informed - Investor Relations Society

PERSONAL VIEW | CHAIR’S LETTER | EVENTS | PROFESSIONAL DEVELOPMENT

THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 86 SPRING 2015

INFORMEDDOING

IR RIGHT The IR Societymarks its 35th

anniversary withan in-depth lookat best practice –

12 articles byIROs and IR

professionals

PLUSJune 2015 conference – update

A difficult year for IROs?

The future of the interim management statement

Europe’s economies and financial markets

THE INVESTOR RELATIONS SOCIETY 29TH ANNUAL CONFERENCE

TUESDAY 23RD JUNE 2015KINGS PLACE, LONDON N1 9AG

The investor relations landscape is fundamentally changing. IR 2020: Back to the futurewill examine what this means for IR and will explore where IR is today, where it isheading and what you can do to ensure that you are fully prepared for the future.

A comprehensive programme and a fantastic panel of speakers means that if you haveone day out of the office in 2015 this should be it!

• Network with peers • Stay up-to-date • Prepare for the future

PLATINUM GOLD SILVER EVENTS PROGRAMME MEDIA PARTNER SUPPORTER

Book your tickets now at www.irs.org.uk or call +44 (0) 20 7379 1763

IR

“It’s everyone from theIR industry in one roomon one day”

2014 conference delegate

Thank you to our sponsors

InFoRmeD SPRInG 2015

3IR SocIeTY

conTenTS

chAIR’S LeTTeRworking by numbers to deliver valueSue Scholes, chair, IR Society

A PeRSonAL vIewThe magna carta: 800 years of best practiceJohn Gollifer, general manager, IR Society

InDUSTRY newSSelected recent IR industry developments

why 2015 will be a year of great change for IRos (p12)Richard Davies, RD:IR

To ImS or not to ImS ... that is the question (p14)John Dawson, National Grid

europe’s economy, currencies and the IR professional (p18)Sam Fazeli and Maxime Sbaihi, Bloomberg

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5

6

10

newS FRom The SocIeTYFlanders and Rolet to speak at conferencenew IR Society members (p9)cIR passes (p16)

IR SocIeTY SPonSoRSour sponsors in 2015Robert Dann, IR Society

20

evenTS

The IR Society events programme for 2015

46

PRoFeSSIonAL DeveLoPmenT

2015 courses (pages 48-51)certificate in Investor Relations (page 52-53)

48

IR SeRvIce PRovIDeRS DIRecToRY

Find help in this listing of IR service providers

54

IR SocIeTY BoARDnames, roles and email addresses

58

what is best Practice corPoraterePortinG? Anita Skipper, Independent IR consultant

23

strateGic rePortinG 2013/14 –mUst try harderLeon Milligan and Andrew Rigby, Emperor

25

obliGation or oPPortUnity?Rob Riche, Friend Studio

28

GettinG to the heart of thematterBasak Kotler, Coca-Cola HBC

30

embedded rePortinG – the fUtUreof online story tellinGMark Smith, Investis

32

develoPinG the difficUlt artof commUnication An interview with David Walker, Hays

34

crisis, what crisis? a year in a dayof an Under-PressUre iro An interview with Greg Feehely, ASOS

36

PicKinG UP the Pace for the bestPractice awardsSallie Pilot, Black Sun

38

challenGes for a new Generationof PUblic comPanies Shane Smith, International Capital Connections,IntelligentCrowd.TV

39

rePortinG is a reqUirement andan oPPortUnity Holly Gillis, The Go-Ahead Group

40

rePortinG trends in frozencanadaKaren Keyes, Aimia

42

enhancinG investorenGaGement – why sUstainabilityAccounting for Sustainability

44

4 IR SocIeTY

InFoRmeD

The Investor Relations Society5th Floor, 30 coleman Street,London, ec2R 5ALTel: 020 7379 1763 Fax: 020 7240 1320www.irs.org.uk

the manaGement team

John GolliferGeneral manager [email protected]

Alina ArdeleanuFinancial controller [email protected]

Robert Dannhead of marketing and membership [email protected]

Alison hamilton marketing and events [email protected]

Laura hayterhead of policy and [email protected]

Janet Kellyhead of professional [email protected]

the office holders

Sue [email protected]

David Lloyd-SeedDeputy [email protected]

Ian Arnold [email protected]

James evescompany [email protected]

For a full list of the IR Society board and the committee chairs, see last editorial page.

informed

John ThistlethwaitePublishing [email protected]

Alex murray [email protected]

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 toJohn Gollifer or to Alex murray.

views expressed in this publication are not necessarily those of the Society. © 2015 IR Society.

So much to discuss in this, the first column of 2015, and yet space is limited! howcan a few numbers help explain our priorities and our thinking for the future?

seven – Society employees, working hard for our members. They need our supportso we can continue to develop and grow. could you contribute to a regular blogfeature on our website? Undertake a research project? Join a committee? Share yourexperience at a course or event? Anything else? Let us know.

at least four – the minimum number of board directors, according to our articles.we currently have 14 (excluding our company secretary), representing a huge amountof varied IR experience. Do use the ‘Ask the board’ function on the website if youneed our help.

Behind the scenes we are working to formalise and document our governancestructure – vital as we plan further growth.

716 – members of the Society, split roughly 50:50 between in-house IRos andservice providers. our KPI is to increase this total by at least 5% per year, though ourmembership committee believes we could do far more. After all …

97% – of members would recommend the IR Society to a friend or colleague,according to our recent survey. Growing our membership is vital: our profession isgrowing in size and importance and our Society needs to reflect this. we need tounderstand where the different groups of our members see value in their membership,and ensure we are providing this – and more.

85% – of survey respondents want their membership to help them ‘keep up withlatest developments’, followed by networking (80%); access to best practiceinformation (68%), particularly valid for this edition of Informed; professional/careerdevelopment (59%); and educational opportunities (46%). most people felt we did agood or very good job of delivering on each of these. It’s encouraging: now we needto convince non-members of this value!

10 – committees supporting the work of the Society. For example, the Policycommittee ensures we are kept up to date with changes in our industry and that thevoice of our profession is heard: including our involvement in the FRc’s survey on theStewardship code; to our regular IR Forum meetings, where senior IRos discusstopical issues with their counterparts on the buy-side; and our regular attendance at100 club meetings.

almost 50 – different companies on the shortlist for the 17 self-entry Best PracticeAwards in 2014, and of such a high quality. I was particularly impressed by those whodemonstrated an integrated approach to the communication of their strategy andbusiness model. The 2015 awards are now being planned and nominations will openshortly.

over 871 – successful candidates for the certificate in Investor Relations. This is acore part of our professional development programme and has been a huge success(and not just in the UK). we are regularly asked “what next?” and are investigating the

chAIR’S LeTTeR

working bynumbers todeliver value

SocIeTY newSSPRInG 2015

provision of further qualifications. we arealso now offering online support modulesto add to the classroom sessions.

almost 300 – attendees at oureducation courses in 2014. we believe our‘USP’ is the practical nature of our courses,involving as they do practising IRos. Andit’s not just about those comparatively newinto the profession.

our second Deliver programme startedin early January and continues into thesummer, taking a selected group of around12 established IRos and helping themdevelop as future leaders. The 2013 coursealumni have also helped prepare our newclub IR sessions which will be launchedshortly. Similar to the Deliver programme,these will involve an expert facilitatorleading the sharing of experience on arelevant topic. watch out for further details!

at least 25 – the number of eventstargeted in each year. Although nothingbeats the networking of attending inperson, I can recommend the webinars as atime-efficient way of gaining informationwithout leaving your desk.

51% – the website score in Frank Bright& Abel’s membership Brands monitor,enough to put us in the top third. Gratifyingand you should continue to expect gradualenhancements over the next few months.

almost 1,500 – followers of the Societyon Twitter. And nearly 1,800 people followthe Society’s LinkedIn account. Both aregreat ways of finding out quickly what isgoing on and raising our profile.

almost 300 – people attended our 2014conference. we want 2015 to be evenbetter. As well as discussing ‘IR2020: Backto the Future’, it’s a great chance tonetwork with your peers, learn somethingnew and enjoy a stimulating day of sharedexperiences.

@irsociety_chair – oK, that’s not anumber! Let me know what you think/howyou can help. or just make sure you arefollowing the Society to find out what ishappening. n

SUe SchoLeS

flanders and rolet tospeak at conferenceStephanie Flanders, managing director andchief market strategist, UK and europe, J.P.morgan Asset management, and formerlyof the BBc, is to close the IR Societyannual conference on 23 June.

Flanders, who was previouslyeconomics editor of the BBc, will beinterviewed at the end of the day’sproceedings by the conference’s host evanDavis, another well-known BBc face whois currently the main presenter ofnewsnight and who also once held thepost of BBc economics editor.

Prior to joining the BBc in 2002,Flanders worked as a reporter at the NewYork Times, a speechwriter and senioradviser to US Treasury Secretaries RobertRubin and Lawrence Summers, a FinancialTimes leader-writer and columnist, and aneconomist at the Institute for Fiscal Studiesand the London Business School.

The day will begin with a keynoteaddress by Xavier Rolet, ceo of theLondon Stock exchange Group since may2009. Previously Rolet was a seniorexecutive at Lehman Brothers and beforethat he held senior positions at DresdnerKleinwort Benson, credit Suisse FirstBoston and Goldman Sachs.

The conference, which is being held atKings Place, London, is titled ‘IR2020:Back to the Future’ and will examine thechanging landscape of investor relations.Session speakers include a range of IRprofessionals and leading company IRosas well financial market representatives

and regulators, including marc Teasdale,the Financial conduct Authority’s directorof market oversight.

A provisional conference programme isset out on page 46. As planning for theconference continues, this programmemay change – so keep up with the latestdevelopments on www.irs.org.uk.

If you have not booked your ticket yet,please do so on the website – or elseplease contact Alison hamilton [email protected]. For furtherinformation on sponsorship opportunities,please contact Robert Dann [email protected]. n

IR SocIeTY 5

StephanieFlanders

Xavier Rolet

A busy session at the 2014 conference, also at Kings Place.

6 IR SocIeTY

InFoRmeD A PeRSonAL vIew

John Gollifer takes inspiration from the anniversary of the signingof magna carta to hail the vital work of the IR Society.

It is the 800th anniversary of that amazinggreat charter, the magna carta, somethingthat today most of us would fail totranslate! The original document,considered to be the english bedrock ofcivil liberty, freedom and yes, bestpractice, is being showcased aroundBritain as part of a celebration of what allstarted in 1215! It’s akin to our tried andtested market principles that haveinevitably changed to reflect the times.They still work and continue to resonatenot just in our market but also in othermarkets, something the magna carta hasachieved with its adoption overseas. whatwe all have is a universal acceptance ofsome basic principles, a good starting

point for an issue of Informed thatconsiders today’s IR best practice.

we’re off to a brisk and promising startto another exciting year. we faceuncertainty with a UK general election on7 may, europe looking somewhatfractured and turmoil elsewhere. on topof this, economies are having to work outwhether a much lower oil price is toogood to be true or the start of somethingworse, like deflation. Let’s enjoy the lowercost of living while it lasts and braceourselves for more challenges. By thesummer issue of Informed, who will begoverning us – at least not forgotten KingJohn – and will this mean a pro-eU stanceor something else? After a volatile start to

world markets in 2015, it won’t get anyeasier soon. In any event, here’s to moreevolution – the recent televisiondramatisation of mantel’s exquisite WolfHall and King henry’s changemanagement should put anyrevolutionaries off. It may explain why wehaven’t had another henry (or John, cometo think of it)!

new role at number 30At coleman Street, life appears toproceed in a more sedate manner. wecontinue to grow with membership nowat 716. our business picked up again inthe last financial year to end 2014 with aparticularly strong second half, in fact,our strongest to date. Accordingly, itseems timely to strengthen the team sothat we are in a position to manageexpected future growth. we are seeking tofill a new role of executive, marketingand professional development. This

John Gollifer is general manager of The Investor Relations Society.

[email protected]

we expect thenumber of cIRpasses, recentlyhitting the 871mark, to continueto grow strongly

‘

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magna carta: 800 yearsof best practice

supporting role will allow us to strengthenthe broader membership and marketingremit of Rob Dann as well as bolster theprofessional development programme runby Jan Kelly. we will also encourage morelinks to the events calendar, run by Alisonhamilton. This will include a new club IRthat will feature brown bag lunches overtopical issues led by experts in their field,run alongside the existing DeLIveR,(Developing future Leaders through IR)programme as well as the IRo clubs 11and 22.

we are fortunate to enjoy thecontinuing support of our sponsors andpartners, featured in this issue andwithout whom, of course, we could notpossibly do all that we do. In addition,we are delighted to welcome some newsponsors and partners, includingweconvene extel who are working withus again in 2015 on the annual votedAwards, eQS Group and Liberum.

we’re delighted to see all our existingcIR partners join us too in 2015. we areadding to our offering, including newcourse trainers and use of new onlinelearning support modules. we expect thenumber of cIR passes, recently hitting the871 mark, to continue to grow strongly. Itis really heartening to see new cIRgraduates proudly displaying their cIRcertificates in this issue on page 16. weseek new ways to address the demand foran international measure of an IRprofessional’s stature and success that isbased on sound market principles, albeitnot all going back quite the full 800years!

markets must evolve and so must weLaura hayter, who looks after policy andall our communication channels for thegreat content we have, explains what we

Let us know if youare keen to join theband of volunteerswho help with allthe committeework

‘

’

are up to on page 10. our policy workcontinues to attract new enquiries andrequests for our input to the regulatorsand other interested parties, includingsimilar organisations both in the UK andoverseas. In particular, we are pleased tobe working again as part of the 2020Stewardship steering group that is taskedwith surveying the success of companyand investor engagement following theintroduction of the Stewardship code andthe 2012 Kay Report. Thank you to allthose who participated in the recentsurvey and we aim to share the resultswith you in due course.

2015 kicked off with a number ofreviews and views on 2014 and 2015respectively, not least our annual PolicyReview in January that was moderated byclare williams. It featured Sue Scholes,Society chair, Richard Dunbar ofAberdeen Asset management and matthall of Deutsche Bank.

This popular Society opener was wellcomplemented by a Bloomberg-hostedmacroeconomic presentation withsupporting sector views – this is coveredin an article on page 18. helpful andtimely webinars on the upcoming AGmseason have followed. on 4 march welooked again at the question of corporateaccess over a most instructive breakfasttalk hosted by edison InvestmentResearch. This topic looks set to run forlonger with eSmA-led proposals in theoffing for 2017.

back to the futureour biggest events of 2015 will of courseinclude the annual conference on 23June, ‘IR 2020: Back to the future’. we

have a stellar keynote line-up featuringXavier Rolet, ceo of the London Stockexchange and marc Teasdale, the FcA’sdirector of market oversight, along withsenior IRos taking up other speakingslots. we are currently reviewing the BestPractice Awards on the back of asuccessful re-launch of the awards in2014 and expect to be ready to roll outthe 2015 awards very soon.

This issue of Informed celebrates bestpractice corporate reporting, a subjectthat is naturally at the heart of the role ofthe IR Society.we’re delighted to includecontributions from some of our 2014award winners.

And don’t forget to join us on the bignight itself, the annual dinner on 24november, always a highlight of the IRcalendar! Finally, just a heads up that thisyear’s AGm and summer reception will beon 4 June, traditionally a convivialevening in more clement weather. we canonly hope!

It remains for me to encourage you toget in touch with us at coleman Street,become more involved and help your IRSociety grow further by building on thestrong base we have.

Do please keep up the personalintroductions of new members to theSociety. By all means, let us know if youare keen to join the band of volunteerswho help with all the committee workthat supports the Society’s activities. A bigthanks to all of you – terms of referenceand current committee membership areon the website www.irs.org.uk.

or perhaps you wish to write an articlefor this publication or simply come andsee us at coleman Street! n

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A PeRSonAL vIewSPRInG 2015

IR SocIeTY

The Magna Carta – one of only four surviving examples of the 1215 text.

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We are an independent global IR consultancy that seeks to provide public companies with the best information, advice and strategies to manage their investors and other audiences. Using a mix of analysis, market intelligence, technology and consultancy, we can help you:

• Understand and communicate with current and potential investors

• Access new investors on a global basis and audit perception

• Achieve your aims at shareholder meetings

Investor Relations is changing and RD:IR is changing too. From thoughtful investor access to the integration of governance and IR processes, we are committed to providing

industry.

We would be delighted to talk to you to explain how we see the future of IR and how we can help you manage the changing IR environment.

Contact us on +44 20 7492 0500 or [email protected]

INFORM CONSULT ACT OUTSTANDING ADVICE

Richard Davies Investor Relations Limited Bridewell Gate 9 Bridewell Place London EC4V 6AW w rdir.com

U

A

OUTSTANDING ADVICE

R

SocIeTY newSSPRInG 2015

9IR SocIeTY

The IR Society is pleased to welcome thefollowing new members, who joined upto mid-march 2015:

martin Adams – TSB nicoleta Argesanu – omv Petrom S.A.Tom Baldock – Lansonsclare Banham – Greene KingSamuel Betha – Independent clive Bidwell – merchantcantosRachael Booth – mSLGRoUPchantal Bradford – Burberry nicolas Bruel – InvestisPaolo casamassima – orient capitalDom castley – cross Border elena cataldo – Arcus Infrastructure

Servicesmary-Jane clarke – Liberumemma corfiled – Design Portfoliocharlotte coulson – mhPGerald cross – electrocomponentsLouise curran – henderson Global

InvestorsAndrew Dempster – Suncorp GroupKristine Fackender – mSLGRoUPThomas Fahey – SABmiller claire Fargeot – claire Fargeot AssociatesArshia Faridani – IndependentRichard Foster – national GridSuzanne Fowler – Addison GroupBindi Foyle – Senior Tom Fyson – LiberumAnastasia Georgadidis – william hill Katie Gibbon – Smith & nephew Andrew Gillian – TSBRupert Green – AmecBen Grimwade – RD:IR

Jennie Guay – InvestisRobert halls – hSS hireKirsty hamilton-Smith – nostrum oil &

GasJosie harold – mSLGRoUPed harris – orient capitalemma harris – norges BankGiles hartley – Kingfisher Annett hegna – Sage GroupKate henson – cTnchris Inkster – SABmiller charles James – SABmiller mariusz Jamka – SABmillerSimon John – Sage Group Suzanne Johnson-walsh – Apollo TyresSheryl Joyce – InvestisTamar Kakulia – TBc BankLaiz Kaskela – InvestisIqra Khan – RD:IRwilliam Krarup – merchantcantosBen Leach – Investiscorinne Leong – InvestisSamuel macGregor – Babcock

International GroupGulshen mahinder – Babcock

International GroupRachael malcolm – Zoopla Property

GroupAdam malik – Investishayley mccrystal – RD:IRSarah mcKenzie – Britvic Pete meadows – obsidian IRLloyd midwinter – AkzonobelJane-Astrid more – SPc-IRDebbie nathan – emRcatherine o’Sullivan – ch2m hILLAlexander Page – orient capital

emma Parker – Intercontinental hotelsGroup

matt Pepper – mSLGRoUPAdam Phillips – halfordsUlrike Poyurs – Design PortfolioJonathan Price – BhP BillitonJonathan Refoy – ch2m hILLJamie Richards – LiberumAndrew Ripper – capita Group Lewis Roberts – ch2m hILLAnthony Rochman – RD:IRSuzanne Rouquette – BeSI Grupo novo

Banco megan Saia – Burberry Group hugo Sanders – norges BankAymone Schendel – IndependentDavid Shriver – Tulchan communicationsFaizah Siddiqui – RD:IRGabrielle Smith – RD:IRvictoria Sugg – mSLGRoUPhitoshi Sugibuchi – mizuho Securities

Limitedniamh Tallon – InvestisJames Taylor – InvestisRebecca vellacott – InvestisJulian walker – Amec Sarah woodall – De La Rue

For information on membershipbenefits and to join the IR Societyplease contact Robert Dann:[email protected] or visitwww.irs.org.uk

new IR SocIeTY memBeRS

The following features are planned for Informed magazine during the remainder of this year.

• Summer (July) – IR 2020: Back to the future! Full coverage of the 2015 conference.• Autumn (September) – Policy and professional development: where are we now?• winter (December) – careers: If IR ruled the world + Full coverage of the 2015 awards.

we welcome any article ideas or letters to the editor. Please also let us know if you aremoving jobs, so we can note this in our occasional feature on the move. Please contact JohnGollifer on [email protected] – or call +44 (0) 20 7379 1763. we hope to hear from you!

InFoRmeD – editorial schedule for 2015

10 IR SocIeTY

InFoRmeD InDUSTRY newS

Towards the end of 2014, the requirementin the Disclosure and Transparency Rules(DTRs) to publish interim managementstatements (ImS) was removed. The changehas affected issuers of shares admitted totrading on a regulated market where the UKacts as home member state and theFinancial conduct Authority’s (FcA’s) DTRsapply. Going forward, issuers may continueto publish ImS (or quarterly financialreports) on a voluntary basis, if they sochoose.

The IR Society expects that the vastmajority of UK listed companies willcontinue to update the market around fourtimes a year in order to ensure ‘equaldissemination of information’. we believethe voluntary use of ImS is a positive in thatit reduces focus on the short term and givescompanies more flexibility on timing,structure and format (so we may see a shiftback towards pre- or post-close statements).

over time, those companies in slowermoving industries may consider a reductionin the frequency of their reports to themarket. however, many companies arecurrently indicating that they are keen tomaintain the use of regular trading updatesas a means to keep the market informed.

Society corporate issuer membernational Grid formally announced inJanuary that it has decided to ceasepublication of formal ImS. Alongside its

half-and-full year results, national Grid willcontinue to provide updates ‘coveringmarket and company developmentsincluding changes, as required, to technicalguidance.’

corporate access and themarket for research In 2014, the IR Society carried out researchto examine the perceived impact of thenew corporate access regulations,prohibiting investment managers frompaying for corporate access out of dealingcommissions. It was concluded thatcorporate access changes are expected toreduce overcapacity and drive up quality ofresearch – but with a significant negativeimpact on coverage of small- to mid-capcompanies.

Despite the ban on payments forcorporate access through dealingcommission, one-on-one meetings betweencorporate issuers and institutional investorsshould and will continue as an importantpart of the engagement process. The IRSociety has hosted a number of events tokeep its members updated on marketdevelopments. Feedback from our memberssuggests these changing market dynamicswill put pressure on the smaller brokers aseconomies of scale allow the larger housesto continue to provide corporate access,

and issuers take more control of targetingas well as using new technologies to keepdown roadshow costs.

The european Securities and marketsAuthority (eSmA) published its technicaladvice on the markets in FinancialInstruments Directive (miFID II) proposalsin December, which among other areascovers investor protection including thetreatment of research. eSmA proposals thatresearch should be qualified as aninducement has stimulated an intensedebate across the investment community.The Securities and markets ShareholderGroup (representing eSmA’s keystakeholder constituencies) also agreed thatlabelling investment research as aninducement may lead to severe unintendedconsequences, especially on research onSmes. consequently, eSmA has notrecommended an outright ban on thepractice of paying for research throughcommission.

In February, the FcA issued its feedbackon the use of dealing commission regime,providing an update on developments ineU discussions on potential reforms tomiFID II. The FcA has supported eSmA'sproposals that an investment manager canpurchase research provided it is paid foreither directly by the firm out of its ownresources or through a ‘research paymentaccount’ funded by a specific, separatecharge to their client, which is agreed anddisclosed upfront.

In early march we looked again atcorporate access over a panel discussionhosted by edison Investment Research, with a

industry news briefingselected key issues for iros

interim statements nolonger compulsory

Stewardship code group to launch survey

The IR Society has joined a steering group that has been put together to undertake asurvey to find out to what extent the Stewardship code has begun to have an impact oncompany and investor engagement.

The 2020 Stewardship working Party, which comprises five institutional investors andTomorrow’s company, aims to assess the progress made on investor stewardship fromthe companies’ point of view. To do this, a working partnership has been formed withThe Investment Association, nAPF, IcSA, the IR Society and the Quoted companiesAlliance under a steering group. Their work is supported by the Financial Reportingcouncil.

The survey is being sent to 1,000 company representatives. The survey findings,which will be supplemented by further qualitative discussion based on the survey, areexpected to be completed by June 2015. The results of the steering group will bepublished at that time and are expected to provide an updated assessment by publiccompanies of the health of investor stewardship.

InDUSTRY newSSPRInG 2015

11IR SocIeTY

stellar line-up of speakers including the FcAand Investment Association. This topic looksset to run for longer with eSmA-led proposalsin the offing for January 2017.

Themes for the 2015 AGmseasonKey themes for 2015 and beyond, influencedby recent changes to the UK corporateGovernance code include a focus onremuneration packages and clawbackmechanisms; discussion around theintroduction of a ‘viability statement’ in2016; and the need for management tooutline responses when there is a significantnumber of ‘no’ votes at the AGm.

other governance issues the IR Societyexpects to see on the agenda this yearinclude diversity and succession planning,and cybersecurity.

Society contributes toFRc monitoring reportThe FRc published its annual monitoringreport in January. The annual reviewconcludes that levels of compliance withthe UK corporate Governance code havecontinued to increase, however there is aneed for increased adherence to the UKStewardship code.

The report states that, following a surveyof its issuer members there has been muchgreater engagement with chairmen/non-executives and senior management in thepast year. corporate issuer members alsoreported an increase in face-to-faceinvestor meetings and one-to-onecalls/online investor meetings in the last

year. The FRc encourages this increase inmeetings and engagement, but notes that‘collective engagement processes have notyet developed’.

Takeover code –statements of intentThe Takeover Panel has finalised its newregime for regulating statements ofintention made by bidders and targets. Theregime distinguishes between post-offerundertakings (or PoUs), which are bindingcommitments, and statements of intention,which are not binding. Following a periodof consultation last year, the changes tookeffect 12 January, 2015.

FcA to review investmentbanking competitionThe FcA has announced plans to launch itsfirst wholesale market study into investmentand corporate banking to assess whethercompetition in the sector is workingproperly. This follows the publication of itsreview into competition in the wholesalesector, which found that limited clarity overprice and quality of services may make itdifficult for clients to assess whether theyare getting value for money.

Labour plans to reformgovernance and takeovers Ahead of the upcoming General election,Labour’s economic Plan was published inFebruary and includes plans to reformcorporate governance and takeover rules.

Labour has stated: ‘The rules whichdetermine how our most important firmsare run need to change. when it comes totakeovers, it is wrong that short-termspeculators who hold shares for days or

even hours have the same voting powers asthose investors who are in it for the longterm and support value creation.’

Furthermore, in order to address thisissue: “Labour will restrict who is able tovote on a takeover to those already holdingshares when a bid is made, giving long-term shareholders a greater say and look atbroadening the public interest test fortakeovers to take into account the impacton the UK’s science base.

Labour will also put duties on investorsto act in the best interests of ordinary saversand people with pensions, prioritising thelong-term growth of companies they areinvesting in over short-term profits. Theseduties will be added to the Stewardship andcorporate Governance codes whichcompanies and investors follow.’ n

and finally...The IR Society will be hosting its first IRForum under Sue Scholes, the Society’schair, at the end of march.

The Society promotes activeengagement between issuers and theirshareholders. explaining a company’sview on corporate governance,remuneration and cSR should be anatural part of the IRo’s role and not justleft to the company secretarialdepartment alone.

The IR Society’s IR Forum provides aregular opportunity for senior IRos andcorporate governance specialists to meetand discuss matters of interest to all. Ifyou are an experienced IRo and wouldlike to participate in these quarterlymeetings please contact Laura hayter,head of policy and communications atthe IR Society.

Review shows disparity in social media use

Investis has released its first comprehensive Social media Review which provides insightinto how publicly listed companies are using social media for corporatecommunications.

The research covers 500 of the biggest publicly listed companies in the UK and US,and shows that 95% of the FTSe and all companies listed on the US S&P now have asocial media account that is used for corporate communications. however, despite this,there is still a huge disparity between companies who half-heartedly post content andthose who use social media for corporate communications effectively.

IR content is viewed as the second most popular content to be posted on social mediachannels, and UK companies fared marginally better than US companies with their useof Twitter accounts to post IR content.

Keep up to speed with IR

Society news and IR

industry news with the

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including the latest jobs,

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www.irs.org.uk.

12 IR SocIeTY


we live in strange times. As I write, theFTSe has reached record highs but, forthose of us living in europe, the world hasnot seemed as dangerous for many years.If you are not directly exposed to westAfrica, the ebola scare may have fadedinto the distance as quickly and quietly asthe last outbreak of foot-and-mouth butwe now have greater and even graverconcerns. The sabre-rattling of the Russianstate threatens the stability of european

why 2015 will be a year of greatchange for iros

The world of investor relations is changing – and there are major challenges ahead, particularly forsmall- and medium-sized businesses, suggests richard davies.

Union members in the east, and thesavage chaos of the so-called IslamicState spreading ever wider across northAfrica and the middle east has evenpenetrated, according to recent reports,the southern border of Turkey.

The UK economy is growing stronglyonce again but uncertainty looms aboutthe shape of the next government, withmost polls predicting no overall majority.For the first time, political parties outsidethe main three could have a pivotal rolein shaping policy, which the bondmarkets will not find encouraging. whilemuch is made of the commendable risein employment numbers, neither side ofthe house wants to talk about the thornyissue of the £1.5 trillion mountain ofpublic debt, which has, on a non-inflationadjusted basis, risen more under fiveyears of the coalition than under thethirteen years of the last regime. europeanmarkets, encouraged by a vast programmeof ecB quantitative easing, are currentlyperforming strongly, even despite thethreat of Grexit. however, despite theirrational ebullience, we cannot ignorethe spectre of deflation which europeanbond markets tacitly forecast through thewidespread purchase of negative rateinstruments. Things will definitely getworse before they get better, fixed incomefund managers now clearly believe.

we can, however, attenuate ourconcerns about rising currency risk for UKexports from stronger sterling by thethought of cheaper holidays on thebeaches of europe, particularly if Grexitgoes ahead. That fine bottle of châteaumargaux you have been coveting isgetting cheaper by the day! nobodyexpects oil prices to rise quickly any timesoon and while this is good news for theusers of oil, the fracking sector is lookingincreasingly desperate. Given theincreasing evidence of environmentaldamage wreaked by this controversialprocess, some may see this as no bad

Richard Davies is founder andmanaging director of RD:IR

[email protected]

GReAT chAnGe• the european economic and political

outlook is filled with uncertainty. • smaller companies must consider how

they manage investor access. • iros should see fewer market

participants, and a greater demandfrom those who remain.

• further regulatory changes willcontinue to shake up the industry.

thing. There is rich irony in Saudiintervention in oil markets producing apositive result for the ecology movement.

Disruptive regulationThe world is becoming a more difficultplace for the UK banking sector, facinguncertainty from the outcome of the nextelection and increasing public andregulatory scrutiny. Long-establishedpractices in the areas of research andcorporate access are now under fire in thequest for greater market transparency,with the expected perverse outcome offinding funding for small- and mid-capcompanies even more difficult. Theregulator is now the prime source ofmarket disruption, by dint of its breakingup of the historically opaque structure offee payments between asset managers andstockbrokers. we are entering a newmarket paradigm of which the outcomesare as yet unknown, although mostassume that independent providers ofresearch and corporate access will takeover an increasing share of business fromthe sell-side outside the bulge bracket.

Life for large-cap companies will go onmuch as usual in the new environmentdue to higher trading volumes justifyingthe supply by investment banks ofcorporate advisory services. Lower downthe food chain, things will get more

european markets,encouraged by a vastprogramme of ecBquantitative easing,cannot ignore thespectre of deflation

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13IR SocIeTY


difficult. There are already rumblings ofsome big-name mid-market brokersditching their corporate accessdepartments and trimming back on theirresearch teams significantly as they moveto a near execution-only model. It seemslikely that brokers will become sectorspecialists if they continue to have researchanalysts at all.

Stewardship and engagementThe grey area remains on the valuation ofinvestor meetings in terms of their worth toinvestors. Fund managers still perceivethere to be great value in meetingcompanies’ senior management – and notjust to glean information not in the publicdomain, as many believe.

Stewardship and engagement are nowviewed as an essential part of theinvestment process but some doubt thatinvestor meetings are not really situationswhere price-sensitive information isdisclosed on a selective basis. Theassumption is that if investors rely soheavily on investor meetings as part oftheir investment research process, thesemeetings must by default contain theimparting of price-sensitive information toinvestor benefit.

while some canny hedge fund managersmay well occasionally glean additionalinsights from senior management on theway to the lift, we all know that mostinvestor meetings are mainly aboutproviding the context to fund managers forthe stock selection, as well as building a

level of personal trust between investorand investee company senior management.no amount of meeting technology such asvideo conferencing is going to change thisattitude in the short to medium term.

Given that the changes in regulationmove the emphasis of responsibility interms of payment to those receiving thebenefit from those providing the service, itremains unclear how investors shouldvalue investor meetings in terms ofmonetary sums and as ever the regulator isunwilling to provide clear guidance,leaving open a potential regulatory mine-field. The idea that the market will find itsown balance in this matter due to theemergence of new formations of accessand research services seems highlyhazardous.

Market participantsThe upshot for small- and medium-sizedcompanies is they will increasingly have topay for their own access and research, andinstall a dedicated IR professional tomanage these services where one is notpresent (as in the majority of UK quotedcompanies at this time). Unless there is adeal in the offing, most brokers will not beinterested in providing free services, if atall, to these companies, so they willbecome commoditised practices over time.

Active asset managers are still reelingfrom the massive rise in cashflows headinginto indexed and quant products, includingeTFs, as investors wake up to the disparitybetween charges and performance formany funds. why choose a live fundmanager when a robot can do just as wellbut for a fraction of the fees?

UK fund managers are in a difficultplace: they are no longer allowed to payfor investor access from client money; theymay be unclear about the value theyshould apply to company meetings in theiraccounting; and some still believe that themarket will go back to its old ways despitethe imminent arrival of miFID 2 whichgold-plates the actions of the FcA.

The life of the IRo will change as aresult of the regulatory shake-up: there willbe fewer market participants to deal withon the buy- and sell-side over time butthere will be a greater demand on time tomanage those that remain. Targeting,ongoing investor interface in a systemicmanner and a greater emphasis on buy-side analyst modelling will becomegeneric issues and not just the domain ofthe large caps.

A long road ahead2015 will be a year of significant changefor IR in the UK and internationally as aresult of the regulatory changes relating toaccess and research. we are only at thebeginning of a significant restructuring ofthe market which will create newchallenges to IRos in terms of handling ofthe communication and distribution of theirequity story, and managing the demand fortheir shares in increasingly concentratedcapital markets. Life will becomeincreasingly more difficult for smallercompanies, abandoned by capital marketsnot incentivised to support their growth.

on the upside, the changes should meanan expansion in the number of IRprofessionals at smaller public companies.The marketisation of research is alreadycreating higher quality analysis ofcompanies, especially as new providersutilise the insights of deep data miningbetter to understand companies and theglobal competitive landscapes within whichthey operate. The marketisation ofcorporate access should encourage betterquality investor roadshows, where theinterests of the access provider/organiserare aligned with the company, and not theanalyst bonus.

Like many other industries, investorrelations, corporate broking and assetmanagement are facing disruption on amajor scale at home and abroad but unlikein other sectors, the disruption is beinginvoked by regulatory change, rather thannew technologies and related marketentrants. we know the route of travel butwe may not yet understand so well thedestination. n

The marketisationof corporateaccess shouldencourage betterquality investorroadshows

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There will be fewermarket participants todeal with on the buy-and sell-side overtime but there will bea greater demand ontime to manage thosethat remain

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14 IR SocIeTY


not perhaps the best corruption of theworld’s most famous phrase, but a verytopical one today. In november 2014changes to the rules by the FRc madepublication of interim managementstatements – ImSs – optional, rather thancompulsory. The decision overturned a rulethat had only been introduced a few yearsearlier, reacting clearly to therecommendations of the Kay Review intoshort-termism. In particular, Professor Kayhad highlighted the behaviours created byfixed events with uncertain content,feeding the market obsession forspeculation and potential valuedisconnections.

to ims or not to ims ... that is the question

The change to the rules on interim management statements offers opportunities toimprove IR communications, reports John dawson.

off the gridAt national Grid we decided to take theopportunity to end our publication of ImSsimmediately, as did several otherbusinesses, and duly announced our plansin January. But it’s important to explorewhy we did this.

It seems nice, doesn’t it, not to have tosay anything unless you have to. however,this simplistic interpretation ofdiscontinuing ImS reporting can open up abigger can of worms. IR teams often haveto fight hard to persuade risk-averse boardsto publish any statements that help themmanage market expectations. Giving theseup lightly can be counter-productive.Removing useful timely events mayactually lead to voids in communication,voids then filled by the speculations of lesswell informed people – analysts, traders,newspapers. This can be a developmentthat is unhelpful to the company and onethat increases the risk that comments madein one-on-ones or presentations atconferences become open to inadvertentmisinterpretation.

news updatesSo the strategy at national Grid has beenclear. end the fixed date aspect of an ImSand create a flexible framework for the IRteam to manage the news flow from thebusiness in a timely and proportionatemanner. hence our new format ‘newsUpdate’. we control the when, thecontent reflects the matters of mostinterest to us and others, and as and whenneeded we can include updates toguidance and prospects, approved by theboard.

And the key to this not just being anImS? well, we control the when – veryimportant. So there’s minimal speculationabout what we’re going to say; no oneknows it’s coming, no one knows if therewill be major news or just updates that areinfluential to sentiment and informative,but not life changing.

John Dawson is director of investorrelations at National Grid

[email protected]

ImS RePoRTInG • national Grid has decided not to issue

imss – this is because fixed eventsfeed market speculation, and putpressures on the business.

• instead, national Grid now issue anews update, which includes moreinformation than the old ims did – inconjunction with an rns to alert themarket.

In our debates internally we haveagreed several things; firstly, we’ll alwaysput out an RnS alongside the newsupdate – partly as a driver of footfall andpartly to ensure the market is aware of thecontext for the news. In other words, doesthis, or does it not contain informationthat we expect to be interpreted as pricesensitive, how should people react overalletc?

Secondly, if needed, the board willreview the content of any release wherethere is any doubt of the market’sinterpretation. In this respect thedisclosure committee plays an importantrole. If there is a judgement to be madearound how to handle price-sensitiveissues then it’s the board’s responsibility soto do. The disclosure committee in itsreview of materials can decide if it meetsthat test and refer the content accordingly.of course, in the case of clear-cut issues,there’s an obligation to disclose quicklyand everyone has a process for that. Thechallenge is around all the shades of greyin between, and as we’ve seen recently,the absence of news is often news itself, orlack of changes to guidance can be ofteninterpreted as a reiteration or confirmation.Subtleties in wording become even moreimportant to avoid inadvertent hostages tofortune emerging.

Continued on page 16

It seems nice,doesn’t it, not tohave to sayanything unless youhave to ...

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16 IR SocIeTY


newspaper featuresIn terms of structure for our news Update,we've opted for three or sometimes foursections. Firstly, topical matters that arenew to the market. Secondly, a crossreference or overview of the moreimportant items of news that people mayhave missed and thirdly, educational itemsor deep dives, like newspaper features.These look to explain matters that you’dnormally not find a space for in otherreleases – and in utility accounting, ifnothing else, there is a lot of value here. Inour first update we covered inflation, long-term US regulatory developments and ourADR programme.

The fourth section appears as and whenneeded. The updates to outlook andpossibly technical guidance. or, if nothingnew, then a clear statement to make sure

there is no misunderstanding.So there we have it. The answer to the

question is ‘not to ImS’ – but not to stopcommunicating. Better communication infact, in a timely and proportionate way.more work or less? well probably more forthe IR team, but with greater rewards and abetter informed market audience. n

The Society congratulates the followingcandidates who passed the certificate inInvestor Relations between December2014 and the end of February 2015

cir Anita Andrew – Lloyds Banking Group David Anneteg – Issuer DirectRajarshi Samuel Rao Betha – IndependentLela cade – SodaliThuy Dinh – Santander UK Andrew Donald – maitlandchris evans – IndependentSilvia Flammini – Sodalihelen Foster – JP morgan cazenoveKatherine Goligher – Investor PerceptionsGeorge hamilton – Friend Studio Sarah Letten – JP morgan cazenoveharris Loukianes – IndependentKirsty maccallum – new LookKaren mannion – IndependentRaluca milodin – IndependentBorja miranda – Sodalimeeri moilanen – maitlandSi Peng – Tefen management consultingSamuel Perowne – Phoenix GroupKaty Radcliffe – emperorJasper Randall – newgate Threadneedlenicola Ratchford – Stockwell

communications LLPLouisa Romain – hammersonhelen Runyard – credit SuisseAymone Schendel – Independent

Tamsin Shepherd – eTF Securities (UK) Kevin Sheil – Trium capital managersLouisa Smith – Phoenix Group Gabrielle Stopp – capita Asset ServicesFaisal Tabbah – FirstGroup Guy Taylor – cIT bank Katie Thompson – Independentnicholas white – Radley Yeldarvladimir Zaluzhsky – Severstal

capita asset services Poland –international cir Paulina KoniecznyAdriana KoniecznyJulian KotarbaKrzysztof LachowskiŁukasz LenardPiotr nawracajmarcin niedzielaKamila olechGrzegorz PardelaKrzysztof PosełekPiotr ZółkiewiczKamila Zgraj

middle east investor relations society(meirs) – international cir Sara Al Awadhi Afra Al Suwaidi Anca I cighiAram Dehyan nadyah hassan Saeed Sara Soliman

irfr (russia) – cir maria Gorbunova Konstantin KiselevDenis Sakharov

irpas (singapore) – international cir ho Seok mun Karen

Vladimir Zaluzhsky of Severstalhas just passed the CIR

ceRTIFIcATe In InveSToR ReLATIonS – PASSeS

For information about thecertificate in Investor Relations,please see page 52.

we’ll always putout an RnSalongside the newsupdate

‘’

Every day, 2 million* people read the FT in print, online or on their mobile device. Our readers include senior business decision-makers and a� luent shareholders from across the world.

Reach and engage this audience with the FT Investor Relations services – the multimedia communications package that gives you maximum exposure to these financially-aware decision-makers.

To have this audience at your fingertips, contact Stella Sorrentino on +44 (0)20 7873 4012 or [email protected]

GLOBAL INVESTORSAT YOUR FINGERTIPS

* FT AGDA January – December 2013, PWC assured

18 IR SocIeTY


At a recent Bloomberg event held inassociation with the IR Society, BloombergIntelligence (BI) analysts examined thecurrent status of the euro-area economyand its outlook. This article provides a briefsummary of BI’s analysis and details theresults of a survey of participants at theevent. The survey focused on the effects ofcurrency volatility on hedging policies andthe potential impact of the europeancentral Bank’s (ecB’s) quantitative easing(Qe) programme on european equities.

2015 europe economic themesThe ultimate goal of the ecB’s Qeprogramme is to kick start the euro-area’seconomy by lowering borrowing costs,encouraging banks to lend and at the sametime weakening the euro. If successful, thisis clearly positive for european corporationsin the long run. In the short term, volatilityis creating uncertainty.

economic growth to remain sluggish The euro area is set to continue recoveringin 2015, yet growth will continue to hoveraround a meagre 1%. The region’s outlookis suffering from stubbornly highunemployment, weak credit supply andchronic under-investment. on the positiveside, cheaper oil prices, a weaker euro andadditional monetary stimulus by the ecBare likely to strengthen the recovery during2015.

europe’s economy, currenciesand the ir professional

Financial markets follow the european economies closely. here sam fazeli and maxime sbaihi ofBloomberg Intelligence explain the issues facing markets and the IR industry in the near future.

deflation riskone of the biggest threats to this outlook isdeflation. with inflation turning negative atthe end of last year, that risk has increased.outright deflation would be particularlyharmful in a debt-laden economy such asthe euro area. Still, persistent deflationremains a distant prospect: inflationexpectations are positive and negativeheadline readings are mostly due to atemporary external shock from plummetingoil prices. The immediate consequence is aboost for households’ real income withsentiment indicators suggesting consumersare shrugging off deflation fears.

currency devaluations: eUrUsd,eUrchf, UsdrUb… is dKK next? with major developed economiesrecovering at different speeds, thedirections taken by monetary policies arediverging. The ecB’s decision to launch a

sovereign Qe programme contrasts withthe Fed’s intention to hike rates in the nearfuture. This leads to increased volatility inthe FX market: for example, the euro hasfallen 15% against the dollar since mid-December. Small economies have nochoice but to adjust. The Swiss nationalBank was the first to throw in the towel,abandoning its peg with the euro andallowing its currency to appreciate by 21%against the euro in a single day. The Danishcentral bank is under increased pressure tooin this context. The Russian ruble tells itsown story: it’s plummeted 45% versus thedollar since the summer. See chart right.

Greece – what does it mean?After the 2010 and 2012 episodes, Greeceis once again in the throes of crisis. Theelection of a new anti-austerity governmenthas shaken the relationship between thecountry and its creditors. The extension ofthe bailout is vital while Greece facesurgent financing needs with very limitedmarket access. The banking sector is alsodependent on european central Bankliquidity. while Greece has managed tosecure a short-term bailout extension,attached conditions are still vigorouslydebated with european partners. Still, a newlonger-term programme needs to be agreedby the end of June. expect more drama inthe months ahead.

eURoPeAn oUTLooK• a quantitative easing programme is

set to boost the eurozone’s economy.• dramatic currency fluctuations in the

past year demonstrate the negativeeffects of political instability.

• Uncertainty over Greece still remains.• bloomberg survey results suggest a

positive outlook for equity markets,and a focus on dividend yields giventhe start of the ecb's qe programme.

1.50

bloomberg consensus euro area 2015GdP forecasts

ecGDeU 15 Index – Last price 1.20

1.40

1.30

1.20

1.10

mar 14 Jun 14 Sep 14 Dec 14 2015

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bloomberg consensus euro area 2015GdP forecasts

eccemU Index – Last price -6.7

-10

-15

-20

-25

-30

-35

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

0

The Swiss nationalBank was the firstto throw in thetowel

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19IR SocIeTY


bloomberg industries surveyresultsThe BI survey results, conducted as amultiple-choice question during a liveevent, are based on around 30 to 40responses.

will the start of qe in europe makeequities more attractive? Qe generally results in a drop in the yieldsof lower risk assets such as governmentbonds, resulting in investors seeking returnselsewhere, including in equities. In the caseof the eurozone, it has also led to aweakening of the euro, which shouldbolster the earnings of internationalcompanies with overseas operations. Theproblem is that the ecB’s actions are drivenby fears of dis-inflation and weak economicgrowth, suggesting the risk of weak earningsfor corporations which are heavily exposedto eurozone economies. (See Figure 1)

what will investors look for in a qeenvironment?The majority of respondents thought growthvs. dividend yield. This is an interestingresponse as Qe should force investors out oflow or even zero-yielding government bondsand into other asset classes such as equitieswith good dividends in search of betteryields. A good dividend yield would be morerelevant than a growth story. (See Figure 2)

with such rapid changes in forex, is yourboard likely to change its hedging strategy?here, a very high percentage of surveyrespondents said that their company’shedging strategy has not changed followingthe extreme gyrations in foreign exchangemarkets, especially the rapid fall in the euro

and the abrupt rise in the Swiss franc, as theSwiss national Bank stopped supporting theeuro peg. This has been a contentious issueas other surveys suggest that companies arerevisiting their hedging policies. The realityis that companies that report in euros wouldhave been better off reducing their hedges totake full advantage of the weakeningcurrency. eurozone companies withextensive operations in dollar-linkedcountries should be able to report betterearnings as the currency weakens. (SeeFigure 3) n

For more information and disclosuresabout Bloomberg Intelligence please visitwww.bloomberg.com/professional/news-research/intelligence

0.95000

1.35000

1.40000

1.15000

1.25000

1.05000

1.30000

1.20000

1.10000

1.0000035

55

65

45

70

60

50

40

Key currency fluctuations in the past year

eUR-USD currency (R1) 1.13703

eUR-chF currency (R1) 1.07882

USD-RUB currency (L1) 62.5152

Be positive for european equity markets

have little effect

22.6%

3.2%

74.2%

Be negative for european equities

58.3%

5.6%

36.1%

74.2%

25.8%

mar 14 Jun 14 Sep 14 Dec 14 2015

A strong majority ofthe surveyrespondentsthought that theecB’s action will bepositive foreuropean equitymarkets

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Dividend yield

Growth

Deep value

Dividend yield

Deep value

Figure 1 – The QE effect on equities Figure 2 – What investors look for Figure 3 - Hedging strategy

20 IR SocIeTY

InFoRmeD IR SocIeTY SPonSoRS

our sponsors in 2015The IR Society is very grateful to its sponsors, many of whom have beensupporting us for several years now, as robert dann reports below.

Sponsorship not only provides the Society with a valuable source of revenue,which helps to underpin all of the Society’s activities, it also providescompanies with great exposure to the Society’s members around our majorannual events, the conference and the awards dinner, as well as at smallerevents and courses throughout the year.

It is particularly gratifying that some of our sponsors are signing up for thesixth, or even seventh year in a row – a sure sign that their sponsorshippackages are providing tangible benefits for their businesses.

bny mellon acts as depositary for morethan 2,700 American and globaldepositary receipt programs, acting inpartnership with leading companies from68 countries. BnY mellon is committed tohelping securities issuers access theworld’s rapidly evolving financial marketsand delivers a comprehensive suite ofdepositary receipt services. Learn more atwww.bnymellon.com/dr.

Peter Gotke, managing director, UK &Ireland at BnY mellon said: “BnY

mellon’s Depositary Receipt team isdelighted to extend our sponsorship of theUK Investor Relations Society. we areacutely aware of the extraordinary workundertaken by the Society, and the manybenefits that the members continue toenjoy. The full-time staff involved inensuring the Society operates as it does,and the many others who give up theirtime to drive the work of the committees,continue to make a real difference toissuers and investors alike.”

rd:ir is an independent global consultancyoffering a wide range of Investor Relationsrelated analysis, research & advisory servicesto more than 600 UK and internationalpublic companies. www.rdir.com

Richard Davies, managing director atRD:IR, said: “RD:IR is delighted to act asGold Sponsor of the Society for another year.

we continue to believe in the work of theSociety as the focus of the UK IR industryand as a prime player in the IR professioninternationally. we continue to support theSociety, not just through funding, but by ourhelp across a wide range of Societyactivities, including committee and eventparticipation.”

orient capital is a global leader in shareownership analysis, equity marketintelligence, proxy solicitation, investorcommunication and shareholdermanagement technology. Their sponsorshipof the 2015 events programme will have asignificant impact on the quality of thenetworking events that we are able to run

for our members as well as providingvaluable input to the rest of the eventsprogramme. Alison owers, ceo, UK atorient capital said: “we are delighted tobe sponsoring the IR Society eventsprogramme. we recognise the valuablework it does in promoting the efforts of theIR industry in the UK and further afield.”

annUal sPonsors

For information aboutsponsorship opportunitieswith the Society pleasecontact Robert Dann [email protected].

PLATInUm

GoLD

evenTS

21IR SocIeTY

SPRInG 2015 IR SocIeTY SPonSoRS

‘IR2020: Back to the future’ will gather around 300 IR professionals on23 June for what promises to be a superb event once again!

we are also delighted to be working with our contra partners again in 2015.

Another returning sponsor is emr, whom welook forward to working with again in 2015at the conference and the awards dinner.

conference sPonsors

contra Partners

This year we welcome new sponsor eqsGroup. we look forward to working withthem in 2015 at the conference and awards.

INVESTOR ANALYTICS

deutsche bank’s ADR business is dedicatedto providing excellent service for companieswith ADR programmes. Deutsche Bankprovides all the services necessary to set upand run a successful ADR programme plus arange of added services to ensure that boththe issuing company and its investors get themost from the programme. This includesproviding specialist investor relations supportto companies with ADRs to assist them incommunicating with their US investors.

Zafar Aziz, director, head of DR marketSolutions said: “Deutsche Bank DepositaryReceipts is delighted to be continuing oursponsorship of the IR Society ProfessionalDevelopment Programme for another year.The UK IR Society leads the wayinternationally in terms of its focus onencouraging education and awareness ofIR as a profession. we look forward to asuccessful 2015 for the Society and itsmembers.”

investis is europe’s most successful digitalcorporate communications companyhelping publicly listed companies toimprove their communication and managerisk and reputation since 2000. Investiscreate and manage corporate and IRwebsites, apps and mobile sites togetherwith the video, webcasting and datavisualisation tools that bring them to life.

Jennie Guay, global head of channelrelations at Investis said “we aredelighted to be sponsoring such aprestigious organisation. The work thatthe IR society does is integral to thedevelopment of the Investor Relationscommunity. we are looking forward to asuccessful partnership in 2015.”

PRoFeSSIonAL DeveLoPmenT

SILveR

SPonSoR

SPonSoR

23IR SocIeTY

FeATUReSPRInG 2015

Best practice corporate reporting ischanging quickly. what was best

practice two years ago looks very differenttoday. Technical guidance on the need forsimple, consistent, precise and integratedreporting is widely available – but what doinvestors really want to see in the annualreport to enable effective engagement andinform their voting decisions?

DoInG ir RIGhT – a special feature on best practicewhat is best practicecorporate reporting?

Strategic reporting 2013/14 –must try harder

obligation or opportunity?

Getting to the heart of the matter

embedded reporting – the futureof online story telling

Developing the difficult art ofcommunication

crisis, what crisis? A year in aday of an under-pressure IRo

Picking up the pace for the BestPractice awards

challenges for a new generationof public companies

Reporting is not just arequirement, it’s an opportunity

Reporting trends in frozencanada

enhancing investorengagement – why sustainability?

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Anita Skipper is an independent IR consultant

[email protected]

Best practice corporate reporting from thisperspective is reporting that understands andpredicts what the investor wants to see. Thissometimes changes very quickly dependingon the mood of the moment.

Post the crisis, companies are stillstruggling to restore trust; capital markets arebeing encouraged to think longer term;climate change is a huge issue and gettingbigger; the public is aware of the disparity ofpay between the highest and lowest paid.There is a perception that companies andtheir executives don’t pay a fair rate of tax;there are new risks such as cyber.

At the same time proxy agencies are usingyour disclosures to inform clients on how tovote. Some voting agencies will rely only onthe written word (ie they will not engagewith you before they print theirrecommendations) so you have to make verysure you are meeting their investor clients’reporting expectations. Some of the moresignificant of these, where focus is likely togrow, are discussed below.

boards• Is the board fit for purpose? what are the

skills, experience and charactersavailable on your board to meet yourstrategic KPIs?

• Succession. Do you have goodcandidates to replace the ceo, FD andother senior managers? A description ofthe processes, time-scales and yourreadiness would be helpful.

• Diversity: 2015 is the crunch year formeeting Lord Davies’s target of 25%women on boards. If you have not metthe 25% target you should say why andwhat actions you are taking to appointmore women.

• culture, value and ethics: how do youensure your employees ‘do the rightthing’ in their everyday work? manyinvestors see ‘culture’ as the mosteffective form of risk control, so you

what is best practice corporatereporting?

Introducing this special feature, anita skipper outlines the key ingredients that make upa set of best practice guidelines for IRos and offers tips for implementation

BeST PRAcTIce RePoRTInG• boards should be skilled and diverse,

and should take responsibility forsteering corporate culture.

• Pay is still seen as a sensitive topic –justifications for pay disparity shouldbe drawn, despite a lack of regulation.

• sustainability reporting is now seen asa ‘must have’.

• companies should focus towards along-term strategy.

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need to be able to explain your cultureand how you inculcate behaviours intothe business.

remuneration After one year of the binding vote onremuneration policy and the advisory voteon remuneration reports there are stillareas where investors are looking forimprovement. • Link to strategy: There are still many

instances where performance conditionsare not linked to the company’s strategicobjectives.

• caps on salary: while many companieshave included clear caps on bonusesand long-term incentive plans thedisclosure on the maximum salary is lessclear.

• Disclosure of bonus targets: Gc100 andInvestor Group: Directors’ RemunerationReporting Guidance allowed companiesnot to disclose bonus targets if thesewere deemed commercially sensitive.Lo and behold, practically everycompany has now decided that theirtargets are too sensitive to disclose. Thegroup has recently updated its guidance.In effect, investors will expect disclosurein the year immediately after the awardis made.

• executive pay vs employee pay: whileUK regulations backed away from arequirement to disclose the ratiobetween executive pay and employeepay, many companies have referred toemployee pay when increasingexecutive pay. This is welcome. The issueof disparity is not going to go away.

corporate social responsibilityInvestors are increasingly factoring insustainability issues into their valuation ofcompanies. It is no longer just nice to havea cSR report – it could make a differenceto your company’s rating. In general weexpect companies to:

• identify material sustainability issuesthat could meaningfully affect itsoperation, financial health orperception. Be prepared to ditch issuesthat do not meet this test. Justify yourchoices and relate them to the health ofthe business as a whole;

• focus on opportunities as well as risks,and on the strategic as well as themanagerial;

• integrate your reporting ofenvironmental, social and governanceissues into the main narrative text in theannual report;

• create relevant KPIs to track your keyimpacts and establish targets which arestretching but achievable;

• include these targets into theexecutives’ pay (not less than 10%) andbelow board level where there isfunctional responsibility;

• report on your progress against targets(design KPIs so that they remainrelevant for at least five years),explaining notable changes (positiveand negative) in performance andjustifying re-basing and alterationswhere these become absolutelynecessary;

• seek independent verification of datawhich might be considered material;and

• not make platitudinous policystatements, woolly feel-good narrativeor other assertions that can't be backedup by evidence.

taxThis is an example of ‘mood changes’referred to above. with tax avoidancebeing challenged by governments and thepublic, poor disclosure on the taxes paidby companies may lead to long-termreputational damage and lower brandvalue. Think hard about this aspect ofyour reporting.

encouraging a longer-term outlookFollowing the Kay Review, the need for alonger-term outlook is now reflected inthe new UK corporate Governance codewhich requires reporting on:

• whether companies have a reasonableexpectation that they will be able tocontinue in operation and meet theirliabilities over a period that should be‘significantly longer than twelvemonths’. If the company’s outlook istwo years and competitors are able tolook out beyond three or four years,investors will want to know why visibilityis so short; and

• remuneration which should be designedto promote the ‘long-term success of thecompany’. Investors will be looking forclear explanations that demonstrate this.Some investors already vote againstremuneration arrangements where thevesting period is shorter than five years.

my key message is that it is now moreimportant than ever to engage yourinvestors on what is important to them. Thiswill certainly lead to better engagementwith investors and help them arrive at theright voting decisions. n

Focus onopportunities aswell as risks, andon the strategic aswell as themanagerial

‘

’

InFoRmeD BeST PRAcTIce

24 IR SocIeTY

are you an irservice provider?

if so, why not ensure that your message reachesiros at the heart of the UK corporate community? become an ir society service Provider andadvertise in print and online to our investorrelations professional readership.see pages 54-57 in this issue.

SPRInG 2015 BeST PRAcTIce

25IR SocIeTY

The spirit of the FRc’s principles-basedapproach guidance is to encourage boardsand executive teams to think about theirbusinesses in a fresh light, and report thatthinking in a more enlightening manner.The three objectives of the guidance are to:

1) ensure the information needs ofshareholders are met;

2) encourage experimentation andinnovation with a view to telling thecompany story; and

3) promote greater cohesion between thestrategic report and the rest of theannual report.

So, does the output of corporate reportersdemonstrate progress with regard to thesethree objectives?

how well do companies meet theinformation needs of shareholders?Producing quality information in an annualreport minimises shareholder uncertaintyand contributes to achieving a fairvaluation both directly and indirectly, as

Strategic reporting 2013/14 –must try harder

leon milligan and andrew rigby discuss the approaches taken by UK corporate reporters in 2014and how aligned they are to the guidance provided by the Financial Reporting council (FRc)

what the regulatoris expecting to seeis more persuasiveevidence ofstrategic thinkingand its application

‘

’Andrew Rigby is digital consultantat Emperor

[email protected]

Leon Milligan is corporate reportingconsultant at Emperor

[email protected]

reporting information permeates throughother IR communications.

Quality strategic information thatprovides context and a forward-lookingnarrative is of interest to shareholders.Gone are the days when the annual reportcan be viewed simply as a document ofhistorical record. while there’s no legalrequirement for AIm companies to includetheir strategy in the strategic report, all butthe strictly minimalist reporters tend tomake some attempt.

what the regulator is expecting to see ismore persuasive evidence of strategicthinking and its application. our researchshows that there has been modestimprovement in the overall quality ofstrategy-related information, but mostcompanies still have room forimprovement.

Despite the name, many strategic reportsstill fall short in terms of a strategicnarrative and focus on operationalperformance. It’s our view that only about30% of the FTSe 100 presents a robuststrategic framework. British Land and

Rexam were the most improved in 2014,with Barclays, ITv, United Utilities andweir Group also producing high-qualitystrategic information.

BhP Billiton is perhaps the best exampleof a report in which the strategic report setsout the strategic planning process in somedetail. By placing it within the strategicreport, BhP Billiton has elevated itsimportance on the basis that it is materialinformation for shareholders, a view withwhich we concur.

are companies experimenting andinnovating? we did not see a rash of experimentation in2013/2014. we hope that familiarity withthe new reporting regime will encourage

mUST TRY hARDeR• most companies are still reporting

mainly on operational risks rather thanstrategic risks.

• a strong societal demand for moretransparent reporting has beenreflected by an updated frcframework.

• looking ahead – clarity of informationpresented, and innovative reportingare both areas of interest.

26 IR SocIeTY


more reporters to experiment in future butwe question whether reporters believethere is an incentive to innovate. Timeconstraints and an innate aversion to riskare powerful drivers but we look forward toFinancial Reporting Laboratory givinggreater recognition to those that initiatenew approaches.

experimentation has been most evidentin the approach taken to business models. Itis still a relatively new concept which hasrequired many companies to thinkdifferently about their businesses, andafforded us the highest degree of innovationin reporting in recent years.

For most companies, a successfulexposition of the business model proveschallenging. Less than 40% of the FTSe 100discusses a true strategic business modelthat explains distinct sources of value, whytheir company is profitable and willcontinue to be so.

Rexam, Burberry and SABmiller areamong the most proficient but allcompanies are deemed compliant becausethe FRc allows companies to address theirbusiness model in any way they wish.

‘Risk’ demands more innovation fromcompanies. The UK corporate Governancecode 2012 includes the principle that: “Theboard is responsible for determining thenature and extent of the significant risks it iswilling to take in achieving its strategicobjectives.” This would suggest that in thestrategic report ‘principal’ risks could nowbe those that will directly influence theachievement of strategic objectives. our

analysis suggests that only one third of FTSe100 companies are reporting mainlystrategic risks; most are still focused on abroad array of operational risks.

are companies providing cohesionbetween the strategic report and the restof the annual report? Signposting, cross referencing and linkageare being used more often and with ahigher degree of success to connect thestrategic report with the rest of thedocument. A number of companiesincluding national Grid have adopted an‘Additional Information’ chapter for moreperipheral content. But why include suchinformation at all if it is not deemedmaterial for the Strategic Report?

what effect is regulation having on digitalreporting? The FRc’s guidance, along with otherregulatory developments such as the IIRc’sintegrated reporting framework, reflects awider societal demand for moretransparency from companies. The renewedfocus on the company story has effected achange in digital reporting, as companieshave realised that less is more: clarity ofmessaging is often best achieved onlinethrough engaging reporting summariesallied with PDF downloads of the report, infull or in sections. Those summaries can sitseparately to the corporate website, or evenbe embedded within them. either way,companies need to ensure that reportingcontent and messaging permeates and

syncs with the corporate site – and otheron- and offline publications.

Plenty of room for progress in 2015 our research concludes that some progresshas been made towards the FRc objectiveslast year, albeit with plenty of room forfurther progress. with the new complianceboxes ticked last year, we believe this trendwill accelerate in 2014/2015. The leadersin reporting will feel better positioned toconsider more bespoke approaches thisyear and the best approaches from last yearwill be leveraged by followers in reporting.

To sum up, our suggestions for thosepreparing for their next report are asfollows:

• focus on what investors really need toknow;

• aim to cut anything that is not material oris needless repetition;

• refine and distil your company’s strategicthinking, include a meaningful objectiveand a strategy designed to achieve thatobjective; and

• don’t fear a lack of precedent, do whatyou think is right and innovate. n

Emperor is a market-leading design andcommunications agency, specialising instrategic corporate and digitalcommunications. It was founded in 1996and remains a private limited company,operating from studios in London,Edinburgh, Birmingham and Dubai. See www.emperordesign.co.uk

clarity ofmessaging is oftenbest achievedonline throughengaging reportingsummaries alliedwith PDFdownloads of thereport, in full or insections

‘

’

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Sometimes painful, often positive, the pastfew years have seen many changes in

reporting: regulation demands, newtechnology, transparency expectations, andendless (and occasionally dogmatic) ‘expert’advice. But as the changes settle down, andIR and communications teams increasinglyapply good practice in ways that are mostsuitable for their audiences, we are seeingsome benefits emerging.

more relevant, and more focusedinformation + more user-friendly formatting and channels = Improved audience understanding

So, rather than being a bind, many bestpractice principles are creating opportunitiesfor stronger engagement with investors, andimproving wider understanding of thebusiness. Although there’s no definitivemodel of best practice reporting, theFinancial Reporting council (FRc) makesthree key suggestions:

1. Go beyond compliance to ensure annualreports communicate relevantinformation.

2. consider the placement of information.

3. ensure that only material* information isincluded.

In addition to this, it is positive to seemany businesses moving towards integratedreporting approaches outlined by theInternational Integrated Reporting council(IIRc). with this in mind, here are some ofour observations...

less is more The FRc guidance is clear: include onlymaterial information. Applying this disciplinehelps to reinforce your core story. And aconcise, balanced explanation ofperformance delivers the clearest picture.

avoid complicationYou are paid to care about every detail ofyour business. Your audience isn’t. So beclear. explain your business simply. Andbuild on your story with evidence.

be consistent with so many communication touch points,consistency is crucial. From your websiteand social media to your investorpresentations, and from strategic reporting toyour AGm, be consistent. It buildsconfidence and trust.

aim for clear comparabilityAnnual reports remain reference tools.Specific sections should be simple to find,and information easily comparable on a like-for-like basis, year-on-year.

be yourself It’s helpful to review your peers’ annualreports. But your story is unique. clearlyexplain your business’s market, and yourstrategy and model within that. This will helpto avoid imitation, and makes yourinvestment case more compelling.

avoid waffleBeing fair, balanced and understandable is arequirement. But as a guide, also try to avoidacronyms, jargon and waffle. Investment

made in telling a clear and concise story isrepaid in greater engagement andunderstanding.

Use design effectivelyBy improving structure, hierarchy, flow andpresentation of information, design can helpyour narrative be clearer and more concise.This is especially true of traditionally driercontent, which has expanded in length anddetail over recent years. Good designsupports narrative, making it moreimmediate and understandable.

exploit others’ experienceThe world of best practice can be daunting,particularly for first-time reporters.Fortunately, there’s plenty of help available.The IR Society runs personal developmentcourses, and the FRc has a clear & conciseinitiative underway.

Phone a friend we are always happy to discuss yourchallenges. with market-leading expertise incorporate communications, across media,our team can help to bring your strategicstory to life. contact George hamilton [email protected] to find outmore. n

*Definition: Information is ‘material’ if itsomission or misrepresentation couldinfluence the economic decisionsshareholders take on the basis of the annualreport as a whole.

obligation or opportunity?

changes to regulation offer companies a chance to engage more strongly withtheir stakeholders, explains rob riche of Friend Studio.

LeARn moRe• the ir society’s annual reporting –

best Practice in Practice course onapril 15th covers developments in bestpractice reporting as well as regulatoryupdates. see www.irs.org.uk

• rob riche has created award-winningcommunications and corporatereporting for more than two decades.he co-founded friend studio in late2012, after 20 years at radley yeldar.

Rob Riche is creative director andfounder of Friend [email protected]

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IR SocIeTY


30

You may be surprised to see yet anotherarticle about best practice reporting.

Surely there is more than enough writtenon the subject already. And how is one tocondense volumes of guidelines,frameworks and consultation papers into500 words that represent a succinct guideto best practice corporate reporting? In theend I decided to impart seven key learningsfrom the trenches.

determining the right scopeI was at a roundtable discussion recentlyabout integrated reporting. There weremany experienced IR professionals aroundthe table, most of them very confusedabout integrated reporting. People askedwhether investors really appreciatedsustainability reporting. many felt theyhardly had any feedback from theiraudiences. And if they were to consider thisroute, was it better to use the IIRcguidelines or the GRI framework? So, hereis learning number one: choosing theguidelines that will resonate with yourindustry, your company, board andemployees will stand you in good stead.

leading from the frontIf the audience for the annual report ispredominantly investors, then IR has to playthe biggest role. Granted some corporateshave small IR teams and annual reporttimelines coincide with results, but find away to make it work. You may not managethe project, or get involved in the design, butyou will have to contribute a very big part ofthe narrative content. To deliver a coherent,targeted and connected set of messages, youwill have to lead the thought process, if notthe physical process. Learning number two:be a leader and expect to spend a lot of timeto cajole, convince and guide.

starting with a blank sheet of paperThe fact that ‘conciseness’ is one of therecent FRc guidelines is telling. most of usare not concise in our corporate reporting. Ihave little advice to give on this very simpleconcept: start from scratch rather than takingthe previous year’s report as your guide.Think ‘zero-based budgeting’!

connecting people and contentIn my experience there are almost alwaysmultiple contributors to- and pen holders of-the annual report. This makes it very difficultto produce a report that has the same toneand style from start to finish. Let’s say youachieve this by employing a very good copywriter or editor. how about the linkagesbetween the sections, so that the report givesa holistic view of performance, strategy,risks, and even remuneration? This is in facta lot harder and much more important.Learning number four then: don’t wait untilthe last minute to ensure that the linkagesare clear. Keep this in mind throughout theprocess as the content comes together, andbe the conduit between the contentproviders.

Getting board engagement earlyhow many of us feel that their seniormanagement and board of directors take agenuine interest in corporate reporting? how

many of us have had more requests tochange an individual’s photo thansuggestions to the content of the report?Fortunately the trend is for moreinvolvement, and I believe greater focus onaccountability of directors, particularly inlight of the ‘fair, balanced andunderstandable’, is helping with this.

striving for open, honest and clearcommunicationsvery often I read a ceo quotation, and I feelthat if I cut and paste it into our pressrelease, it would work just as well. If you feelthat way about your reporting narrative,there is a lot of room for improving itsauthenticity and transparency. Investors donot value polished corporate jargon. Theywant honest, open and clearcommunication.

focusing on the futureThis brings me neatly to my last point. It isfar too easy to write about past performanceand ignore the fact that investors are keen tounderstand the business drivers, plans for thefuture and the risks that may impact thebusiness. Giving a good indication of theoutlook for the business withoutcompromising your directors is a finebalance, but an important one to achieve.

a valuable ir toolone may regard the annual report as anecessary evil that is simply a regulatoryrequirement. It takes up considerable timeand can be outsourced to other departments.In actual fact, it is a valuable IR tool foreffectively communicating strategy andperformance in the market. Furthermore, itmakes people think clearly andcollaboratively about strategy; ensures it isdocumented at least once a year; ensuresengagement internally; and helps gainconsistency around the business on strategywhen used internally as well as externally. n

Getting to the heart ofthe matter

The annual report is more than a necessary evil – it can be avaluable IR tool to aid clear thought, writes basak Kotler.

eFFecTIve RePoRTInG• start each year’s report from scratch.• consistency of corporate language

across communications is essential. • company directors should play a more

involved role in annual reporting. • investors do not like corporate jargon.• demonstrating future plans is as

important as documenting pastperformance.

Basak Kotler is director of investorrelations at Coca-Cola [email protected]

If you would like to talk to us about how we can help you, please contact us on +44(0)20 7033 0700 or email [email protected].

Helping the world’s bravest, brightest andbest ful�l their potential.

32 IR SocIeTY


we all know that what shareholdersdislike almost as much as

plummeting stock prices is uncertainty.when approaching annual reports it’simportant to keep this thought in mind.with non-financial information becomingincreasingly important for soundinvestment decision making, we look atsome best practices for how you can makethis information accessible online toshareholders and analysts.

Recent trends in corporate reportinghighlight a move away from simplehistorical records towards a more narrativestyle of reporting.

This means adding context around themass of data provided, enablingcompanies to tell the corporate story andbring key themes to the surface.

showing the full pictureAlthough there is no requirement forcompanies to provide a detailed narrativesummary section at the start of their annualreports, a Deloitte study* shows that 92%of companies surveyed now presentnarrative information. By providing contextaround your financial results you can helpto ensure that your key stakeholders andanalysts have all the information they need

embedded reporting – the future ofonline story-telling

Presenting narrative information digitally can give context to your financial results. mark smith sets out ways in which your website can work better for you.

emBeDDeD RePoRTInG• 92% of surveyed companies now

present narrative information.• corporate social responsibility

reports are becoming moreprevalent, with companies creatingeasily-accessible online versions.

• design should help tell thecorporate story, in print and online.

Mark Smith is principal consultant atInvestis

www.investis.com

The majority ofinvestors do theirIR research onthe corporatewebsite itself

‘

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to make informed decisions and valuations.here at Investis when it comes to bestpractice corporate reporting we believe thatthe ‘embedded report’ is the way forward.embedded reporting is the integration ofthe narrative element of a report into themain body of a website, generally the IRsection.

companies have started thinking of waysto encourage readership of key narrativeand tell their corporate story. This meansthere has been a shift away from simplyproviding the bare bones and financialsrequired.

responsibility we have seen more and more companiespublishing separate corporate socialresponsibility reports which follow the strictform of reporting usually reserved forannual reports. These reports are aimed atproviding more structured information anddeveloping the understanding of thecompanies’ cSR policies.

however, printing large quantities ofpaper for the report wouldn’t tally with cSRbest practices and unlike the annual reportit often proves difficult to assess who tosend such a report to once it has beenprinted. Thus more and more of thesereports are being created as digital versionswhich can be accessed by anyone with aninterest in cSR – saving on the cost ofprinting, mailing and collating.

companies that create such reports oftenhave identical content in the reports to thecSR section of the website and companiesincreasingly embed content from thereport into key areas of this section of thewebsite.

If this is becoming best practice for cSR,why not for annual reports too? In fact this issomething that we actively encourage. Byembedding key narrative into the mainbody of the website it is easy to find andallows analysts and stakeholders easyaccess to such information.

a balancing actoften the main challenge faced bycompanies when approaching an annualreport is how to balance compliance andcommunication – embedded reporting canhelp you achieve this. while having a PDFor printable version of your annual report isstill a legal requirement, this requirementneed not hold back the progress of digitalreporting.

Any form of corporate reporting has totake these two key aspects intoconsideration. Firstly, the fact that themajority of investors do their IR research onthe corporate website itself – therefore itmakes sense that this is where key contentthat they are looking to access should bestored.

Secondly, there is a contrast between theway in which analysts and shareholdersdigest information. Analysts are oftenlooking for more in-depth statistical

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www.irs.org.ukIR SocIeTY

SPRInG 2015

information than shareholders and thus oftenrequire a PDF download. however, ourstudies** have shown that simple onlinereports often get just 2% of the traffic to acorporate website.

So what can you do to encouragereadership of key narrative? while annualreport microsites can engage with analystsand shareholders alike, conveying keycontent to a wider audience, our data***shows that these report microsites do notgenerate the appeal or traffic of embeddedreporting. microsites often do not containsufficient content for analysts or ease ofaccess for shareholders. Additionally,microsites add yet another source whichneeds to be accessed for up to dateinformation.

embedded reports not only solve theseproblems, but they are also shown toincrease readership across the entire year,peaking at key events, and performing farbetter than report microsites. By providingall the information that both key groupsneed in one place (your website) you aremaking their life easier, saving them timeand frustration and ensuring a cohesive userexperience.

a word about designwhile design is always important, don’t gettoo carried away. effective design shouldsupport the information presented in thereport and help to tell the corporate story,making the information accessible – both inprint and online. n

ToP TIPS• Quick and easy access to the PDF of

annual reports is a must.• embed key content from your annual

report into key areas of your website –research shows that analysts look atnarrative content when the report’s pagesare embedded in the corporate website.

• Both the report and the embeddedcontent need to present a coherent storyto help simplify the complex.

• By understanding your stakeholders’needs you can plan and create the digitalexperience to meet them.

• Be creative – publication is just thebeginning.

*Deloitte: Annual report insights 2014‘Providing a clear steer’** Source: Investis IQ Analytics data forsmall cap companies over 12 months*** Source: Investis IQ Analytics data forlarge cap companies over 12 months

34 IR SocIeTY


who are your target audiences?I’m fortunate to be in a company whichvalues and supports the IR team, and meanswe are well-resourced enough to be open tothe widest possible range of targetaudiences. This suits me well because I’mnot a big believer in overactive investortargeting.

I see a key part of my role as acting asan initial gatekeeper for our executivemanagement, picking up introductorymeetings etc., but in doing so I wouldn’tdiscriminate against any particular type orclass of investor. Some of the mostengaging and enjoyable meetings anddialogue I have are with the moreaggressive investor types, and some of thebest success we’ve had in terms ofconverting meetings into shareholdings has

been in some of the stereotypically ‘secondtier’ investor locations.

equally, consistency and accuracy ofmessage is absolutely at the heart of whatwe do. ensuring the message is the same,albeit with different points of emphasis fordifferent groups to reflect their specificareas of focus is, we think, essential. Andwe apply this consistency of message toeverything we do, from set-piece results, toinvestor day presentations to annualreports.

what is the hays approach to corporatereporting?Being joined up and integrated I think iskey. consistency and clarity in terms ofwhat we say and how we say it, andequipping people (be that me or ourexecutive team) with the information andpreparation they need to deliver andsupport those messages.

when we report, via whatever channel,we continually revisit what we’vepreviously promised to deliver and updateon how we’re progressing – good and bad.At the same time we are honest, open andrealistic to avoid surprises.

Always communicate and take theopportunity to communicate – never hide!This is so important in a business like ourswhich moves so quickly (we have aboutthree to four weeks’ visibility), and inwhich the outlook can change from onequarter to the next.

Build and maintain relationships – knowyour key analysts, journalists and opinionformers and treat them like valuedstakeholders – make the effort tocommunicate, help and educate themabout your business and your views on thesector.

how is this process different to your peersand what distinguishes ir at hays?I don’t think it’s really my place tocomment on how our peers approach IR,and I wouldn’t know what the differences

in our approach are. The other listedstaffing companies in the UK are allsmaller companies than us, and so most ofthem don’t have dedicated IR in the sameway.

The Business Services sector moregenerally though is one that I think isknown to be very strong from an IRperspective. There are several companiesand individuals both in the UK and ineurope that are best-in-class, and thismeans it’s a great sector to be a part of,with a healthy level of competition thrownin. As for what distinguishes IR at hays, Ithink our great strength is how we operateas a team and within the company.Building strong internal and externalrelationships is really at the heart of howwe work.

As a recruiter, it’s unsurprising that we’reinterested in people’s skills anddevelopment, so the roles and

Developing the difficult art ofcommunication

here, the IR Society’s John Gollifer interviews 2014 ‘Best IRo’ award winner david walkerabout what matters to him as a champion IRo.

TIPS FRom The BeST• make sure to engage with a wide

audience – investments may notcome from where you are expecting.

• consistency and clarity acrosscommunications are very important.

• strong internal relationships are key.• awards, surveys, and ceo feedback

are good performance benchmarks.

David Walker is head of investorrelations at Hays.

[email protected] take theopportunity tocommunicate –never hide!

‘

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35IR SocIeTY

BeST PRAcTIceSPRInG 2015

The most‘obvious’ measure(the share price) isnot reallysomething thatyou can directlyinfluence

‘

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responsibilities I and the team take onevolve all the time. we spend a lot oftime speaking to each other, our seniorexecs and key people in the company, toensure we’re attaining the consistencyI’ve talked about for external audiences,and so we can be as helpful as possible. Iwant the team to be a ‘go-to’ source ofviews and information on our sector forbuyside and sellside and journalists alike.

how is your ir best practice measuredand rewarded?I get asked and think about this topic alot, and I think assessing IR teams andindividuals is actually very challenging.whilst it’s clear when people do a badjob, the very definition of doing a goodjob is that people in the businessshouldn’t really notice (see above aboutavoiding surprises).

The most ‘obvious’ measure (the shareprice) is not really something that you candirectly influence, as strange as that maysound (at least that’s my argument when itfalls!). equally, you can target certaininvestors but ultimately not force them

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onto the register, so I don’t view targetlists as a realistic measure either.

Survey results such as the extel and IIsurveys and the IR Society Best PracticeAward nominations are important becausethey act as an independent corroborationto your executive team that you are doingsomething right, but they cannot andshould not be the be-all-and-end-all.

The most important way I believe thatI am measured is the engagement I getfrom our cFo and ceo. They arefantastic in giving me the scope andresponsibility to get on and do my job,but at the same time giving me thesupport and time I demand from themto make our IR programme work. I seetheir level of engagement, support andrespect for IR as testament to how weperform as a team.

what will you be doing differently in2015?I am not sure we’ll be doing muchdifferently, it’ll be more of the same. wewill be working towards our next investorday, likely in spring 2016, and we’ll belaying the foundations for the messagesthat will form the basis of that event.

we’ll be out on the road doing whatwe enjoy doing, talking to people abouta business we all believe in, are proudof, and which we believe is positionedbrilliantly to thrive in the coming years.Let’s hope we can convince a greatmany more of them to agree! n

36 IR SocIeTY


Ihave had the pleasure of meeting GregFeehely on an annual basis since

arriving at the IR Society just over twoyears ago. So true to form, through thickand thin, Greg was up for it again for thethird time. This, in spite of a ratherchallenging year, to quote from Greg andthe ASoS Plc annual report. Just backfrom a well-deserved break, hishoneymoon, Greg, was most happy todemonstrate the consistency and fire inthe belly we have come to expect fromASoS’ IR!

Greg and ASoS need no introduction toour readership. nevertheless, I wasintrigued to hear directly from Greg whathad gone down in the past year and whatdifference a year makes for one of themost followed stocks in the market. Totheir credit, ASoS has soldiered on andGreg has championed best practice. Thishas meant keeping management on thestraight and narrow, acting as that all-important conduit with the market andalways thinking of what next todemonstrate the power of delivering atASoS. If you are in an industry thatpresents a long-term structural growthstory, it helps but you still have to remindeverybody and deliver on what you say inspite of all that is happening around you.

external factorsSo what did ASoS do in the face of somehorrible external factors that includedsignificant foreign exchange movements,generally against them given sterling’sstrength and the 200 or so markets ASoSsells to? Tough for all exporters andsimilarly positioned e-commerce players,some may say. Yes, most certainly, youjust need to look at the newer peers ofASoS and their performance. however, not all businesses are exactlyalike and in the case of ASoS, it wasparticularly hit by having two thirds of itsexposure overseas, including moretumultuous markets like Russia. Add someheavy start-up investment in china andsome dislocation cost to the globallogistics and supply-chain effort requiredto support numerous markets. Given thisis a core element of the ASoS businessmodel, you can soon see what adifference it can make if it all comes to ahead at the same time.

when the market has seen nothing butstellar growth year after year, it is a toughact to follow in the same trajectory. Yet,after all this, three times’ growth in thesame number of years for the share priceisn’t too bad a reflection.

So where does that leave IR at ASoS?management sensibly responded by re-setting guidance and giving themselvessome breathing space to achieve whatASoS has set out to do. IR resisted thetemptation to change forward guidancebut leant on the existing plan instead,something that management can control.now it is a question of delivering on planfor the medium to long term.

starting overhaving managed to retain the longer-termshareholders and indeed seen theirholdings grow following the turbulence inthe share price, ASoS also added to themix with more global e-commerceinvestors. Given the stock’s high rating

Greg Feehely is head of IR at ASOS, apost he has held since March 2012

having previously worked at KleinwortBenson Securities, Old Mutual Securities

and Altium Securities [email protected]

crisis, what crisis? A year in a dayof an under-pressure IRo

cRISIS, whAT cRISIS? • a multitude of external factors, all

affected asos at the same time. • Greg resisted the urge to start over,

and instead relied on the existing irstrategy to keep the business going.

• looking ahead, asos will considerhow the new ims law change willaffect its reporting of seasonal sales.

• refreshed e-commerce facilities arepoised to drive the business forward.

IR resisted thetemptation tochange forwardguidance but leanton the existingplan instead

‘

’

John Gollifer talks to Greg feehely, head of IR at ASoS, which has been through testingtimes recently, but which is building for long-term success.

37IR SocIeTY


and the growth outlook for the industry,this has been a boon and explains theconsolidation in the stock performance.Ultimately, managing the expectations ofboth management and the right sort ofshareholder mix is what IR at ASoS hasbeen about. having never missed itsnumbers until 2014, ASoS is nowrebuilding its positioning based on thesame long-term investment proposition.

From a practical stance and in linewith the recent dropping of the ImSrequirement, Greg shared that ASoS isconsidering its options. with theprevalent practice of regular reportingbased on a cycle that includes theseasonal aspects of the industry, it will beinstructive to see how this regulatorychange affects the reporting of ASoS andindeed other companies. In any event,Greg made it clear that ASoS renewing

It is heartening tosee a greatershowing on thecSR andsustainability front

‘

’its emphasis on the longer-term,including a plan that reflects a five yeartime horizon with corresponding targetsfor the market to follow. Further, ASoS istaking the opportunity to reiterate theinvestment story for what it is, a refreshed

e-commerce growth business based onstate-of-the-art facilities that have beensuccessfully rebuilt after 2014’s woes.most recently, for example, analysts fromboth buy- and sell-sides were treated to aUK showcase fronted by seniormanagement and importantly, withoperational management present.naturally this shows bench strength in avital vertical at a time when the marketneeds to see and believe, not just for2015 but far beyond.

Finally, it is heartening to see a greatershowing on the cSR and sustainabilityfront, all of which was flagged a year ortwo back and would suggest a strongresonance of a longer-term story forASoS.

Go Greg, go – and we look forward tohearing from you at our 2015 annualconference! n

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38 IR SocIeTY


IR is one of the fastest growing professions inthe corporate landscape. every day,practitioners are pushing the boundaries oftheir communications, responding toimportant market-led changes that arechanging the way companies provide theircommunications – faster, clearer and moredynamically – to their users.

The IR Society’s flagship Best PracticeAwards, which have over the yearsinfluenced many improvements in investorrelations practice, are a much prizedrecognition of best-in-class performance. Lastyear, our Best Practice committee, made upof IR professionals, undertook acomprehensive review focused on the keydevelopments in the market, recognising theimpact on new media in delivering effectivecommunications, as well as the everincreasing integration of key themes,particularly around strategy, performance,risk and remuneration.

This year will mark our 15th anniversary ofthe Best Practice Awards and we willmaintain the focus on seeking out keydevelopments that truly differentiate the bestfrom the very good. Some key themes weseek to address are:

focusing on ‘telling your corporate story’The light at the end of the tunnel isbecoming clearer. The government,regulators and standard setters areincreasingly moving in the same directionand aligning not only their requirements,but also their thinking. In fact, government,regulators and standard setters alike haveall recently encouraged corporates to focuson how reporting can be used to ‘tell theirstory’, shifting the focus from rules-basedreporting to communicating value creation.This makes communicating yourcompany’s competitive advantages, keydifferentiators and market position moreimportant than ever before.

looking beyond the financialsThe ability of a business to create long-termvalue in a sustainable way, extends beyondthe financial value to cover the broadervalue which companies create. clearlydemonstrating an understanding of thesekey drivers of value, is key not only toinvestors, but also to communities. As aresult, a convincing account around thesustainability of a company’s businessmodel, based on its strategy, the risksfaced and how these risks are mitigatedand managed, is central to a company’svalue story.

of course challenges remain aroundconsistency in approach between differentcompanies, particularly around‘materiality’ and ‘business models’ owingto the broadness of these definitions, butprogress is clearly being made.

longer-term and more consistent focusInvestors, in particular, want informationquicker and they want it to be moreforward-looking. This requires a focus onlonger-term prospects rather than thecurrent or next quarter’s performance.Reporting should update users on what wassaid earlier in the year, leverage existingcontent across all communicationschannels and tell a consistent story.

enhancing linkages and connectionsIn the future, the digitisation of informationmeans that issues around the sheer quantityof information will become less importantand that there will be a focus on how it isorganised to make it accessible. Using thedigital environment, disparate pieces ofinformation can be linked together to tell amore cohesive story. And this concept ofconnectivity will undoubtedly spill over intothe corporate culture, helping to changeinternal behaviours to become moreconnected and cohesive.

encouraging a stronger dialogueReporting has two functions, to provideinformation and to contribute to thestewardship role of the board. Increasingly,this dialogue between investors andcompanies is improving in a way which isbenefiting both parties. companies aremoving from a one-way annualconversation, to one where there is ameaningful exchange of informationthroughout the year. not only does thisdialogue provide investors with informationthat allows them to make better informeddecisions, it also deepens theirunderstanding of the business. conversely,companies benefit from having a betterunderstanding of the concerns and issuesinvestors have, while allowing theconstruction of long-term relationships.

and there’s lots of fantastic inspirationLast year, around 50 different companieswere recognised for best-in-classcommunications across a wide range ofcategories at awards ceremonies. Thisdemonstrates that best practice reporting isno longer confined to a few companies yearafter year, but an enormous number ofcompanies and individuals are doing somepretty fantastic work.

Take a look at the shortlisted awards list,judges’ comments or hear for yourself first-hand what the winners have to share with usat our upcoming events … n

Picking up the pace forthe Best Practice awards

sallie Pilot discusses the trends in best practice which makethe IR Society’s annual awards a focal point of the IR year.

Sallie Pilot is director of research andstrategy at Black Sun

[email protected]

PIcKInG UP PAce• Government, regulators and

standard setters are increasinglyaligning their thinking.

• to create long-term value, it isessential to look beyond short-termfinancials.

• companies are moving towardsproviding meaningful, and ongoinginformation throughout the year.

39IR SocIeTY


For IR professionals, perhaps the mostimportant single metric for the health of

our profession is the number of newcompanies with public shareholders. So‘your starter for ten’: how many new publiccompanies were created in the first twomonths of 2015?

If we look at the main market and AIm,the answer is a respectable 15. But a newphenomenon has been gatheringmomentum in the seed capital-raisingspace: equity crowdfunding (ecF). 2014was a great year for ecF, withapproximately £80m raised by the UK’scombined platforms and the industrybellwether, the FcA-regulated platformcrowdcube, recording 264% growth over2013.

But this strong performance pales incomparison to the potential for furthergrowth. It took years of campaigning byAIm before the shares listed on its boardcould be included in an ISA. Similarbenefits, and more, are available to ecFinvestors through the UK’s Seed enterpriseInvestment Scheme (SeIS). Some 82,000 tax

payers in the UK earned enough taxableincome in 2014 to benefit from the full£100,000 annual limit on SeIS investment,a notional untapped investment pool of£82bn.

crowdcube alone has created 23 newcompanies with public shareholders sincethe start of the year. Add the results ofthirty-plus competitor equitycrowdfunding platforms in the UK,together with the growth potential that wehave identified above, and it’s clear thatthe numbers will become compelling.

Anyone harbouring doubts about thegrowing importance of ecF need onlylook at the convergence of ‘the crowd’and our traditional markets, through threerecent events: late last year, ISDX-listedchapel Down added a significant crowdround to its institutional placing, throughSeedrs; Finncap joined forces with ecFplatform Investing Zone, to help servicetheir private clients; and currently,Domaine chanzy is raising £1.9m throughSeedrs as part of its AIm IPo with whIreland.

an extensive share registerSome proportion of today’s seed-fundedcompanies are tomorrow’s admissions toLSe. It’s not just that Best Practice should beinculcated early: good IR practice will havea direct impact on whether a company isable to progress to the next level.

here’s why: if we look at the two leadingUK ecF platforms, crowdcube and Seedrs,they adopt different approaches. on theone hand Seedrs has embraced a nomineestructure, which comes with higher feesbut a single managed share register;whereas crowdcube permits direct shareownership.

Fans of the nominee structure suggestthat prospective Series A or B backers willbe deterred by an extensive share register.our own view is that, where there is valueand opportunity, the market will find a way.clearly in the latter case, it’s important tothe interests of both the entrepreneur andthe investor that the share register iscomplete, kept up to date, and that regularnews updates are provided in an easilymanageable form.

This is essential for further fundingrounds, as well as corporate actionsincluding, of course, some form of exit.newly-public seed-stage companies can’tbe held to the same standards as theirexchange-listed relatives, but clearly theyneed to start looking at best practice,early. n

Shane Smith is CEO of InternationalCapital Connections, and

[email protected]

challenges for a new generationof public companies

cRowD FUnDInG• equity crowd funding is changing the

investment environment. • listed companies are starting to raise

capital through crowd funding. • ir is still an essential ingredient for

growth, and raises the profile of thecompany.

• the share register of a seed-stagecompany must be kept up to date.

Fans of thenominee structuresuggest thatprospective Series Aor B backers will bedeterred by anextensive shareregister

‘

’

The financial markets revolution continues – and crowd funding is changing the shape of the IRfunction. shane smith examines the new challenges presented by this unfamiliar landscape.

40 IR SocIeTY


As IR professionals we are alwayslooking for ways to improve our

reporting and find ways to improve onwhat we’ve done before. Before eventhinking about what ‘best practice’ maylook like, any business needs to consider itsown approach to reporting.

At Go-Ahead, we think of reporting assomething we should do and something wewant to do, not something we have to do. Ifyou see it simply as a ‘tick box exercise’,it’s unlikely you will be able to deliver yourcompany’s story in an engaging way.

our aim is to deliver concise, consistentand meaningful information in anaccessible and interesting format. not onlyis this useful for those accessing thisinformation, it’s also useful for us. It’s in ourinterest for people, the investmentcommunity in particular, to understand ourbusiness well, to be clear on the strengthsof our business model and to appreciatethe challenges facing the group.

don’t let best practice obscure realityIt’s crucial not to let the desire to report inline with best practice become moreimportant than reporting the reality of yourbusiness. By focusing too much on bestpractice in its own right it may becomehard to see the wood for the trees. Yes, yourreporting may tick a lot of best practiceboxes, but does it really help peopleunderstand your business? Ultimately is itachieving what you want it to?

Your reporting will look different toanother company’s, and so it should – it’syour opportunity to demonstrate andexplain the features that are specific to yourbusiness. what is important to Go-Ahead isthat we report ‘our reality’ to theinvestment community. It’s not just aboutshowing our strengths, but also thechallenges that we face and the contextthat we operate in; it’s about providing allof the necessary information to enablesound investment decisions to be made.

Go back to basicsIt is definitely worth considering the latesttrends in best practice reporting but youshould also place equal importance on thebasics of good reporting.

• who is your primary audience? ofcourse your corporate reporting will beviewed by a range of audiences but, firstand foremost, you have to produce itwith your key audience in mind.

• what are your objectives? Be clear aboutwhat it is you want people to take awayfrom the report and always refer back tothese objectives to make sure yourreporting is actually delivering this. It’seasy to become bogged down by theprocess and ticking the ‘best practice’boxes, and lose sight of what you’retrying to achieve.

• what is material to your business? Justbecause another ‘best practice reporter’is talking about a particular issue doesn’tnecessarily mean you should too. Always

keep in mind what the material issues foryour organisation and industry are.

• Is it interesting and easy to navigate?Investors and analysts are busy people. Ifsomeone decides to look at yourcompany they want to find out what theyneed to know quickly and easily. Setthings out clearly and make sure links aremade, for example between directors’remuneration, strategy and KPIs. Go-Ahead aims to bring the business to lifethrough its corporate reporting usingillustrative case studies. These can beparticularly useful for ‘dryer’ subjectmatters such as risk management.

• Is your reporting consistent? wherecorporate reporting was once anotherterm for the annual report, this isn’t thecase anymore. A company’s corporatewebsite, sustainability report,presentation material and social mediapages all form part of the corporatereporting suite. To be credible, themessages you report must be consistentacross all channels.

reporting recognitionwe’re pleased that our approach toreporting and commitment to transparencyhas been recognised through the awardswe’ve won. It’s not always easy to getdetailed feedback from the people usingour reports, website and other materials, sothis type of recognition, on behalf of theinvestment community, is important. Itgives us reassurance that we are presentingthe position and performance of ourbusiness within a clear context. n

Go-ahead’s recent awardsIR Society’s Best Practice Awards:• FTSe 250 most effective communication

of overall investment proposition • FTSe 250 best use of digital

communicationPwc Building Public Trust Awards:• FTSe 250 excellence in reporting

Reporting is a requirementand an opportunity

A commitment to transparency is key to getting the corporatemessage across to stakeholders, writes holly Gillis.

oPPoRTUnITIeS• it is all too easy to get lost in best

practice ‘box ticking’. ensuring thatreaders fully understand thebusiness is more genuine.

• spotlight issues which matter toyour business, and remember whothe key audience is.

• consistency across communicationsand credibility go hand-in-hand.

Holly Gillis is head of investor relationsfor The Go-Ahead [email protected]

42 IR SocIeTY

BeST PRAcTIce InFoRmeD

This is the time of year when canadiansare buried in snow. In the IR world,

IRos and their colleagues are buried inreporting, taking on board some of the bestpractice highlighted by the various awardsand rankings issued in recent months.

Putting reporting in perspectiveInterestingly in canada, there appears tobe a clearer differentiation in regulationbetween ‘need to do’ reporting and ‘wantto do’ reporting, with more varied annualreports published as a result. Thecompany’s ‘documents’ are made up of thedocuments considered to be ‘core’ (such asthe annual information form (AIF),financial statements, management’sdiscussion and analysis (mD&A),management information circulars (mIc),and material change reports) and ‘non-core’ (such as news releases, conferencecall transcripts, fact sheets, andcommunications prepared and transmittedin electronic form and through socialmedia, including email, webcasts, websitesand blogs).

Guidance and reporting awards tend tospan both core and non-core documents,making assessing best practice a challengeand the path to integrated reporting lessobvious. Some best practice issuers likePotash corporation have started tointroduce integrated reporting, but “uptakeof integrated reporting in canada is slowerthan elsewhere in the world despite ourresource-based economy”, which BillBuchanan of the cPA attributes tocanada’s “already robust corporatereporting environment”.

In general, assessments of best practicefinancial reporting tend to focus on themessage to investors in the annual reports,the mD&A, financial statements andearnings releases, while governancepractitioners tend to look at the mIc andAIF.

recognising best practice reporting For canadian issuers, the three awards orrankings of IR best practice are the IRmagazine Awards Board Games – thecorporate Governance Ranking bycanadian national newspaper The Globeand Mail and the big daddy of reportingawards – the cPA Awards for excellence inreporting (announced in December) whichare now in their 63rd year! These are co-sponsored by cIRI and the cFA Societyand judged by the cPA community as wellas IR practitioners and leaders in thedesign and reporting community.

while less reporting focused, the BoardGames ranking gets attention due to thenewspaper’s wide readership amongboards and investors. The ranking focuseson the mIcs of the top 250 or so canadiancompanies (among the 1,500 issuers),assessing board composition, shareholdingand compensation, shareholder rights anddisclosure. As in previous years, the largerTSX constituents dominated the top 20,with 11 financials companies and fiveenergy and utilities companies amongthem. This year, an area of scrutiny was thequestion of women on boards, leading theGlobe and Mail to note with its publicationof the results that, “when it comes toputting women on company boards,canada has two solitudes: the resourcesector and everyone else… women fill just7.8% of seats on the boards of energycompanies in canada and 11% in miningand forestry firms.”

As in other markets, the research-basedIR Magazine Awards are more broadlyfocused on all aspects of IR, not justreporting. The winners this year saw TDBank Group chosen in the financialreporting category, cenovus energy in thebest sustainability practice category andcn in corporate governance. All threecompeted against fields which includedother best practice leaders, like RBc, Telus,Bce, Suncor and Teck Resources.

not surprisingly, these were many of thesame canadian large-cap names that were

Karen Keyes is senior vice president ofinvestor relations at Aimia.

[email protected]

letter fromnorth America

Reporting trends infrozen canada

BeST PRAcTIce In cAnADA• there is a fragmented approach to

which ‘core’ and ‘non-core’documents are published.

• three awards honour ir bestpractice, including the cPa awardswhich have run for 63 years.

• a synergy between business andsustainability goals is beingrewarded.

Uptake ofintegrated reportingin canada is slowerthan elsewhere inthe world

‘

’

Karen Keyes reports from north America on the trends in best practice reportingpractice and the issues that canadians see as priorities.

43IR SocIeTY


recognised in the cPA Awards ofexcellence. Around 50 listed mid- andlarge-cap companies entered the cPAcompetition this year, including eight ofthe ten largest TSX composite constituents.

The 2014 overall Award of excellencein corporate Reporting (reflecting thestrongest overall performance in all fourcategories: financial reporting, corporategovernance disclosure, electronicdisclosure and sustainability reporting)went to Potash corporation. Potash alsowon the financial reporting category, withTelus deserving the honourable mentionwhile the two companies flipped thehonours in the corporate governance. Inelectronic reporting, it was Goldcorp andTeck Resources while in sustainabilityreporting, it was Suncor with its GRI-compliant report while Bombardier tookhonourable mention.

trends identified in 2014 In the financial reporting category, some ofthe top trends identified by the judgeswere: a move to online-only annualreports; a focus on a clear articulation ofthe company’s investment proposition; andscorecard disclosure against previouslypublished specific goals. In addition therewas a trend towards measurableinformation on future goals, objectives and

targets as well as mD&As and financialstatements that were well organised andadhered to guidance.

In corporate governance, “following ona trend brought on by legislative changesin the United States, entrants offered someoutstanding examples pertaining toexecutive compensation disclosure, withleaders clearly documenting the tiebetween executive pay, specific corporategoals and the level of achievement againstthese objectives.”

As Gerald Trites, the lead judge in theelectronic reporting category wrote: “Inelectronic reporting, the medium may notbe the message, but it is certainly an

The mostcompelling reportsshow alignmentbetween goals,systems andgovernance

‘

’

important part of it. It shapes the messagein ways that were once not possible.” Thewinner Goldcorp was singled out for itsuse of Slideshare, Facebook, Twitter,Tumblr and LinkedIn pages as well asbeing commended for its blog, AboveGround, publication of its AGm video viaYoutube and its interactive analyst centre.

Finally, in sustainability reporting, leadjudge Susan Todd said, “This year we sawintegration show up, for example, inbusiness strategy frameworks that identifiedsustainability as a value driver; in keyperformance indicator sets that includedvital environmental and social indicators;and in mD&As that identified keysustainability risks. The most compellingsustainability reports show a clearalignment between business andsustainability goals with strong systems andgovernance to back them up.” Some of therecurring themes identified were:

• showing a vision and how to achieve it; • linking performance to sustainable

development context; • being transparent about challenges; • connecting materiality and strategy; • showing how to embed sustainability in

the business;• involving others for credibility; and • engaging the audience. n

Reach the best candidates for your IR vacancy – placeyour listing in The Investor Relations Society’s Job Zoneon the website – www.irs.org.uk – at a very modest costfor a month and you will instantly target the bestqualified group of IR professionals in the UK andEurope. It works!

Call 01285 831 789

Email [email protected]

The best jobs can be found on the IR Society’s Job Zone www.irs.org.uk

Time to move up? Need to find an IRO?

44 IR SocIeTY

BeST PRAcTIce InFoRmeD

more and more companies seesustainability issues as being

fundamental to the success of theirbusiness. however, a recent Accenture/UnGlobal compact survey* of over 100investors and 1,000 corporate ceos foundthat, although 88% of investors sawsustainability as a route to competitiveadvantage, companies were notcommunicating this effectively. So whatcan we do to improve the communication?

the projectThe Prince’s Accounting for SustainabilityProject (A4S) was established by hRh ThePrince of wales in 2004 to convene seniorleaders in the finance, accounting andinvestor communities to catalyse afundamental shift towards resilient businessmodels and a sustainable economy.

The A4S chief Financial officerLeadership network was launched inDecember 2013, bringing together a groupof leading cFos from large europeanbusinesses seeking to embed themanagement of environmental and socialissues into business processes and strategy.

Practical guidance for irFor the cFo Leadership network, asustainable business is one that deliversfinancial returns in the short and long termin a way that generates positive value forsociety and operates within environmentalconstraints. The network has published aguide to assist investor relations teams asthey seek to engage investors on the link

between sustainable business models andthe creation of shareholder value. If youcommunicate that sustainability matters toyour business, many of your investors willalso understand that it is good for business.

The guide covers overarching principlesfor communicating with investors onsustainability and offers practical ideas thatare quick and easy to implement such asincorporating sustainability informationinto investor presentations, to those thatmay take more time, such as moving awayfrom quarterly reporting of financial results.It is based on interviews and advice from awide range of market participants andoffers insights into some of the networkmembers’ experiences of successes andpitfalls.

PrerequisitesBefore launching into investorcommunication on sustainability, thinkabout how integrated it really is into howyour business is run. The IR team won’t beable to put these prerequisites in place, butcan work with their cFo and others in thecompany to make sure steps are taken, andinvestors are engaged in that process. onceyou have started to put the fundamentals inplace, then you can develop the narrativefor investors and begin to share it withthem.

There are a number of areas that providea clear signal in terms of how serious youare – and are clear giveaways ifsustainability is not a core part of how thebusiness is run. Key questions to askyourself when considering how integratedsustainability is into your business, are:

• how sustainable is your business model?• Do you have an integrated strategy?• Is sustainability integrated into your

governance arrangements?• how is it reflected in remuneration?• what targets and performance measures

do you use for regular management andexternal reporting?

overarching principles on communicatingwith investors on sustainabilityThe basic rules on communicating onsustainability are the same as those for anycommunication with investors. while thetime horizon can be longer than somecompanies typically discuss with themarkets, and it can be harder todemonstrate the link between investmentand return, the same can be said ofinvestment in talent and in building strongbrands, so this should not be seen as anentirely new challenge.

however, the fact that we were not ableto find many companies whose investorsbelieve are already doing it well, showsthat we still have a long way to go. we

enhancing investor engagement –why sustainability?

accounting for sustainability offers guidelines for IRos on ways to engage investors onthe drivers of sustainable business value.

enGAGInG InveSToRS• companies are not communicating

effectively about how sustainabilitydrives value within their business.

• a deep integration of sustainabilityshould be in place throughout allbusiness areas.

• overarching communication principlesinclude long term focus, context,consistency, integration, commercialtone and standardised metrics.

www.accountingforsustainability.org

There are anumber of areasthat provide aclear signal interms of howserious you are

‘

’

have developed a set of overarchingprinciples which could help how youcommunicate and interact with yourinvestors.

1. Link to strategy: Build communicationsaround the long-term corporate strategy

2. Provide context: Quantify externaldrivers

3. have a long-term focus: Put short-termresults in the context of long-term goals

4. Adopt a commercial tone: Linksustainability to revenue growth, costreduction, risk management or retentionof key people

5. Integrate: Integrate sustainabilitythroughout all communications, not asa stand-alone section

6. Be consistent: Be consistent year-on-year and across differentcommunications

7. Use standards: Use recognisedstandards to report sustainabilityperformance and get externalassurance for the key metrics

so, how do you apply the principles to iractivities? The guide contains examples and casestudies for practical application brokendown into the following areas: people;digital; presentations and reports;quarterly updates and analyst calls and IRstrategy and operations.

You can download the guide and thosefor the other 2014 network projects(capital expenditure appraisal, natural andsocial capital accounting and uncertaintyand risk) from: www.bit.ly/A4Sguides

network members would value feedbackon these guides, so please send anycomments to:[email protected]

cFo Leadership network investorproject team: marion cazenave (Danone),charlotte cowley (Burberry), Kellieherman (Sainsbury’s), Dave huizing(DSm), marleen Janssen Groesbeek (DSm),Laura Palmeiro (Danone), majda Rainer(marks and Spencer), Roger Seabrook(Unilever) n

*The Investor Study: Insights from PRISignatories, Accenture and Un Global compactin collaboration with the Un Principles forResponsible Investment (2014)

Use recognisedstandards to reportsustainabilityperformance

‘’

THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 85 WINTER 2014/15

EVENTS & COURSES | CHAIR’S LETTER | NEW MEMBERS | SERVICE PROVIDERS

INFORMEDCAREERSIN IRA 17-page special feature ontrends in IR plus how toenhance your professionalskills and personal standing

PLUSThe IR Society Annual Dinner and

Best Practice Awards 2014 –a full report with photos

Latest on 2015 conferencePutting on a US roadshow

Financial Reporting Lab

EVENTS & COURSES | CHAIRMAN’S LETTER | NEW MEMBERS | SERVICE PROVIDERS

INFORMEDA DAY IN THE LIFE

OF IR

THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 82 SPRING 2014

PLUS2014 IR conference update

The trouble with proxy votingMember survey

A look at Lloyd’s of LondonLetters from Asia, Europe and North America

How IR professionalsachieve their

goals in a challenging

global market

PRevIoUS ISSUeS oF InFoRmeD

Informed issues covering the last five years of IR developments are available for members todownload free of charge from the IR Society website. See www.irs.org.uk/news/category/informed


45IR SocIeTY

Download your copy of the A4S guide

events contactIf you have any events queries, pleasecontact Alison hamilton [email protected] or call +44 (0)20 7379 1763

orient capital is a global leader in share ownership analysis, equity market intelligence,proxy solicitation, investor communication and shareholder management technology.

miraqle is our unique web-based platform through which our products are delivered ormanaged. Acclaimed for its intuitive design and integrated functionality, it comprises aconstantly evolving series of modular products – each designed to assist companies toefficiently and accurately identify, profile, track, manage, target and communicate withinvestors, potential investors and the wider investment community.

For further information please contact: +44 (0)20 77 76 75 74www.orientcap.com

the ir society events programme 2015

sponsored by orient capital

events outline for 2015

ir society annUal conference 2015 – ir2020: back to the future – provisional programme

events newsThe events below are scheduledthroughout 2015 for IR Societymembers. Further events will beannounced in due course. For thelatest information and to register forour events, please visitwww.irs.org.uk/events.

InTeRAcTIve BReAKFAST: cAReeR evenTThursday 15th April

weBInAR: IR weBSITeSwednesday 6 may

cLUB 22 DInneRTuesday 12 may

evenInG evenT: DeALInG wIThFInAncIAL JoURnALISTSwednesday 20 may

AGm AnD SUmmeR DRInKSThursday 4 June

AnnUAL conFeRenceThursday 23 June

cLUB 22 DInneRTuesday 7 July

cLUB 11 LUnchwednesday 15 July

weBInAR: ToPIc TBcTuesday 21 July

neTwoRKInG evenT: wIne AnD cheeSeevenInGThursday 3 September

evenTS InFoRmeD

46 IR SocIeTY

08:50 Society chair’s opening remarks andintroduction of host evan davis.09:00 Keynote address: Xavier rolet, ceo,London Stock exchange Group.09:30 Plenary Debate – IR 2020: Back tothe Future! Featuring lexi hockenhull,head of corporate communications & IR,Xchanging, sarah elton-farr, head of IR,Shire, david walker, head of IR andcorporate development, hays, and Janetdignan, founder, cross Border.10:15 coffee Break.10:45 IR 2020: Back to the Future!Session 1: Results presentation: what is theperfect outcome? moderated by Johndawson, director of IR, national Grid.Session 2: managing change and

uncertainty moderated by david lloyd-seed, deputy chair, The IR Society.Session 3: Going public and being in thepublic domain moderated by catherinenash, director of IR, Royal mail.11:30 Feedback, discussion and wrap upby senior IRos, moderated by evan davis.12:15 Lunch.13:30 Regulator’s Panel: marc teasdale,director of market oversight, FcA. 14:45 Promoting Stewardship: The IRSociety’s IR Forum. Including, charles King,director of investor relations, SSP Group,lorraine young, president, IcSA UKRIATand daniel summerfield, co-head ofresponsible investment, USS.15:30 Tea break.

16:00 IR 2020: If IR Ruled the world. Session 1: 21st century corporateReporting.Session 2: valuing IR as a driver ofreputation, speakers include:helen Parris, director of investor relations,G4S, simon cole, founder and director,Reputation Dividend, Greg feeley, head ofinvestor relations, ASoS.Session 3: Future threats – The Rise ofActivism, speakers include:scott hopkins, partner, Skadden Arps.17:00 closing keynote address: stephanieflanders, managing director and chiefmarket strategist, UK and europe, J.P.morgan Asset management.17:35 evening reception.

48 IR SocIeTY

InFoRmeD PRoFeSSIonAL DeveLoPmenT

Professional development 2015

Deutsche Bank’s American Depositary Receipt group is pleased to sponsor The InvestorRelations Society’s 2015 Professional Development Programme.

American Depositary Receipts (ADRs) are a means for non-US companies to raise theirprofile with US investors, make their shares more easily available to them and raise new capitalin the US. Deutsche Bank’s ADR business is dedicated to providing excellent service forcompanies with ADR programmes.

Deutsche Bank provides all the services necessary to set up and run a successful ADRprogramme plus a range of added services to ensure that both the issuing company and itsinvestors get the most from the programme. This includes providing specialist investor relationssupport to companies with ADRs to assist them in communicating with their US investors.

For further information please contact: Zafar Aziz, head of DR market solutions. [email protected] or +44 (0) 20 7545 6619

I have absolutely no doubt that anyoneconnected to the investor relations industry will find at least one course which will beof relevance, and would come away from that course with a greater understanding ofthe topic, additional insight, or food for thought. I believe this would be equally truewhether they are a new IR team member, working for a supplier, or the most battle-hardened of IR Directors.

Professional development is an ongoing process for us all, at whatever stage of ourcareer, to ensure we can fulfil our roles effectively and with a solid understanding ofthe regulatory and financial environment, and industry best practice. The IR Societytherefore provides a large range of courses and events within its annual programmewhich will enable a practitioner to keep up to speed with the changing environmentwithin which we all work.

It is also an excellent way to network and hear from your peer group in a positiveand supportive environment. while there can often be no real substitute for directpractical experience, being aware of how others have handled similar experiences, orwhere they have looked to for information or advice can make all the difference to anIRo facing a tricky issue, or requirement which they have not faced before.

As a one-man IR team, I have on many occasions found myself in situations where Iwould have wanted advice or a sense-check from an experienced IR colleague. The IRSociety education programme has helped me to fill this gap, and the topics andstructure of these courses allow attendees to select those which best suit their focus,and desired level of technical detail.

The courses we offer are delivered by expert coursetrainers, who are often supported by senior IR practitionersand advisers, who can provide essential first-hand insightinto the course topic, and examples as to how they havehandled a similar situation or programme.

I highly recommend the programme on offer, and wouldhope you find the time to attend one or more courses inthe coming year.

Ross hawleychair of the IR Society’s education committee

in-house training courseThe IR Society can also tailor a numberof our training courses to meet yourparticular needs and deliver them in-house. This is a cost-effective way ofensuring staff are kept up to date withthe latest regulation, IR principles and IRbest practice.

bespoke training coursesBased on your training brief we willdevelop an entirely unique courseutilising content and materials mostrelevant to your particular needs.

tailored courseswe will adapt our existing courses to suityour specific training requirements.

off the shelf coursesSave money by having one of ourexisting courses delivered in-house foryour team

contact Janet Kelly for more informationat [email protected] or+44 (0) 20 7379 1763

new for 2015: club irThe IR Society is planning a series oflunchtime workshops for more seniordelegates on a range of themes such as:

• Key elements of the IR calendar• managing c-suite issues• Improving investor engagement• Updating your IR toolkit

These workshops are targeted at IRmanager and IR director level, and theiradvisory counterparts, where interactionand real examples from attendees arean integral part of the discussion.

moderated by an experienced marketprofessional, they will be an efficientand highly focused way for busypractitioners to keep up to speed onissues which are integral to their job,but are not covered at this advancedlevel in the main programme of IRSociety educational events. check thewebsite for updates.

Introduction

our sponsor for 2015

49IR SocIeTY

• IR fundamentals • core IR skills • Advanced courses

aprilwednesday 15 Annual reporting – best practice in practiceThursday 16 managing corporate audiences – understanding

investors, analysts and the mediaTuesday 21 IR regulation and compliance essentials –

module onewednesday 22 IR regulation and compliance essentials –

module Two

maywednesday 13 Introduction to financial markets and IRTuesday 19 Traditional and new media for IR

JuneTuesday 2 Beyond the traditional investor base – hedge

funds and sovereign wealth fundswed 10/Thurs 11 Demystifying company accounts and valuationsTuesday 16 IR for personal and executive assistants

JulyThursday 2 Introduction to writing for IRThursday 9 Introduction to financial markets and IRwednesday 15 Script writing for IR and results presentationsTuesday 21 effective IR in practice

septemberTuesday 15 IR regulation and compliance essentials –


module TwoTuesday 22 Introduction to financial markets and IRwednesday 23 Annual reporting – best practice in practiceTues 29/wed 30 Demystifying company accounts and valuations

octoberTuesday 6 IR regulation updatewednesday 7 IR for personal and executive assistantswednesday 21 effective investor targeting

novemberwednesday 4 managing corporate stakeholders –

understanding investors, analysts and the mediawed 11/Thurs 12 Demystifying company accounts and valuationsTuesday 17 effective IR in practicewednesday 18 Introduction to financial markets and IRTuesday 24 A day in a life of an Integrated Investment Bank

decemberTuesday 1 IR regulation and compliance essentials –


module TwoTuesday 8 excellence in your IR potential

2015 at a glance

PRoFeSSIonAL DeveLoPmenTSPRInG 2015

THE INVESTOR RELATIONS SOCIETY 29TH ANNUAL CONFERENCE

TUESDAY 23RD JUNE 2015KINGS PLACE, LONDON N1 9AG

IR

Book your tickets now at www.irs.org.uk or call +44 (0) 20 7379 1763

InFoRmeD PRoFeSSIonAL DeveLoPmenT

ir fundamentals

effective ir in PracticeIR is communication. This interactive half-day of workshops presented by senior IR practitionersexplores the most current communication tools and techniques relevant to IRos in their day-to-dayroles.

investor relations for Personal and eXecUtive assistantsexecutive assistants and board-level personal assistants who come into contact with investors and externaladvisers need to understand the dynamics of the financial markets. who should they prioritise for meetingsand phone calls? what information can be disclosed and how can they support senior management?

introdUction to financial marKets and ir This course gives you a basic introduction to investor relations and the financial environment inwhich IR professionals work. It explains how the financial markets operate and are regulated.

manaGinG corPorate aUdiences – UnderstandinG investors, analysts andthe mediaThis interactive half day of workshops presented by senior practitioners explores their day-to-day roleswithin consultancies, fund management firms, the sell-side and the press, helping you to understandtheir interaction with companies. This course builds on the aspects covered in Introduction tofinancial markets for Investor Relations course.

Investor relations is a two-way communication channel betweencompanies and their shareholders. In order to fulfil this important rolesafely and effectively, IR practitioners require a solid understanding ofthe regulatory and financial environment, combined with a widerange of relationship-building and communication skills.

The IR Society promotes the highest professional standardsamongst our members and the wider IR community. our courses aredelivered by expert course trainers, each with in-depth knowledge ina particular field.

however, there is no substitute for practical experience, and whatreally sets our courses apart are the contributions from IR Societymembers. most of our courses include sessions with senior IRpractitioners and advisers, who provide essential first-hand insightinto the course topic and practical advice that can be implementedalmost immediately.

we provide a comprehensive programme of training courses for IRpractitioners at every stage of their careers.

KeY To coURSeS

•ir fundamentalsThese courses provide an excellent introduction to IR by explainingthe workings of the financial markets, identifying key relationshipsand developing awareness of crucial IR techniques.

•core ir skillsThese courses allow IR practitioners to develop their knowledge inthe fundamental areas of understanding financial accounting, IRregulation and compliance, investor targeting, media relations andbest practice annual reporting.

•advanced irA range of advanced IR courses are planned for 2015. For full detailsvisit our website www.irs.org.uk/professional-development

l wednesday 13 mayl Thursday 9 Julyl Tuesday 22 Septemberl wednesday 18 november

l Thursday 16 Aprill wednesday 4 november

l Tuesday 21 Julyl Tuesday 17 november

l Tuesday 16 Junel wednesday 7 october

introdUction to writinG for irThis half-day workshop will help you to produce accurate, effective and polished written IRcommunications. Learn how to get your message across through the written word. Put this into practicewhen writing press releases, company factsheets and more.

l Thursday 2 July

About professional development

50 IR SocIeTY

51IR SocIeTY


core ir skills

l Tuesday 24 novemberday in the life at an inteGrated investment banK – new for 2015The course is aimed at providing those involved in shareholder communication with a basicknowledge and understanding of the key aspects of equities-related securities trading including theoperation of markets, use of new trading platforms and dark pools, the role of sales traders, theimportance of market feedback and how companies can track trading and monitor volumes. Thecourse will also explore the role of a corporate broker, what information they should be providingand will conclude with an informal lunch with equity research analysts who will take questions abouttheir involvement in equities trading.

effective investor tarGetinGGain an understanding of how to effectively target investors nationally and internationally, throughusing practical tools and leveraging external advice and resources. Understand how to maximise theinvestment in brokers, sales teams and other service providers and get a perspective on the keyrequirements for executing a successful roadshow.

achievinG eXcellence in irThis course aims to help IR professionals at all levels to develop their role and credibility within theirorganisation by explaining how to create added value from the IR function. working through practicalIR examples, course attendees will learn how to define personal targets and goals; measure success;identify personal strengths and weaknesses; develop focus and manage time effectively; buildrelationships and influence others.

l Tuesday 8 December

traditional and new media for irThis half-day course will give participants an insight into the evolving nature of print, digital andsocial media. on this course you will hear directly from a financial PR adviser on understanding theonline and print media, a communications consultant on social media trends and an expert on howto implement your online IR strategy.

l Tuesday 19 may

demystifyinG comPany accoUnts – modUles one and twoIf you are working in investor relations or financial PR you need to understand financial statementsand be able to answer questions from analysts, investors and the financial press. This two-part coursewill help you achieve this by providing foundation knowledge in accounting.

ir reGUlation & comPliance essentials – modUles one and twoThis two-part course provides an analysis of current legislation and forthcoming changes. It helpsattendees understand how the legal compliance requirements for IR communications fit together, howthey are applied in practice, and what best practice standards are.

ir reGUlation UPdate This half-day course will bring you up to date with latest rules and regulations.

l wednesday 10/Thursday 11 June l Tuesday 29/wednesday 30 Septemberl wednesday 11/Thursday 12 november

l Tuesday 21/wednesday 22 Aprill Tuesday 15/wednesday 16 Septemberl Tuesday 1/wednesday 2 December

l Tuesday 6 october

l wednesday 21 october

scriPt writinG for ir and resUlts Presentations This interactive course aims to help you improve the quality and effectiveness of your script writingfor results presentations. It will help you ensure your scripted investor communications are clear,efficient and authoritative.

l wednesday 15 July

annUal rePortinG – best Practice in Practice with the new Strategic Report requirements being in place for over a year now, this course will reflect onhow far companies have come. we will look at how companies have approached the new requirementsand identify what emerging best practice looks like - both in print and online. Looking to the future, thecourse will also update you on the new narrative requirements which are on the horizon.

l wednesday 15 Aprill wednesday 23 September

beyond the traditional investor base: hedGe fUnds and sovereiGn wealth fUndsThis half day course provides an overview of how hedge funds and sovereign wealth funds operate intoday’s global financial market place. It will offer an insight into the thinking behind some of the investorbehaviour which has attracted much comment in the financial press – not all of it well informed. Thecourse is designed to demystify much of the commentary surrounding these groups of money managersand will develop participants’ knowledge of hedge funds, short selling, pension funds and more.

l Tuesday 2 June

52 IR SocIeTY

PRoFeSSIonAL DeveLoPmenT InFoRmeD

The cIR is an internationally recognised qualification for the investor relations profession. Itensures that successful candidates have an appropriate level of factual knowledge of thefinancial and market environment, the regulatory and reporting requirements for listedcompanies and a sound understanding of the principles of investor relations, which will enablethe practitioner to operate competently and safely.

The cIR is regarded as a valuable benchmark for those already in the profession and anessential prerequisite for those seeking to work in the investor relations sector. with over 800successful candidates from more than 25 countries, the cIR is firmly established as a leading IRqualification worldwide.

obtaining the certificate in IR: • provides international recognition as a qualified IR practitioner;• demonstrates expertise and competence in your field; and• enhances career development.

The qualification is suitable for anyone working in investor relations or related professions, orconsidering a move into investor relations, either in the UK or overseas. The cIR is a self-studyqualification based on our comprehensive cIR study guide.

The qualification is assessed by an examination comprising 60 multiple-choice questions,based on the topics set out in the syllabus.

cir revision coursesTo revise the cIR Study Guide andassist candidates with any questionsthey may have on specific sections ofthe syllabus.

• wednesday 1 April • Thursday 25 June• Thursday 24 September• Thursday 26 november

cir exam dates• wednesday 15 April• wednesday 8 July• Tuesday 13 october• wednesday 9 December

As we celebrate the 800th graduate of the IR Society’s certificate in IR (cIR), it is timelyto reflect on this international qualification. Started in 2005, we have established thecIR as a benchmark for the industry widely used in the UK and in other internationalmarkets. we are proud to have partner associations in Asia, europe and the middle eastthat also see the need for continuous professional development in the face of evergreater demands on our industry.

IR professionals operate in an ever changing world – led by regulation, legislationand best practice. As a result, they seek faster, clearer and more dynamic insights andpractical perspectives. The IR Society aims to support the professional development ofour members and those of our partner associations and a key part of this dynamicapproach is to regularly review and develop the content of the cIR and ensure that it isfit for purpose. Today we offer both a UK version of the cIR and an international

version that captures the essential elements common tointernational markets. we recognise that IR professionalsoperate in a global environment based on differentinternational market principles and practices that need tomeet the needs of sophisticated investors. Accordingly, itis important to equip our IR professionals with the rightskills that their counterparts and peers recognise.

It is an exciting time to be part of a very relevant andvibrant industry that has certainly come of age.

John dawsonchair of the IR Society examinations Board and directorof IR at national Grid

certificate in investor relations

Introduction

About the cIR

Key dates

For more information about thecertificate in Investor Relations, or tobook an exam, please contact JanetKelly – [email protected] or+44 (0) 20 7379 1763.

contact

53IR SocIeTY


cir online learning supportmodules

The cIR online Learning Supportmodules are an additional resource tohelp ensure that candidates have the verybest chance of passing the cIR exam.

The modules focus on the moretheoretical elements of the cIR syllabus,where most value can be added by theonline learning process: companies &Regulation; Regulatory environment; andAccounting and valuation & InvestmentPrinciples.

The other sections of the cIR syllabusshould be covered by using the studyguide. At the end of each online modulethere will be multiple-choice questions toanswer.

For a more detailed description andintroductory video, see:www.irs.org.uk/professional-development/online-cir-learning-support-modules

If you have any questions, please contactJanet Kelly – [email protected] or+44 (0) 20 7379 1763

The total cost for the cIR online LearningSupport modules is £399 + vAT

The International cIRThe cIR currently runs in the UK, hong Kong, Indonesia, malaysia, the middle east (cIRo),Russia, Singapore and Sri Lanka.

If you are interested in working with the IR Society to deliver the cIR internationally tomultiple candidates please contact [email protected]

Below is a list of the IR Society’s International cIR partners.

hong [email protected]

russia [email protected]

indonesia & sri [email protected]

[email protected]

[email protected]

middle [email protected]

The Capita Asset Services’ Investor Relations team in Kraków

cir – an overseas success story!capita Asset Services’ Investor Relations (IR)team in Kraków are pleased to announcethat since the team was established in April2014 the original 12 analysts successfullycompleted the International certificate inInvestor Relations (IcIR) at the end of the lastyear.

Team Poland continues to support capita’sLondon IR team who transformed towardsthe end of last year into a value addedconsultancy business tailoring our service tothe needs of Investor Relations professionals.

As a result of the calibre of work from theKraków office and positive feedback fromour clients capita are growing the capacityto include more multilingual staff. with thecontinuous expansion plans capita lookforward to seeing future recruits and therecent four new joiners attaining thisqualification in the near future. n

54 IR SocIeTY

DIRecToRY InFoRmeD

The Informed IR Service Providers Directory features those organisations who offer key services to the IR community and shows thecategories in which they have chosen to appear. This section is published in parallel with the service provider section on the IR Societywebsite – www.irs.org.uk. For more information and to list your business here, please call John Thistlethwaite on +44 (0)1285 831 789 oremail [email protected].

the ir service Providers directory

Key to ir service Providers by category

adr depositary servicesBnY mellonDeutsche Bank

annual reportsAddison GroupBlack SuncKDDesign Portfolioemperor DesigneQS Group InvestisLangsford corporate Design merchantcantos

board advisoryFidelio

corporate brokingLiberum

crm databasesIR.soft orient capital nasdaqRD:IR

csr/sustainabilityAddison GroupmSLGroup

executive searchemRFidelio Partnersoskar Yasar Partnership

fund managementexane BnP Paribas

internet servicesAddison Group Black SuneQS GroupInvestismediasterlingmerchantcantosnasdaqobsidian IRworkcast

investor relationsAddison Group Aura FinancialBroadridgeclare williams

AssociatesemcoeQS GroupequinitiFidelio

Financial TimesImaginationingageInvestismaitland makinson cowellmediasterlingmhPnasdaqobsidian IRorient capital RD:IRTaylor Raffertyworkcastworld Television

investor presentationsemperor DesigneQS Groupmedia Sterling

ir for small capseQS GroupInvestisnasdaqobsidian IRRD:IR

investor roadshowshSBcingagenasdaqRD:IR

mobile technologyAddison GroupeQS Groupingage

new providerseQS Groupobsidian IR

opinion researchnasdaqorient capitalQuantiFireRD:IRRivel Research Group

Proxy and corporate supportequinitiorient capitalProxycensusRD:IR

PublicationsIR magazineFinancial Times

Public relationsmhPnasdaqobsidian IRPelham Bell PottingerRLm Finsbury

registrarsequiniti

shareholder researchclare williams

Associatesequinitinasdaq orient capitalQuantiFireRD:IRRivel Research Group

shareholder targetingequinitinasdaqorient capital RD:IR

UK regulatory disclosureeQS Group

videoAddison GroupeQS GroupInstinctif

webcastingeQS GroupInvestisnasdaq workcastworld Television

website developmentAddison Group Black Sunclare williams

AssociatescKDemperor DesigneQS GroupInvestis merchantcantosnasdaqworkcast

More information at:www.irs.org.uk/resources/service-providers

55IR SocIeTY

DIRecToRYSPRInG 2015

DeSIGn PoRTFoLIo – www.design-portfolio.co.uk – annual reports

DeUTSche BAnK – www.adr.db.com – ADR depositary services

emco – www.em-co.ru/eng – investor relations

emPeRoR DeSIGn – www.emperordesign.co.uk – annual reports,website development

emR – www.emrrecruitment.co.uk – executive search

eQUInITI – www.equiniti.co.uk – investor relations, proxy andcorporate support, registrars, shareholder research, shareholdertargeting

eQS GRoUP – www.eqs.co.uk – Annual reports, internet services, investorpresentation, investor relations, IR for small caps, mobile technology, newsproviders, video, webcasting, websites, UK regulatory disclosure

ADDISon GRoUP – www.addison-group.net – annual reports,CSR/sustainability, internet services, investor relations, mobiletechnology, video, website development

AURA FInAncIAL – full service ivestor relations consultancy –www.aura-financial.com – investor relations

BLAcK SUn – www.blacksunplc.com – annual reports, internet services, website development

BnY meLLon – www.bnymellon.com/dr – ADR depositary services

BRoADRIDGe – www.broadridge.com – investor relations

cKD – www.carrkamasa.co.uk – annual reports, website development

cLARe wILLIAmS ASSocIATeS – www.clarewilliamsassociates.com –investor relations, shareholder research, website development

Investor relations and investmentcommunication services: we provide anindependent, experienced and skilledfund manager’s perspective with anestablished track record.

l Market perception studies.l Investment communication across a

range of channels.l Bespoke research support and training.l Flexible tailored approach.

T: +44 (0) 141 419 9900 E: [email protected] W: www.clarewilliamsassociates.com

Established in 1990, CKD specialise in building corporatereputation through the media of brand management, digitalcommunications and corporate reporting. To see how wecan add value please visit www.carrkamasa.co.uk

Contact: Adam Hindmarsh, Director+44 (0)20 7566 [email protected]

Proof 01 16-02-2011

Deutsche Bank

Providing all the support necessary to set up and run a successful Depositary Receipt programme. For a more personal, specialist service please contact us.

Zafar Aziz – Tel: +44(20)7545 6619 Email: [email protected]

@WeAre_DP

Direct +44 (0)20 7536 [email protected]

Contact Paul Crabb Business Development Director

we combine compelling storytelling with a deep understanding of investor relations to create engaging and e�ective stakeholder communications

www.design-portfolio.co.uk

www.em-co.ru/eng • +7(495) 980 06 84 • [email protected]

EmCo is a Moscow-based consultancy, specialisingin financial communications and investor relations.

We deliver a full range of IR services and focus onconsolidated reporting, research and studies, investor communication.

Black Sun is one of Europe’s leadingstrategic corporate communicationsconsultancies.We bring togethercorporate reporting, corporateresponsibility communications anddigital communications to enableour clients to create powerfulintegrated solutions.

Contact: Sallie PilotDirector of Research and StrategyT: 020 7751 9509E: [email protected]

www.blacksunplc.com/corporate

I

BNY Mellon acts as depositary for morethan 2,500 American and globaldepositary receipt programs, acting inpartnership with leading companies from68 countries.

Learn more at www.bnymellon.com/dr

Targeted value-added IR services:Equi ty stor yBenchmarkingPerception studiesInvestor outreachTai lored Board training

www.aura-financial .com | rachel@aura-financial .com | 0207 321 0000

Speciali st f inancial communications and investor relations consultancyTransactions – Sustainability – Issues management – Continuing obligations

EQS Group AG • London: [email protected] Tel. + 44 (0)208 2406 190 • www.eqs.co.uk

» Serving over 2,300 listed companies worldwide EQS Group is a leading international provider of corporate communications «

Since 1996, Emperor has been designing andproducing straightforward printed and onlineannual reports, where accessibility ofinformation, strong navigation, clarity ofcommunication and value are the keyobjectives. Call us today for a free consultation.www.emperordesign.co.uk

Tel: +44 (0)207 729 9090+44 (0)121 262 3830+44 (0)131 220 7990

to appear here, call 01285 831789 or email [email protected]

56 IR SocIeTY

FIDeLIo – www.fideliopartners.com – board advisory, executivesearch, investor relations

FInAncIAL TImeS – www.ft.com – investor relations

FTI conSULTInG – www.fticonsulting.co.uk

ImAGInATIon – www.imagination.com – investor relations

InGAGe – www.ingage.com – investor relations, investor roadshows,mobile technology

InveSTIS – www.investis.com – annual reports, investor relations, IRfor small caps, webcasting, website development

InSTIncTIF – www.instinctif.com – video

IR mAGAZIne – www.irmagazine.com – publications

IR.SoFT LTD – www.irsoft.com – CRM database

The IR.manager Investor RelationshipManagement and Targeting platform – togetherwith the IR.mobile app – helps corporate IR teamsto easily and efficiently manage relationships withinvestors, analysts and other stakeholders.

Arnaud D RobinTel: +44 (20) 7060 4700 [email protected]

IR.soft: Software solutions for optimal InvestorRelationsTM

LAnGSFoRD coRPoRATe DeSIGn – www.langsford.co.uk –annual reports

LIBeRUm – www.liberum.com – corporate broking

mAITLAnD – www.maitland.co.uk – investor relations

mAKInSon coweLL – www.makinson-cowell.com – investor relations

meDIASTeRLInG – www.mediasterling.com – internet services

meRchAnTcAnToS – www.merchantcantos.com – annual reports,internet services, website development

mhP – www.mhpc.com – investor relations, public relations

mSL GRoUP – www.mslgroup.co.uk – CSR/Sustainability

nASDAQ – business.nasdaq.com/intel – CRM databases, internetservices, investor relations, shareholder targeting, webcasting, websitedevelopment

MerchantCantos is one of Europe’s leading creative communications companies.We work across print, online, video and mobile. Our areas of expertise include:Branding, Corporate Advertising, Corporate Communications, CorporateReporting, Corporate Responsibility, Digital, Employee Engagement, InvestorCommunications, Video Production and Webcasting.

Contact: Richard [email protected]+44 (0) 20 7396 3581

MHP is an award-winning new agency – in fact we’ve gonestraight into the top 10. We cover 15 sector specialisms andfive PR disciplines (financial PR, brand PR, corporatereputation, CSR and public affairs).

Contact: Reg Hoare (Managing Director & Partner)[email protected]: + 44 (0) 20 3128 8793www.mhpc.com

Corporate & IR Websites

Apps & Mobile Video & Webcasting

Social Media

+44 (0)20 7038 9000www.investis.com [email protected]

Charts, Maps & Feeds

DIRecToRY (continued) InFoRmeD

Reach and engage the Financial Times audience offinancially-aware decision-makers and affluent shareholdersfrom across the world.

FT Investor Relations service – targeted multimediacommunication packages that give you maximum visibility.

Contact: Stella Sorrentino on +44 (0)20 7873 [email protected]

to appear here, call 01285 831789 or [email protected]

ingage have developed a state of the art platform for arranging corporate access, which fully complies with fca regulations regarding the use of client commissions. www.ingage.com

MSLGROUP is a communications agency with digital, insight and creativity at its heart. Our skills range from reputation management and content marketing to annual reports and sustainability communications. With 25 years’ experience crafting reports and websites, we work with brands such as Sainsbury’s, Experian, SABMiller, BT and Standard Chartered.

Be Interested. Be Interesting. Victoria Sugg

Business Development Director

[email protected]+44 (0)20 3219 8838mslgroup.co.uk

Contact: Asad Butt, IR Specialist+44 (0)203 753 [email protected]

Nasdaq Corporate Solutions offers the most comprehensive suite of content,analytics, advisory services and communications tools to help you maximize thevalue of your IR program. To learn more visit business.nasdaq.com/intel

Fidelio Partners is an InternationalBoard Development and Executive Searchconsultancy. We have a deep understandingof what shareholders and stakeholdersexpect from the leadership team, as well asexpertise in the Finance, Communications,Strategy and Governance functions. Assuch Fidelio has a recognised world classcapability in sourcing senior InvestorRelations professionals.

Contact: Gillian Karran-Cumberlege+44 (0) 20 7759 [email protected]

DIRecToRYSPRInG 2015

57IR SocIeTY

oBSIDIAn IR – www.obsidianir.com – internet services, investorrelations, new providers

oRIenT cAPITAL – www.orientcap.com – CRM databases, investorrelations, opinion research, proxy & corporate support, shareholderresearch, shareholder targeting

PeLhAm BeLL PoTTInGeR – www.pelhambellpottinger.co.uk –public relations

QUAnTIFIRe – www.quantifire.co.uk – opinion research, shareholderresearch

RD:IR – www.rdir.com – CRM databases, investor relations, IR forsmall caps, investor roadshows, opinion research, proxy and corporatesupport, shareholder research, shareholder targeting

RIveL ReSeARch GRoUP – www.rivel.com – Shareholder research

RLm FInSBURY – www.finsbury.com – public relations

Orient Capital is a global leader in shareownership analysis, equity market intelligence,investor communication and shareholdermanagement technology for listed companies.

London: +44 20 77 76 75 [email protected]

Pete Meadows, [email protected]+44 (0) 20 3657 7682 (direct)www.obsidianir.com

Obsidian IR provides quotedcompanies throughout Europe withthe digital investor relations solutionsneeded to communicate effectively.

In the UK Obsidian IR cooperatesclosely with Proquote, a LondonStock Exchange business.

IR feedback is changing. You cannow reliably measure, analyse andtrend market perception bydifferent stakeholder groups – andthe impact that your IR programmehas on this.Contact us for a trial.

E: [email protected]

T: +44 (0) 20 7060 5470

www.quantifire.co.uk

We are an independent global Investor Relations consultancy offering a wide range of IR-related analysis, research & advisory services to more than 600 UK & international public companies

Contact us: t +44 20 7492 0500 e [email protected] w rdir.com

TAYLoR RAFFeRTY – www.taylor-rafferty.com – investor relations

woRKcAST – www.workcast.co.uk – internet services, investorrelations, webcasting

woRLD TeLevISIon – www.world-television.com – investorrelations, webcasting

The WorkCast Corporation is Europe's largest provider ofwebinar, webcasting and virtual event solutions servingover 150 global organisations including the IR Societyand IR magazine.

WorkCast's award-winning webcasting platform, WebCastManager and Services, are used for many enterprise-wideapplications such as investor and stakeholder relations,lead generation, employee communications, training &product launches and user conferences.

Contact: Mike Bowman, Sales ManagerTel: +44 (0)844 870 [email protected]

World Television is a leader instrategic video communications.We are producers of award-winning programmes, webcastingspecialists and experts indelivering video online.

www.world-television.com

Contact: Rob Jackson, UK Sales & MarketingDirector +44 (0)20 7243 [email protected]

l +44 (0) 20 7704 2654 l [email protected] l www.rivel.com

Rivel Research Group is a research firm devotedto gathering, analysing and interpreting investmentcommunity feedback. We specialise in deliveringactionable insight based on in-depthmeasurements of the investment community.

Contact Claire Lavery

Rivel Research Group, 24 Fashion Street, London E1 6PX

the ir service Providers directory –both here and online

we are seeking to build thedirectory guide into the primary

industry resource for IR services andwill be marketing its availability

widely. Users of the online guide canview profiles of companies whichexplain the services they offer in

greater depth.

For more information, see:www.irs.org.uk/resources/service-

providers

58 IR SocIeTY

The Investor Relations Society5th Floor, 30 coleman Street,London, ec2R 5ALTel: 020 7379 1763 Fax: 020 7240 1320www.irs.org.uk

THE BOARD

Sue Scholes (chair)nominations committee [email protected]

David Lloyd-Seed (deputy chair)[email protected]

Ian Arnold (treasurer)Finance committee [email protected]

James eves (company secretary)BNY [email protected]

emma BurdettMaitlandPolicy committee [email protected]

John DawsonNational Gridexaminations committee [email protected]

Fay [email protected]

John Gollifer (general manager)The Investor Relations [email protected]

Ross hawleyPageGroupeducation committee [email protected]

Reg hoareMHP Communicationscorporate affairs committee [email protected]

claire LaveryRivel Research [email protected]

Alison owersOrient Capitalmembership committee [email protected]

Sallie PilotBlack SunBest practice committee [email protected]

Danielle PoulainJefferies Internationalevents committee [email protected]

David walkerHaysevents committee [email protected]

Professional Developmentl Foundation, core IR skills and

other IR-related courses

l Certificate in IR

l The Job Zone

Membership

l Stay informed

l Develop your career

l Networking opportunities

Mission

l Promote best practice

l Support members’ development

l Voice of the IR profession

Eventsl Annual conference

l Seminars and webinars –breakfast, lunch, evening

l Best Practice awards + annual dinner

Sponsorship

l Great exposure to members

l Annual sponsorship packages

l Tailored sponsorship opportunities

IR Resources

l Best practice guidelines

l Knowledge bank

l Service providers directory

News & Viewsl Informed magazine +

Bulletin e-newsletter

l Latest sector news

l Policy updates + consultation responses

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Assets shown above are as of December, 31, 2014. © 2015 The Bank of New York Mellon Corporation. All rights reserved. BNY Mellon is the corporate brand for The Bank of New York Mellon Corporation. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorised by the Prudential Regulation Authority. The Bank of New York Mellon London branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Products and services referred to herein are provided by The Bank of New York Mellon Corporation and its subsidiaries. Content is provided for informa-tional purposes only and is not intended to provide authoritative financial, legal, regulatory or other professional advice.

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At BNY Mellon, we provide investment management and investments services,

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Today, with over $28.5 trillion in assets under custody and/or administration,

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informed - Investor Relations Society

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