The Most Comprehensive Global Review for ‘09 Investor Relations and Corporate Governance MZ BULLETIN TOP30 IR GLOBAL BEST PRACTICES FOR RANKINGS FOR IR WEBSITES, ONLINE ANNUAL WEBSITE DISCLOSURE REPORT, CORPORTATE GOVERNANCE AND FINANCIAL DISCLOSURE PROCEDURES WHAt’s HOT & WHAt’s NoT: FINDINGS FROM THE 2009 IR CASE STUDIES: FEDEX, AMÉRICA LATINA LOGÍSTICA, GLOBAL RANKINGS ENDESA CHILE AND FRESENIUS MEDICAL CaRE We have the right strategies and tools for companies to succeed in capital markets and to create shareholder value » Consulting and Global IR programs » Benchmark and strategic positioning studies + Managing market expectations » Measuring and improving IR performance + Managing shareholder base » One-stop-shop for IR/PR infrastructure + Strategic thinking and planning » 220 professionals and 280 clients in 10 countries 4 MZ Bulletin’09 INVESTOR FINANCIAL RELATIONS SERVICES INTEGRATED TECHNOLOGY CORPORATE AND DATA BASE New York: +1 (212) 813-2975 COMMUNICATIONS São Paulo: +55 (11) 3529-3706 www.mz-ir.com 2010 12th Annual Edition Registration starts in September, 2009 For further information, visit our website: www.irglobalrankings.com Technical Evaluation and Independent Review Z's technical evaluation takes place from September to December of each year, and an independent technical committee oversees and reviews MZ’s findings and final rankings. Companies are analyzed in alphabetical order, and the results Mof the evaluation are released at the award ceremonies in March of the following year. In conducting the review, technical committee members perform tests of the results and evaluations developed by MZ analysts, and such other procedures, as they consider necessary, to provide a reasonable basis for their review. Technical committee members assess the results and evaluations against the evaluation criteria established by MZ. Please note that Arnold & Porter does not review the Corporate Governance Ranking. The independent technical review is performed to obtain reasonable assurance that the results and evaluations are free of material misstatements or omissions, and the parties acknowledge that absolute assurance is not attainable. It is acknowledged that the results and evaluations and the underlying records and supporting documents and procedures are the responsibility of MZ, in which MZ assumes full responsibility for their integrity and fairness. The current independent committee has the following members: Partner, Arnold & Porter LLP. Director at KPMG in Brazil. Gregory Harrington is a partner in the firm’s Director at KPMG in Brazil. He is responsible for the TON corporate and securities practice group. He has Audit Risk Management and Ethics & Independence G extensive experience in major international departments. He assumed both departments in 2004, financial transactions in Latin America, RAKAKI after 17 years of experience in audit. His key areas of particularly in the area of capital markets. A experience include audit (financial market and listed His practice includes corporate and project companies), market programs, risk management and ARRIN finance, including equity and debt securities sold pursuant to SEC ethics and compliance programs. He has a degree in Accounting from University H registration, Rule 144A or Regulation S; and listings on the New of São Paulo (FEA - USP) (1994). Additionally, he is a Certified Accountant of AULO York, London, Luxembourg, and Irish Stock Exchanges; Securities Act, the Federal Accounting Council (CFC), the Brazilian Securities and Exchange P ORYSecurities Exchange Act and Investment Company Act compliance; Commission (CVM) and the Superintendence of Private Insurance (SUSEP). He G and advising sponsors and lenders in connection with project finance was an MBA Internal Audit instructor at FIPECAFI. transactions. Mr. Harrington is a graduate of the University of Chicago RE Law School and The George Washington University. G Senior Associate at Mattos Partner, Partner, Barbosa, Filho,Veiga Filho, Marrey Jr. Demarest e Müssnich & Aragão. e Quiroga . Mrs. Landy has a large Almeida. Mr. Cukier is a partner ANDY experience in capital markets Mr. Giantomassi UKIER at the firm‘s corporate L C area. Her practice includes obtained a law and commercial practice corporate restructuring and degree from the department. He has reorganization projects, equity University of extensive experience in IANTOMASSI and debt securities emissions pursuant to Brazilian São Paulo in 2002 and was admitted to mergers and acquisitions transactions in Brazil ATKIN Securities and Exchange Commission (CVM) registration, G the Bar Association (São Paulo chapter) and his practice includes corporate restructuring H O ORKOSKIas well as assistance to clients on corporate routines and the following year. In 2007, he obtained and reorganization projects, as well as assistance C compliance with regulations issued by CVM and Bovespa. G his master’s degree in economic law from to clients on compliance with regulations issued S M IA She was graduated from the Catholic University of São the same university. He is a member of by Brazilian Securities and Exchange Commission Paulo in 1999 and was admitted to the Brazilian Bar H the technical commission at the Brazilian (CVM). Mr. Cukier graduated from the Catholic T Association in the following year. In 2004, she obtained Investor Relations Institute (IBRI). At LEXUniversity of Rio de Janeiro and is admitted to the ELLE her MBA in Business Law from Fundação Getúlio Vargas Demarest e Almeida, his practice areas are A Brazilian Bar Association (OAB). H and in 2006, the specialization in Capital Markets from capital markets and M&As. IC the same university M MZ Bulletin’09 5 IR Global Global Coordinator: Rankings Summary of the 2009 Edition Supporting Entities: Dear readers, t is with great enthusiasm that we present the summary of the 11th edition of IR Global Rankings (“IRGR”) and we are pleased to see the continuous enhancement in the overall quality of IR programs and practices worldwide year after year. This year was particularly important for IRGR as several changes took Iplace such as the important inclusion of new team members and new supporting entities. IR Global Rankings is a unique ranking system for IR websites, online annual report, financial disclosure procedures and corporate governance practices based solely on technical reviews, differently from other rankings which depend on investor polls and opinions. Our technical evaluation has been recognized by many companies as they can objectively understand their position in the rankings. More importantly, rather than just focusing on the results of the rankings, IRGR also provides relevant feedbacks that can help companies to improve their IR efforts. In 2009, the IR Global Rankings list was composed of 163 companies from 32 countries. Gaining the trust of such clients is fundamental for us and allows us to improve the quality of the rankings every year. For more details on IR Global Rankings please visit our website (www.irglobalrankings.com) or feel free to contact our team by e-mail to [email protected]. We hope this edition of the MZ Bulletin is enjoyable and we look forward to having you in our ranking in 2010! Rodolfo Zabisky CEO - MZ 6 MZ Bulletin’09 Table of Contents IR Global Rankings: Top 30 9 IRGR Feedback 13 Finding from the 2009 IR Global Rankings 14 Winners by Industry 15 Winners by Region 16 IRGR Global Ceremonies 18 2009 IR Global Rankings Benchmark Study 22 Corporate Websites: Best Practices for Website Disclosure 24 Financial Crisis Securities Markets and Investor Relations 34 Investor Relations CONTENT 37 MZ New York LLC 1001 Avenue of the Americas Relevant Developments in Governance New York, NY 10018 Phone: (212) 813-2975 Rules - A year of Changes 40 www.mz-ir.com GRAPHIC PRODUCTION Highlights from Asia 43 MZ Design INFORMATION FOR READERS For circulation inquiries, address changes and Case Study: ALL 44 request for copies, please call (212) 813-2975 or e-mail [email protected] Case Study: Endesa Chile 45 For subscription inquiries, send an email to [email protected] Case Study: FedEx 46 MZ Bulletin is a publication of MZ. The total or partial reproduction of content is prohibited without prior authorization of Case Study: Fresenius Medical Care 49 MZ. The articles included in this publication involve public interest subjects and are not intended to provide legal opinions or suggest any kind of investment. IR Global Rankings Participant List 50 MZ Bulletin’09 7 IR Global Rankings TOP30 Investor Relations Website Company Region Industry Score 1 ALL - América Latina Logística Latin America Industrials 86,0 2 BASF Europe Basic Materials 84,0 3 Bayer Europe Industrials 80,8 4 General Electric Company North America Industrials 80,3 5 Microsoft North America Technology 80,3 6 TAM Latin America Consumer Services 80,0 7 Homex Latin America Consumer Services 79,8 8 Talisman Energy North America Oil & Gas 79,5 9 Braskem Latin America Basic Materials 79,0 10 RWE Europe Utilities 79,0 11 Adidas Europe Consumer Goods 78,8 12 Petrobras Latin America Oil & Gas 78,5 13 Bank of Montreal North America Financials 78,3 14 Danske Bank Europe Financials 78,0 15 JBS Latin America Consumer Goods 78,0 16 Aegon Europe Financials 76,4 17 Credit Suisse Europe Financials 76,0 18 Net Serviços Latin America Telecommunications 75,8 19 Banco Bradesco Latin America Financials 75,0 20 Cameco North America Basic Materials 73,5 21 Gol Linhas Aéreas Inteligentes Latin America Consumer Services 73,5 22 Ultrapar Latin America Oil & Gas 73,0 23 Fresenius Medical Care Europe Health Care 72,5 24 Telecom Italia Europe Telecommunications 72,3 25 Profarma Latin America Health Care 71,8 26 Norsk Hydro Europe Basic Materials 71,5 27 RepsolYPF Europe Oil & Gas 71,5 28 M. Dias Branco Latin America Consumer Goods 71,3 29 Brasil Telecom Latin America Telecommunications 71,0 30 Embraer Latin America Industrials 71,0 For companies with tied scores the classification is in Alphabetical order. Disclaimer: 1 The evaluations performed for the IR Website ranking are based on the information publicly available on the respective participant website at the time of the evaluation date.