, Emma Straw from Norges Bank Investment Management and Amani Korayeim from Extel.
17 Best newcomer to IR Winner: Clio Adam, Unilever
Clio was described as a Voted award: This award recognises the IRO who has made the greatest very approachable and impression as a newcomer to the IR industry during the past year. knowledgeable IRO who has settled into the role very easily.
Award sponsor:
(From left to right) Alun Cochrane, James Eves from Deutsche Bank (on behalf of Clio Adam) and Debbie Nathan from Carter Murray.
40 IR SOCIETY WINTER 2019/20 AWARDS DINNER
IR BEST PRACTICE AWARDS • THE WINNERS – VOTED AWARDS
18 Best investor relations officer Winner: Edward Thacker, Landsec Voted award: This award recognises the IRO who has offered the best all-round contribution to the IR profession during the past 12 months. Edward was described by the investment community as having a very proactive style, always well-informed and up-to-date.
Award sponsor:
(From left to right) Alun Cochrane, Lan Stringer (on behalf of Edward Thacker) from Landsec and Alison Owers from Orient Capital.
19 Best overall company IR Winner: BAE Systems
The investment Voted award: This award is for the company that has the best overall IR community programme, including contributions made by the IR team as well as the C-suite. credited BAE Systems for an excellent IR programme, always being available and providing valuable insight.
Award sponsor:
(From left to right) Richard Davies from RD:IR, Martin Cooper and Sejal Ierland from BAE Systems, and Alun Cochrane.
IR SOCIETY 41 AWARDS DINNER INFORMED
Scenes from the 2019 Best Practice Awards and dinner
42 IR SOCIETY WINTER 2019/20 AWARDS DINNER
IR SOCIETY 43 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. 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
Core IR Skills Advanced IR Specialist
12 courses 6 courses 3 courses
Qualifications
Certificate in Investor Relations Diploma in Investor Relations
44 IR SOCIETY WINTER 2019/20 PROFESSIONAL DEVELOPMENT
Courses in 2020 KEY TO COURSES • Core IR Skills For more information on all of our courses please visit • Advanced IR www.irsociety.org.uk/professional-development • Specialist
Jan 14 • 9am-4.30pm Jan 15 • 9am-4.30pm Jan 28 • 9am-4.30pm
Introduction to IR and the IR regulation and compliance IR regulation and compliance financial markets essentials – module one essentials – module two
Feb 4 • 9am-4.30pm Feb 5 • 9am-4.30pm Mar 3 • 9am-1.30pm
Demystifying company accounts Demystifying company accounts Best Practice in IR and valuations – module one and valuations – module two
Mar 5 • 9am-1.30pm Mar 11 • 9am-4.30pm Mar 17 • 9am-1pm
IR regulation update Introduction to IR and the Building your debt IR financial markets
Mar 25 • 9am-1pm Apr 27 • 9am-4.30pm Apr 28 • 9am-4.30pm
IRO engagement with the board IR for PA’s and EA’s IR regulation and compliance essentials – module one
For all upcoming course dates please see www.irsociety.org.uk
If you have any questions, contact Jessica Hyett at [email protected] or call 020 7379 1763
IR SOCIETY 45 PROFESSIONAL DEVELOPMENT INFORMED
BOOK NOW! Leadership in IR Date to be confirmed, check the website for updates This interactive one-day course explores what leadership means for IR professionals and provides practical advice on how to manage and influence others. Attendees will examine their own leadership style, strengths and personal brand within a supportive environment. They will gain a greater understanding of the skills and competencies sought by senior managers and boards and will hear how these have been applied by experienced IR leaders. They will be assisted in considering how to apply their personal style to build a best practice IR function. It will be of particular benefit both to those looking to progress into a senior role in IR and also to those considering the Diploma in IR.
What will I gain? • A greater understanding of: • your natural leadership style and what this might mean for your career development; • the skills and competencies being sought by boards and management teams; • what a best practice IR team looks like and how to lead it; and • current thoughts on leadership; particularly helpful for those thinking of taking the Diploma in IR qualification. • A personal action/ development plan of the next steps to take.
All attendees will be required to complete a confidential assessment in advance of the course and are encouraged to make themselves familiar with the pre-reading material.
For more information and to book a course, see www.irsociety.org.uk/professional-development or contact Jessica Hyett at [email protected] or call +44 (0) 20 7379 1763
DEVELOPING THE IR SOCIETY’S DELIVER PROGRAMME
FUTURE The Deliver programme is aimed at high potential IROs who are seeking the next step up in their career. The six-month activity-based modular programme offers unique exposure to captains of industry LEADERS 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 contact Laura Hayter at [email protected] RELATIONS or call +44 (0) 20 7379 1763
46 IR SOCIETY WINTER 2019/20 PROFESSIONAL DEVELOPMENT
NEW FOR 2020! A non-expert’s guide to key financial terms Thursday 13th August 2020 (morning) This half-day course is designed for those without a financial background and provides a grounding in the most common financial terms used in press releases, investor discussions and equity research notes. It aims to build a basic level of financial literacy by providing non-technical explanations, straightforward examples and the opportunity to practice simple calculations and analysis within a supportive environment. Delegates will build their knowledge of financial statements, learn how to analyse them and understand how they are used to create consensus forecasts.
What will I gain? • Greater confidence in understanding and using financial information • A non-technical understanding of: • The key financial statements: Income Statement, Balance Sheet and Cash Flow Statement • The most commonly used financial figures and ratios which analysts and investors typically focus on when analysing a company • What the terms mean, why they matter, what they are used for and how they might differ across industries • An overview of how analysts and investors use these figures to forecast a company’s results into the future, and how an earnings consensus for a company is developed.
This course is offered in conjunction with ‘Consensus: a best practice guide’ (see below), for which it provides an ideal introduction. The two half-day courses can be booked together for a discounted rate.
NEW FOR 2020! Consensus: a best practice guide Thursday 13th August 2020 (afternoon) This half day course explores current best practice in the generation and use of consensus forecasts. It is designed as a very practical session which will consider all aspects of consensus management: from the logistics (how a consensus forecast should be prepared and where it should be used), to advice on how to handle potential issues. It will be of particular benefit to IR team members who are constructing or using consensus forecasts for their company. It may also be helpful for service providers who engage with IR teams and want to better understand their world.
What will I gain? • Greater understanding of why consensus forecasts matter • Clear knowledge of what best practice looks like • Practical advice on how to prepare and use consensus, with examples of companies who are doing this well • An understanding of the issues which may arise (including how to avoid selective disclosure; how to handle a shortage of analyst forecasts; what happens in deal situations) and how they might be handled
This course is offered in conjunction with ‘A non-expert’s guide to key financial terms (see above)’, which is recommended as an ideal introduction for those without a financial background.
IR SOCIETY 47 CERTIFICATE IN IR INFORMED
® Certificate in IR Key dates for 2020 For bookings, contact Tara Mitchell at What is the CIR? [email protected] CIR revision course dates The Certificate in Investor Relations (CIR®) is an internationally-recognised qualification Current study guide for the investor relations profession. This is a valuable benchmark for those already in the profession and an essential prerequisite for those considering a move into investor • February 12th relations, either in the UK or overseas. New study guide • April 21st • April 24th What will I learn? • June 18th • Understand the fundamental principles • Know the legal requirements regarding • September 23rd and practice of investor relations the financial calendar • November 18th • Know the main regulations concerning • Be familiar with the fundamentals of the structure, governance and behaviour basic accounting, ratios, valuation and CIR exam dates of listed companies investment analysis Current study guide • February 27th • Be able to identify the different types of • Be aware of the requirements for UK • March 18th shares and shareholders listed companies conducting investor relations in major overseas markets New study guide • Understand the role of stock exchanges • March 26th • Be aware of the required ethical and • Know the regulations governing the • May 5th professional standards expected of conduct of investor relations and in • July 8th investor relations practitioners particular the disclosure of information • October 8th • December 2nd What does it cost? Our prices for 2020 will be as follows: IR Society members, £599 + VAT and non-members, £749 + VAT. Please call the IR Society if you would like to discuss membership options. Important information for CIR and ICIR candidates We will soon be releasing an updated version of our CIR and ICIR Study Guides (January 2020) The CIR and ICIR Study guide has been brought up to date with the latest information and looks at topics such as the practical aspects of the IR role and the equity markets; its contribution to the corporate profile and reputation; and the equity markets on which that company is listed. There are a number of key technical sections, covering legal and governance, regulatory, accounting and reporting obligations. We also have a section on ESG and on consensus management, which are increasingly a focus by companies and shareholders alike, as well as updates on recent regulation and best practice. The IR Society offers specific courses on regulation and accounting as well as a specific CIR revision course to help you with your studies. The exam for the CIR and ICIR lasts one hour and is made up of 60 multiple choice questions, testing you on a range of topics contained in this guide.
New and existing candidates If you are an existing CIR candidate and are currently studying “© Copyright IR Society November 2018 Version XIX” you will be able to sit your exam based on this study guide up until the end of March 2020. The exam dates are on our website. If you are within a year of registration and have not set a date for your exam you will receive the updated study guide in January 2020 and you may choose to be examined on the new or your current guide (up until the end of March 2020). Any registrations from January 2020 onwards you will automatically receive the updated study guide. If you have any questions, please fee free to call the office on 0207 379 1763 or contact Tara Mitchell at [email protected].
CIR revision course testimonial ICIR testimonial
“A very good day. Taught very well and has given me a greater “The process of sitting for the ICIR exam was very smooth. The staff at understanding. It met all my objectives for each topic.’’ IR Society are very responsive and guide you through the process, the study material is good and accessible whilst the coordination to sit for the exam in my country was effortless and easy. Was a pleasure sitting for the ICIR.”
48 IR SOCIETY WINTER 2019/20 CERTIFICATE IN IR
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 learn? 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
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, Denmark, Hong Kong, Indonesia, Latin America, Malaysia, the Middle East (CIRO), the Netherlands, Singapore and Spain.
Denmark Hong Kong Indonesia & Sri Lanka Latin America Malaysia https://dirf.dk www.hkira.com www.iradvantage.asia www.governart.com www.mira.com.my [email protected] [email protected] [email protected] [email protected] [email protected]
Middle East Netherlands Romania Singapore Spain www.meira.me www.nevir.nl www.ir-romania.ro www.irpas.com www.aeri.es [email protected] [email protected] [email protected] [email protected]
CONTACT For more information about our international CIR partners, contact Tara Mitchell on [email protected] or call +44 (0) 20 7379 1763
IR SOCIETY 49 DIPLOMA IN IR INFORMED
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 essay-based senior level qualification from the IR Society. Developed exams which will assess their skills, knowledge and by expert IR practitioners and educational organisations, experience across the compulsory topics and at least three the Diploma will equip delegates with the skills, tools of the optional topics shown in the syllabus. The exams and expertise they need to become leaders in our will also assess familiarity with the UK’s legislative and profession. regulatory environment and corporate governance standards, and detailed knowledge of best practice IR and Who should consider the Diploma? how it adds value. Candidates will also be expected to Each candidate will be considered on their own merits. In demonstrate their ability to communicate clearly in general, however, it is expected that Diploma candidates writing, identifying and justifying their key messages, their will be members of the IR Society, will have successfully management and leadership potential and their completed the IR Society’s Certificate in Investor understanding of their 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. communication and presentation skills.
How is it examined? On successful completion of the qualification, candidates Diploma candidates will be examined on three modules will receive a certificate and are entitled to put DipIR® and attend two compulsory half-day courses: after their name.
Modules: What does it cost? • Principles of IR Module The cost for the Diploma is £995 + VAT and this covers: • IR in Practice Module Examination fees, two half-day training courses and • Presentation Module support from an IR Society mentor.
Half-day courses: Find out more • Ethics Course For more information or to request an application form • Revision Course please contact: Tara Mitchell, professional development executive 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 qualification “The IR Diploma was a great opportunity for me to spend some time for anyone looking to reach the most senior levels in our profession” identifying gaps in my practical skillset and remedying them. The case study method used on the course means the knowledge you David Lloyd-Seed, chair of the IR Society gain is immediately applicable and the opportunity to discuss practical issues with peers was invaluable. I would highly “A qualification which all senior IROs should aspire to, recommend the course for senior IR professionals looking to develop demonstrating accumulated skills and experience while enhancing their practical skillset” future career prospects.” Andrew Downey, head of investor relations, CYGB Plc Phil Corbett DipIR, head of IR at Genel Energy
50 IR SOCIETY “This is the most useful percep!on study I’ve seen.” Head of Investor Rela!ons, FTSE 100
“You have done a great job adding new names to our distribu!on list and presen!ng us with over 100 mee!ng requests.” Head of Investor Rela!ons, FTSE 250
“I’ve found the product and service hugely beneficial. Well done” Head of Investor Rela!ons, FTSE 250 engagement intelligence
“Thank you, you are doing exactly what I’d love to see more companies doing.” Por"olio Manager, UK
“I think this proac!ve approach regarding MiFID II is excellent.” Por"olio Manager, UK
“None of your peers have undertaken this exercise. Well done.” Por"olio Manager, US
Portland House, Westminster, London • +44 (0)20 7060 5470 www.quan!fire.co.uk • enquiries@quan!fire.co.uk
IR SOCIETY 51 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 information on our events, and for the full 2020 calendar see www.irsociety.org.uk
Jan 16 • 12.30pm-1.30pm Jan 22 • 5pm-7pm Jan 28 • 6pm-9pm
IR Webinar: Predictions for the IRO Networking Event Senior IRO dinner year ahead
Feb 4 • 12.30pm-1.30pm Feb 13 • 6pm-8.30pm Feb 26 • 8.30am-10.30am
IR Webinar: Digital IR IR Networking: Pub Quiz IR Breakfast: AGM prep
June 23rd – IR SOCIETY ANNUAL CONFERENCE 2020
IR Society’s 2020 Annual Conference will be held at King’s Place on Tuesday June 23rd 2020. Make sure to save the date and check the website regularly for updates.
52 IR SOCIETY WINTER 2019/20 DIRECTORY
The IR Services Directory
The Informed IR Services 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 SERVICES by category
Annual reports Powerscourt Invicomm Brighter IR LINK Asset Services Black Sun RD:IR LINK Asset Services BRR Media Nasdaq Corporate Solutions CKD Luminous Euronext Orient Capital Clear Giraffe IR Depositary receipt services Lyonsbennett ingage Q4 Inc. Design Portfolio Deutsche Bank Magee irFactory QuantiFire Emperor Design Citi Media Sterling Q4 Inc. RD:IR FleishmanHillard Fishburn Powerscourt RD:IR Rivel Research Group FourthQuarter Digital platforms Yellowstone Advisory Tavistock Instinctif Partners Senasen News providers Yellowstone Advisory Invicomm Investor relations Q4 Inc. Langsford Corporate Design Equity research Black Sun Shareholder targeting LINK Asset Services Hardman & Co Citigate Dewe Rogerson Opinion research Capital Access Group Luminous Clare Williams Associates D.F. King Citigate Dewe Rogerson Lyonsbennett Executive search Clear Giraffe IR Georgeson Clear Giraffe IR Magee Anna Hartropp EM Hardman & Co Euronext MSLGROUP Broome Yasar Partnership Emperor Design HEAR-ir Fairvue Partners MerchantCantos Carter Murray Euronext Instinctif Partners Georgeson Rare Breed EMR Fairvue Partners Nasdaq Corporate Solutions Instinctif Partners Zebra Corporate Fidelio Partners Fidelio Orient Capital Issuer Direct Communications Latchmoor Search FTI Consulting Powerscourt LINK Asset Services Taurus London Georgeson QuantiFire Nasdaq Corporate Solutions Board advisory Hardman & Co RD:IR Meetyl Europe Citigate Dewe Rogerson Fund management HEAR-ir Rivel Research Group Orient Capital Clear Giraffe IR Exane BNP Paribas Investis Digital Tavistock Powerscourt D.F. King KPMG Makinson Cowell Q4 Inc. Fairvue Partners Internet services Maitland Proxy and corporate support RD:IR Fidelio Black Sun Meetyl Europe D.F. King Tavistock Georgeson Brighter IR Nasdaq Corporate Solutions Georgeson Yellowstone Advisory Investor Insight BRR Media Orient Capital Instinctif Partners LINK Asset Services FourthQuarter Powerscourt LINK Asset Services UK Regulatory Disclosure Portland Communications Investis Digital RD:IR Orient Capital Instinctif Partners Powerscourt MerchantCantos Taurus London ProxyCensus Powerscourt RD:IR Nasdaq Corporate Solutions Tavistock RD:IR PR Newswire Taurus London Orient Capital Taylor Rafferty WorkCast WorkCast Proxy solicitation Video Company secretarial services Zebra Corporate Yellowstone Advisory Equiniti BRR Media Equiniti Communications Zebra Corporate RD:IR Design Portfolio Communications FleishmanHillard Fishburn Corporate access Investor analytics Publications Investis Digital Davy Equiniti Investor roadshows FleishmanHillard Fishburn LSEG Issuer Services Liberum RD:IR EM Black Sun World Television LINK Asset Services Clear Giraffe IR Emperor Design Panmure Gordon Investor communications Georgeson IR Magazine Webcasting Brighter IR Hardman & Co Portland Communications BRR Media CRM databases Black Sun ingage Euronext Euronext Clear Giraffe IR Instinctif Partners Public relations Investis Digital ingage Emperor Design LINK Asset Services EM LSEG Issuer Services Investor Insight Euronext Meetyl Europe FleishmanHillard Fishburn Nasdaq Corporate Solutions LINK Asset Services FleishmanHillard Fishburn Nasdaq Corporate Solutions Finsbury Orient Capital Nasdaq Corporate Solutions FourthQuarter Powerscourt FTI Consulting PR Newswire Orient Capital Friend Studio RD:IR Instinctif Partners Q4 Inc. Q4 Inc. Georgeson Tavistock MSLGROUP WorkCast RD:IR Hardman & Co Yellowstone Advisory Nasdaq Corporate Solutions Instinctif Partners Portland Communications Website development CSR/sustainability Invicomm IR presentations Powerscourt Black Sun Black Sun KPMG Makinson Cowell HEAR-ir Tavistock Brighter IR Design Portfolio LSEG Issuer Services Clare Williams Associates EM Portland Communications IR for small caps Registrars CKD Emperor Design Powerscourt Brighter IR LINK Asset Services Design Portfolio FleishmanHillard Fishburn PR Newswire BRR Media Equiniti Emperor Design Instinctif Partners Q4 Inc. Citigate Dewe Rogerson FourthQuarter Luminous Taurus London Clear Giraffe IR Share register analysis Instinctif Partners Lyonsbennett Tavistock EM Clear Giraffe IR Investis Digital Magee Valor IR Consulting Emperor Design Georgeson Invicomm MSLGROUP Yellowstone Advisory Euronext Instinctif Partners irFactory Portland Communications Zebra Corporate Fairvue Partners Orient Capital Luminous Powerscourt Communications HEAR-ir Powerscourt Lyonsbennett RD:IR Invicomm Q4 Inc. MerchantCantos Investor presentations LINK Asset Services RD:IR MSLGROUP Debt IR Black Sun Meetyl Europe Nasdaq Corporate Solutions Citigate Dewe Rogerson Clear Giraffe IR Nasdaq Corporate Solutions Shareholder research Portland Communications Clear Giraffe IR Design Portfolio Powerscourt Clare Williams Associates PR Newswire D.F. King EM Q4 Inc. Clear Giraffe IR Q4 Inc. EM Emperor Design RD:IR EM WorkCast Fairvue Partners FleishmanHillard Fishburn Yellowstone Advisory Fairvue Partners Yellowstone Advisory Instinctif Partners FourthQuarter Georgeson Zebra Corporate Orient Capital Hardman & Co Mobile technology Instinctif Partners Communications Instinctif Partners Black Sun KPMG Makinson Cowell
IR SOCIETY 53 DIRECTORY INFORMED
ANNA HARTROPP – www.annahartropp.co.uk – executive search CITI – www.citi.com/dr – ADR depositary services
Citi Depositary Receipt Services is a leader in bringing quality issuers to global capital markets and on Anna Hartropp connects companies with experienced promoting depositary receipts as an effective capital markets tool. Learn more at citi.com/dr professionals, with a particular emphasis on corporates who are looking to hire Investor Relations professionals. Ayden Dagg, Managing Director, Tel: +44 (0) 20 7500 5709 [email protected] www.annahartropp.co.uk EMEA Depositary Receipts Email: [email protected]
BLACK SUN – www.blacksunplc.com – annual reports, CSR/ CITIGATE DEWE ROGERSON – www.citigatedewerogerson.com – sustainability, investor communications, investor presentations, board advisory, debt IR, investor relations, IR for small caps, shareholder investor relations, mobile technology, publications, video, website targeting development Citigate Dewe Rogerson is one of the most respected names in financial communications.
Our dedicated investor relations team has a track record of more than 30 years in Sandra Novakov, Head of IR advising boards, senior executives and IROs worldwide to build their profiles amongst the investment community and nurture 1089 7282 20﴿0﴾ +44 [email protected] relationships with key decision makers.
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. caps, mobile technology, video, webcasting communication services: we provide an ● Investment communication across a independent, experienced and skilled range of channels. fund manager’s perspective with an ● Bespoke research support and training. Contact: [email protected] or call established track record. ● Flexible tailored approach. brrbbr media +44 (0) 20 3435 7010 for more information. T: +44 (0) 141 419 9900 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 advisory, debt IR, investor communications, investor presentations, Distribution across multiple platforms and websites. 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.
DAVY – www.davy.ie – corporate broking
Leading independent Corporate Adviser & CARTER MURRAY – www.cartermurray.com – executive search Institutional Stockbroker in the UK and Ireland. Provides full range of advisory +44 (0) 20 7415 2840 services relating to Corporate Broking, [email protected] cartermurray.com Investor Relations, ECM and M&A. Working across all industries focusing on sourcing David Nangle | +44 (0) 207 448 8892 | [email protected]
54 IR SOCIETY WINTER 2019/20 DIRECTORY
DESIGN PORTFOLIO – www.design-portfolio.co.uk – annual reports, EXANE BNP PARIBAS – www.exane.com – European equities broker CSR/sustainability, investor presentations, video, website development FAIRVUE PARTNERS – www.fairvuepartners.com – board advisory, debt IR, investor relations, IR for small caps, shareholder research, shareholder Looking for a targeting complete corporate FIDELIO – www.fideliopartners.com – board advisory, executive search, communications design-portfolio.co.uk investor relations [email protected] Fidelio Partners is an International partner? +44(0)20 7536 2015 Board Development and Executive Search consultancy. We have a deep understanding P of what shareholders and stakeholders DEUTSCHE BANK – www.adr.db.com – ADR depositary services expect from the leadership team, as well as Contact: Gillian Karran-Cumberlege expertise in the Finance, Communications, Deutsche Bank +44 (0) 20 7759 2200 Strategy and Governance functions. As such Fidelio has a recognised world class [email protected] capability in sourcing senior Investor Providing all the support necessary to set up and run www.fideliopartners.com a successful Depositary Receipt programme. Relations professionals. For a more personal, specialist service please contact us. Zafar Aziz – Tel: +44(20)7545 6619 Email: [email protected] FINSBURY – www.finsbury.com – public relations FLEISHMANHILLARD FISHBURN – www.fhflondon.co.uk – annual reports, CSR/sustainability, investor communications, investor presentations, public relations, publications, video D.F. KING – www.dfkingltd.com – board advisory, debt IR, opinion research, proxy and corporate support
With 74 years’ experience in securing 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
Part of Link Group | Corporate Markets FOURTHQUARTER – fourthquarter.com – annual reports, internet services, investor communications, investor presentations, website EM – www.em-comms.com/en – CSR/sustainability debt IR, investor development presentations, investor relations, investor roadshows, IR for small caps, public relations, shareholder research
EMPEROR – www.emperor.works – annual reports, csr/sustainability, investor communications, investor relations, IR for small caps, mobile We’re a London-based design consultancy that listed and private clients of technology, publications, video, website development all sizes and sectors depend on to solve their communication challenges. fourthquarter.com +44 (0)20 7234 8962 Since 1996, Emperor has been designing and producing straightforward printed and online REPORTING BRANDS MARKETING WEBSITES annual reports, where accessibility of information, strong navigation, clarity of FTI CONSULTING – www.fticonsulting.co.uk – investor relations, PR communication and value are the key objectives. Tel: +44 (0)207 729 9090 GEORGESON – www.georgeson.com/uk – board advisory, investor +44 (0)121 262 3830 Call us today for a free consultation. communications, investor relations, investor roadshows, opinion +44 (0)131 220 7990 emperor.works research, proxy and corporate support, share register analysis, shareholder research, shareholder targeting EMR – www.emrrecruitment.co.uk – executive search HARDMAN & CO – www.hardmanandco.com – opinion research, EQUINITI – www.equiniti.com/uk – investor analytics, proxy investor communications, investor presentations, investor relations, solicitation, share registration, company secretarial services Investor roadshows
Powering the UK’s PLCs
Equiniti Group plc is a FTSE-listed share services and fintech business and is the UK’s leading provider of share registration, employee share plans, and associated investor services. equiniti.com/uk/services/eq-boardroom
EURONEXT – www.euronext.com – CRM databases, investor HEAR-IR – www.hear-ir.com – IR for small caps, investor relations, communications, investor relations, IR for small caps, mobile technology, opinion research, IR training shareholder targeting, webcasting HEAR-ir offers IR and financial communication consultancy to listed and non-listed SMEs willing to better leverage their messaging to the financial community through Simona D’Agostino Reuter a sustainable and effective IR +44 (0) 7769 974 503 program and/or when facing [email protected] particular business transactions.
IR SOCIETY 55 DIRECTORY (continued) INFORMED
INGAGE – www.ingage.com – CRM databases, investor roadshows, LINK ASSET SERVICES – linkassetservices.com – annual reports, board mobile technology advisory, corporate broking, CRM databases, investor presentations, investor roadshows, IR for small caps, proxy and corporate support, Integrated IR CRM, registrars, shareholder research, shareholder targeting feedback and corporate access solution Link Asset Services is the UK’s largest share registrar. We partner with 1,300+ companies listed on UK and Irish markets, offering bespoke www.ingage.com +44(0)20 7118 2288 support with communications, Depositary Interests, and corporate actions. David Kilmartin | e: [email protected] INSTINCTIF PARTNERS – www.instinctif.com – annual reports, www.linkassetservices.com CSR/sustainability, debt IR, investor communications, investor presentations, opinion research, proxy and corporate support, investor LSEG ISSUER SERVICES – www.lsegissuerservices.com – investor roadshows, public relations, share register analysis, shareholder research, communications, video, webcasting shareholder targeting, website development, UK regulatory disclosure
INVESTIS DIGITAL – www.investisdigital.com – investor relations, internet services, video, webcasting, website development
!!!"#$%&'(#')#*#(+,"-./ 012#$%&'(#')#*#(+,"-./ 3445678975:7;<5=777 LUMINOUS – www.luminous.co.uk – annual reports,
>(?+(&*@555A555B.$(&$(555A555C&D'#(&'555A555E&F.?(#$*555A555C&D-+'(#$*555A555GE5H..,' CSR/sustainability, investor presentations, website development
INVICOMM – www.invicomm.com – annual reports, investor comms, Making the message resonate investor presentations, IR for small caps, website development 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 We are a corporate communications meaningful reporting solutions. design agency with expertise in delivering strategic creative solutions Stephen Butler [email protected] Corporate Reporting Director 020 7101 1677 www.invicomm.com for corporate and investor communi- Dan Budgen, Director cations. We help businesses engage [email protected] and connect with internal and LYONSBENNETT – www.lyonsbennett.com – annual reports, +44 (0) 207 205 2586 external audiences. CSR/sustainability, investor presentations, website development
IR MAGAZINE – www.irmagazine.com – publications Lyonsbennett is an award winning corporate communications agency. ISSUER DIRECT – www.irmagazine.com – shareholder targeting We consistently deliver enviable creative that communicates our clients’ messages Neil Duncanson cost effectively and in an environment Business Development Director where service is key. T: +44 (0)1273 608 589 E: [email protected] www.lyonsbennett.com
MAGEE – www.magee.co.uk – annual reports, CSR/sustainability, investor presentations
KPMG MAKINSON COWELL – www.makinson-cowell.com – investor Why Magee? communications, investor relations, shareholder research We are not like our competitors... Daragh Lehane-Magee / Managing Director and we like it that way. [email protected] LATCHMOOR SEARCH – www.latchmoorsearch.co.uk – executive search We deliver successful integrated corporate reporting. We blend strategic, creative and digital capabilities to help businesses deliver effective corporate reporting +44 (0)20 7924 3244 Specialists in Executive Search for solutions in today’s dynamic environment. www.magee.co.uk Investor Relations and Corporate Communications. MAITLAND/AMO – www.maitland.co.uk – investor relations Contact: Delivering the right talent through Jennifer Bargrove our responsive and innovative MEETYL EUROPE – www.meetyl.com – investor relations, roadshows, [email protected] approach, informed by decades of www.latchmoorsearch.co.uk dedicated expertise. small caps, shareholder targeting MERCHANTCANTOS – www.merchantcantos.com – annual reports, LIBERUM – www.liberum.com – corporate broking internet services, website development
We are an international corporate communications agency. We offer advice and award-winning creativity across Contact: Carly Mercer, reporting, digital, film, brand and director of business development engagement. Our areas of expertise include: M +44 (0)7387 090226 annual reporting, sustainability reporting, T +44 (0)20 7242 1336 corporate websites and films, branding and [email protected] identity, and employee engagement.
56 IR SOCIETY WINTER 2019/20 DIRECTORY
MSLGROUP – www.mslgroup.co.uk – annual reports, QUANTIFIRE – www.quantifire.co.uk – opinion research, shareholder CSR/sustainability, public relations, website development 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 Be Interested. [email protected] T: +44 (0) 20 7060 5470 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 – RARE BREED – www.rare-breed.co.uk – annual reports CRM databases, internet services, investor relations, IR for small caps, investor roadshows, opinion research, public relations, shareholder Please contact us research, shareholder targeting, webcasting, website development to find out more.
Contact: Abishek Singh Business Smart Design Tony Williams Corporate Solutions IR Business Development In today's crowded markets, design can T +44 (0)20 3039 3953 Direct: +44 7769 2828 60 turn a good business into a great business. E [email protected] [email protected] That's what Rare Breed is all about. rare-breed.co.uk Nasdaq Corporate Solutions offers the most comprehensive suite of content, analytics, advisory services and communications tools to help you maximize the value of your IR program. RD:IR – www.rdir.com – board advisory, CRM databases, investor To learn more visit business.nasdaq.com/intel analytics, investor relations, IR for small caps, investor roadshows, opinion research, proxy and corporate support, proxy solicitation, ORIENT CAPITAL – www.orientcap.com – CRM databases, debt IR, shareholder research, shareholder targeting internet services, investor relations, opinion research, proxy and corporate support, share register analysis, shareholder research, !"#$%"#$&#'&(")"&("&*#+,-.$,#/&0"1*-%# shareholder targeting, webcasting 2",$*'-&1# 3-&14,*$&35# -66"%'&+# $# 7'("# %$&+"# -6# /28%",$*"(# $&$,51'19# %"1"$%3:# Orient Capital is a global leader in share ownership ;# $(0'1-%5# 1"%0'3"1# *-# <-%"# *:$&# =>># analysis, equity & debt market intelligence, investor ?@# ;# '&*"%&$*'-&$,# )4.,'3# 3-<)$&'"1 communication and shareholder management technology for listed companies. !"#$%&$'()*''$'+,,'-.'/,0-'.1..''2'324&"5267897:&"5''3'7897:&"5 London +44 20 77 76 75 74 orientcap.com RIVEL RESEARCH GROUP – www.rivel.com – shareholder research, Part of Link Group | Corporate Markets opinion research
PANMURE GORDON – www.panmure.com – corporate broking Rivel Research Group is a research firm devoted to gathering, analysing and interpreting investment community feedback. We specialise in delivering PORTLAND COMMUNICATIONS – www.portland- actionable insight based on in-depth communications.com – board advisory, CSR/sustainability, investor measurements of the investment community. communications, public relations, publications, website development Contact Claire Lavery ● +44 (0) 20 3356 2791 ● [email protected] ● www.rivel.com Rivel Research Group, 4th Floor, Rex House, 4-12 Regent Street, London SW1Y 4PE
SENASEN – www.senasen.com – digital platforms
Facebook is for your friends. Twitter is for your opinions. LinkedIn is for your career. POWERSCOURT – www.powerscourt-group.com – board advisory, CSR/sustainability, debt IR, investor communications, investor [email protected] presentations, investor relations, investor roadshows, IR for small caps, www.senasen.com Senasen is for your investors. opinion research, public relations, share register analysis, shareholder targeting, UK regulatory disclosure TAURUS LONDON – www.tauruslondon.com – board advisory, Q4 INC – www.q4inc.com – CRM databases, investor executive search, investor communications, investor relations communications, IR for small caps, mobile technology, news providers, share register analysis, shareholder research, shareholder targeting, webcasting, website development
Bringing the world’s top IR solutions to the UK. +44 (0) 20 7959 7000 | [email protected] IR Desktop Websites Webcasting Intelligence 16 Kingly Street | Carnaby | London | W1B 5PT
www.q4inc.com [email protected]
IR SOCIETY 57 DIRECTORY (continued) INFORMED
TAVISTOCK – www.tavistock.com – IR, investor communications, WORKCAST – www.workcast.co.uk – internet services, investor investor roadshow, opinion research, public relations, shareholder relations, webcasting, website development research, shareholder targeting The WorkCast Corporation is Europe’s largest provider of webinar, webcasting and virtual event solutions serving Tavistock is a leading London over 150 global organisations including the IR Society based corporate and financial and IR magazine. communications consultancy. WorkCast’s award-winning webcasting platform, WebCast Simon Hudson Contact: Manager and Services, are used for many enterprise-wide Director We advise public and private Mike Bowman, Sales Manager applications such as investor and stakeholder relations, +44 (0) 207 920 3150 companies, organisations and Tel: +44 (0)844 870 4912 lead generation, employee communications, training & [email protected] product launches and user conferences. [email protected] governments at senior levels. YELLOWSTONE ADVISORY – www.yellowstoneadvisory.com – TAYLOR RAFFERTY – www.taylor-rafferty.com – investor relations investor communications, investor presentations, investor relations, investor roadshows, IR for small caps, shareholder research, shareholder targeting, website development
35 Specialist Investor Relations Consultancy
Brian Rafferty +1 212 889 4350 Inform Connect Comunicate Advise [email protected] • • • VALOR IR CONSULTING – www.vmagroup.com – executive search [email protected] • +44 (0) 7710 164 120
VALOR provides personal coaching, written ZEBRA CORPORATE COMMUNICATIONS – www.zebracc.co.uk – VA LOR adaptations and crisis response advice to annual reports, internet services, investor communications, investor I R C O N S U L T I N G corporations looking for better relationships relations, website development with their institutional investors. Jonathan L. Passmore. Valor IR Consulting, First-class communications promote Fairfield, CT 06824, USA. understanding, trust and resilience. [email protected] • +1-203-258-2880 • www.valorinvestmentsllc.com Digital Reporting: The Next Big Thing for Your Business Tel: +44 (0) 20 3824 2351 www.zebracc.co.uk
The Informed services directory is published in tandem with the online directory, available for members and non-members at irsociety.org.uk/resources/service-providers
58 IR SOCIETY
CONFIDENCE AND EXPERIENCE COME AS STANDARD
Orient Capital and D.F. King work hand in hand, as part of Link Group, providing a seamless service across investor relations, corporate activity and debt solutions.
We put our clients frst, from tailoring our services to suit their requirements, to exceeding expectations and delivering the right outcome.
We know our teams are the best in the business. The quality and experience we deliver to our clients is second to none.
We are passionate about setting and being ‘The Standard’ in our felds of expertise.
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