ChaIr’s leTTer | servICe prOvIders | persOnal vIew | IndusTry news InfOrmed THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 93 WINTER 2016/17
The Challenges and OppOrTunITIes Of 2017
InsIde ... BEST PRACTICE IN 2017 AND BEYOND a special 21-page feature BEST PRACTICE AWARDS 2016 a full report on the annual dinner, with all winners and photos ... plus
This issue of Informed Current IR topics in Germany is sponsored by: Three ways to jump-start IR for SMEs Courses and Events in 2017 Informed editorial calendar for 2017 THE INVESTOR RELATIONS SOCIETY 31 st ANNUAL CONFERENCE
A New World Order: The Ascent of IR
TUESDAY 20 TH JUNE 2017 KINGS PLACE, LONDON N1 9AG
Given the seismic changes under way in the In this conference, we will explore this new geopolitical, economic, regulatory and capital landscape, in which the art and science of IR markets landscapes, now is the time for IR to shine in the face of enormous challenges in stand out and take a leading role in the investor communications. Join us for a corporate sector. compelling event that positions IR at the forefront of a new world! We face a discernible change in the mood of politics, in our business environment and in For all exhibition and sponsorship enquiries, evolving regulations, with their impact on please contact Robert Dann at market structure. We also face more [email protected]. For general technological developments a post-Brexit enquiries, please contact Alison Hamilton at world. [email protected].
Book your tickets now at www.irs.org.uk or call +44 (0) 20 7379 1763
Thank you to our 2016 annual sponsors:
INVESTOR ANALYTICS InfOrmed wInTer 2016/17
COnTenTs 17 Best practice IR in 2017 and beyond
17 How the Society leads the way in best practice 4 ChaIr’s leTTer Sallie Pilot, Black Sun seismic changes shaping 2017 David Lloyd-Seed, chair, IR Society 19 Best practice IR in the Brexit and Trump era Gillian Karran-Cumberlege and Emily Baker, Fidelio Board Development and Executive Search 6 news frOm The sOCIeTy 23 IR and the Trump shock sydorowitz and parris join board Richard Davies, RD:IR new Ir society members (p7) 24 IROs must be proactive society awards new fellowships (p8) Claire Lavery, Rivel Research Group macmillan coffee morning (p8) 26 The aftermath of the 2016 voting shocks Karen Keyes, Aimia 6 a persOnal vIew 28 Illuminating value through best practice reporting members will have a busy new year agenda Jack Craze, Stratton Craig John Gollifer, general manager, IR Society 30 The best practice journey Julie Wilford, Design Portfolio 10 IndusTry news 32 Are you a digital dinosaur? Investment association calls to end quarterly reporting Julian Smith, BRR Media Three ways to jump-start Ir for smes (p12) 33 Best practice first principles Andrew Griffin, Oakhall Brian Rafferty, Taylor Rafferty Current trends and discussions in germany (p14) 34 The strategic role of the IRO Kay Bommer, German IR Association (DIRK) Ramona Tipnis 36 Disclosure best practice – the Singapore perspective Tan Boon Gin, SGX Best WINNERS Practice 56 edITOrIal sChedule 2017 Informed editorial schedule and previous issues Awards FULL REPORT 2016 AWARDS 57 prOfessIOnal develOpmenT PHOTOS Courses (pages 57-59) Certificate in Investor relations (page 60-63) SPONSORS diploma in Investor relations (page 63) NETWORKING CIr passes (page 8)
38 64 evenTs The Ir society events programme we wish our members and readers the compliments of 65 Ir servICe prOvIders dIreCTOry the season and a happy find help in this listing of Ir service providers new year. 70 Ir sOCIeTy bOard names, roles and email addresses
Ir sOCIeTy 3 InfOrmed
ChaIr’s leTTer The Investor relations society 5th floor, 30 Coleman street, london, eC2r 5al Tel: 020 7379 1763 www.irs.org.uk seismic changes THE MANAGEMENT TEAM shaping 2017 John gollifer general manager [email protected] Our 16th awards dinner was held on Tuesday 24th november at one of our alina ardeleanu favourite venues by the Tower of london and was hosted by the inimitable and financial controller [email protected] thoroughly amusing gyles brandreth. It was another fantastic evening and many congratulations must go to all those shortlisted and of course to the winners. robert dann head of marketing and membership you’ll find more details on each of them and why they triumphed in our feature [email protected] starting on page 38. alison hamilton The Ir society, in its 36th year, is now more than half way through its fourth head of events decade – one that is turning out to be our most dynamic, if not seismic. we and [email protected] the companies we work for are having to re-think the way we engage with the laura hayter markets. we can no longer rely on old services and relationships that helped us head of policy and communications [email protected] deliver incremental buyers and a growing share price. Janet Kelly head of professional development A changing world [email protected] we live in a more regulated environment. There is no doubt that regulation has nicole solomon changed – and will continue to change – the way we operate. The introduction of marketing and professional development mifId II has the potential to fundamentally change the research industry. This may executive [email protected] mean more thematic research – a good thing one could argue – but that may rebecca white demand more from companies. Quality will undoubtedly rise through more marketing and membership associate discerning use of capital to reward good investment advice, but quantity may also [email protected] increase the burden on IrOs. Changes mean that we are also having to do more and more in-house to service THE OFFICE HOLDERS our existing investors and attract new buyers. adding further pressure to an david lloyd-seed already stretched resource. Chair The fallout from brexit will no doubt bring further changes as london battles to [email protected] remain at the epicentre of global capital markets. david walker On a more positive note, digital services and platforms are steadily emerging deputy chair [email protected] that have the ability to put far richer information in the hands of the Ir and ultimately make us look even smarter in front of our bosses! fay dodds Treasurer what we say is more widely disseminated and more readily digestible. This, of [email protected] course, means that there are more opinions on what we say – sadly, all too often James eves from the disgruntled few behind closed doors in the echo chamber of social Company secretary media. [email protected] with everything we have said no more than a google away – we are seeing old for a full list of the Ir society board and the orders reversed. for example, the media, facing more urgent digital timelines, is committee chairs, see last editorial page. increasingly taking its lead from the capital markets. as such we are seeing an ever INFORMED closer alignment of Ir and financial pr, with the latter now often coming under the wing of Ir. John Thistlethwaite publishing assistant [email protected] A more socially aware and responsible environment alex murray The millennial generation expects more of a social contract with the business publisher community around them. Just making sure you have a pot of money at the end of [email protected] a long career is no longer the norm. That pot of money is expected to be put to Informed is published on behalf of the good use in socially and ethically acceptable ways, which is inevitably feeding in Ir society by silverdart publishing to the investment decisions of our shareholders. we, therefore, need to think Tel: +44 (0)1285 831 789 www.silverdart.co.uk intelligently about how we bring these parts of our businesses to life in our investment story. editorial enquiries can be addressed either to we are at last seeing joined-up thinking of business models, strategy, risks, laura hayter or to alex murray. performance measures and, importantly, rewards. but this is adding to the views expressed in this publication are not disclosure burden resulting in ever longer report and accounts. we as IrOs need necessarily those of the society. © 2016 Ir society. to take control of the message and ensure that what we are saying is concise, clear and digestible.
4 Ir sOCIeTy wInTer 2016/17 ChaIr’s leTTer
The industry and IR Society is sauce that ensures a full and fair responding to the changes valuation – the lifeblood of any IrO. Our industry is responding to all these we are doing Those shortlisted for our awards changes and is shaping up and becoming demonstrated how to adhere to, and more fit for purpose – the backgrounds ourselves proud as deliver, best practice in the best way and qualifications of people moving in to ‘ possible. Ir are now really quite impressive and an industry The seismic changes we are the profile of Ir in companies continues experiencing have helped shape our to evolve. industry into an essential part of a I am delighted to see that the pilot for industry nor would the s’ociety be the company’s senior management armoury our new diploma is under way and I force it is today, increasingly on a global and we are seeing the role of IrO move look forward to reporting on its progress. scale, without their contribution. Their ever closer to being a part of the C-suite. following this pilot, we aim to launch the names are on page 8 and I would like to we really are seeing the ascent of Ir – a diploma in full next year and hope to see thank them all on behalf of the society. theme we will be exploring at our it become the defacto qualification for conference next year. anyone wishing to reach the top of our Demonstrating best practice In this our last Informed before profession. One unstinting constant of the society’s Christmas, I just want to wish you and In this our fourth decade we have work is our best practice guidelines your families an enjoyable, safe and chosen to properly recognise the service which were significantly overhauled this relaxing festive season. n and efforts of those who have built the year and are available on our website. society and industry into what it is today we are doing ourselves proud as an by formalising the award of honorary industry in communicating our fellowship to past Chairs and others who investment case to ensure that investors have made a significant contribution. have all they need readily available and There is no doubt that we would not easily digestible to understand our have made the progress we have as an companies. That of course is the secret davId llOyd-seed sOCIeTy news InfOrmed
Members will have a busy New Year agenda The new year will bring much more activity for Ir society members, from new qualifications to events. John Gollifer reports.
It’s wet , wet, wet and love is all around! Communication is key actually, hallelujah as the late great Turning to this issue’s theme of best practice, leonard Cohen said, it’s another year what does this mean and how do we put it John Gollifer is general manager of that has come and gone. we’re all still into practice wit h our annual awards? now The Investor Relations Society. standing in spite of the uncertainty in their 16th year, the self-entry awards are [email protected] around brexit (a new world order or is open to all companies that wish to it?). something that doesn’t change is the demonstrate their commitment to leading the award and to highlight what works for commitment of the Ir society to Ir, investor communications. This year’s them and their audience. having championing what’s best and celebrating awards saw over 170 entries. The overall completed the scoring on both a this with renewed vigour. we ended quality of entries remains high and the quantitative and qualitative basis, with another great year by toasting our Ir process thorough and competitive. we do expert input from independent third parties, community and best practice award encourage you to keep trying and building the shortlists are submitted to a panel of winners at the Tower of london on 22 your Ir capability so that your investor judges drawn from users of annual reports november. what a party! communications are the best and most and accounts, not least the buy-side. The we were joined by many of you for a effective that they can possibly be for your winners a re chosen from the shortlists and wonderful evening. Thank you for your target audience. announced at our annual dinner. continued support. Our general activity In 2014 and 2015, we streamlined the while we review all entries – that is, my levels have been maintained throughout awards to reflect changes in the operating colleagues nicole solomon and laura 2016 on the back of our annual calendar and regulatory environment that have led hayter undertake the initial assessment of all of courses and events. to the need for faster, clearer and more entries – we are wholly reliant on your own This is a credit to you. Indeed some dynamic investor communications. In good work in submitting entries. every 200 of you, roughly a quarter of our 2016, we added a new award category, business is potentially different and sees its membership, responded to our recent best IpO Ir communications. market opportunities in a unique way. This annual membership survey and The entries we receive each year are means that you should be in a special expressed a high level of satisfaction scored against criteria based on the position to set the scene for us, give us the with what we are doing on your behalf. society’s guidelines for best practice in context in which your business operates. It goes without saying that little of what investor communications. we also ask ultimately, you should know better than the executive team strives to do day in companies to add a statement of their own anyone, including the judges and ourselves. and day out would be worthwhile to support the entry. This gives companies however, the difference between being in a without your active participation. an opportunity to share their approach to shortlist or not often comes down to how you communicate all this to us. you may well think you have the best story to tell but you need to find a clear and simple way to convince others of this. we do hope that in sydorowitz and parris join board our own way, the Ir society helps you by setting out our best practice guidelines for The Ir society is delighted to announce your use. we look forward to even more that Cas sydorowitz, CeO of georgeson entries in 2017! and helen parris, director of Ir at g4s, for the voted awards, which recognise have joined the Ir society board as non- excellence in individual and team investor executive directors. This follows the relations, since 2014 we have been working decision by david shriver and danielle in partnership with weConvene extel who poulain to step down at the last board has helped us to address a larger audience Cas Sydorowitz Helen Parris meeting. and voting universe comprising the buy- and Cas takes on the chairmanship of the sell-sides. The nominations included 274 events committee. helen completed the education committee. both board companies and 333 IrOs, of which 23 were inaugural deliver programme and members will formally be presented newcomers to the industry. continues to help shape our professional to members at the agm in June This issue of Informed shows all the 2016 development offering in her role on the 2017. winners of both self-entry and voted awards, starting on page 38.
6 Ir sOCIeTy wInTer 2016/17 sOCIeTy news
Looking ahead ‘The most powerful drive in the ascent of for the 2017 calendar, let’s begin with one we will address as man is his pleasure in his own skill. he loves of our latest initiatives, the popular Club Ir to do what he does well and, having done it for senior Ir practitioners where we will much as we can, be it well, he loves to do it better.’ pertinent words discuss topical issues, like consensus, ‘ indeed and we hope to see you on 20 June corporate governance and other essential 2017 for what promises to be another high- areas for your best practice of Ir. economic, political, powered day led by the inimitable evan we continue to add more advanced Ir davis. we will seek to address as much as content to our existing professional technological and, of we can from a number of perspectives, be it development programme, including debt Ir, economic, political, technological and of matters around integrated reporting (perhaps course, lots more Ir! course, lots more Ir! the Ir of the future), including esg and srI, Thank you again for all your support. If financial modelling, strategic Ir and pr. The concludes in the new year. we expect to you wish to contribute to Informed , our list will grow and let’s not forget that we update you with more details in 2017 for ’ 2017 themes appear on page 56. plan to launch another delIver programme what is expected to be a natural follow-on I will end with a fitting tribute to our (developing future leaders through Ir) in from our successful Certificate in Ir, now founding mamas and papas, without whom 2017. with well over 1,100 seasoned graduates! we wouldn’t be where we are today, some This initiative is aimed at high potential we expect all the burning questions to 36 years on. we proudly share a record of IrOs who are seeking greater exposure and resurface in 2017, including our favourite these champions of the Ir society on page 8, a step-up in their career. The core content is mifId II. It is perhaps no surprise given the where you will find the recently announced built around navigating the business and operating and regulatory environment that roll of honorary fellowships. let’s thank market environment, strategic we face, that our 2017 annual conference them and wish one another a restful and communications and leadership. do please title is, ‘a new world order: The ascent of Ir’. happy festive season. get in touch if you are keen to join us. as our chair david lloyd-seed elegantly we look forward to seeing you all in the we are also delighted to add the new quoted historian Jacob bronowski at the new year for what I’m sure will be just as diploma in Ir. The pilot scheme for this recent annual best practice awards dinner: exciting as the past year! n
new Ir sOCIeTy members
The Ir society is pleased to welcome the sean ellerker – Tesco rebecca patton – hammerson following new members, who joined in rory elliott – ascential scott payton – bowen Craggs & Co the period to end november 2016. stuart forbes – rolls-royce simon peyto – fourth Quarter Jenni fulton – emperor design/accrue Christian pfleger – eQs group harry attwater – pennon group fulton Jason poyntz – rd:Ir brian balbirnie – Issuer direct stefan hakes – eQs group Kamalpreet rai – rd:Ir Corporation Thomas hull – aggreko ed sands – lloyds banking group scott bannerman – brr media Jennifer human – lyonsbennett amber sekhri – Intu properties Jennifer bargrove – latchmoor Consulting miles hutchins – fourth Quarter Ian shackleton – bell pottinger angus barry – balfour beatty victoria huxster – Jimmy Choo Julian smith – brr media matt beathe – halfords peter hynes – eQs group will speirs – britvic stefan berg – eQs group alvilde Joenland – rd:Ir virginia spring – liquid Telecom Tamarin bibow – bakkavor ryan Jones – aldermore alexandra starkey – asOs varvara biryukova – eQs group anandji Karaji – Tesco mark stride – standard Chartered adrian bunn – meggitt rafia Khan – bny mellon sara velezmoro – eQs group dugald Carlean – ZaI Corporate finance lucie Kirkpatrick – reed elsevier Tom waldron – pearson stephanie Casey – J.p. morgan Cazenove Iris liaskoni – Independent Juliana weiss dalton – Kennedy wilson ulrika Cattermole – Independent edwin lloyd – hQ Consult rebecca whitney – latchmoor Jessica Chilcott – merlin entertainments sarah lockwood – Tesco Consulting adrian Croft – Intu properties heather mackenzie – nasdaq Corporate Caroline dawson – national grid solutions for more information about laura de mergelina – rsa robert mann – Coats group becoming a member and dan drury – bowen Craggs & Co Kate martin – Tmf group Julien duchateau – eQs group simon mcgough – Johnson matthey about the full range of rebecca edelman – Tesco vicki miller – Independent member benefits, please Tom edwards – national grid Tom morgan-harris – vma global contact robert dann at Josh egan – Intertek group resourcing group [email protected] or sally eggeling – emperor design Thomas mulligan – rd:Ir call +44 (0) 20 7379 1763. meria elia – hellenic public Company rochelle O’hagan – design portfolio
Ir sOCIeTy 7 sOCIeTy news InfOrmed
macmillan coffee New Society fellowships morning at this year’s best practice awards ceremony, the society recognised the On Thursday 29 september, the Ir service and efforts of those past chairs and society supported macmillan Cancer others who have made a significant research and took part in the world’s contribution to the Ir industry over the biggest Coffee morning. The exec team years by formalising the award of enjoyed getting their baking hats on and honorary fellowship. These fellowships each brought a selection of delicious were formally presented to those listed cakes, and were delighted to have people below at a reception at the Ir society on Honorary Fellows: Fred Stone, Diane join us in the morning for a slice or two – december 8, 2016. n Faulks and Ian Arnold. helping us to raise £182! Thanks to everyone for their support Ir sOCIeTy hOnOrary fellOws: and kind donations – together, we’ve Ian arnold John dawson michael mitchell helped change lives and inspired many lynda ashton Tim dawson peregrine riviere others to do the same. we very much richard bowler Janet dignan neil ryder look forward to the next Coffee morning! alan bulmer diane faulks sue scholes stephen Chance peter hall eric silvester roddy Child-villiers alexandra hockenhull peter smith michael Cooling mark hynes fred stone bob Cowell Joanne lawrence valerie Tate raghnall Craighead Chris milburn andrew woods richard davies andrew mills david wright mbe
CIr and ICIr passes – september to november 2016
The society congratulates the following luke main – fidelio partners ICIR – IRPAS (Investor Relations candidates who passed the CIr and ICIr James newman – bell pottinger Professionals Association – Singapore) – between september and november 2016. melanie poupet – Orient Capital November 2016 michelle robbins – sportech hoong huifang CIR – MIRA (Malaysian Investor sunil samani – Independent Josca seow Relations Association) – September 2016 hatice Tomruk – sudesign melissa sim hezreen fareisha binti abu hasan Tamara warren – pembroke vCT winson Teo sahil singh dev alison watson – Independent loh uantchern stephanie wright – roll-royce lee Xiao wen, vinnie ICIR – Capita Asset Services monika Ziober – monika Ziober dawn lee wai Chun – September 2016 Chee Khin david wong Justyna bochenek ICIR – MEIRA (Middle East Investor shirlene wong shi Qi piotr Jarusz Relations Association) – October 2016 Tang yibing James allan nai Zi CIR – October 2016 analyn r apin guo Xiaorong emily baker – fidelio partners James Caffall Isabella yichen Zhong Toni Coulson – shawbrook group gaurav ghose Jim davies – bT group rangana hettiarachchi andrew downey – lloyds banking group dhanya Issac - Jason for further information about steven firth – roll-royce hilda malingumu rwanshane the Certificate in Investor Caroline fischer – Independent nancy Tabbara relations (CIr), including the nicole henriques – Quadriga Capital Cristina de Torres international and uK daniel holgersson – Kreab asha ganlath wijesinghe peter hynes – eQs group ag lie-Tin wu qualifications, please see our hannu hyttinen – J.p. morgan asset detailed professional management ICIR – MEIRA – November 2016 development section on Kay Kayachith – emperor rashad ali al dohh pages 61- 64. yelena Kozhemyakina – Independent syeda Tabinda bukhari
8 Ir sOCIeTy CONNECT WITH INFORMED INVESTORS
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For more information please contact Daniel Fish [email protected] +44 (0) 20 7873 4571 IndusTry news InfOrmed
Investment Association calls to end quarterly reporting earlier this year, the Investment association continue to report quarterly will be (Ia) published their productivity action plan monitored by the Ia and will be asked to to boost the uK economy through long-term explain their position and how it is relevant investment. One of the Ia's key objectives to the achievement of their long-term was a call to end quarterly reporting and for strategy. The Ia will be holding a series of it to be on a comply or explain basis. despite roundtables in the coming months and will the eu directive to remove mandatory then issue guidance around issues raised. quarterly reporting, many uK companies Industry news briefing continue to report quarterly voluntarily, even fCa on asset management if the format and timeframe is more flexible. Selected key issues for IROs furthermore as long as us companies The financial Conduct authority has continue to report quarterly, those larger-cap published interim findings of its asset european companies with close us peers management market study. The detailed will continue to do so too, as well as those in report found that there is weak price fund; and measures to help retail investors faster moving sectors such as retail and competition in a number of areas of the asset identify the most appropriate fund. technology that like to keep the market management industry and has subsequently updated more regularly. proposed a package of remedies to make Corporate banking ... In november the Ia subsequently competition work better. proposals include: a published its public position statement on strengthened duty on asset managers to act in In October the fCa published the final Interim management statements, calling for the best interests of investors; reforms to hold findings of its investment and corporate companies to cease reporting quarterly and asset managers to greater account; banking market study which includes a set of refocus reporting on a broader range of introducing an all-in fee to make it easy for proposals to ensure effective competition in strategic issues. Those companies that investors to see what is being taken from the the market. These include: banning banks from using contractual clauses that seek to limit clients’ choice on future transactions; ending league table misrepresentation in frC news performance measures; business model banks' pitches to clients; and a supervisory reporting; a clear link between the business programme for initial public offering (IpO) Signatories to the Stewardship Code model and the revenue recognition allocations. The fCa had also proposed The frC has recently published its policies; and dividend disclosures. changes to the IpO process in a separate assessment of the signatories to the you can read all of the frC updates on paper and will be consulting further on this stewardship Code, which it has categorised www.frc.org.uk in winter 2016/17. into three tiers based on the quality of their Code statements. with nearly 300 Lab on business model reporting ... and mifId II signatories to the Code, more than 120 are as part of the financial reporting Council’s in Tier 1 – signatories who provide a good- (frC’s) Clear and Concise reporting In October, the fCa issued its third mifId II quality and transparent description of their initiative, the financial reporting lab has implementation consultation paper. Key approach to stewardship – which published a report on business model proposals include: strengthening inducement represents nearly 90% of assets under reporting. Key findings include: business and research rules to drive competition and management of members of the Investment model information is fundamental to ensure research is only produced to add association. asset managers who do not investors’ analysis and understanding of a value to investment decisions; implementing achieve at least Tier 2 status after six months company; investors would like to see full disclosure of costs and charges; guidance will be removed from the list of signatories. business model information to be on the the fair treatment of customers; and positioned towards the front of the strategic extending the requirement of telephone Year-end advice to preparers report as it provides context to the other taping to financial advisers. mifId II is set to The frC recently wrote to around 1,200 information in the annual report; better come into effect from 3 January, 2018. listed companies highlighting the key natural linkage of business model following the eu referendum result, the fCa issues and improvements that can be made information to other sections of the has stressed that ‘firms must continue to to annual reports in the 2016 reporting strategic report; and consistency with abide by their obligations under uK law season. In its guidance the frC outlined a disclosure in the annual report. The report including those derived from eu law.’ The numbers of areas for improvement also includes case studies and examples of consultation is open until 4 January, 2017 including: clear explanation of alternative current good practice. and the Ir society will be submitting its response in due course. n
10 Ir sOCIeTy
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Richard Davies Investor Relations Limited Bridewell Gate 9 Bridewell Place London EC4V 6AW IndusTry news InfOrmed
Three ways to jump-start Ir fOr sme s • Publishing a spreadsheet of your historical accounts on your website IR for SMEs will delight busy investors • Focus your IR budget on your website not your annual report, and many smaller listed companies do not have a dedicated Ir team. design it for investors not regulators Andrew Griffin offers advice for those wishing to stand out. • Over promotional, one-sided communication repels most ost listed smaller companies don’t you were undervalued in the first place, but investors. Avoid our red-flag list. mhave an Ir manager and, if anything, blindly trying to push up the share price these are the businesses most in need of leads to distorted communication which decks, annual reports, any fund raise or help for their CeOs and CfOs. They good investors immediately see as a red listing prospectus and other relevant press perform most of the Ir function and may be flag. Invariably we find that executives and releases. a short CeO/CfO video really frustrated at how the market views their boards who are frustrated with the market’s helps them to get a feel for what you do, business. are you in this position? we look perception of their company are ignoring but design the video questions and answers at three low-cost actions to improve your internal issues around the way they present yourself to highlight what you want to say. Ir. themselves. avoid private investor-focused offerings that Our three-point plan is based on a firm maximising shareholder awareness some service providers offer. belief that the objective of Ir is not to raise means making it as quick and easy as your share price. This may sound counter- possible for investors to get their heads 3. Clarify your disclosure and avoid red intuitive but it is a common mistake of around your business. before an investor flags companies’ investor outreach, small and has met you or read your annual report, The first two points relate to arranging and large. they will look at your Ir website, your presenting your content. This last one The objective of Ir is to maximise the financial press releases, and your slide- relates to the content itself. red flags are number of institutional investors who are deck collateral. those actions or inactions in the way you aware of your story and strategy. notice I communicate to investors that a busy fund do not say they have to be shareholders – if 1. publish your historical financial manager will see as a reason to cease everyone who knows your story is a statements in a spreadsheet on your Ir further work on your company, because shareholder then you have run out of website they will be given the impression that you incremental buyers and your share price This is such a simple idea. Investors like are at best, financially illiterate or at worst, can only go down. having a pool of non- numbers and they like to model what you trying to hoodwink them. a starter list shareholder investors who know you means might do in the future. They also have would include: ignoring inorganic growth that when your share price hits a bump, thousands (yes, thousands) of small disclosure, over-focus on ebITda (investors you have a group of knowledgeable buyers companies to potentially invest in. rather are not fooled even if you prefer it because out there. than requiring them to painstakingly input it’s a bigger number – google ‘ebITda True, a higher share price should be an your recent half-year or quarterly results warren buffet’ if you don’t believe me), outcome of your Ir programme, assuming into a spreadsheet, make their life easier by ignoring cash flow, inconsistent disclosure doing it for them. almost no companies do over time, and failing to explain negative this. make yourself stand out. This will indicators such as growth in share count, a immediately get the investor on your side. widening gap between reported profits and cash flow, or failing to reconcile adjusted 2. design your Ir website for a fund numbers to reported. manager not a regulator management teams focused solely on Invest your financial marketing budget in raising their share price are often the ones your website, not your annual report which that raise the most red flags. They promote very few investors will read first, and may the most flattering numbers: such as never do if put off by your buried or non- ebITda rather than net profit, and reported existent Ir site disclosure. If your website growth over organic growth. This behaviour starts, as so many do, with an aIm rule 26 is transparent to seasoned investors and declaration, or a list of advisers and board they will walk away. much better to explain members, or an unfiltered rns list, then your business fully, and build a long- you have failed. This is not what an standing, respectful, and loyal investor inquisitive investor is after. audience. Investors expect a well-organised site any executive involved in Ir can benefit Andrew Griffin is managing partner that starts with an elevator-pitch of what from Ir society membership. for more at Oakhall. you do, followed by access to your results information, contact [email protected] [email protected] press releases, results or roadshow slide about becoming a member. n
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1204.9 03/16 ISS1
4:27 pm IndusTry news InfOrmed
letter from Current trends and germany discussions in Germany
The german Investor relations association (dIrK) is the largest european professional association forging links between companies and the capital markets. Kay Bommer looks at dIrK’s current agenda.
r activities are intended to improve now able to publish their reports for the Icommunication between issuers, first (Q1) and third (Q3) quarters in the Ir In germany investors and relevant intermediaries. This form of brief notices (‘Quartals- • New directives have made reporting is by no means a simple task. Ir managers mitteilungen’). Companies outside of the requirements less stringent – but have are caught between investors’ prime standard are even entitled to waive created more work in the short term. expectations, the demands of their reporting entirely in Q1 and Q3. • Eight principles relating to companies’ management and the The change in the law will make things communication between supervisory regulatory guidelines which serve as the easier in principle. however, it is currently boards and investors were published framework for their work. a glance at the creating a lot of work for most Ir in June. current challenges for Ir managers in departments in germany as existing reports • The role for German IR managers is germany shows that this tension is have been reviewed and have undergone expanding into a more strategic role – evolving, however, and changes are extensive changes in many companies. a and will continue to do so. currently underway in all three of these survey of 160 companies listed in the daX, areas, to which Ir managers must respond. mdaX, sdaX and TecdaX has found that around half of all prime standard issuers that companies should permit this 1. Change in reporting obligations changed over to the new notification dialogue, and this is a view which will as a result of the implementation of the format in the first quarter of 2016. likely soon be incorporated within the european Transparency directive moreover, almost all companies have german Corporate governance Code amending directive into german law and slimmed down their publications, on (gCgC). the corresponding adjustment of the average by 25%. several companies have exchange rules for the frankfurt stock revised the format of their reports entirely, 3. Strategic/integrated function of IR exchange, issuers on the german capital which now appear in a form resembling a The third issue that Ir managers in market have been subject to less stringent magazine or a presentation. germany are currently occupied with is reporting requirements since January 2016. entirely different. It has to do with the way Companies listed in the prime standard are 2. Dialogue between supervisory board that they see their work and the strategic and investors significance of Ir for their companies. ever more frequently, investors – unlike when the field of Ir started out, particularly those outside germany – are nowadays it no longer merely serves as a contacting supervisory board members mouthpiece for the issuer’s directly, in order to discuss questions communications with the capital market. relating to the company in question at a Communication within a company is just personal level. This is a difficult situation in as important. Ir managers have important, the german two-tier system where the strategically relevant skills on account of communication with investors is a core their close relationship with the capital responsibility of the management board. market. They are familiar with market since there is no clear legal definition trends and notice changes in investor covering the dialogue between investors behaviour and thus frequently have a and supervisory boards in germany, Ir better idea of the company’s profile on the managers are currently discussing the capital market than its CeO or CfO does. possibilities and channels for appropriate Ir is a young profession which has communication. undergone dynamic development in The ‘developing shareholder Comm- germany over the past few years. a short unication’ initiative has launched and glance at current discussions in the fostered this discussion. In June 2016, it german Ir community shows that this Kay Bommer is managing director of the published eight principles relating to development is still far from complete. It is German Investor Relations Association (DIRK). communication between supervisory thus important for Ir managers to remain [email protected] boards and investors. The general mood is willing to learn and open to change. n
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expertise | technology | service wInTer 2016/17 besT praCTICe
best practice Ir in a speCIal feaTure 17 how the society leads the way in best practice 2017 and beyond 19 best practice Ir in the brexit and Trump era 23 Ir and the Trump shock 24 IrOs must be proactive 26 The aftermath of the 2016 voting shocks 28 Illuminating value through best practice reporting 30 The best practice journey 32 are you a digital dinosaur? 33 best practice first principles 34 The strategic role of the IrO 36 disclosure best practice – the singapore perspective how the society leads the way in best practice
n november 2016, the Ir society held with a new set of best practice Ithe annual Investor relations best The sOCIeTy leads guidelines and enhanced practice awards dinner to recognise the • IROs are facing more challenges amazing companies that are leading the courses, exams and awards, the including greater public scrutiny, way in engaging with cap ital markets, society is leading the way for the continuous change, increased building trust and strengthening corporate Ir profession. Sallie Pilot , chair globalisation and the real-time nature reputation. as sue scholes, recent chair of of information. of the society’s best practice the Investor relations society commented • The Society’s best practice guidelines committee, sets the scene for our after last year's awards: ‘The core reflect our views on a number of IR- best practice feature articles. requirement, to ensure a premium valuation related topics, including the board, by building knowledge, reputation and policy, regulation, communications, relationships, remains unaltered. how this is use of advisers and much more. done is constantly evolving and improving over time.’ I am pleased to say that our best practice Best practice communications matter awards are designed to highlight and promoting best practice in investor relations celebrate those who are leading our is one of the society's key reasons for profession forwards. On behalf of the best existing. as a society we wanted to do more practice committee, I can attest to the hard to meet the evolving needs of our members work which the committee has undertaken and the marketplace to tackle the challenges in order to ensure that the awards are many of our members are facing each day. effective and reflect current best practice in communications and investor engagement. • greater pub lic scrutiny – corporate I'm delighted that the awards recognised so behaviour and performance is under many different companies, both large and scrutiny and regularly highlighted in the small, from so many different sectors, and media, news channels and social pleased with the success of our new award networks 24/7. this year, ‘best IpO Communications’. • Continuous change – over the past Our 2016 awards feature, starting on page decade we have seen major infrastructure Sallie Pilot is director of research and 38, provides an overview of the winners and changes in the capital markets, combined strategy at Black Sun. shortlists, the judges, and the judging with increased focus on regulations, [email protected] processes and criteria. corporate governance and behaviours.
Ir sOCIeTy 17 besT praCTICe InfOrmed
understanding and communicating how The guidelines bring together all of our companies are creating and preserving views as a society on the topics that are of Investor relations value over the long, as well as the short relevance to our profession. term is high on the agendas of investors, we currently act as a conduit for its programmes are companies and wider stakeholders. members’ views on current investor ‘ • globalisation – with today's interlinked relations issues, regularly contributing to now a critical part capital markets, Ir functions have no policy debates at times of proposed choice but to meet global best practices. regulatory and compliance changes and, of any major Investors are demanding not only more when required, lobbying to promote our but also broader information set on future members’ interests in the name of best drivers of success. investor relations practice. company’s interface • real-time environment - Ir is not static; These guidelines seek to bring together the speed and evolution of new media all of those views, as well as the great with its investors and stakeholder demands for work that we do as a society, to show our transparency and comprehensive position on relevant topics, outlining best and stakeholders disclosure of information has practice and suggesting sources for further fundamentally altered both the information and guidance. communications and investor relations The Ir profession is rapidly receiving ’ landscapes and continues to do so. the recognition it deserves as many have a look at the full detail online, but investor relations programmes are now a for refer ence here is a summary of the key Bringing more best practice to our critical part of any major company’s topics. members interface with its investors and so, I am pleased to say that this year, the stakeholders. • The role of the IrO – including insights best practice committee extended our remit pulling together these guidelines really on Ir strategy, annual timetables, and set out to help members navigate the demonstrated to us the breadth and depth shareholder identification, investor current environment and educate all of the topics and issues that investor targeting, investor roadshows, market participants more broadly about the relations professionals need to keep up to analyst/capital markets, investor importance of best practice Ir with the date with. presentations, providing guidance, launch of our best practice guidelines, we hope that this initiative helps to shareholder feedback, crisis management available to all members through the website represent our views and supports the and Ir for small-cap companies. (www.irs.org.uk/resources/knowledge/catego professional development of our • Ir and the board, governance and ry/best-practice-guidelines). membership. proxies – covering topics such as corporate governance, proxy solicitation and agms. • policy and regulation – details on market abuse, transparency and disclosure. with the • Corporate reporting – overview of annual Prove your value CIR reporting and risk management as well as CertiÞcate in esg, sustainability and corporate Investor Relations responsibility, sell-side management – Certificate in overview of consensus estimates, corporate access and house broker briefings. Investor Relations • Communications, digital and online – Worldwide, over 1,000 successful candidates covering topics such as websites, social have demonstrated their experience, commitment media, video and webcasting. and professionalism by completing the • using advisers, as well as careers in Ir IR (CIR) and debt Ir. Society’s Certificate in Investor Relations and International Certificate in Investor Relations (ICIR) qualifications – you can too! I strongly encourage all members to have a look at what we've done and keep up to date on best practice and the issues affecting our profession. If you have any suggestions for improvement or topics that email we haven't yet covered, please get in touch! [email protected] I also encourage all companies to review visit www.irs.org.uk the award winners this year and enter the call awards next year, to seek recognition for +44 (0) 20 7379 1763 their performances and help set the best practice standard in the uK and abroad. n
18 Ir sOCIeTy wInTer 2016/17 besT praCTICe best practice Ir in the In turbulent times brexit and Trump era ‘ investors will have frequent interaction The recent changes in the political environment have raised the stakes for IrOs. Gillian Karran-Cumberlege and Emily Baker offer practical tips. with the market. If the Ir director is learly, best practice Ir must take Caccount of compliance and breXIT and Trump era visibly stressed and regulation. as we conduct searches for Ir directors, compliance remains a key • Lack of visibility about future shaken, investors responsibility. but turbulent developments regulations mean IROs must be of recent months, with the brexit prepared for anything. will pick this up referendum outcome in the uK and the • Strong communication with Trump election result in the us, suggest stakeholders is essential. profound changes are underway. This • Diversity is an important part of best from tone of voice creates enormous uncertainty for practice IR. companies and their shareholders – not and body language least because the popular mood, which has disrupted politics, also has strong brexit vote, that much of the key anti-business undercurrents. against this regulation currently being introduced in ’ backdrop we suggest that best practice Ir the uK is being driven by europe. The with the same dilemma as the City – a has to go beyond box-ticking; mifId directives in particular have lack of visibility about future regulation. increasingly good Ir underpins the impacted Ir best practice – reshaping hard brexit or soft brexit will dictate the licence to operate. how investors engage with the sell-side uK’s relationship with eu regulation but, and indeed with corporates. mifId has suffice it to say, there is a high probability Regulation now been implemented and from January that Ir directors will be subject to an eu Of course a key skill for the Ir director is 2018 mifId II will apply, extending the regulatory agenda for months and years to understanding the regulatory framework principles of open and transparent trading come. of engagement with shareholders and the to further asset classes, across all eu market. Ir clearly also has a major role to states. Communication with the markets play in compliance with those The status quo may be clear but the since the brexit vote we have seen the regulations. It is perhaps ironic, given the future is not and uK Ir directors are faced majority of corporates communicate carefully and responsibly, in particular on personnel issues. This is prudent risk management and the right thing to do. The Ir director is part of the leadership team and it is incumbent on them to be extremely sensitive in communicating with the market – not only because of the regulatory regime but also because of the impact that loosely formulated wording on relocation issues, for example, can have on employees. more specifically, best practice Ir in communicating with the market can be broken down into the following:
guidance In such an uncertain environment, best practice Ir entails consistent and considered communication with the Gillian Karran-Cumberlege is a founding Emily Baker is research associate market. guidance must be handled with partner at Fidelio Board Development at Fidelio Board Development and caution as visibility is so low. we are and Executive Search. Executive Search. seeing Ir directors share thinking about gkarrancumberlege@fideliopartners.com ebaker@fideliopartners.com scenarios planning and sensitivity
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analyses. both enable investors and executive directors. This requires both a analysts with modelling the future. a wise Ir directors should willingness to keep developing in the Ir Ir director will resist being boxed in by role as well as self-confidence. fidelio confirming or denying hard numbers. think carefully about argues these are both attributes of best ‘ practice Ir. body language their own teams. Is best practice is not just about content. In IR and the board turbulent times investors will have frequent Increasingly, best practice Ir extends to the interaction with the market. If the Ir the Ir team diverse boardroom. whereas previously Ir was director is visib ly stressed and shaken, considered an executive function, investors will pick this up from tone of voice or is it drawing on shareholder engagement is now rising on and body language. for the head of the the board agenda. team, best practice Ir is also assuming a too narrow a range The Ir director has a clear role to play leadership role and contributing to a calmer, here by keeping up to speed on governance more reasoned, debate. of experience and issues. The Ir director must ensure that the board is well prepared for shareholder preparing management background? engagement. Communication with the evidently, shareholders are most interested market needs to be well co-ordinated and in engaging with the CeO where possible. the Ir director can support the chairman here there are three elements to best Diversity ’ and CeO in ensuring that the board as a practice Ir: best practice governance recognises the whole is well aware of the restrictions importance of diversity from a social justice applying to communication with the • making best use of the CeO’s time – the perspective but also because diverse markets. additionally, the Ir director Ir director should enhance the efficiency perspectives lead to better decision making. should ensure that the board understands and reach of the CeO and CfO and this such diversity is a topic that is increasingly what has been communicated to the will include drawing upon their time on the agenda of both boards and investors, market and what the official company line judiciously. and therefore is a key consideration for the is. In the brexit / Trump uncertainty there • Communicating – in times of crisis, Ir director. will be much speculation. The Ir director management frequently want to bury diversity certainly underpins best has a role to play in ensuring that the board heads in the sand. This is not an option practice, and in the brexit and Trump era does not – advertently or inadvertently – and the Ir director must also have the diverse perspectives will also better enable stoke the flames of speculation. authority and judgment to advise when companies to navigate uncertainty and secondly, the Ir director must ensure that communication with the market is non- complexity. the board is well informed of what the negotiable. we have been pleased to see investors market is thinking including on • feedback and briefing – best practice Ir ask robust questions on diversity and uncomfortable topics such as executive pay certainly comprises briefing management succession planning; where there is a lack or investor assessment of the management thoroughly and ensuring that of progress or a lack of engagement, uK team. This can take the Ir director into management is well prepared. This investors such as lgIm are prepared to difficult territory but this is where Ir briefing extends more broadly to ensuring withhold support for the board at the agm. leadership comes into its own. that both management and the board are This is an additional and important field well advised as to what the market is where the IrO must come up to speed Conclusion saying and thinking. There will be times quickly and become a diversity advocate Ir certainly has a technical and compliance when the Ir director will need to navigate and change agent internally and externally. component. but in this article we argue the corridors of power internally with If diversity matters for shareholders, it best practice Ir is much more. The Ir direct, highly sensitive feedback to the must also matter for Ir. One element of Ir director is a leadership role and, as such, chairman for example. best practice is being up to speed on good should contribute to responsible and governance including on important societal effective communication. This is both Ir’s The levels of uncertainty generated by issues such as diversity in its broadest regular interaction with the market but, brexit and an unexpected result in the us sense. but Ir must also practise what is importantly, best practice Ir also influences presidential election has made markets preaches. Ir directors should think and shapes how the board and jittery. strong communications skills, and carefully about their own teams. Is the Ir management team engage with good stakeholder management become all team diverse or is it drawing on too narrow shareholders and the markets more broadly. the more important. business will face a range of experience and background? best practice Ir also contributes to challenging questions, particularly with equally important for best practice Ir, diversity within the Ir team and as part of respect to relocation. IrOs should not be shy about their own the pipeline to the board. based on our good communications will take into career expectations and development. The work with boards and Ir teams, we account the interest of internal stakeholders, profession will benefit if IrOs succeed to certainly don’t underestimate the as well as external, and manage the top table. Ir is a relatively diverse complexity of the Ir role. but equally we communications responsibly; remaining profession and can contribute to the firmly believe that best practice Ir has just sensitive to the implications for employees. pipeline of future executive and non- become very much more interesting. n
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maintain their brand, tell their equity story Ir and the Trump shock and build their strategy? These are profound questions and challenges which go beyond the remit of this article and even this journal Richard Davies finds cause to worry about the election of donald but which are and should be at the front of the mind of every company director and Ir Trump and urges Ir professionals to shine the light of transparency. professional. One coul d argue strongly that it is now t seems a tad ironic that the theme for that good Ir is at its most important. how IInformed this quarter is best practice, given many times have we heard the mantra that the recent electoral win of donald Trump in The Trump shOCK companies should communicate more the united states. • Questions are raised about Trump’s during the bad times, and not just during I am not sure what best practice means in attitude to governance. the good? sadly, this is not being reflected a ‘post-truth’ world, where under the • Comm unication is more important by the practice of many companies, where impending administration, rules are made to during bad times – however unknowns either through the advice of the banks or be broken, established trade treaties are torn make it difficult to provide answers. from senior management’s fear of risk, up, consensus to be smashed, and political • Transparency is key in a world where communication to investors has been put correctness is viewed as unpatriotic. we have irrationality seeks to blind us. on hold or pared down to the minimum. a president-elect who has contravened, One can understand this position: it is not allegedly or as proven, nearly every policy of easy to talk to the buy-side when you cannot good governance you can name. look posit a strategy because you do not know through your employee handbook and count the risk of calling it wrong. In the post-brexit the future lie of the land for your business. each document whose content has been vote world, who knows what may happen we keep hearing that brexit means brexit flouted: from cyber-security through sexual next to change the world: frexit, dexit, nexit but what does brexit mean? It will certainly harassment to anti-corruption. The nobel or, dare we say it, annexit, the annexation of mean more about the vision of our prize-winning economist, paul Krugman, has the baltic states by an ever more capricious erstwhile partners in the european union suggested that “we are about to enter, or may and emboldened russia. than the hopes of the brexiteers. already have entered, an era of corrupt we do know that the process is not governance unprecedented in us history” More changes ahead simple and will last more than the two with an estimated $10bn being “skimmed life for uK public companies is a mixed bag. years of the article 50 invocation and off” to the Trump family by way of the while some benefit from the currency implementation. we have yet to find out planned $550bn infrastructure investment by downturn, many others do not. while many what mr Trump will really do by way of the us government. benefit from the single market, some do not. global trade tariff reform but mo st of what volatility has returned to markets, now all employ staff in the uK who will now face has been hitherto proposed purports to used to a low-trading environment of low inflation at rates not seen for years. favour his domestic market at the expense of inflation and growth, but fear also looms The strategy for the economy or for our exit global growth. large. while (some) hedge funds and traders from the european union is not clear and prosper by profiting from the insecurity, most may not be so for years. Our hopes of Clarity in communications long-only funds sit on their hands, mindful of developing free trade deals outside the eu Investors await further developments with may take years to crystallise, if, in some bated breath, and have no greater insights cases, at all. into the future than the companies into we have yet to see what bits of the which they invest. There is, at least, an even financial m arket rulebook the Trump playing field in terms of the ability to predict administration will tear up but change is future events and their impact on the markets certainly coming. It seems highly likely that and business. dodd-frank will be removed in the first as time goes on, the fog will lift and the months of the presidency, allowing the us new realities will emerge but we are set for banking system to get back to the ways that many months, if not years, of watching the nearly brought the world to its knees in old world and its certainties unravel. The 2008. There has been talk of rolling back or challenge for the IrO is to keep management even removing basic standards of corporate up to speed with the impact of the many governance, something which the us changes to come in terms of how this shapes pension fund industry and asset relations with stakeholders. management community have greeted with best practice is now more important than horror. ever because we need to have surety and clarity in corporate communications against The known unknown the backdrop of this fast-changing world. Richard Davies is managing against this backdrop of the new ‘known In a world where irrationality seeks to director of RD:IR. unknown’, how should companies manage blind us, we need to shine the light of [email protected] their communication, deal with investors, transparency ever brighter. n
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prOaCTIve IrO s IrOs must be proactive • Investors report that only a third of companies they follow have superb IR – so more must be done. • IR is critical to communicating Communicating with investors is essential at all times – but especially management’s credibility. when uncertainties abound. Claire Lavery highlights IrO priorities. • Nine out of 10 investors believe good IR impacts a company’s valuation. hen the best practice committee was ramp up their Ir efforts, particularly in light wrecently tasked with updating the of the fact that investors report that only society’s best practice guidelines, the about a third of the companies they follow mix of responsiveness and proactive enthusiasm was palpable and it’s because (31%) have a superb investor relations communication but also requires a bold the guidelines are essentially the programme. skillset: a willingness to advocate internally cornerstone of the Ir society. for me with for transparency; a commitment to keeping my rivel research hat on, Ir best practice Making investment decisions management apprised of investor concerns; is front and centre of everything we are The ‘role of the IrO’ in the society’s best an ability to communicate the business about. In fact, it was back in 2009 when the practice guidelines covers a multitude of strategy with candour and conviction; and world was faced with huge uncertainty areas, which reflects the Ir function’s remit of course the ability to secure meetings for post-lehmann, that we launched our own and also highlights the importance of investors. Ir best practice library in addition to our getting these key elements right. here at There couldn’t be a more important time custom investor perception study work. we rivel, when we ask the global buy-side for IrOs to be proactive, rather than had clients asking us: “so what does the about their biggest investment drivers, reactive. as well as the points already buy-side expect now? what is best practice management credibility has been number mentioned, IrOs should set the stage for in the current climate?” and in many one for over a decade. management, keep control of the story, be respects IrOs have been riding the The reason I raise this is because the role an industry expert…be the go-to person rollercoaster ever since in terms of of Ir is critical to facilitating, demonstrating about your company whether it be understanding buy-side expectations. and communicating management’s internally or externally. after all, nine in 10 as we conclude a year of the credibility. for example, when we ask the investors worldwide (88%) believe good Ir unthinkable, depending on your opinion investment community what is most impacts a company’s valuation and can and politics, one thing we can agree on is persuasive when making an investment account for a premium of 10% to the stock that the levels of uncertainty that we are decision, not surprisingly in-house research price. The opportunity is Ir’s for the taking. now operating in have increased is number one, but number two is one-on- significantly and thus, the role of the IrO is one management meetings, number three is More information: critical. It is imperative for companies to results calls, number four is financial filings To access the society’s guidelines regarding and number five is investor days. the role of the IrO, please go to so, the opportunity for Ir is huge, www.irs.org.uk/resources/knowledge/categ because what you control (one-on-one ory/best-practice-guidelines management meetings, results calls and This section includes: Ir strategy, annual investor days) has substantial impact and timetable, shareholder Id, investor allows you to build your own credibility. targeting, investor engagement, investor roadshows, capital market days, investor A proactive IRO presentations, providing guidance, Investors the world over increasingly shareholder feedback, crisis management support the empowerment of IrOs. with and Ir for small companies. n uncertainty roiling the equity markets, having quick access to reliable investment insight is at a premium. In fact, two-thirds say that if an IrO is able to answer all their There couldn’t be a questions about a company and its strategy, it is acceptable for him/her to conduct an more important exploratory roadshow without bringing ‘ senior management along. half (49%) believe it is very important for senior IrOs time for IrOs to be to be in the strategic decision-making loop at their companies – this is nearly double proactive, rather Claire Lavery is vice president of the level in 2012. Rivel Research Group. so, what does credibility in an IrO look than reactive [email protected] like? Investors believe it hinges on a deft ’ 24 Ir sOCIeTy besT praCTICe InfOrmed
The aftermath of the letter from 2016 voting shocks north america linking strategy to specific objectives and performance is a particular challenge for companies – and recent political events have increased the pressures. Karen Keyes highlights best practice in Canada.
ver the last months, the us decision to issuers in rbC Capital markets’ Canadian Osend donald Trump to the white coverage universe having more than 10% of besT praCTICe In Canada house and the uK’s decision to quit the eu revenues derived from the uK, the • Brexit and the US election have have occupied the time of commentators immediate impact for Canadian capital raised concerns for investors, and market participants around the world, markets has been limited. particularly surrounding trade and Canada has not been immune. as we head into 2017, it feels like there agreements such as CETA and TPP. fixed income investors have debated asset will continue to be debate about what • The quality of best practice reporting allocation in light of implications for uK, ‘good’ outcomes will look like and what remains high in Canada, however european and us bond yields. as I write, implications it will have on Ir and the there is a big variety in disclosure the yield curve is moving higher and companies they work for. reporting. markets appear positive. however, the short-term flood of post- • Newly-listed Shopify is commended economists have meanwhile pondered brexit, post-Trump refugees also seems less for its openness with employees. likely monetary policy and trade and likely a few months and weeks on… implications for trade agreements such as CeTa and the Tpp, as well as the 1994 north Canadian best practice as I read through reports, I was reminded american free Trade agreement, with the for those of you still considering it, an that linking strategy to specific objectives latter having implications for a broad cross- update on what ‘good’ looks like in and performance (and pay) remains the most section of Canadian companies. as an Canada… difficult thing for companies to achieve in economy with reliance on energy, potential my recent experience as a judge in the reporting – despite the fact that this is one loosening of restrictions on pipeline Cpa (Chartered professional accountants of that investors continue to tell us is important. development is also of interest. Canada) awards of excellence in Corporate having judged companies in the energy for those companies with exposure to the reporting gave me new appreciation for the and resources sector in what has been a pound, the implications for reported revenue unique nature of these awards and the volatile and difficult period for pricing, I have been significant. In our case, it led to a scrutiny to which judged companies are commended those who were transparent in significant reset of our 2016 guidance in subject. their disclosure around what they were august. however, with only around 20 each report is independently judged by seeing in the market trends and how it individuals from a number of perspectives – affected them. This contrasted with another with Ir practitioners through CIrI, investors company where it took a pretty intense read as represented by the Cfa society and of the document and some reading between accountants through the Cpa all weighing the lines to realise the challenges they had in. The reports deemed to be best practice been through and the pressures they had are then aggregated and a shortlist faced from an activist investor. compiled before then being submitted to finally, the right level of transparency the final adjudication by the Cpa panel. around results also came up in another guise listed companies are assessed on four at a recent CIrI event with shopify IrO categories – financial reporting, corporate Katie Keita. recently-listed and Ottawa- governance reporting, electronic disclosure based, shopify is one of the fastest growing and sustainable development disclosure. companies in north america. It raised over In arriving at a decision, judges are asked $130 million at its IpO and now has over to take a thorough look at both printed and 120,000 online retailers on its platforms. digital materials across the letter to investors, One of the notable features of the culture annual report, management discussion and is its openness with all employees about the analysis, financial statements, financial financial performance of the business, which releases and sustainable reporting poses challenges of its own from a best documents. The winners were announced practice compliance point of view… but Karen Keyes is senior vice president of on december 7th but needless to say, even likely one that many of us will be faced with investor relations at Aimia. making it to the shortlist was quite an as the world and results become more ‘real [email protected] achievement. time’. n
26 Ir sOCIeTy besT praCTICe InfOrmed
Illuminating value through best practice reporting
Changes in regulation and developments in technology are pushing InTegraTed repOrTIng the boundaries of corporate reporting, as Jack Craze reports. • Companies are moving towards a more holistic approach to reporting. he corporate reporting landscape is disclosure of financial performance remains • Integrated reporting highlights value- Tchanging. as investors and other paramount for the investor community, creating areas which may otherwise stakeholders demand more relevant there is a growing belief that a more holistic be missed. disclosure in corporate reports, new view of the way a company creates and • A Black Sun workshop on integrated legislation, frameworks and guidelines are sustains value is also crucial for investor reporting demonstrated how long- pushing organisations towards broader insight. term decision making is key to definitions and discussions of value Indeed, in accordance with best practice, sustained growth. creation. more and more companies are beginning to In the uK, the preparation of strategic rethink their approach to managing and reports in line with financial reporting reporting on their intangible assets – on Council (frC) guidance demands those aspects of the business that don’t improvements in quality and relevance. show up on the balance sheet. It seems that The global reporting Initiative’s (grI’s) g4 the view once articulated by albert not everything that standards are emphatic in their focus on einstein, that ‘not everything that counts materiality. and in the eu, recent can be counted, and not everything that counts can be legislation has extended requirements for can be counted counts’, is finally gaining ‘ large companies to disclose non-financial traction. information within their management counted, and not reports. Integrated reporting as a result, a positive step-change in One of the key drivers of this recent everything that can corporate reporting is underway in a evolution in corporate disclosure is number of global markets, and the days of integrated reporting. Integrated reporting be counted counts the narrowly-focused annual report would
28 Ir sOCIeTy wInTer 2016/17 besT praCTICe
during the opening sessions, participants created for employees, customers and discussed the myopia of short-termism and society at large also delivers value for best practice considered recent examples of companies investors. The workshop participants then that have suffered by focusing too much on discussed how better information will also reporting presents either profitability or growth (bp, wells demonstrate better links between ‘ fargo, volkswagen). with 86% of senior performance and the drivers of business too many win-win executives agreeing that longer time value; provide a clearer picture of progress horizons for business decisions would in the implementation of strategy; and scenarios to ignore improve performance, the workshop enable deeper insights into the underlying attendees were united in the opinion that health of a business. long-term thinking is essential for business engages fully with the principles of success. Only through long-term, forward- The business case for best practice integrated reporting and, more importan’tly, looking reporting, it was agreed, will Throughout the day, discussions frequently the integrated thinking and behaviours that investors and other stakeholders gain a true returned to the fact that the business case underpin it, we may start to see even understanding of a company’s performance, for integrated or best practice reporting greater momentum and progress within the prospects and potential. sells itself. with compelling benefits for reporting landscape. n next up was old-school corporate companies, investors and wider philanthropy, and how reporting which stakeholders alike, the wider value creation for more information on black sun’s centres on corporate donations to charities story is one that would make even the most best practice Communications is outdated and misses the point. what’s intransigent CeO take note. Indeed, best academy, please contact needed now is a reporting process which practice reporting presents too many win- [email protected]. for more reframes positive social and environmental win scenarios to ignore. The problem, information on stratton Craig’s impacts as value creation. This process however, is getting senior management to corporate reporting services, please should include better, more holistic listen and overcoming resistance to change. contact [email protected] information which shows how value perhaps once the investment community
27/10/2016 12:00 Page 1
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investors were happy with a laundry list of The best practice journey financial risks. The risk section of an annual report provides an opportunity to outline how a Creating best in class reports is not an easy task. Julie Wilford reflects on company has reviewed its own risks and can developing the best practice skill set and key learnings. demonstrate a proactive approach to managing uncertainties. Companies should address how they are mitigating those esign portfolio was pleased to be a Taking the lessons on the road principal strategic risks such as reputation, dsponsor at the recent Ir society best drawing on our experience with fTse 350 know-how and customer relations, ensuring practice awards. Congratulations again to firms, design portfolio has held a number of that shareholder value is protected in the everyone that was recognised for workshops across the uK this year, which long term. demonstrating a strong understanding of have often attracted smaller quoted and aIm- clear and consistent investor listed companies keen to emulate the best The digital landscape: as reporting changes, communications. whether you were practice standards of the main market. we are constantly reminded of the presented with an award, highly commended at the workshops we have been importance of digital communications. The or simply on the shortlist, the achievement is highlighting communication techniques, challenge arises in understanding current clear. we are all on a journey. reporting initiatives and ways of utilising investor behaviour and how this will change at design portfolio we have been very digital channels to help smaller companies over the coming years. The pdf is still the lucky to partner with a diverse range of report like the fTse 350, ensuring that both most valued digital format for the annual quoted companies over the years from aIm current and potential shareholders fully report online given its searchability and and fTse 250 IpOs including shield understand the strengths, aims and ambitions timely and accessible nature. Therapeutics and Zoopla property group, of a business. however, we believe that developing new through to established fTse 100 companies ways to display annual report content online such as admiral. Our experience across a Roadblocks in a straightforward yet engaging digital wide range of industry sectors, with each so what are some of the intrinsic challenges? format is key. It is crucially important to company telling a very different story, has during the course of the dp roadshows, a integrate key ar content into the corporate enabled us to gain a unique insight into a wide range of finance directors, company website. annual report content is extremely variety of challenges and opportunities to secretaries, Ir managers, fprs and advisers valuable having already benefited from develop better reporting for companies of all across the uK highlighted the best practice management input and auditors’ checks. It is shapes and sizes. challenges that their companies and clients the successful repurposing of this content whilst best practice can often be regarded were facing most frequently. throughout the website which is paramount. as just another ‘checklist’ by some, the value Three key challenges and opportunities This should not be communicated online in a is increasingly recognised in our industry. included: way which detracts from, or complicates, the ultimately, of course, it is the clear and user experience. consistent communications that best practice The heart of the story: what is it? This Interactive elements, including guidelines facilitate which increase challenge often presents itself through the infographics and charts, video and social shareholder retention and attract new communication of the business model, media integration, provide even more value investors. particularly for those companies with a and reach to a wider stakeholder base. Quick complex structure. Questions are raised view online reports also offer similar benefits around what information to include or to the pdf with the added advantages of exclude and how to display this in a clean, scalable content and increased interactivity concise and understandable layout. across devices. To see an example in action, The business model is an opportunity to visit KCOm: http://ar16.kcomplc.com. tell the company’s value creation story and This digital format offers a top level articulate and illustrate the ‘heart’ of the overview of the printed report in an easy to business. It is a great tool to present a read, searchable and mobile responsive company’s key components and what makes format which can be viewed by all it stand out from the pack. It should outline stakeholders of the business. The content is prospects and the value they will bring whilst not solely investor focused but it still provides demonstrating how these fuel strategy and access to all key areas of the annual report long-term growth. and can link to other areas of the corporate website for further information. The risks that matter: what are they? Our Creating an accessible corporate attendees noted that companies are now communications suite, which is informative facing new external challenges including and engaging, does not have to be a brexit, cybersecurity and climate change. In challenge. best practice is, in fact, your Julie Wilford is managing director of a rapidly changing world comes a rapidly opportunity to build even better investor Design Portfolio. growing environment for risk and this has relationships regardless of your company [email protected] caused concern. gone are the days when size. n
30 Ir sOCIeTy
INVESTOR OUTREACH: SHAREHOLDER MANAGEMENT:
Who’s interested in your What do your company that you don’t shareholders expect already know? from management?
Are they a good When & why are they prospect for inves6ng? more likely to invest or Why? divest?
How is your IR What is most likely to programme influencing trigger an investment? sen6ment & behaviour?
What what should you do next?
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29 Throgmorton Street, London. T: +44 20 7060 5470 E: enquiries@quan6fire.co.uk besT praCTICe InfOrmed
dIgITal TOOls are you a digital dinosaur? • The corporate website is the shop window for a company’s investment case. It should educate, influence, disclose and explain. The range of tools available to corporate IrOs is growing – and new skills • There is a trend developing towards must be learned. Julian Smith sets out the benefits of getting ahead. the hosting of live virtual meetings.
ow much more time do you and your heavily reliant on the house broker or hfamily spend online in your daily other paid-for research; a situation that is seems anachronistic today that most lives today, compared with 10 years ago? likely to intensify with the introduction of companies still hold physical results whilst the apps may vary depending on mifId II. meetings, rather than hosting a live virtual your age (I spend significantly less time on large institutional investors produce meeting where everyone can receive the snapchat and Instagram than my children), their own internal research and enjoy information – the additional colour – at the direction of travel is clear. and yet, privileged access to management, whereas the same time and can choose whether or despite our changing preferences for smaller institutions, overseas institutions not they act on it. consuming information, many companies and private investors are often left to feed are reluctant adopters of digital in their on limited second-hand or delayed Learning from the awards communications strategies. information. The market therefore relies The recent Ir society best practice awards There have also been seismic shifts on more on information provided and showcased many fine examples of digital the buy- and sell-side, which makes the delivered by companies themselves, rather communications. One website that stood case for digital communications even than via intermediaries. fortunately, out for me among those shortlisted in the more compelling. These changes have technology also makes that easier, and the best use of digital Communications was resulted in large part from continued over- reduction in technology costs has made it udg healthcare in the fTse 250, with big capacity in the broking markets and more accessible to all listed companies, ticks in both of the criteria above. very regulatory changes. large-cap companies not just the fTse 100. clearly laid out, the website gives a strong are widely covered by over-stretched sense for the markets, operations, culture equity analysts who don’t have the The shop window and strategy. It even provides a handy capacity to produce in-depth The corporate website is the online ‘shop synopsis of why you might consider independently-researched work. smaller- window’ for a company’s investment case, investing. There is an animated video cap companies struggle to attract but it’s a competitive market with many explaining what the business does and independent research (institutions won’t companies vying for investor attention to webcasts of results meetings and capital pay for it), leaving these companies ‘sell’ their equity story. I would summarise markets days. the two key functions of an Ir website as another company shortlisted in the follows. same category for the small-cap/aIm segment is serabi gold which has • educate and influence – provide harnessed a range of different multimedia information on key markets, the board content to provide regular transparent and key management, product operational updates, some self-produced categories/operations, policies and on location, as well as a corporate video. strategy. rather than taking investors to their • disclose and explain – update investors operations at great expense (and possibly on a timely basis with media content in conflict with compliance guidelines), that supports the statutory disclosures the company has brought the brazilian (presentations, videos, animations, live jungle and operations back to investors, webcasts of meetings, etc). thereby enabling insights to be enjoyed by a significantly expanded universe of and this should be done in a visually potential investors. engaging manner that facilitates easy There is no doubt that the investment navigation for the user. The browsing landscape is undergoing profound change, journey should be intuitive and clearly and that requires a change in approach by signposted, leading to a good online the board. but the tools available to the experience. IrO that enable companies to Timing is critical. many banks and communicate efficiently and effectively hedge funds have paid huge sums of across the wider investment community money to ensure that they are physically have changed and provided a range of Julian Smith is managing and technologically close to the markets options. a growing number of companies director at BRR Media. for marginal gains that give them are learning how to harness those tools to [email protected] microseconds of advantage in trading. It great effect. are you? n
32 Ir sOCIeTy wInTer 2016/17 besT praCTICe best practice first principles
growing complexity challenges the IrO – so it is essential to return to and increasing strategic options through best practice first principles, argues Brian Rafferty . investor communication and collaboration, ‘best practice’ may as well be defined as ‘best eading investor relations is never going to process’. when management accepts that lbe simple, and it’s getting more fIrsT prInCIples corporate financial and strategic goals can be complicated for the IrO with each new • Best practice IR involves leading a significantly advanced by competing for regulatory and governance guideline. when competition for capital among capital, the Ir ‘process’ is transformed from a every month the sell-side continues to cut investors while fulfilling regulatory, burden to an opportunity and attracts its fair back resources that have been – for better or ethical and common sense share of management and corporate worse – key components of the Ir responsibilities to the investment resource. which leads us to the second ‘C’… infrastructure for the entire careers of most community. IrOs. listing the growing complexities of the • Committing to compete against Commitment Ir function is like explaining why more yourself or others is the difference Capital markets performance will always be information delivered more quickly makes between ‘best process’ and ‘best affected by external and unpredictable decisions more difficult and less clear. practice’ IR. factors, and these are different depending on but there are simple ways to make it more the company (e.g. weather or commodity rewarding to lead Ir – personally and for they’re hard to define once you try. ‘best prices can be key drivers for some companies your company – both in terms of prioritising practice’ has also become poorly defined and unimportant for others). frankly, this has efforts and gaining necessary resources for because internal and external opinion been used as an excuse for claims that seizing the opportunities inherent in the Ir leaders rarely demand the best from investor strategic Ir success is ‘not measurable’ which function. most importantly, the right relations and the sell-side has for decades inspires retreats into ‘tick the box Ir’. conceptual starting point is essential to discouraged IrOs from supplanting brokers In this approach, the boxes that are ticked proving what Ir and you as IrO can achieve and investment bankers’ highly remunerative are activities, and benchmarking is built in the capital markets. simple in concept, position between public company and around activity levels and not longer-term but requiring more than what most expect investors. strategic or capital markets goals. real ‘best from Ir, they are based on identifying and because meeting disclosure, regulatory practice’ Ir success is as measurable over setting goals that recognise the competitive and investor demands offer more clarity and time as any long term goal-oriented elements of attracting the best investors, and urgency in protecting the downside, they’ve campaign conducted over the course of committing to achieve them; the two Cs. tended to shape the formation of ‘best months and years and, like ‘quality,’ you may practice’ Ir guidelines. The dominant not be able to link cause and effect as Competition perception of Ir as providing downside precisely as you’d like, but you know it when ‘best practice’ is like ‘quality’ in that protection versus seizing upside potential is you see it (or experience it, to be more everyone feels they know their meanings, but also a reason managements don’t appreciate precise). the real value of investor relations. when best practice Ir goals will not be achieved was the last time you heard a CfO say “let’s unless the IrO commits to them, and invest more money in disclosure” or “I’d engages the senior management team in a really like to spend more time answering discussion about how these goals can be set investors’ detailed questions”? to best support the corporate strategy. but when it comes to competing for the anyone that has committed to an athletic company’s end markets, you’ve certainly challenge or competition knows the heard ‘we’re increasing our investment in difference between ‘practice’ without a goal, marketing to this sector,’ or ‘we’re investing and the commitment that comes from setting more to expand our higher margin customer a public goal and working to achieve it. The base.’ former is a process, good for your health and management’s responsibility to investors is probably lowering the downside risk of to seize upside potential while maintaining disease and mitigating the effects of aging, downside protection. best practice Ir is the latter is deeply satisfying, most often defined by the same principles, but with the leading to discovering new strengths and IrO leading a competition for capital among capabilities that would otherwise have been investors while fulfilling regulatory, ethical considered out of reach or unrealistic. and common sense responsibilities to the Committing to compete, against yourself Brian Rafferty is chief executive of investment community. or others, is the difference. It’s also the Taylor Rafferty. until the raison d’etre of Ir is understood difference between ‘best process’ and ‘best [email protected] and appreciated as building economic value practice Ir.’ n
Ir sOCIeTy 33 besT praCTICe InfOrmed
The strategic role of the IrO Interaction with key stakeholders is a two-way process for Ir professionals – intelligence- gathering and communication are vital skills, as Ramona Tipnis explains.
he role of the IrO is simple. It is to Tcommunicate the company’s financial The IrO is the eyes The sTraTegIC rOle and operational performance to a diverse range of stakeholders – investors, and the ears for the • The IRO must demonstrate a high level analysts, media and other interested of emotional intelligence. ‘ • All interactions should be treated as a parties – and in so doing safeguard the company’s financial reputation. whilst company and a key two-way process – what can I explain the aim is simple, the skills and work and what can I understand. behind delivering on this goal are adviser to • Be accurate in your narrative about anything but. the company – too positive a spin even at its simplest, the IrO must management might artificially raise expectations and demonstrate a high level of emotional the share price, introducing volatility. intelligence. The IrO is the eyes and the ears for the company and a key adviser to its strategy and its fin’ancial and management. any interaction with an operational performance should form the future to demonstrate the investment external stakeholder should be seen as a basis of any corporate update. If done proposition are important prerequisites two-way process, firstly to update on the properly, management will have enough for the role. company’s performance and secondly to information in the public domain to talk a poorly communicated investment gain a better understanding of how the candidly and confidently about the case is likely to result in the company company is perceived. company, without falling foul of the being undervalued. at the opposite end even in the somewhat passive role of regulatory framework, thus building of the scale, too positive a spin on a accompanying management, the IrO confidence and trust in the company and company’s performance might artificially must not miss an opportunity to gather themselves. raise expectations which could in turn intelligence: what exactly is behind a result in an overly volatile share price as particular line of questioning? what Intelligent targeting investors speculate about the company’s information is sought and how can the Once armed with a good set of materials true underlying performance. company provide this? what’s the body (financial updates, presentation, Q&as a good IrO will help deliver an Ir language like – are your management etc.), the IrO should ensure that strategy that will ensure the full value of team liked and trusted and what (if any) management’s time is used to the best the company is recognised and reflected are the pinch points? are there issues that possible effect. so, understanding your in its share price. n appear to be unresolved? company’s investment proposition and Combining this intelligence with a matching that with an appropriate investor complete understanding of the company, base is essential. Knowing whether you are likely to best practice guidelines appeal to an income, growth or value we have recently updated our investor is a good starting point for best practice guidelines which targeting the appropriate long-term shareholder. follow this up with can be viewed in the Knowledge consistent reporting with a nod to what bank section of our website. This the strategy might deliver and you will guide brings together the Ir have made a strong start towards ensuring society’s views on the topics of a supportive investor base. The IrO has a range of tools to deliver relevance to our profession. the appropriate message – updates and
Society elations estor R SECT The Inv ION 1 BE TICE ST PRA annual reports, face-to-face meetings, RAC G CTICE ST P UIDELI The BE INES NES role of GUIDEL the IRO 1 IR .1 strategy CTION 1 conference calls and presentations, the SE The IR So ciety’s p osition The IR Soc s iety be trategy lieves th for its at each the b activitie IR de usines s that b partmen a s. It sho oth refl t shoul nd acc uld be ects an d devel urate pi constru d suppo op a opera cture of cted so rts the tes, the the com as to b strategy te outloo pany, uild a c for rm goa k over the env lear, co ls and s the nea ironme ncise website and a range of site visits and trategy r term a nt in wh to ac s we ich it hieve t ll as its It shoul hose go medium d take n als. /long- incor ote of im f porate portan u t o ou pdates corpora tside at re te e o le v e f the re vant tim ents an l a por es d try n ti d o d robus ng sche uring th to r t relat dule. e yea op ions The r – p e hi IR r e n and c ps with O sho eferably o b ul h nstructi oth ana d seek ve ly to T relatio sts and build d nship inves irect s. tors, al investor/analyst days. The IrO will use lowing f or O Best pr R actice i I n br ief • e An I h R strate t gy s s ho upports uld be d the com evelope pany’s d such • goals. that it r It eflects should and be revie these tools, picking and choosing what docum wed at ent th least at evo annual lves alo ly and u • ng with sually i The e the com s a live ngagem pany. app ent pla ropriat n shoul eness. d be rev iewed b • y the bo Progr ard for ess sho uld be t racked • and adj Plan sh usted a might be appropriate for the occasion. ould be ccordin sen gly. se chec • ked with Comm advise unicatio rs. par n lines ticularly should when) be kep things t open, • are not even if IR s going t (and hould k o plan eep goo d record Any IR s of al strate l investo gy shou r intera Ramona Tipnis is former ld be su ction. strong analytical and writing skills and the p po • rted by: An app ropriate reporti • ng cale E ndar. xcellen t presen across tation a 3 the Co nd state – a mpany ment c dvisers to refle reated to sen ct strate with inp conc se chec gy and ut from erns ar k and e perform e addre nsure i ance: director of IR at Mothercare. ssed. nvestor ability to weave a compelling narrative an d media [email protected] linking the past with the present and the
34 Ir sOCIeTy Are you studying for the CIR or ICIR? Boost your chances with the CIR and ICIR Online Learning Support Modules The Online Learning Support Modules focus on the more theoretical elements of the syllabus, where most value can be added by the online learning process, and will help ensure that you have the very best chance of passing the final exam.
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For more information: email [email protected] visit www.irs.org.uk call +44 (0)20 7379 1763 besT praCTICe InfOrmed disclosure best practice – letter from the singapore perspective singapore achieving the highest standards in singapore market practice and regulation requires a strong disclosure policy, as Tan Boon Gin reports.
here is an urgency today to pursue among mainboard companies – as threshold of materiality is broader in scope Tbetter standards and compliance. independently reviewed by Kpmg for sgX than that for materially price-sensitive Central to this is the quality of disclosures; in July 2016 – was found to be good with information. Trade-sensitive information without proper disclosures, there can be no room for improvement. In fact, 55% of the does not focus on the likely price impact of good governance, no trust in companies companies considered in this review scored information; rather, it is information which if and no confidence in our markets. This is 60% or more for the Cg Code’s principle disclosed, would have a likelihood of especially the case for us at singapore 15 on Communication with shareholders, influencing an investor’s decision to trade exchange (sgX) because ours is a which sets out that companies should the security. disclosure-based regime. This, we believe, is actively engage their shareholders and put In short, would a investor have traded a an approach which allows market in place an investor relations policy to security in reliance of that piece of participants greater flexibility to take promote regular, effective and fair information if it had been known calculated risks which promotes a more communication with shareholders. beforehand? If so, that information is trade- vibrant market. specifically, ‘disclosure of Information’, sensitive information. In singapore, sgX’s regulatory oversight which is a guideline under the principle, so when the industry is humming along, of companies and their disclosures occurs at achieved a score of 71%. what might constitute non-material two stages. The first is at the admission stage information during stable macroeconomic when companies seek to list on the Timing and content of disclosures and industry conditions, could well become exchange, while the second happens with notwithstanding the good scores from the material when the industry is going through the regulation of listed companies’ Kpmg study, sgX-listed companies may extreme volatility or a protracted down- continuing obligations. There is room for find it useful to receive guidance and cycle. improvement on both fronts, and the simple reminders on best practices when it comes and elegant principle underpinning this to disclosures. Companies’ responsibilities Conclusion drive revolves around close industry extend beyond just making disclosures; It is important to also state in no uncertain collaboration. Collaboration with industry at they have to ensure that the disclosure of terms that sgX will strictly enforce both the listing and the post-listing stage is material information is done on a timely compliance with this requirement as it is crucial if improvements are to happen. basis. Indeed, this is enshrined by fundamental to our disclosure-based how far have we arrived and where can singapore law, specifically section 203 of regime. we improve with regard to best practices in the securities and futures act (Chapter Our preference as always is to take disclosure? The standard of the Code of 289). preventive measures. sgX will question the Corporate governance (Cg) disclosures against this backdrop, one must company and require a public response to remember that the sgX rules on disclosure tease out material information where of material information are not prescriptive necessary. This includes, but is not restricted in terms of how materiality is ‘measured’ or to situations where there has been an ‘defined’. unusual movement in share price and/or It says that an issuer must announce any trading volumes. information which would likely materially where any disclosure lapse amounts to affect the price or value of its securities, or possible breaches of the listing rules, sgX is necessary to avoid the establishment of a will carry out an investigation and if a false market in its securities. breach is found to be serious enough, sgX when deciding whether a piece of may take action under our disciplinary information is materially price-sensitive, framework or even refer the breach to the sgX will look at actual market reaction to relevant statutory authorities. while the information, if available. If there is no enforcement remains a tool of last resort, it movement in the share price, then it is is a tool nonetheless, and will be wielded if likely that the information does not have a necessary. material effect, and is therefore not Clearly then the cardinal rule which materially price-sensitive. undergirds what we try to establish as best Tan Boon Gin is chief regulatory The test to determine whether a piece of practice in singapore is to simply disclose officer of SGX. trade-sensitive information crosses the when in doubt. n
36 Ir sOCIeTy
Recognising and rewarding excellence in investor relations
This is the premier event in the IR calendar Best Practice Awards 2016
nd Tuesday 22 November The Pavilion at the Tower of London, London, EC3N 4AB
In the following pages, we highlight the award-winners in the successful IR Best Practice Awards event.
Thank you to our annual sponsors:
INVESTOR ANALYTICS WINTER 2016/17 AWARDS DINNER
Gyles Brandreth, awards host, entertained the guests with a witty and topical address. Record turnout at awards dinner
here was a record turnout at the IR determined by a panel of judges, and the THE JUDGING PANEL TSociety annual Best Practice Awards voted awards, with the winners determined dinner on Tuesday 22 November at the by votes cast by the buy- and sell-sides. Our thanks to the panel who judged Tower of London. This premier event in the The Society was delighted with the the self-entry section of the awards: IR calendar was hosted by the writer, standard and quality of entries this year and broadcaster, former MP and government with some fiercely fought categories. 19 David Lloyd-Seed (chair) – IR Society whip, Gyles Brandreth and saw almost 600 different companies collected the 19 self- Hilary Eastman – PwC IR professionals gathered together. entry awards. Taylor Wimpey triumphed in Jessica Fries – The Prince's Accounting Introducing the evening, David Lloyd- the FTSE 100 category for best overall for Sustainability Project (A4S) Seed, chair of the IR Society, said: “This communication of company investment Tim Goodman – Hermes Investment event celebrates one of the Society’s key proposition, and performed consistently well Management reasons for existing – to promote best across other award categories, also achieving Sue Harding – FRC Financial practice in investor relations and I would like a highly commended in the best annual Reporting Lab to thank all those who put their work forward report category. Liz Murrall – The Investment for an award. Those companies shortlisted for Best annual report was won by ARM Association Tuesday’s awards have all shown how to Holdings (FTSE 100), DS Smith (FTSE 250), Scott Payton – Bowen Craggs & Co adhere to and deliver best practice McBride (Small-cap & AIM) and PhosAgro Giles Peel – DAC Beachcroft principles, and the quality of their entries, (International). The inaugural winner of the Nigel Sleigh-Johnson – ICAEW from the largest to the smaller companies, new award, Best IPO IR Communications, Peter Swabey – ICSA was extremely high. was McCarthy & Stone. Thomas Toomse-Smith – FRC Financial “We are doing ourselves proud as an In the Voted awards, Shire celebrated Reporting Lab industry in communicating our investment winning Best Overall Company IR. A former Martin Walker – Alliance Manchester case to the market and ensuring that winner of this award, the Shire team is Business School investors have all they need readily available credited with great execution of bold and easily digestible to understand what our transactions in a difficult and complex companies do – that of course is the secret market environment. sauce that ensures a full and fair valuation – Congratulations also go to Charlotte the lifeblood of any IRO. Congratulations to McBride at J Sainsbury for winning Best them all.” Newcomer to IR and to Greg Feehely of – There were two sets of awards presented – ASOS who was named Best IRO – Greg was the self-entry awards, with the winners a previous winner of this award. n
IR SOCIETY 39 AWARDS DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
1 Best annual report: International Winner : PhosAgro
In a high-quality category of The judges are looking for evidence of an innovative and international entries, the effective report that plays an integral part in the communication judges said that PhosAgro of the strategy and investment case of a company. It should produced a concise and serve as an effective communications tool and provide insight well-laid-out annual report. into the company’s main objectives and strategies, the principal The entry featured a strong design with a visually engaging risks it faces and how they might affect future prospects. approach used throughout the report. Of particular note by the judges was the way the business model was presented to differentiate the business.
‘PhosAgro is a Russian vertically integrated company and one of the world’s leading producers of phosphate-based fertilisers.’ www.phosagro.com
Last year’s winner, Uralkali has also been highly commended in this category, as it continues to deliver best practice reporting.
Award sponsor : BNY Mellon Depositary Receipts
(From left to right) Gyles Brandreth, Sam Vanderlip from EM Advisors (on behalf of PhosAgro) and Damon Rowan from BNY Mellon
2 Best annual report: Small Cap & AIM Winner : McBride
The judges applauded the time and The judges are looking for evidence of an innovative and effort being invested by smaller cap effective report that plays an integral part in the communication companies to produce best practice of the strategy and investment case of a company. It should reports. Congratulations to McBride serve as an effective communications tool and provide insight who win this award for a clear report with a simple business into the company’s main objectives and strategies, the principal strategy that is well integrated throughout the report. The judges risks it faces and how they might affect future prospects. also highlighted the investment case, governance principles and risk assessment as award-winning features of the report. In particular the way the company tackled the reduced dividend issue stood out as best practice communications.
‘McBride is the leading supplier of Private Label Household and Personal Care products for Europe's largest and most successful retailers.’ www.mcbride.co.uk
McColls Retail Group is highly commended for a visually engaging and well-laid-out annual report.
Award sponsor : IR Magazine
(From left to right) Gyles Brandreth, David Rattigan and Huan Quayle from McBride and Sebastien Dutrieu from IR Magazine
40 IR SOCIETY WINTER 2016/17 AWARDS DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
3 Best annual report: FTSE 250 Winner : DS Smith
The judges are looking for evidence of an innovative and The judges noted the high effective report that plays an integral part in the communication standard yet again in this category, of the strategy and investment case of a company. It should with much debate around all serve as an effective communications tool and provide insight shortlisted companies. DS Smith into the company’s main objectives and strategies, the principal wins this award for a well risks it faces and how they might affect future prospects. explained business model and a clear and easy to understand reporting framework. The judges liked the innovative use of graphics that included a risk heat map and commented positively on the way in which sustainability issues were addressed.
‘DS Smith is a European leading packaging company of customer- specific packaging and consumer goods.’ www.dssmith.com
The judges would like to highly commend Workspace Group for their consistency between their printed and online annual report.
Award sponsor : Emperor
(From left to right) Gyles Brandreth, Rachel Stevens from DS Smith and Claire Forrest from Emperor Design
4 Best annual report: FTSE 100 Winner : ARM Holdings
ARM Holdings delivered a most The judges are looking for evidence of an innovative and innovative and well integrated annual effective report that plays an integral part in the communication report. Judges were unanimous in their of the strategy and investment case of a company. It should praise for what was an award-winning serve as an effective communications tool and provide insight presentation of a complex business into the company’s main objectives and strategies, the principal model, aided by a well-designed and easy to read annual report risks it faces and how they might affect future prospects. that displays good linkages of content throughout.
‘ARM® technology is at the heart of a computing and connectivity revolution that is transforming the way people live and businesses operate.’ www.arm.com
Taylor Wimpey is highly commended for presenting a well- explained business model, which included KPIs and case studies
Award sponsor : Equiniti
(From left to right) Gyles Brandreth, Andy Rivett-Carnac from INVESTOR ANALYTICS Brunswick Group (on behalf of ARM Holdings) and Rob Hemming from Equiniti
IR SOCIETY 41 AWARDS DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
Most effective integration of sustainability reporting 5 Winner : BASF into communications: International Congratulations BASF, last year The judges were looking for evidence of clear and concise highly commended and this communication of a sustainability strategy that supports the year’s winner! According to the investment proposition of international companies. The judges, BASF presented a most report should address material issues, giving due comprehensive view of prominence to challenges as well as successes. sustainability in its reporting and this comes across as an integrated part of the business. This is usefully highlighted for the reader with great use of graphics.
‘At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility.’ www.BASF.com
Award sponsor : WeConvene Extel
(From left to right) Gyles Brandreth, Tobias Hoeld from BASF and David Enticknap from WeConvene Extel.
Most effective integration of sustainability reporting 6 Winner : Go-Ahead Group into communications: FTSE 250 The judges applauded Go- The judges were looking for evidence of clear and concise Ahead Group and said this was communication of a sustainability strategy that supports the an example of a very succinct investment proposition of FTSE 250 companies. The report sustainability report that should address material issues, giving due prominence to demonstrated helpful cross-referencing to the annual report. This challenges as well as successes. was further supported by useful links to financial information and long-term targets.
‘Go-Ahead is one of the UK's leading public transport providers. Since our foundation in the 1980s, we have transformed from a small bus operator in north-east England to an organisation providing more than a billion journeys each year on our UK bus and rail services.’ www.go-ahead.com
Award sponsor : Morrow Sodali
(From left to right) Gyles Brandreth, David Vasquez from Go- Ahead Group and Reza Eftekhari from Morrow Sodali.
42 IR SOCIETY WINTER 2016/17 AWARDS DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
Most effective integration of sustainability reporting 7 Winner : Anglo American into communications: FTSE 100 The judges said that this was The judges were looking for evidence of clear and concise a close-run category. The communication of a sustainability strategy that supports the company’s open and investment proposition of FTSE 100 companies. The report granular reporting, including should address material issues, giving due prominence to on ethics, and the way it challenges as well as successes. presented its values and pay for performance resonated well.
‘We are a globally diversified mining business. Our portfolio of world-class competitive mining operations and undeveloped resources provides the raw materials to meet the growing consumer-driven demands of the world’s developed and maturing economies.’ www.angloamerican.com
Award sponsor : Capita Asset Services
(From left to right) Gyles Brandreth, Marcelo Esquivel from Anglo American and Georgina Morgan from Capita Asset Services.
THE INVESTOR RELATIONS SOCIETY’S
PROGRAMME
The Deliver programme (Developing future leaders through investor DELIVrEelations) isR aimed at high potential IROs who are seeking the next DEVELOPING step up in their career.
This is a six-month activity-based modular programme in three parts, FUTURE with other supporting activities and meetings throughout the programme.
LEADERS Deliver continues to offer unique exposure to captains of industry and other thought leaders. In addition, working with IRO peers means creating your own personal network to compare notes with THROUGH during and after the programme.
INVESTOR For more information or to register your interest, please contact John Gollifer at [email protected] RELATIONS or call +44 (0) 20 7379 1763 AWARDS DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
8 Best digital reporting: International Winner : Geberit
Geberit wins Best Digital The judges were looking at how the digital environment is Reporting award for a well- used to enhance the usability and support of international thought-out digital report. company reporting. Rather than the particular format used, Judges commended the company for accessibility and easy-to- attention was paid to the use of medium and its timeliness, download charts. It was clear that much consideration had been effectiveness, appropriateness to the target audience and given to making sure that functionality and usability add to the how reporting has been translated online. underlying annual report rather than being distracting to the reader.
‘The globally operating Geberit Group is a European leader in the field of sanitary products. Geberit operates as an integrated group with a very strong local presence in most European countries, providing unique added value when it comes to sanitary technology and bathroom ceramics.’ www.geberit.com
Judges would like to highly commend LafargeHolcim for their effective use of online reporting
Award sponsor : Financial Times
(From left to right) Gyles Brandreth, Stefan Berg from EQS (on behalf of Geberit) and Daniel Fish from the Financial Times.
9 Best digital reporting: Small Cap & AIM Winner : Inland Homes
Congratulations to Inland Homes who The judges were looking at how the digital environment is win this award for demonstrating used to enhance the usability and support of Small Cap and innovation in digital reporting. Judges AIM company reporting. Rather than the particular format commented on the neatly presented used, attention was paid to the use of medium and its and attractively designed report and timeliness, effectiveness, appropriateness to the target the consideration of mobile optimisation for stakeholders. audience and how reporting has been translated online. ‘Inland Homes plc is a leading brownfield regeneration specialist and housebuilder.’ www.inlandhomes.co.uk
Award sponsor : Deutsche Bank
(From left to right) Gyles Brandreth, Melanie Hyland and Nish Malde from Inland Homes and James Eves from Deutsche Bank Depositary Receipts.
44 IR SOCIETY WINTER 2016/17 AWARDS DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
10 Best digital reporting: FTSE 250 Winners : OneSavings Bank
A new entrant to what the The judges were looking at how the digital environment is judges described as a very used to enhance the usability and support of FTSE 250 strong field. Evraz company reporting. Rather than the particular format used, produced a thoughtful, attention was paid to the use of medium and its timeliness, well-designed and visually pleasing digital report. The judges effectiveness, appropriateness to the target audience and were thrilled to see how their use of digital reporting added to how reporting has been translated online. readers’ understanding of the business. They thought the ability to customise online information and send it via email from the website was particularly helpful for users of the report.
‘TEVRAZ is a vertically integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, USA, Canada, Czech Republic, Italy, Kazakhstan and South Africa.’ www.evraz.com
Award sponsor : Design Portfolio
(From left to right) Gyles Brandreth, Andrey Kozhevnikov from Zebra Corporate Communications (on behalf of Evraz) and Leon Channon from Design Portfolio
11 Best digital reporting: FTSE 100 Winner : Old Mutual
Congratulations to Old The judges were looking at how the digital environment is Mutual for what the judges used to enhance the usability and support of FTSE 100 described as engaging, company reporting. Rather than the particular format used, ambitious and ultimately, attention was paid to the use of medium and its timeliness, effective online reporting. What stood out for the judges was the effectiveness, appropriateness to the target audience and way the company brought the annual report to life and managed how reporting has been translated online. to successfully address strategic changes while remembering wider stakeholders.
‘Old Mutual plc is an international investment, savings, insurance and banking group.’ www.oldmutual.com
Award sponsor : Zebra Corporate Communications
(From left to right) Gyles Brandreth, Patrick Bowes from Old Mutual Group and Andrey Kozhevnikov from Zebra Corporate Communications.
IR SOCIETY 45 AWARDS DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
12 Best use of digital communications: International Winner : Gazprom Neft
Gazprom Neft wins this award for a The judges were looking for entries that embrace the full clean and effective design which potential of digital media for international companies, should please users. The judges were demonstrating specifically how engagement with investors, impressed by the relevant use of shareholders and other key stakeholders through digital, social media that allows the company to reach other delivers the investment story in a clear and effective way. stakeholders while communicating what the business is all about.
‘Gazprom is a global energy company focused on geological exploration, production, transportation, storage, processing and sales of gas, gas condensate and oil, sales of gas as a vehicle fuel, as well as generation and marketing of heat and electric power.’ www.gazprom.com
Award sponsor : ELITE Connect
(From left to right) Gyles Brandreth, Elena Biletskaya and David Djandjgava from EQS Group and Anna Clauser from London Stock Exchange Group
13 Best use of digital communications: Small Cap & AIM Winner : Shanks Group
Congratulations to Shanks Group The judges were looking for entries that embrace the full who impressed the judges with a potential of digital media for Small Cap and AIM strong digital presence. This companies, demonstrating specifically how engagement included all the information a with investors, shareholders and other key stakeholders user would require and was well- through digital, delivers the investment story in a clear and supported by effective use of effective way. video to communicate key information, not least in relation to the company merger.
‘Independent UK waste management company offering waste solutions tailored to individual customer needs.’ www.shanksplc.com
Award sponsor : PR Newswire
(From left to right) Gyles Brandreth, Helen Kemp from Shanks Group and Hugh Clark from PR Newswire
46 IR SOCIETY WINTER 2016/17 AWARDS DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
14 Best use of digital communications: FTSE 250 Winner : Hays
Congratulations go to The judges were looking for entries that embrace the full Hays for what the judges potential of digital media for FTSE 250 companies, said was exemplary use demonstrating specifically how engagement with investors, of clear, consistent and shareholders and other key stakeholders through digital, well-integrated digital content that forms part of the overall IR delivers the investment story in a clear and effective way. communications strategy. Overall accessibility has been augmented by use of video that is linked to external content and according to the judges, this demonstrates the confidence of management and a well-supported IR function.
‘We are Hays, the world's leading recruitment experts. Last year we placed 63,000 people into permanent jobs and 200,000 people into temporary roles.’ www.haysplc.com
The judges would like to highly commend Go-Ahead Group for consistently delivering high-quality digital communications.
Award sponsor : World Television
(From left to right) Gyles Brandreth, Vincenzo Leporiere from Hays and Rob Burns from World Television
15 Best use of digital communications: FTSE 100 Winner : British Land
British Land sets the standard The judges were looking for entries that embrace the full in this category with well- potential of digital media for FTSE 100 companies, structured and intuitive demonstrating specifically how engagement with investors, digital communications. The shareholders and other key stakeholders through digital, judges were most impressed with the strong use of video delivers the investment story in a clear and effective way. supported by blogs. The company uses social media well to promote news materials, all consistent with the themes within the annual report.
‘A London-based property investment company focused on managing, financing and developing prime commercial property.’ www.britishland.com
The judges would like to highly commend Anglo American for their consistent communications across digital platforms.
Award sponsor : QuantiFire
(From left to right) Gyles Brandreth, Eloise Grout from British Land and Charles Hamlyn from QuantiFire
IR SOCIETY 47 AWARDS DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
16 Best IPO IR communications Winner : McCarthy & Stone
Congratulations McCarthy & Stone The judges are looking for evidence that an effective IR who emerged as a deserving strategy was employed leading up to, during and post IPO – inaugural winner of this new both online and offline. The judges are looking for category. The judges liked their companies that successfully engaged with investors, media comprehensive approach to the and analysts; evidencing how each were engaged with task at hand and said that McCarthy & Stone had left no stone throughout the transition from a private to public company unturned in their quest to go public. Their differentiated IR strategy and the outcome/results. covered all the elements of investor communication through use of multiple channels, both online and other, including good old fashioned IR on the road that made their IPO work.
‘McCarthy & Stone is the UK’s leading retirement housebuilder. With over 39 years experience and thousands of happy homeowners, we create apartments to suit all lifestyles and stages of retirement.’ www.mccarthyandstone.co.uk
The judges would like to highly commend CYBG for presenting a strong case.
Award sponsor : QuantiFire
(From left to right) Gyles Brandreth, Anna Brown from McCarthy & Stone and Charles Hamlyn from QuantiFire
Best overall communication of company investment 17 Winner : Eurocell proposition: Small cap & AIM Eurocell clearly addressed The judges considered the channels used and consistency the award criteria, of messaging, as well as transparency around material particularly in issues for Small cap & AIM companies. The investment communicating the proposition should be supported by linkages to strategy, company’s market position and a differentiated investment business model, sustainability policy, management and of proposition. Overall, Eurocell presented convincingly to aid a course risk. first-time audience of what is not a well-known business.
‘Eurocell Group is a market-leading, vertically integrated UK manufacturer and business-to-business focused supplier of innovative PVC-U window, door, conservatory and roofline systems, with a PVC-U recycling operation.’ www.eurocell.co.uk
Award sponsor : Liberum Capital
(From left to right) Gyles Brandreth, Gerald Copley from Eurocell and John Fishley from Liberum Capital
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WINTER 2016/17 AWARDS DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
Best overall communication of company investment 18 Winner : Pennon Group proposition: FTSE 250 Judges were impressed by The judges considered the channels used and consistency Pennon Group’s clear, consistent of messaging, as well as transparency around material and compelling articulation of issues for FTSE 250 companies. The investment proposition the investment proposition. The should be supported by linkages to strategy, business company has presented a great model, sustainability policy, management and of course example of how to engage with investors by setting out your KPIs risk. particularly well and making the business easier to understand and follow.
‘Pennon Group Plc is an environmental utility infrastructure company at the top end of the FTSE 250 which owns South West Water Limited and Viridor Limited.’ www.pennon-group.co.uk
The judges would like to highly commend DS Smith for a strong presentation.
Award sponsor : Liberum
(From left to right) Gyles Brandreth, Paul Boote and Sarah Heald from Pennon Group and Mark Godridge from Liberum Capital
Best overall communication of company investment 19 Winner : Taylor Wimpey proposition: FTSE 100 Taylor Wimpey was a stand- The judges considered the channels used and consistency out entry in this category of messaging, as well as transparency around material where the judges focused issues for FTSE 100 companies. The investment proposition on the business model and should be supported by linkages to strategy, business KPIs given the testing environment. The judges commended model, sustainability policy, management and of course Taylor Wimpey for a comprehensive investment proposition in risk. this category that demonstrated a consistency and clarity stemming from an excellent annual report.
‘Taylor Wimpey is a national developer operating at a local level from 24 regional businesses across the UK. We also have a small operation in Spain. Our vision is to become the UK’s leading residential developer for creating value and delivering quality.’ www.taylorwimpey.co.uk
The judges would like to highly commend British Land, on another great entry that again delivers consistent communications.
Award sponsor : Orient Capital
(From left to right) Gyles Brandreth, Debbie Sempie from Taylor Wimpey and Alison Owers from Orient Capital
IR SOCIETY 51 AWARDS DINNER INFORMED
IR BEST PRACTICE AWARDS • THE WINNERS
18 Best newcomer to IR Winner : Charlotte McBride, J Sainsbury
Congratulations Charlotte. This was Voted award. This award recognises the IRO who has made described as a remarkable performance for the greatest impression as a newcomer to the IR industry a veritable newcomer. Charlotte is during the past year. apparently very popular with the investment community, particularly sell-side analysts who find her very approachable. In a most competitive sector, this has been key to Charlotte’s success.
‘J Sainsbury is a leading food retailer with interests in financial services.’ www.j-sainsbury.co.uk
Award sponsor : EMR
(From left to right) Gyles Brandreth, Charlotte McBride from J Sainsbury, and Debbie Nathan and Muksheeda Boodhooa from EMR.
19 Best investor relations officer Winner : Greg Feehely, ASOS
A previous winner of this award, Greg has Voted award. This award recognises the IRO who has moved back up the rankings to emerge as offered the best all-round contribution to the IR profession number 1 with a broad range of support during the past 12 months. from both buy- and sell-sides for his special IR skillset. Well done Greg!
‘ASOS is creating a unique multi-channel shopping experience where twenty- something fashion lovers can network, share ideas, create their own style and of course, shop. Visited by millions every day we ship the latest trends to customers in 231 countries and territories.’ www.asosplc.com
Award sponsor : BNY Mellon
(From left to right) Gyles Brandreth, Alexandra Starkey from ASOS (on behalf of Greg Feehely) and Mary Gormley from BNY Mellon.
52 IR SOCIETY WINTER 2016/17 AWARDS DINNER
IR BEST PRACTICE AWARDS • THE WINNERS
20 Best overall company IR Winner : Shire
Voted award. This award is for the company that has the The Shire team, a former best overall IR programme, so it will include the winner of this award, is contributions made by the IR department themselves and credited with great execution the executive team including the CEO, CFO and chairman. of bold transactions in a difficult and complex market environment. Notably, the overall IR effort, while clearly strongly led, has been ably supported by the C-suite, Chair and the Board.
‘Our purpose is to enable people with life-altering conditions to lead better lives.’ www.shire.com
Award sponsor : RD:IR
(From left to right) Gyles Brandreth, Sarah Elton-Farr from Shire and Richard Davies from RD:IR.
The IR Society boardroom is available to hire exclusively for our members
• A fantastic location in the City of London close to Moorgate and Bank stations. • A large bright boardroom with natural daylight and air-conditioning. • Up-to-date technology with the capacity to seat 16 in boardroom style. • Ideal facilities for meetings, training courses, workshops, away-days and seminars. • Full range of catering options. • Very competitive rates.
If you are interested, please come and have a look around or for more information contact Janet Kelly on 020 7379 1763 or [email protected]
IR SOCIETY 53 AWARDS DINNER INFORMED
Here’s how the IR profession enjoyed the awards at the Tower of London...
54 IR SOCIETY WINTER 2016/17 AWARDS DINNER
...and found ample time to wine, dine and relax!
IR SOCIETY 55 EDITORIAL SCHEDULE INFORMED
INFORMED – editorial schedule 2017
Spring (March) – All change in the City of London: another big bang? A look at the major Issue 94 changes under way in financial markets and regulation. Copy deadline – February 17
Summer (July) – Conference 2017: ‘A New World Order: The Ascent of IR’. An in-depth report Issue 95 on our annual conference proceedings. – Developing your role in IR. A fresh look at careers and the IR profession. Copy deadline – June 16
Autumn (October) – A new face of IR: SMEs, IPOs, private equity and alternative funding Issue 96 Copy deadline – September 15
Winter (December) – Best practice – latest developments, plus coverage of the Society’s annual best Issue 97 practice awards. Copy deadline – November 17 In addition we will be covering our usual wide range of industry news, updates and interviews. For editorial enquiries, contact Laura Hayter – [email protected] For advertising enquiries, contact Robert Dann – [email protected]
PREVIOUS ISSUES OF INFORMED
CHAIR’S LETTER | SERVICE PROVIDERS | PERSONAL VIEW | INDUSTRY NEWS CHAIR’S LETTER | SERVICE PROVIDERS | PERSONAL VIEW | INDUSTRY NEWS PERSONAL VIEW | CHAIR’S LETTER | EVENTS | PROFESSIONAL DEVELOPMENT CHAIR’S LETTER | SERVICE PROVIDERS | PERSONAL VIEW | INDUSTRY NEWS EVENTS & COURSES | CHAIR’S LETTER | NEW MEMBERS | SERVICE PROVIDERS INFORMED INFORMED INFORMED INFORMED INFORMED THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 88 AUTUMN 2015 THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 92 AUTUMN 2016 THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 91 SUMMER 2016 THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 90 SPRING 2016 THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 89 WINTER 2015/16 ACCESS... BOARD... CAREERS... Policy and professional CAREERS AND PROFESSIONAL Defining IR best practice Building your DEVELOPMENT An ABC of CONFERENCE 2016 development A 30-page feature on latest trends in reporting, IR career IR strategy and digital Where are we now? A special feature on: the new Diploma in IR, communications, The key steps to developing a Two special features provide the IR job market, IROs’ personal stories, with case studies successful career in IR in 2016. the answer: online learning, courses Personal stories, wise advice and many other ways to and professional analysis Policy –the key issues get ahead to guide you through on regulation facing the New Year IROs, and the policy committee’s work
Professional development – PLUS PLUS the ways to learn Planning your SRI communications and grow as an IRO Policy issues for 2016 Are you complying with slavery law? Keynotes, sessions, speakers, exhibitors, Conference 2016 update UK listings in decline plus networking, drinks and more – Access, Board, Careers: an ABC of IR PLUS IR Best Practice Awards 2015 a 26-page report Private equity IR IR Best Practice The state of IR in South Africa PLUS Awards 2015 latest news – buy tickets now! This issue of Informed Update on Best Practice Awards What does Brexit mean for IR? is sponsored by: This issue of Informed is sponsored by: Researching narrative reporting Six articles on best practice Conference 2016 update WINNERS! Access, Board, Careers: an ABC of IR Report and Introducing best practice IR to Japan This issue is sponsored by: View from Johannesburg Buy your tickets now! photos inside Brexit: new world, new demands Why is the CIR so valuable?
PERSONAL VIEW | CHAIR’S LETTER | EVENTS | PROFESSIONAL DEVELOPMENT EVENTS PROGRAMME | CHAIR’S LETTER | NEW MEMBERS | INDUSTRY NEWS EVENTS & COURSES | CHAIR’S LETTER | NEW MEMBERS | SERVICE PROVIDERS INFORMED INFORMED INFORMED THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 86 SPRING 2015 THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 85 WINTER 2014/15 THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 87 SUMMER 2015
CELEBRATION! CAREERS DOING PLUS The IR Society marks its The IR Society Annual Dinner and anniversary with an IN IR Best Practice Awards 2014 – 18-page special feature on IR RIGHT a full report with photos IR past, present and future A 17-page special feature on Latest on 2015 conference The IR Society trends in IR plus how to enhance your professional Putting on a US roadshow marks its 35th skills and personal standing Financial Reporting Lab CONFERENCE 2015 anniversary with Keynotes, sessions, speakers, an in-depth look exhibitors, networking, drinks, at best practice – years canapés and more – a 34-page report of our record-breaking event 12 articles by 35 + photos and cartoons IROs and IR professionals
PLUS
June 2015 conference – update
This issue of Informed A difficult year for IROs? is sponsored by: The future of the interim management statement Europe’s economies and financial markets
Informed issues covering the last five years of IR developments are available for members to download free of charge from the IR Society website. See www.irs.org.uk/news/category/informed
56 IR SOCIETY WINTER 2016/17 PROFESSIONAL DEVELOPMENT
IR Society professional development Our sponsor
Deutsche Bank’s Depositary Receipt group is pleased to sponsor The Investor Relations Society’s In-house training courses 2017 Professional Development Programme for another year. The IR Society can also tailor a number American Depositary Receipts (ADRs) are a means for non-US companies to raise their of our training courses to meet your profile with US investors, make their shares more easily available to them and raise new capital particular needs and deliver them in- in the US. Deutsche Bank’s ADR business is dedicated to providing excellent service for house. This is a cost-effective way of companies with ADR programmes. ensuring staff are kept up to date with Deutsche Bank provides all the services necessary to set up and run a successful ADR the latest regulation, IR principles and IR programme plus a range of added services to ensure that both the issuing company and its best practice. investors get the most from the programme. This includes providing specialist investor relations support to companies with ADRs to assist them in communicating with their US investors. Bespoke training courses Based on your training brief we will For further information please contact: develop an entirely unique course Zafar Aziz, director, head of DR IR advisory group utilising content and materials most [email protected] or +44 (0) 20 7545 6619 relevant to your particular needs.
Tailored courses We will adapt our existing courses to suit KEY TO COURSES your specific training requirements. •IR Fundamentals: These courses provide an excellent introduction to IR by explaining the Save money by having one of our workings of the financial markets, identifying key relationships and developing awareness of existing courses delivered in-house for crucial IR techniques. your team. •Core IR Skills: These courses allow IR practitioners to develop their knowledge in the fundamental areas of understanding financial accounting, IR regulation and compliance, Contact Nicole Solomon for more investor targeting, media relations and best practice annual reporting. information at [email protected] or +44 (0) 20 7379 1763 •Advanced IR: These courses are aimed at IROs and other market participants, and are targeted at specialist areas, covering topics such as Debt IR, ESG/SRI and also brand new Financial PR and Advanced Writing courses.
Club IR in 2017 Courses at a glance for 2017 Q1 The IR Society has been undertaking a series of lunchtime workshops for more January senior delegates on a range of themes such as: Tues 17/ Wed 18 Demystifying company accounts and valuations Friday 20 IR regulation update • Key elements of the IR calendar Monday 30 Introduction to IR and the financial markets • Managing C-suite issues • Improving investor engagement February • Updating your IR toolkit Tuesday 28 Best practice in IR Club IR is open to anyone working in IR March or a related profession, who is keen to Tuesday 7 Building your Debt IR capability share their experiences, build their Thursday 16 IR regulation and compliance essentials (module one) professional network and enhance their career in investor relations. Thursday 23 IR regulation and compliance essentials (module two) Moderated by an experienced market professional, they will be an efficient and highly-focused way for busy practitioners to keep up to speed on issues which are integral to their job, but are not covered For more details on all our courses, please see our interactive at this advanced level in the main programme of IR Society educational 2017 Professional Development Brochure online at events. Please check www.irs.org.uk/ www.irs.org.uk/files/professional-development-presentation professional-development/booking/club- ir-new-for-2016 for sessions and dates.
57 PROFESSIONAL DEVELOPMENT INFORMED
Detailed course information for 2017 For more information and to book a course, please see www.irs.org.uk/professional-development or contact Nicole Solomon at [email protected] or call +44 (0) 20 7379 1763.
IR Fundamentals
BEST PRACTICE IN IR l Tuesday 28 February 2017 This discussion-based half-day course explores ‘best practice IR’ and looks at the most current tools l Thursday 19 October 2017 and techniques available to IROs to help them achieve this.
INTRODUCTION TO IR AND THE FINANCIAL MARKETS l Monday 30 January 2017 This course provides an introduction to IR and the financial environment in which IR professionals l Tuesday 4 April 2017 work. It explains how the financial markets operate and are regulated. A Q&A session with an IR l Friday 16 June 2017 professional provides an invaluable opportunity to clarify any practical areas of particular interest to l Friday 4 August 2017 the participants. l Tuesday 3 October 2017 l Thursday 7 December 2017
INTRODUCTION TO WRITING FOR IR l Tuesday 4 July 2017 This full-day workshop will help you to write impactful IR communications, ensuring your key messages are delivered to the market consistently and aligned to your core company narrative. It will look at putting this in practice when writing press releases, factsheets, websites and annual reports.
IR FOR PERSONAL AND EXECUTIVE ASSISTANTS l Friday 19 May 2017 Personal and executive assistants who come into contact with investors, research analysts and external l Tuesday 7 November 2017 advisers need to understand the dynamics of the financial markets. This course will help you to understand the financial jargon, who the key participants are, what to prioritise, what information can be disclosed and how you can best support senior management.
UNDERSTANDING INVESTORS, ANALYSTS AND THE MEDIA l 2017 dates to be confirmed This interactive half-day course, presented by senior practitioners, helps IROs build stronger relationships with their key stakeholders, through developing a better understanding of their key priorities for an IR function. It explores the practitioner’s day-to-day roles within fund management firms, sell-side, advisory firms and the media and builds on the aspects covered in the Introduction to IR and the financial markets course.
Core IR Skills
ANNUAL REPORTING – BEST PRACTICE IN PRACTICE l Thursday 14 September 2017 With the new strategic report requirements in place for over a year now, we aim to reflect on how far companies have come. During this process we will look at how companies have approached the new requirements and identify what emerging best practice looks like – both in print and online. Looking to the future, the course will also update you on new narrative requirements which are on the horizon.
DEMYSTIFYING COMPANY ACCOUNTS AND VALUATIONS – MODULES ONE AND TWO l Tues 17/Wed 18 January 2017 If you are working in IR or financial PR you need to understand financial statements and be able to l Thurs 23/Fri 24 May 2017 answer questions from analysts, investors and the financial press. This two-part course will help you l Wed 12/Thurs 13 July 2017 achieve this by providing foundation knowledge in understanding a set of accounts. l Wed 11/Thurs 12 October 2017
NEW FOR 2017: MAKING PR AND IR WORK TOGETHER l Thursday 4 May 2017 This course is aimed at new and experienced IR professionals who are looking to expand their knowledge of, and engagement with, the broader communications environment. Participants in this course will understand the 5Ws in PR: Who their PR colleagues are, What their function is, When participants may need to interact with the PR team, Where PR and IR need to coordinate, and Why participants need to work with the PR department to bolster investor relations.
ENERGISE YOUR INVESTOR TARGETING l Wednesday 26 April 2017 Learn how proactive investor targeting can dramatically enhance the effectiveness of your IR activity l Tuesday 10 October 2017 on a global basis, through leveraging external advice and resources as well as third-party tools. Understand how to analyse your shareholder register and how to maximise the investment in brokers, sales teams and other service providers, getting a perspective on the key requirements for executing a successful roadshow.
58 IR SOCIETY WINTER 2016/17 PROFESSIONAL DEVELOPMENT
IR REGULATION AND COMPLIANCE ESSENTIALS – MODULES ONE AND TWO l Thurs 16/Thurs 23 March 2017 For IR professionals, compliance with rules and guidelines is an essential part of the job. Whether it is in l Wed 5/Thurs 6 July 2017 financial reporting, market disclosures, compliance with relevant listing regimes, the treatment of inside l Thurs 9/Weds 15 November 2017 information, or in the context of a transaction, mistakes are costly – not least in reputational terms. This two-day course provides an analysis of current legislation and forthcoming changes.
IR SCRIPT WRITING FOR MANAGEMENT PRESENTATIONS l Tuesday 11 July 2017 This interactive course aims to help you improve the quality and impact of your script writing for results presentations. It will help you ensure your scripted investor communications are clear, efficient and authoritative. The course will involve critique of participants’ scripts from the trainer and each other.
IR REGULATION UPDATE l Friday 20 January 2017 The regulatory landscape is constantly changing. In this half-day course you will be brought up to date with all the latest developments. This course will look at changes currently being made as well as those planned for the future.
Advanced IR
BUILDING YOUR DEBT IR CAPABILITY l Tuesday 7 March 2017 This is a half-day course aimed at IR teams looking to build their debt investor relations activity. l Friday 14 July 2017 During the session, participants will look at current best practice in debt IR, discuss how to deliver an effective debt IR programme, review debt IR-related case studies, consider the interaction with rating agencies, and start work on an action plan that participants can take back to their business.
CLUB IR WORKSHOPS: NEW TOPICS TBC FOR 2017 l Monday 6 February 2017 The IR Society holds a series of lunchtime workshops for more senior delegates on a range of themes, l Monday 13 March 2017 including key elements of the IR calendar, managing C-suite issues, improving investor engagement, l Monday 10 April 2017 and updating your IR toolkit. Taking place on a Monday lunchtime at the IR Society offices, these l Monday 11 September 2017 sessions have proved very popular as efficient ways to get practical advice, war stories and new ideas l Monday 2 October 2017 to take away and put into practice. See www.irs.org.uk/professional-development/booking/club-ir-new- l Monday 13 November 2017 for-2016 for details.
FINANCIAL MODELLING: FROM INTERNAL FORECASTING TO VALUATION l 2017 dates to be confirmed This practical course will help IROs to build a simple internal financial model to help in understanding valuation and dialogue with the market. It will introduce participants to the necessary concepts and techniques in order to be able to adapt an internal budget or strategic plan for valuation purposes. Many sectors have particular methodologies used by the market and these will be reviewed, together with their challenges. This will be a hands-on course with practical aspects and model-building exercises which can be taken away for future use.
ESG/SRI: SUSTAINABILITY ISSUES FOR IROS l Thursday 6 April 2017 This course will focus on helping IROs manage the growing IR-related communication and reporting l Wednesday 18 October 2017 requirements around SRI/ESG. Participants will gain a better understanding of the key sustainability issues, current and future trends and how to successfully identify and engage with key stakeholders.
NEW FOR 2017: STRATEGIC APPROACH TO CORPORATE MESSAGING: CONVERGENCE OF l Wednesday 12 April 2017 IR AND FINANCIAL PR This interactive course looks at how Financial PR has evolved from being task-focused on financial results or soliciting press coverage to being integral to the corporate positioning with the capital markets. You will hear from experienced PR professionals together with former journalists and in- house IROs with practical advice as to how to develop a more strategic approach to messaging to a wider audience. It will also look at the challenges of putting a strategic framework around social and digital media and how to keep strategic positioning in mind even in a crisis.
NEW FOR 2017: ADVANCED WRITING FOR IR l Friday 7 July 2017 The aim of this course is to help experienced and senior IR staff and managers to take a fresh look at their writing skills and competencies. During this full day, participants will review and refresh their existing skills, and the course will help you ensure that you are getting the maximum possible positive effect from your daily written work.
For more information and to book a course, please see www.irs.org.uk/professional-development or contact Nicole Solomon at [email protected] or call +44 (0) 20 7379 1763.
IR SOCIETY 59 CERTIFICATE IN INVESTOR RELATIONS INFORMED
Certificate in Investor Relations Key dates
Dear IR professionals, The IR Society’s Certificate in Investor Relations (CIR) was For bookings, contact Janet Kelly at first launched over 10 years ago. Since that time it has become a benchmark in the industry, [email protected] widely recognised in the UK and in other international markets as the best way to demonstrate competency in investor relations. It’s no surprise that we now have over 1,000 successful CIR exam dates 2017 graduates. Tuesday 7 February 2017 Why is this qualification so valued? The world of IR is ever-changing, led by regulation, Tuesday 11 April 2017 legislation and best practice. The IR Society aims to support the professional development of its Tuesday 27 June 2017 members by providing faster, clearer and more dynamic insights and practical perspectives. We Tuesday 22 August 2017 believe we are best placed to equip IR professionals with the right skills; skills that their Tuesday 10 October 2017 counterparts and peers recognise. The CIR is a comprehensive, stretching test of your Tuesday 5 December 2017 competency in IR, providing the tools to help you develop your career in the profession. We are proud to work with partner associations in Asia, Europe and the Middle East that also CIR revision course dates 2017 see the need for continuous professional development in the face of ever greater demands on Thursday 26 January 2017 our industry. We offer both a UK version of the CIR and an international version that captures Thursday 30 March 2017 the essential elements common to international markets. For the CIR to maintain its reputation, it needs to be carefully managed by the IR Society. We Thursday 15 June 2017 regularly review and develop its content, ensuring it is fit for purpose. Our Examinations Thursday 3 August 2017 Committee gives direction to, and maintains oversight of, the CIR and its curriculum and ensures Thursday 21 September 2017 we support delivery of the training modules and the examination, for example by investment in Thursday 23 November 2017 our online facilities. These include the mock exam papers and the online support programme for the core elements of the content. WHY SHOULD I SIT THE CIR? It is an exciting time to be part of this relevant, vibrant and professional industry. I urge you to There is no better way of demonstrating make the most of the networking, education, information and advocacy opportunities provided your competency in investor relations. by the IR Society. Importantly, I wish you luck in your studies and your ongoing professional Specifically, on completion you will: development. • Understand the fundamental principles and practice of investor relations Sue Scholes, chair of the examinations committee • Know the main regulations concerning the structure, governance and behaviour ABOUT THE CIR of listed companies The Certificate in Investor Relations (CIR) is an internationally recognised qualification for the • Be able to identify the different types of investor relations profession. The qualification allows successful candidates to demonstrate shares and shareholders their knowledge of the financial and market environment and the regulatory and reporting • Understand the role of stock exchanges requirements for listed companies and their sound understanding of the principles of investor • Know the regulations governing the relations, which will enable them to operate competently and safely. The CIR is a valuable conduct of investor relations and in benchmark for those already in the profession and an essential prerequisite for those seeking particular the disclosure of information to work in investor relations. With over 1,000 successful candidates from more than 25 • Know the legal requirements regarding countries, the CIR is firmly established as the leading IR qualification worldwide. the financial calendar • Be familiar with the fundamentals of Obtaining the Certificate in IR: basic accounting, ratios, valuation and • Provides international recognition as a qualified IR practitioner investment analysis • Demonstrates competence and growing expertise • Be aware of the requirements for UK • Enhances career development listed companies conducting investor relations in major overseas markets The CIR is a self-study qualification based on the IR Society’s comprehensive CIR study • Be aware of the required ethical and guide. It is assessed by an examination comprising 60 multiple-choice questions, based on professional standards expected of the topics set out in the syllabus. investor relations practitioners
WHO SHOULD SIT THE CIR? Successful CIR candidates will be eligible It is suitable for anyone working in investor relations or related professions, or considering a to apply for full membership of the Investor move into investor relations, either in the UK or overseas. Relations Society.
“I was largely unaware of what Investor Relations involved before joining the team at Royal Mail. The CIR qualification helped support my on the job training and added perspective to my day to day work by linking best practices with the external big picture. It was also a personal development goal and a good opportunity to meet others that work in IR at different organisations.” Karen Millar, investor relations analyst, Royal Mail
60 IR SOCIETY WINTER 2016/17 CERTIFICATE IN INVESTOR RELATIONS
Studying for the CIR
Home study The study guide provides a comprehensive overview of the IR regulation and compliance essentials main subject areas that you will need to know in order to pass Aim: For investor relations professionals, compliance with rules the CIR examination. It is intended to support other learning and guidelines is an essential part of the job. Whether it is in sources such as courses and reading material. The study guide reporting, disclosure and protection of inside information, or summarises the required knowledge for each subject area. Each transactions such as M&A and prospectuses, mistakes are costly – section of the study guide will indicate sources of background not least in reputation terms. reading for you to broaden your knowledge. On average, 40 This two-day course provides an analysis of current legislation hours of self-study is recommended to complete the CIR. You and forthcoming changes. should also consider attendance on other relevant IR Society courses to expand your knowledge base and understanding of Module One: Will provide a basic IR Toolkit, covering the the topics covered. fundamental areas of regulation and compliance that affect IR, while Revision As a revision aid, you can take an online mock examination Module Two: Will look at more specific areas and situations, such which will help you assess whether you have grasped the key as IPOs and transactions. principles. These questions do not cover every aspect of the Attendees will learn how the legal compliance requirements for CIR examination. IR communications fit together, how they are applied in practice, and what best practice standards are. Optional courses You may find it useful to take the following two courses prior to Duration: two-day modular course the revision course and exam as part of your preparation. Course costs: IR Society member per module – £419 + VAT A discount on these two courses is available for registered Non-member per module – £599 + VAT CIR candidates.
Demystifying company accounts and valuations Revision course Aim: If you are working in IR or financial PR you need to Aim: To revise subjects for the examination and assist you with understand financial statements and be able to answer any questions you may have on specific sections of the syllabus. questions from analysts, investors and the financial press. This two-part course will help you achieve this by providing Duration: one day. foundation knowledge in understanding a set of accounts. Who should attend?: Registered candidates who have completed Module One: Will clearly explain accounting jargon, together the CIR study guide and are preparing to take the CIR exam. with the relevance and limitations of financial statements. You will learn how to identify which key numbers are important in What you will learn: A review of the CIR syllabus and opportunity communicating your company’s story and the issues that need for Q&A with the course trainer. explaining. Revision course costs: IR Society member £419 + VAT Module Two: Will apply this foundation knowledge to Non-member £599 + VAT understanding what really influences valuation of companies; both financial and non-financial factors. It will give an “The revision day was excellent. Very introduction to the key principles behind valuation methods and a comprehensible explanation of Discounted Cash Flow useful in both preparing for the exam and what factors influence it. Cost of capital will be clearly explained and we will discuss how analysts really use and and increasing understanding of the interpret financial information. A Q&A session with a guest speaker from the City will underlying principles of IR. Having provide an invaluable insight into which factors really make a difference from a practical perspective. an expert trainer, who was engaging
Duration: two-day modular course and informative throughout, helped
Course Costs : IR Society member per module – £419 + VAT me get the most out of it.” Non-member per module – £599 + VAT Peter Scott, account director, Emperor
IR SOCIETY 61 CERTIFICATE IN INVESTOR RELATIONS INFORMED
The International CIR
We offer an international syllabus of the CIR which captures the essential elements common to international markets. The CIR currently runs in the UK, Hong Kong, Indonesia, Malaysia, the Middle East (CIRO), Nigeria, Russia, Singapore and Sri Lanka.
Hong Kong Indonesia & Sri Lanka Malaysia Middle East www.hkira.com [email protected] www.mira.com.my www.me-irsociety.com [email protected] [email protected] [email protected]
Nigeria Russia Singapore CONTACT www.customsstreet.com www.irfr.ru www.irpas.com For more information [email protected] [email protected] [email protected] about our international CIR partners, please contact Janet Kelly.
Online Learning Support Modules The CIR/ICIR Online Learning Support Modules are an additional resource to help ensure that you have the very best chance of passing the exam. The following topics are covered in the Online Learning Support Modules:
CIR/ICIR Study Guide Section Certificate in Investor Relations Module Topics International Certificate in Investor Relations Module Topics Companies & regulation 1. Concept of limited liability, Companies Act 2006, 1. Concept of limited liability, broad understanding formation of a company, key requirements for of the principles of company law, formation of a share capital company, articles of association, key 2. Directors, members meetings and resolutions requirements for share capital 3. Auditors, company communications, 2. Key requirements concerning directors, members identification of shareholders and statutory meetings, members resolutions – voting reporting requirements and types 3. Duties and requirements for auditors, company communications, identification of shareholders, statutory reporting
Regulatory environment 1. Introduction to regulatory environment, key 1. Introduction and key principles, insider dealing, principles and who enforces it, concepts of market abuse insider dealing and market abuse 2. Listing rules, continuing obligations, role of 2. Listing rules, class tests and role of sponsors sponsors 3. Model code, disclosure rules and transparency 3. Disclosure rules and transparency rules (DTRs), rules (DTRs), financial reporting calendar periodic financial reporting 4. Corporate governance, takeover panel, regulatory 4. Regulatory announcements, overview of US announcements, overview of AIM rules and US regulation regulation
Accounting valuation & 1. Fundamental principles behind all investment 1. Fundamental principles behind all investment investment principles decisions, concept of time value of money and decisions, concept of time value of money and discounted cash flow (DCF), cost of capital discounted cash flow (DCF), cost of capital 2. Valuation models and measures 2. Valuation models and measures, 3. Portfolio theory and risk & return 3. Portfolio theory and risk & return 4. Financial statements & accounting ratios 4. Financial statements & accounting ratios
62 IR SOCIETY WINTER 2016/17 CERTIFICATE / DIPLOMA IN INVESTOR RELATIONS
Process for taking the CIR or ICIR
Register and pay = Optional
Attend ‘Demystifying company accounts’ and/or the ‘IR regulation and compliance essentials’ courses
Receive study guide and Attend revision course Sit final exam mock exam details
Register for online learning support modules
What next, after the CIR? Diploma in IR
In 2017 we are launching a new, senior-level, What format does the examination take? There are two written examinations: Principles of IR and IR in professional qualification: the Diploma in Practice , followed by a brief presentation. Each exam consists Investor Relations (DIR). It is designed to of a compulsory section followed by two essay questions examine expertise in IR and to complement the selected from a choice of topics. existing competency-level Certificate in IR (CIR) What are the examiners looking for? and DELIVER leadership programme. We Evidence of:
believe that this suite of qualifications will • Skills, knowledge and experience of the candidate, across provide further support for the growth in status the topics identified in the syllabus and importance of the IR profession. • Familiarity with the UK’s legislative and regulatory environment and corporate governance standards • Detailed knowledge of best practice IR and how it adds The DIR has been designed and developed by those with value significant IR and educational experience. Successful • Ability to communicate clearly in writing, identifying and candidates must demonstrate their knowledge and justifying their key messages experience across the wide range of competencies required • Management and leadership potential for a senior role in IR: including technical and • Understanding of their company and industry communications skills, personal attributes, and managerial and leadership abilities. The broad nature of the topics How does the DIR fit with the CIR and the DELIVER selected reflects the expected seniority of candidates. programme? Simplistically, passing the CIR demonstrates competency in Who should consider taking the DIR? IR. The DIR takes this a step further and tests expertise in IR. Typically candidates will have at least five years’ experience The DELIVER programme looks to build leadership skills. in IR and will have successfully completed the CIR. Completion of the DIR should support a move into a senior For further details, please contact John Gollifer at the IR role within IR, either in-house or at a service provider. Society [email protected]
IR SOCIETY 63 EVENTS INFORMED
The IR Society events ZWVUZVYLKI`6YPLU[*HWP[HS programme 6YPLU[*HWP[HSPZHNSVIHSSLHKLYPUZOHYLV^ULYZOPWHUHS`ZPZ LX\P[`THYRL[PU[LSSPNLUJLWYV_`ZVSPJP[H[PVUPU]LZ[VY Events news JVTT\UPJH[PVUHUKZOHYLOVSKLYTHUHNLTLU[[LJOUVSVN` The events below are scheduled throughout the year for IR Society TPYHXSLPZV\Y\UPX\L^LIIHZLKWSH[MVYT[OYV\NO^OPJOV\Y members. Further events will be WYVK\J[ZHYLKLSP]LYLKVYTHUHNLK(JJSHPTLKMVYP[ZPU[\P[P]L announced in due course. For the KLZPNUHUKPU[LNYH[LKM\UJ[PVUHSP[`P[JVTWYPZLZHJVUZ[HU[S` latest information and to register for L]VS]PUNZLYPLZVMTVK\SHYWYVK\J[ZLHJOKLZPNULK[VHZZPZ[ our events, please visit JVTWHUPLZ[VLMÄJPLU[S`HUKHJJ\YH[LS`PKLU[PM`WYVÄSL[YHJR www.irs.org.uk/events. THUHNL[HYNL[HUKJVTT\UPJH[L^P[OPU]LZ[VYZWV[LU[PHS PU]LZ[VYZHUK[OL^PKLYPU]LZ[TLU[JVTT\UP[`
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Events overview for January and Feburary 2017 EVENT A lively pub quiz JANUARY REPORT IR WEBINAR: POLICY REVIEW We would like to thank all the teams who entered the highly Tuesday 17 January Free for members and non-members anticipated 2016 IR Society Pub Quiz. We were joined by our incredible quizmaster Rob Blackwood from Interrupt the Routine BERENBERG IR FORUM who hosted once again a lively and challenging event. Thursday 19 January There was a fantastic atmosphere throughout the evening and of Please contact Alison Hamilton for more details course there can only be one winner, so congratulations to one of the teams at Curation for a well-deserved win. FEBRUARY These events are a great informal way for everyone to get together CLUB 22 DINNER and show their competitive side! Keep an eye out on our website for Tuesday 7 February our next date in 2017.
IR WEBINAR: DIGITAL IR Wednesday 8 February Free for members and non-members
JUNE IR SOCIETY ANNUAL CONFERENCE: A NEW WORLD ORDER: THE ASCENT OF IR Tuesday 20 June Given the seismic changes going on in the geopolitical, economic, regulatory and capital markets landscapes, now is the time for Investor Relations to stand out and take a leading role in corporates. We face a discernible change in the mood of politics, in our business environment and in changing regulations with their impact on market structure. We also face more technological change and of course, the advent of a post-Brexit world. Check www.irs.org.uk/events for updates and to book.
64 IR SOCIETY WINTER 2016/17 DIRECTORY
The IR Service Providers Directory
The Informed IR Service Providers Directory features those organisations who offer key services to the IR community and shows the categories in which they have chosen to appear. This section is published in parallel with the service provider section on the IR Society website – www.irs.org.uk. For more information, please call John Thistlethwaite on +44 (0)1285 831 789 or email [email protected].
Key to IR SERVICE PROVIDERS by category
ADR depositary services Executive search Financial Times Opinion research Fairvue Partners BNY Mellon Broome Yasar Partnership FTI Consulting Capital Axis Nasdaq Corporate Solutions Deutsche Bank EMR Instinctif Partners Investor Insight Meetyl Europe Citi Fidelio Partners Investis Nasdaq Corporate Solutions Orient Capital Latchmoor Search Investor Insight Orient Capital Q4 Inc. Annual reports Taylor Bennett Maitland QuantiFire RD:IR Addison Group VMA Makinson Cowell RD:IR Black Sun Meetyl Europe Rivel Research Group UK Regulatory Disclosure Capita Asset Services Fund management MHP EQS Group Design Portfolio Exane BNP Paribas Nasdaq Corporate Solutions Proxy and corporate support PR Newswire Emperor Design Obsidian IR Capita Asset Services EQS Group Internet services Orient Capital Equiniti Video FourthQuarter Addison Group RD:IR Orient Capital Addison Group Investis Black Sun Taylor Rafferty ProxyCensus BRR Media Langsford Corporate Design BRR Media WorkCast RD:IR Crossfire Luminous EQS Group World Television Design Portfolio Lyonsbennett FourthQuarter Zebra Corporate Publications EQS Group MSLGROUP Investis Communications IR Magazine Instinctif Partners MerchantCantos MerchantCantos Financial Times World Television Zebra Corporate Nasdaq Corporate Solutions Investor roadshows Communications Obsidian IR Capita Asset Services Public relations Webcasting WorkCast Capital Axis Bell Pottinger BRR Media Board advisory Zebra Corporate EM EM EQS Group Capita Asset Services Communications Meetyl Europe Finsbury Investis Capital Axis ingage FTI Consulting Nasdaq Corporate Solutions Citigate Dewe Rogerson Investor communications Nasdaq Corporate Solutions MHP Orient Capital Fairvue Partners Crossfire RD:IR MSLGROUP PR Newswire Fidelio FourthQuarter Nasdaq Corporate Solutions Q4 Inc. Investor Insight PR Newswire IR for small caps Obsidian IR WorkCast Q4 Inc. BRR Media PR Newswire World Television Corporate broking Valor IR Consulting Capita Asset Services Capita Asset Services Zebra Corporate Citigate Dewe Rogerson Registrars Website development Liberum Communications EM Capita Asset Services Addison Group Panmure Gordon EQS Group Equiniti Black Sun Investor presentations Fairvue Partners Clare Williams Associates CRM databases Capita Asset Services Investis Share register analysis CKD ingage Crossfire Investor Insight Investor Insight Design Portfolio Investor Insight Design Portfolio Meetyl Europe Q4 Inc. Emperor Design IR.soft EM Nasdaq Corporate Solutions EQS Group Nasdaq Corporate Solutions Emperor Design Obsidian IR Shareholder research FourthQuarter Orient Capital EQS Group Q4 Inc. Capita Asset Services Investis Q4 Inc. FourthQuarter RD:IR Capital Axis irFactory RD:IR Luminous Clare Williams Associates Luminous Lyonsbennett Mobile technology EM Lyonsbennett CSR/sustainability Media Sterling Addison Group Equiniti MerchantCantos Addison Group BRR Media Fairvue Partners MSLGROUP Capita Asset Services Investor relations EQS Group Nasdaq Corporate Solutions Nasdaq Corporate Solutions Design Portfolio Addison Group ingage Orient Capital PR Newswire EM Aura Financial irFactory Q4 Inc. Q4 Inc. Luminous Capital Axis Orient Capital QuantiFire WorkCast Lyonsbennett Citigate Dewe Rogerson Q4 Inc. RD:IR Zebra Corporate MSLGROUP Clare Williams Associates Rivel Research Group Communications EM News providers Debt IR EmCo EQS Group Shareholder targeting Citigate Dewe Rogerson EQS Group Obsidian IR Capita Asset Services EM Equiniti Q4 Inc. Capital Axis More information at: Fairvue Partners Fairvue Partners Citigate Dewe Rogerson www.irs.org.uk/resources/ Orient Capital Fidelio Equiniti service-providers
IR SOCIETY 65 DIRECTORY INFORMED
ADDISON GROUP – www.addison-group.net – annual reports, CITI – www.citi.com/dr – A DR depositary services CSR/sustainability, internet services, investor relations, mobile technology, video, website development Citi Depositary Receipt Services is a leader in bringing AURA FINANCIAL – www.aura-financial.com – investor relations quality issuers to global capital markets and on promoting depositary receipts as an effective capital Specialist financial communications and investor relations consultancy markets tool. Learn more at citi.com/dr Transactions – Sustainability – Issues management – Continuing obligations Ayden Dagg , Managing Director, Tel: +44 (0) 20 7500 5709 Targeted value-added IR services: EMEA Depositary Receipts Email: [email protected] Equity story Benchmar ki ng Perception studies CITIGATE DEWE ROGERSON – www.citigatedewerogerson.com – Investor outreach board advisory, debt IR, investor relations, IR for small caps, Tailored Board training shareholder targeting www.aura-financial.com | [email protected] | 0207 321 0000
Citigate Dewe Rogerson is a full service BELL POTTINGER – www.bellpottinger.com – public relations investor relations consultancy offering I independent advice, analysis and execution. BLACK SUN – www.blacksunplc.com – annual reports, internet Our team combines a variety of backgrounds services, website development Sandra Novakov, Director to bring an unparalleled breadth of financial +44 (0)20 7282 1089 markets expertise and an in-depth Black Sun is one of Europe’s leading Contact: Sallie Pilot [email protected] understanding of the international investment strategic corporate communications Director of Research and Strategy www.citigatedewerogerson.com community’s IR requirements. consultancies. We bring together T:02077519509 corporate reporting, corporate E: [email protected] CLARE WILLIAMS ASSOCIATES – www.clarewilliamsassociates.com – responsibility communications and investor relations , shareholder research, website development digitalcommunicationstoenable our clients to create powerful integrated solutions. www.blacksunplc.com/corporate Investo r relations and investment l Market perception studies. communication services: we provide an l Inv estment communication across a BNY MELLON – www.bnymellon.com/dr – ADR depositary services independent, experienced and skilled range of channels . fund manager’s perspective with an l Bespoke research support and training. established track record. l Flexible tailored approach. BNY Mellon acts as depositary for more T: +44 (0) 141 419 9900 than 2,500 American and global E: [email protected] W: www.clarewilliamsassociates.com depositary receipt programs, acting in partnership with leading companies from CROSSFIRE – www.wearecrossfire.com – Investor communications, 68 countries. investor presentations, video
Learn more at www.bnymellon.com/dr DESIGN PORTFOLIO – www.design-portfolio.co.uk – Annual reports, CSR/sustainability, investor presentations, video, website development
BROOME YASAR PARTNERSHIP – www.broomeyasar.com – executive The complete communications partner search We combine considered creativity with expert consultancy to provide engaging and e ective corporate reports, websites and investor presentations. BRR MEDIA – www.brrmedia.co.uk – Internet services, IR for small caps, mobile technology, video, webcasting
design-portfolio.co.uk / +44(0)20 7536 2032 Contact: [email protected] or call brr media Proof 01 16-02-2011 +44 (0) 20 3435 7010 for more information. DEUTSCHE BANK – www.adr.db.com – ADR depositary services Specialist digital media company delivering live streamed and on demand broadcasts. Deutsche Bank In-house production, proprietary media management and webcasting platform. Providing all the support necessary to set up and run Distribution across multiple platforms and websites. a successful Depositary Receipt programme. Focused on the IR needs of public companies. For a more personal, specialist service please contact us. Zafar Aziz – Tel: +44(20)7545 6619 Email: [email protected] CAPITAL AXIS – www.capitalaxis.com – board advisory, investor relations, investor roadshows, opinion research, shareholder research
CAPITA ASSET SERVICES – capitaassetservices.com – annual reports, D.F. KING – www.dfkingltd.com – Board advisory, opinion research, board advisory, corporate broking, CRM databases, investor proxy and corporate support presentations, investor roadshows, IR for small caps, proxy and corporate support, registrars, shareholder research, shareholder targeting With 74 years’ experience in securing shareholder support, D.F. King is a global Capita Asset Services ’ consultants partner with you to deliver the most efficient leader in proxy solicitation, M&A and corporate Investor Relations programme for your governance advisory. business. London +44 20 77 76 75 74 dfkingltd.com Loren Dufton Our online portal ‘WebIRPlus’ lets you Tel: +44 (0)207 954 9611 manage your investor relations activity in !"#$%&'%Link Group%(%)&#*&#"$+%,"#-+$. [email protected] one convenient and portable digital www.capitaassetservices.com platform.
66 IR SOCIETY WINTER 2016/17 DIRECTORY
EM – www.em-comms.com/en – CSR/sustainability debt IR, investor FINSBURY – www.finsbury.com – public relations presentations, investor relations, investor roadshows, IR for small caps, public relations, shareholder research FOURTHQUARTER – www.fourthquarter.co.uk – Annual reports, internet services, investor communications, investor presentations, EMCO – www.em-co.ru/eng – investor relations website development
EmCo is a Moscow-based consultancy, specialising in financial communications and investor relations.
We deliver a full range of IR services and focus on We’re a London-based design consultancy that listed and private clients of consolidated reporting , research and studies , all sizes and sectors depend on to solve their communication challenges. investor communication . fourthquarter.co.uk +44 (0)20 7234 8960
www.em-co.ru/eng • +7 (495) 980 06 84 • [email protected] REPORTING BRANDS MARKETING WEBSITES
EMPEROR DESIGN – www.emperordesign.co.uk – annual reports, FTI CONSULTING – www.fticonsulting.co.uk – investor relations, website development public relations
Since 1996, Emperor has been designing and INGAGE – www.ingage.com – CRM databases, investor roadshows, producing straightforward printed and online mobile technology annual reports, where accessibility of information, strong navigation, clarity of communication and value are the key objectives. Tel: +44 (0)207 729 9090 Corporate Access +44 (0)121 262 3830 Call us today for a free consultation. +44 (0)131 220 7990 www.emperordesign.co.uk & IR Software EMR – www.emrrecruitment.co.uk – executive search Direct. Unconflicted. Built for mobility. EQUINITI – www.equiniti.co.uk – investor relations, proxy and corporate support, registrars, shareholder research, shareholder INSTINCTIF PARTNERS – www.instinctif.com – investor relations, video targeting INVESTIS – www.investis.com – annual reports, investor relations, IR EQS GROUP – www.eqs.co.uk – annual reports, internet services, for small caps, webcasting, website development investor presentation, investor relations, IR for small caps, mobile technology, news providers, UK regulatory disclosure, video, webcasting, website development
» Serving over 2,300 listed companies worldwide Corporate & IR Apps & Mobile Social Media Video & Charts, Maps & Websites Webcasting Feeds EQS Group is a leading international provider of corporate communications « www.investis.com [email protected] +44 (0)20 7038 9000
EQS Group AG • London: [email protected] INVESTOR INSIGHT – www.investorinsight.co.uk – board advisory, Tel. + 44 (0)208 2406 190 • www.eqs.co.uk CRM databases, investor relations, IR for small caps, opinion research, share register analysis EXANE BNP PARIBAS – www.exane.com – European equities broker
FAIRVUE PARTNERS – www.fairvuepartners.com – board advisory, debt IR, investor relations, IR for small caps, shareholder research, shareholder targeting
FIDELIO – www.fideliopartners.com – board advisory, executive search, investor relations
Fidelio Partners is an International Board Development and Executive Search IRFACTORY – www.irfactory.co.uk – mobile technology, website consultancy. We have a deep understanding development of what shareholders and stakeholders expect from the leadership team, as well as Contact: Gillian Karran-Cumberlege expertise in the Finance, Communications, +44 (0) 20 7759 2200 Strategy and Governance functions. As A global, flexible and powerful such Fidelio has a recognised world class [email protected] solution for your IR communication capability in sourcing senior Investor www.fideliopartners.com Relations professionals. IR Websites • Quotes & Charts • Apps • Financial Data • Smart Reports FINANCIAL TIMES – www.ft.com – investor relations, publications +44 20 3445 5045 • [email protected] • www.irfactory.co.uk Reach and engage the Financial Times audience of financially-aware decision-makers and affluent shareholders from across the world. IR MAGAZINE – www.irmagazine.com – publications FT Investor Relations service – targeted multimedia communication packages that give you maximum visibility. Contact: $ANIEL &ISH ON DANIELFISH FTCOM
IR SOCIETY 67 DIRECTORY (continued) INFORMED
IR.SOFT LTD – www.irsoft.com – CRM databases MERCHANTCANTOS – www.merchantcantos.com – annual reports, internet services, website development The IR.manager Investor Relationship Management and Targeting platform – together Contact: Richard Carpenter with the IR.mobile app – helps corporate IR teams [email protected] to easily and efficiently manage relationships with +44 (0) 20 7396 3581 investors, analysts and other stakeholders. MerchantCantos is one of Europe’s leading creative communications companies. Arnaud D Robin Tel: +44 (20) 7060 4700 We work across print, online, video and mobile. Our areas of expertise include: [email protected] IR.soft : Software solutions for optimal Investor Branding, Corporate Advertising, Corporate Communications, Corporate TM www.irsoft.com Relations Reporting, Corporate Responsibility, Digital, Employee Engagement, Investor Communications, Video Production and Webcasting. LANGSFORD CORPORATE DESIGN – www.langsford.co.uk – annual reports MHP – www.mhpc.com – investor relations, public relations
LATCHMOOR SEARCH – www.latchmoorsearch.co.uk – Executive MSLGROUP – www.mslgroup.co.uk – annual reports, search CSR/sustainability, public relations, website developent
MSLGROUP is a communications agency with digital, insight Specialists in Executive Search for and creativity at its heart. Our skills range from reputation Investor Relations and Corporate management and content marketing to annual reports and sustainability communications. With 25 years’ experience Communications. crafting reports and websites, we work with brands such as Contact: Delivering the right talent through Sainsbury’s, Experian, SABMiller, BT and Standard Chartered. Jennifer Bargrove our responsive and innovative Be Interested. &RQWDFW [email protected] [email protected] approach, informed by decades of Be Interesting. Victoria Sugg +44 (0)20 3219 8838 www.latchmoorsearch.co.uk dedicated expertise. %H,QƪXHQWLDO Business Development Director mslgroup.co.uk
LIBERUM – www.liberum.com – corporate broking NASDAQ CORPORATE SOLUTIONS – business.nasdaq.com/intel – CRM databases, internet services, investor relations, IR for small caps, investor roadshows, opinion research, public relations, shareholder research, shareholder targeting, webcasting, website development
Contact: Abishek Singh Corporate Solutions IR Business Development Direct: +44 7769 2828 60 [email protected] Nasdaq Corporate Solutions offers the most comprehensive suite of content, analytics, advisory services and communications tools to help you maximize the LUMINOUS – www.luminous.co.uk – annual reports, value of your IR program. CSR/sustainability, investor presentations, website development To learn more visit business.nasdaq.com/intel
Making the message resonate OBSIDIAN IR – www.obsidianir.com – internet services, investor Luminous deliver outstanding corporate reporting for some of the relations, news providers most respected organisations in Europe. We combine strategic expertise with creative innovation to produce e ective, fresh and meaningful reporting solutions. Obsidian IR , an EQS Group company, provides quoted Stephen Butler [email protected] Corporate Reporting Director 020 7101 1677 Ania Wojtus, Head of Sales companies with the digital [email protected] investor relations solutions +44 (0) 203 657 7677 they need to communicate LYONSBENNETT – www.lyonsbennett.com – annual reports, effectively. CSR/sustainability, investor presentations, website development www.obsidianir.com
Lyonsbennett is an award winning ORIENT CAPITAL – www.orientcap.com – CRM databases, debt IR, corporate communications agency. investor relations, mobile technology, shareholder research, We consistently deliver enviable creative shareholder targeting, webcasting that communicates our clients’ messages Neil Duncanson cost effectively and in an environment Business Development Director where service is key. Orient Capital is a global leader in share ownership T: +44 (0)1273 608 589 analysis, equity & debt market intelligence, investor E: [email protected] www.lyonsbennett.com communication and shareholder management technology for listed companies. MAITLAND – www.maitland.co.uk – investor relations London +44 20 77 76 75 74 orientcap.com
Part of Link Group | Corporate Markets MAKIN SON COWELL – w ww.makinson-cowell.com – investor relations
MEETYL EUROPE – www.meetyl.com – investor relations, roadshows, PANMURE GORDON – www.panmure.com – corporate broking small caps, shareholder targeting
To appear here, call 01285 831789 or email John Thistlethwaite at [email protected]
68 IR SOCIETY WINTER 2016/17 DIRECTORY
PR NEWSWIRE – www.prnewswire.co.uk – investor VALOR IR CONSULTING – www.vmagroup.com – executive search communications, public relations, UK regulatory disclosure, webcasting, website development VA LO R VALOR provides personal coaching, written PR Newswire is the leading global provider of I R C O N S U L T I N G adaptations and crisis response advice to PR and corporate communications tools that corporations looking for better relationships with their institutional investors. enable clients to distribute news and rich content Jonathan L. Passmore. across traditional, digital and social media Valor IR Consulting, First-class communications promote channels in real time with full actionable reporting Fairfield, CT 06824, USA. understanding, trust and resilience. and monitoring. www.prnewswire.co.uk [email protected] +1-203-258-2880 www.valorinvestmentsllc.com Contact: Alexandre Bykov • [email protected] • • +44 (0) 20 7454 5104 • Follow us @meetthemedia @prneurope VMA – www.vmagroup.com – executive search
Q4 INC – www.q4inc.com – CRM databases, investor WORKCAST – www.workcast.co.uk – internet services, investor communications, IR for small caps, mobile technology, news relations, webcasting, website development providers, share register analysis, shareholder research, shareholder The WorkCast Corporation is Europe’s largest provider of targeting, webcasting, website development webinar, webcasting and virtual event solutions serving over 150 global organisations including the IR Society Bringing the world’s top and IR magazine. WorkCast’s award-winning webcasting platform, WebCast IR solutions to the UK. Contact: Manager and Services, are used for many enterprise-wide Mike Bowman, Sales Manager applications such as investor and stakeholder relations, IR Desktop Websites Webcasting Intelligence Tel: +44 (0)844 870 4912 lead generation, employee communications, training & [email protected] product launches and user conferences.
www.q4inc.com [email protected] WORLD TELEVISION – www.world-television.com – investor relations, video, webcasting QUANTIFIRE – www.quantifire.co.uk – opinion research, shareholder research World Television is a leader in strategic video communications. We are producers of award- IR feedback is changing. You can winning programmes, webcasting now reliably measure, analyse and Contact: specialists and experts in trend market perception by Rob Burns, Senior Production Consultant delivering video online. different stakeholder groups – and +44 (0)20 7243 7352 E: [email protected] the impact that your IR programme [email protected] www.world-television.com T: +44 (0) 20 7060 5470 has on this. www.quantifire.co.uk Contact us for a trial. ZEBRA CORPORATE COMMUNICATIONS – www.zebracc.co.uk – Annual reports, internet services, investor communications, investor RD:IR – www.rdir.com – CRM databases, investor relations, IR for relations, website development small caps, investor roadshows, opinion research, proxy and corporate support, shareholder research, shareholder targeting
!"#$%"#$&#'&(")"&("&*#+,-.$,#/&0"1*-%# 2",$*'-&1# 3-&14,*$&35# -66"%'&+# $# 7'("# %$&+"# -6# /28%",$*"(# $&$,51'19# %"1"$%3:# Digital Reporting: ;# $(0'1-%5# 1"%0'3"1# *-# <-%"# *:$&# =>># The Next Big Thing for Your Business ?@# ;# '&*"%&$*'-&$,# )4.,'3# 3-<)$&'"1 Tel: +44 (0) 20 3824 2351 www.zebracc.co.uk !"#$%&$'()*''$'+,,'-.'/,0-'.1..''2'324&"5267897:&"5''3'7897:&"5
RIVEL RESEARCH GROUP – www.rivel.com – shareholder research, opinion research
Rivel Research Group is a research firm devoted to gathering, analysing and interpreting investment community feedback. We specialise in delivering Katie Dimmock – London actionable insight ba+s4e4d 2 0o7n 7 6i6n 1-2d0e2 pth measurements of thek aitniev.deimsmtmocek@ntta cylorm-ramffeurtyn.ciotmy. Contact Claire Lavery Dana Diver – New York +1 212 889 4350 [email protected] l +44 (0) 20 3356 2791 l [email protected] l www.rivel.com This section is published in parallel Rivel Research Group, 4th Floor, Rex House, 4-12 Regent Street, London SW1Y 4PE with the service provider section of TAYLOR BENNETT – www.taylorbennett.com – executive search the IR Society website – see TAYLOR RAFFERTY – www.taylor-rafferty.com – investor relations www.irs.org.uk/resources/service- providers
IR SOCIETY 69 THE IR SOCIETY
The Investor Relations Society Mission 5th Floor, 30 Coleman Street, London, EC2R 5AL l Promote best practice Tel: 020 7379 1763 www.irs.org.uk l Support members’ development
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Events Ross Hawley Rolls-Royce l Annual conference Education committee chair l Seminars and webinars – [email protected] breakfast, lunch, evening Charles King l Best Practice awards + annual dinner Worldpay [email protected] Claire Lavery Rivel Research Group [email protected] Sponsorship Alison Owers l Great exposure to members Orient Capital
l Annual sponsorship packages Membership committee chair [email protected] l Tailored sponsorship opportunities Helen Parris G4S [email protected] Sallie Pilot IR Resources Black Sun Best practice committee chair l Best practice guidelines [email protected]
l Knowledge bank Douglas Radcliffe Lloyds Banking Group l Service providers directory [email protected] Sue Scholes Examinations committee chair [email protected] News & Views Cas Sydorowitz Georgeson l Informed magazine + Bulletin e-newsletter Events committee chair [email protected] l Latest sector news Fraser Thorne l Policy updates + consultation responses Edison Investment Research [email protected]
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