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ICAEW F&M Magazine CHAIR’S LETTER | SERVICE PROVIDERS | PERSONAL VIEW | INDUSTRY NEWS INFORMED THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 96 AUTUMN 2017 Navigating a new landscape for IR a special feature G Virtual AGMs E S D ebt IR PLUS MiFID II: THE COMPANY VIEW BEST PRACTICE AWARDS UPDATE NEW SOCIETY PR COURSE CORPORATE WEBSITE RESEARCH Join us for the premier event in the IR calendar Best Practice Awards 2017 RRecognisingecognising andand RewardingRewarding Excellence in Investor Relations 6:30pm, Tuesday 21 November THE PAVILION AT THE TOWER OF LONDON, LONDON, EC3N 4AB For more information and to book your tickets: WWW.IRSOCIETY.ORG.UK/EVENTS/DINNER +44 (0) 20 7379 1763 [email protected] INFORMED AUTUMN 2017 CONTENTS 4 CHAIR’S LETTER Meeting the challenges ahead 17– 34 Navigating a new David Lloyd-Seed, chair, IR Society landscape for IR 5 NEWS FROM THE SOCIETY G Virtual AGMs E S Revd. Richard Coles to host 2017 awards (p5) New IR Society members (p7) Latest CIR and ICIR passes (p9) D 6 A PERSONAL VIEW ebt IR London markets at the centre of innovation John Gollifer, general manager, IR Society 17 Implementing IR for all classes of capital 8 INDUSTRY NEWS Susan Davy and Sarah Heald, Pennon Group Seeking consensus in MiFID II 19 A changing investment landscape creates new challenges for IROs MiFID II – what about the companies? (p11) Rachel Carroll, Edison Investment Research David Walker, Hays 21 The rise of alternative funding and the How the corporate website has evolved into an implications for IR important engagement tool (p13) Michael Chojnacki, Closir, and Richard Dixon, Black Sun Julian Macedo,The ECM Team 36 PROFESSIONAL DEVELOPMENT 25 The duties of ownership and the shifting tides of capital allocations Courses (pp37-39) Richard Davies, RD:IR Certificate in Investor Relations (pp40-42) Diploma in Investor Relations (p43) 29 Dealing with the issues of responsible investment Carole Crozat, Exane BNP Paribas 44 EVENTS 31 Using new technology to embrace change The IR Society events programme Tom Tyler, ELITE Connect 45 IR SERVICE PROVIDERS DIRECTORY 32 Bond investors and ESG perceptions Lorraine Rees, IR-connect Find help in this listing of IR service providers 34 Could ‘going virtual’ be an option for your 50 IR SOCIETY BOARD AGM? Viviane Joynes, EQS Group Names, roles and email addresses IR SOCIETY 3 INFORMED CHAIR’S LETTER The Investor Relations Society 5th Floor, 30 Coleman Street, London, EC2R 5AL Meeting the Tel: 020 7379 1763 www.irsociety.org.uk challenges ahead THE MANAGEMENT TEAM John Gollifer General manager I hope you all had a great summer and a chance to enjoy a bit of a break. I [email protected] managed to get away on a bit of an adventure in the Himalayas where I tested myself Alina Ardeleanu in all sorts of ways. While bumbling my way back to the coalface, it occurred to me Financial controller that IR is going to be tested in many ways in the coming months. We have many [email protected] things to grapple with such as MiFID II, Brexit, the changing landscape of investor Sophie Bennion interaction, governance, pay, SRI and many other issues as we promote our Content, marketing and professional development executive company’s equity case. [email protected] While we can only touch on a few of these in each issue of Informed I am pleased Robert Dann to see that there is a diversity of articles and interviews in this one that will help you Head of marketing and membership approach some of these challenges. It also explores some of the more left-field issues [email protected] that we may not come across on a day-to-day basis, but of which we should be Alison Hamilton aware as evolutions in our industry; in particular how access to non-traditional forms Head of events [email protected] of capital come more and more on to our radars. Laura Hayter I am particularly pleased to see that we are starting to focus on smaller companies, Head of policy and communications whose needs may be very different from that of a FTSE100 behemoth – something [email protected] that I think MiFID II will make even more stark. I am keen that the Society finds Janet Kelly innovative ways to tailor services to meet the needs of the wide diversity of Head of professional development companies listed in London and beyond. If anyone would like to help support new [email protected] initiatives targeted at smaller cap companies, please do get in touch. Rebecca White Marketing and membership executive [email protected] Teamwork and instincts There were two key things that got me through some hairy moments on my travels THE OFFICE HOLDERS this summer – teamwork and instincts. I have said before that IR in a company can David Lloyd-Seed be a fairly lonely and singular role. We can all learn from our peers, so at the risk of Chair sounding like a cracked record, please use the Society to network as well as the [email protected] excellent resources available on the newly revamped website. You’ll make new David Walker friends and often solve more problems than you thought you had. Each of us can be Deputy chair [email protected] more effective working as a team of IR professionals. As for instincts, that really comes from experience, but also from education and Fay Dodds Treasurer shared knowledge. The Diploma in Investor Relations (DipIR), which we launched [email protected] this summer, is intended to be a real examination of the skills and instincts of top- James Eves level IROs and I look forward to seeing how our first cohort of candidates do at the Company secretary start of next year. If you are interested in sitting for the Diploma, get in contact with [email protected] the team at Coleman Street as places are filling up. For a full list of the IR Society board and the This is the time of year I look forward to seeing the entries to our Best Practice committee chairs, see last editorial page. Awards. Each year we see companies pushing the boundaries in terms of setting out INFORMED their investment case ever more clearly while continuing to meet the increasing regulatory burdens – and it’s no mean feat to get the right balance. Best of luck to John Thistlethwaite Publishing assistant all those who make it on to the shortlist later in October. It won’t be long before we [email protected] are all getting together for our annual best practice awards dinner to celebrate the Alex Murray winners, so book your place for this most important IR celebration of the year as Publisher soon as you can. [email protected] So, enjoy this issue, best of luck with all the challenges and keep networking. ■ Informed is published on behalf of the IR Society by Silverdart Publishing Tel: +44 (0)1285 831 789 www.silverdart.co.uk Editorial enquiries can be addressed either to Laura Hayter or to Alex Murray. Views expressed in this publication are not DAVID LLOYD-SEED necessarily those of the Society. © 2017 IR Society 4 IR SOCIETY AUTUMN 2017 SOCIETY NEWS Revd. Richard Coles to host 2017 awards The host of the 2017 IR Society Best Reverend Richard is the author of Lives of Practice Awards will be the writer, the Improbable Saints and Legends of the broadcaster and Church of England priest Improbable Saints, accounts of some of the the Reverend Richard Coles (who is also more vivid and surprising holy men and one of the candidates on this year’s BBC women of Christian history. Weidenfeld & Strictly Come Dancing). Nicolson published the first volume of his Now in its 17th year, the annual awards autobiography, Fathomless Riches: Or How I dinner, to be held on Tuesday 21 Went From Pop to Pulpit, to wide acclaim in November at the Pavilion at the Tower of October 2014 and the paperback was London, will recognise and reward those published in September 2015. Reverend companies and individuals demonstrating Richard’s second book, Bringing in the excellence in IR. He read theology at King’s College Sheaves: Wheat and Chaff from my years as a Reverend Richard is a priest of the London, and after ordination worked as a Priest, was published in 2016. Church of England and Vicar of Finedon curate in Lincolnshire and subsequently at St The awards evening starts at 6.30pm and in Northamptonshire, where two of his Paul’s, Knightsbridge, in London. He is also includes a champagne reception, followed ancestors were vicars in the 17th century known for having been the multi- by a lavish three-course meal, the awards (the latter sequestered for malignancy). instrumentalist who partnered Jimmy ceremony and an opportunity to network late He has a parallel career in broadcasting Somerville in the 1980s band The into the evening. In 2016 almost 600 IR and currently co-presents Saturday Live Communards, which achieved three Top Ten professionals attended the dinner. on BBC Radio 4. He appears regularly on hits, including the Number 1 record and To book your place or table, visit television as a panellist on QI and Have I best-selling single of 1986, a club/dance www.irsociety.org.uk – or email Alison Got News For You. version of ‘Don’t Leave Me This Way’. Hamilton at [email protected] ■ Your year end’s fast approaching.
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