IR Society – Informed 92

CHAIR’S LETTER | SERVICE PROVIDERS | PERSONAL VIEW | INDUSTRY NEWS

INFORMED

PLUSThe state of IR in South Africa

Update on Best Practice Awards

Researching narrative reporting

Introducing best practice IR to Japan

Brexit: new world, new demands

CAREERS AND PROFESSIONALDEVELOPMENTA special feature on: the new Diploma in IR,the IR job market, IROs’ personal stories, online learning, coursesand many other ways toget ahead

THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 92 AUTUMN 2016

Recognising and rewarding excellence in investor relations

Join us for the premierevent in the IR calendar

Thank you to our annual sponsors:

Tuesday 22nd November

The Pavilion at the Tower of London,London, EC3N 4AB

For more information and tobook your tickets:

www.irs.org.uk/events/dinner+44 (0) 20 7379 1763

[email protected]

Best

Practice

Awards

2016

INVESTOR ANALYTICS

49

PROFESSIONAL DEVELOPMENT

Courses (pages 41-43)Certificate in Investor Relations (page 45-48)CIR passes (page 8)

41

EVENTS

The IR Society events programme for 2016

50 IR SERVICE PROVIDERS DIRECTORY

Find help in this listing of IR service providers

54 IR SOCIETY BOARDNames, roles and email addresses

INFORMED AUTUMN 2016

3IR SOCIETY

CONTENTS

CHAIR’S LETTERRaising the profile of IRDavid Lloyd-Seed, chair, IR Society

A PERSONAL VIEWFull steam ahead...John Gollifer, general manager, IR Society

4

5

6

19

10

NEWS FROM THE SOCIETYGyles Brandreth to host 2016 awards dinner

Out of The Office: the Society hits the red carpet... (p6)

A good night at the pub... (p7)

New IR Society members (p7)

The best practice guidelines are updated (p8)

Club IR: Influencing skills for IROs (p8)

25

27

28

31

32

34

35

36

38

25 Careers and professionaldevelopment

Quietly optimistic about IR jobsDebbie Nathan, EMR

Meeting the challengesSalisha Ilyas, Canadian Investor Relations Institute

Develop your skill setVincenzo Leporiere, Hays

Moving up the IR curveRosie Wilkins, BT Group

The rise of e-learningVanessa Harwood-Whitcher, Association ofCorporate Treasurers

The Diploma in IRRoss Hawley, Rolls-Royce

Back to first principlesSue Scholes, IR Society

Using the knowledgeAlex Money, Smith School of Enterprise and theEnvironment, University of Oxford and ACEConsensus Limited

How to lunch and learn with Club IR...Nicole Solomon, IR Society

INDUSTRY NEWSSetting the pace for the future of AGMsStuart Ellen, Equiniti

New world, new demands (p12)Richard Davies, RD:IR

EU market abuse regulation comes into force (p14)

Researching the role of narratives in corporate financialcommunication (p16)Martin Walker, Manchester Business School and SteveYoung, Lancaster University Management School

INTERNATIONAL PERSPECTIVESThe sun also rises on best practiceTetsuyuki Yoneyama, PFP Working Group and SaitamaGakuen University

IR post-Brexit: ripples across the pond... (p20)Lisa Wannell, VMA Group

Opportunities to build IR in the gateway to China (p22)Eva Chan, HKIRA and CC Land Holdings Limited

4 IR SOCIETY

INFORMED

The Investor Relations Society 5th Floor, 30 Coleman Street,London, EC2R 5ALTel: 020 7379 1763 www.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 Head of [email protected]

Laura HayterHead of policy and [email protected]

Janet KellyHead of professional [email protected]

Nicole SolomonMarketing and professional [email protected]

Rebecca WhiteMarketing and membership [email protected]

THE OFFICE HOLDERS

David [email protected]

David WalkerDeputy [email protected]

Fay Dodds [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 toLaura Hayter or to Alex Murray.

Views expressed in this publication are not necessarily those of the Society. © 2016 IR Society.

I’d like to start this, my first introduction to Informed, by saying that I am delightedand immensely honoured to be appointed as chair of the IR Society. I must also startby thanking Sue Scholes for her time in the chair. She has left a tough act to follow.She has guided the board into more robust procedures and ensured that we remainrelevant for our members, while also pursuing the introduction of the Diploma inInvestor Relations (see page 34) with great vigour.The Diploma project reflects the significant progress our industry has made over the

last couple of decades. IR is, today, seen as a vital role at the top of listed companiesand that is reflected in the calibre of candidates entering the industry. The introductionof the Diploma reflects this growing stature of IR and will not only provide a higherlevel benchmark qualification for those seeking a career in IR but also act as a measurefor companies looking to recruit and develop within their IR departments. If all goes toplan the Diploma will formally launch next year and I urge all of you looking to get tothe top of our industry to participate and hopefully graduate.

Helping each otherThe economic backdrop remains one of uncertainty, and in such times the role of IRbecomes ever more important. The challenges of new economic policies as well asthe impact of new global trade agreements will have an impact on companies andtheir fortunes in many predictable, and unpredictable, ways. An IRO will need tostay on top of any developments and help markets understand the impact on theircompanies’ fortunes, both good and bad. Alongside this the changing regulatorybackdrop, most evidenced by MiFID II, will change the way that IROs interact withthe markets and will likely bring a greater burden on our members. New service providers, new technology and the changing role of advisers will help

ease some of the burden, but there is no doubt that the role of the IRO withincompanies will continue to become even more relevant and important in the yearsahead. The Society will endeavour to help our members in understanding how tomanage the uncertainties and changes ahead through networking events, coursesand seminars. Our policy committee will continue to engage with the rule-makingprocess to ensure that the view of the corporate and public ownership is heard. The Society is in rude health and we have many plans to continue to develop our

offering for members, from both large, medium and small companies as well as oursignificant number of service providers. The continued support of our sponsors isvital to the Society’s continued financial wellbeing as well as enabling us to providegreater services to our members, so I thank them for their continued support.I look forward to meeting many of you in time and am always keen to hear ideas

of how we can improve the Society for our members, so feel free to drop me a lineat [email protected] if you have any suggestions. Every day is a school dayin my book and I am a firm believer that we can all learn from and help each other,particularly as the changes and challenges ahead impact our industry. I therefore encourage you to engage with the Society and the debates ahead as

much as possible, whether that be directly or through networking events. Togetherwe can continue the development of this fantastic industry and its increasing profilewithin companies. n

DAVID LLOYD-SEED

CHAIR’S LETTER

Raising theprofile of IR

SOCIETY NEWSAUTUMN 2016

The writer, broadcaster and former MPGyles Brandreth will be the host of the2016 IR Society Best Practice Awards on22 November at the Pavilion, the Tower ofLondon. Brandreth is a well-known radio and

television personality who is one ofBritain's most sought-after awardceremony hosts and after-dinner speakers.A reporter on The One Show on BBC1and a regular on Radio 4’s Just a Minute,QI, Have I Got News For You andCountdown, his many books include TheOscar Wilde Murder Mysteries and the No1 best-seller: The 7 Secrets of Happiness.The annual Best Practice Awards, now

in their 16th year, will recognise andreward those companies and individualsdemonstrating excellence in investorrelations. The event is also a fantastic

Gyles Brandreth to host2016 awards dinner

opportunity to mix with colleagues andpeers to celebrate the end of another busyyear.The awards are in two parts – the self-

entry awards and the voted awards. Theself-entry awards are open to allcompanies listed on a recognised stockexchange that wish to demonstrate theircommitment to good investorcommunications. These award categoriesand entry criteria have been streamlinedto reflect changes in the operating andregulatory environment that have led tothe need for faster, clearer and moredynamic investor communications.The voted awards, in partnership with

WeConvene Extel, recognise BestNewcomer, Best IRO and Best CompanyIR. The winners for both sets of awards willbe announced at the dinner.

To book your table online visitwww.irs.org.uk/events/dinner. For moreinformation please contact AlisonHamilton at [email protected] orphone +44 (0) 207 379 1763. n

6 IR SOCIETY

INFORMED SOCIETY NEWS

After an intense and active summer, the IR Society has another busytime ahead. John Gollifer highlights the key developments.

After a most reasonable British summer,punctuated by the return of David Brent(yes, we were there! See below) – thatveritable office inspiration – and the thrillsand spills at the Olympics, how appropriateto turn our attention to the final lap of 2016.They say four laps of the track is the perfectdistance – if so, you can’t just include the10 seconds needed to be fastest, can you?We may not all be quite like superchampion Phelps of 23 gold medals,however, rather reassuringly, we can focuson what we are good at, stay the course andstill win, rather like a personal marathon. A few months after that momentous date

of 23 June, it seems much like before, atleast for now, which is surely a good thingafter the world we faced on 24 June. Thatnow seems a long time ago, doesn’t it? Thelatest PMI (Purchasing Managers Index, anindicator of economic activity) shows thestrongest pointer in 20 years and we look setto continue the UK’s growth in 2016.Perhaps we all ended up staying andspending in the UK over the summer, after

John Gollifer is general manager of The Investor Relations Society.

[email protected]

Full steam ahead...

On Wednesday 10th August, 2016, theteam at the IR Society were delighted toattend the Ricky Gervais World Premiereat The Odeon Leicester Square, showingtheir support for IR Society long-standingmembers at Entertainment One. Ricky Gervais’ most iconic character is

back in ‘David Brent: Life on the Road’, afilm produced by Entertainment One, andreleased on 19th August 2016. We wouldlike to congratulate Entertainment OneGroup on their very successful andenjoyable premiere, and would highlyrecommend you all to go and watch thisBritish mockumentary comedy, if youhaven’t already! n

Out of The Office: the Society hitsthe red carpet...

all. Economics and politics aside, this issueof Informed considers, among otherfavourite things, professional developmentand careers. All careers are personal journeys. When I

think of professional development, I think ofcontinuous improvement and a willingnessto test yourself and stay at the top of yourgame for as long as possible. While it allseems to come and go rather quickly,perhaps a good sign, it requires time,commitment and staying power, rather likean Olympic feat (again!).

Staying relevantI recently participated in a review ofprofessional development as part of aninitiative of the Banking Standards Boardthat wished to have input from bankers, oldand new, as well as professional bodies thatsupport their members across a variety ofindustries in the City. It was most instructiveand reinforced the importance of having aprofessional member organisation that canlead and help its members stay relevant,

continue to grow and make the most of theirindustry. The IR Society is no exception.With this in mind, we’re proud to be

adding to our offering with the pilot of the IRSociety’s Diploma in IR, an initiative verymuch led by the Society’s former chair SueScholes. We believe that the addition of asenior qualification is most timely inaddressing the perennial education questionof seasoned IROs, what next? As always,Informed is treated to the breadth and depthof those who step forward and selflesslyshare their own personal experience to bringalive what it can be like in the excitingworld of IR. This includes the main teambehind the new Diploma in IR. Our thanksgo to all the contributors who make thecopy for our reading pleasure andeducation.

The Best Practice AwardsAs we close in on the final quarter of thisyear’s Society activities, top of the list is theBest Practice Awards which are currently awork-in-progress as far as our initial reviewof entries is concerned. Look out for theshort lists in early October. AllianceManchester Business School, one of ourjudging panel experts, share theirperspective of the all-important processbehind the Society’s awards. The judgingpanels meet in November and we hope tosee you all on 22 November, that magicalevening of IR community, when weannounce the 2016 winners. Our host for the evening will be the

wonderful Gyles Brandreth, the funny manof media, politics and much more. Whobetter to help us make sense of thesepotentially testing times that we live in? On the policy and best practice side, we

recently launched a new set of guidelinesthat usefully set out the Society’s view ofwhat IR is all about. Do take a look and let

Nicole Solomon, John Gollifer andLaura Hayter in Leicester Square.

7IR SOCIETY

SOCIETY NEWSAUTUMN 2016

We are lucky to becoming from aposition of strengthin a City thatcontinues to respondand evolve

‘

’

us know what you think. We aim to developthis key body of knowledge for the benefit ofIR professionals. The Institute of Directors recently

launched its second annual GoodGovernance Report and even ranked theFTSE100. It’s a must read if only to work outhow to respond to what is more than anindex but also a perception of whatcompanies are doing and possibly notdoing. Given the mood and the new politicsof the government, there’s no harm in takingthe opportunity to have a sense check ofyour own company’s standing.

Developing overseasWe continue to work with our counterpartsin the UK and overseas. A busy calendar ofactivities in September included speakingwith IROs in Singapore and Taiwan at thesuitably named ‘Asian Wisdom Summit’, viavideo-link. What a good idea to use videoacross time zones and we would onlyexpect to see more such participationoverseas through use of convenientlyaccessible and effective technology. Wejoined MEIRS, our Middle East counterpart,

for their annual conference and addressedthe impact of regulation on IR. We were alsokeen to learn what changes are afoot in thatpart of the world, not least in the emergenceof the Saudi Arabian market. To close a month of international

partnership activities, we spoke at theMoscow Exchange, again via video-link, toshare our perspective of IR with their IROs.IR would appear to be everywhere andwe’re pleased to be in a position to play our

part in supporting others and promoting thevoice of best practice IR.As we know, we live in interesting times –

I’m sure that must have a few worthytranslations. To conclude, as far as careersgo, we will need to be Olympian in ourendeavours: retain a sense of purpose; bemeticulous in your planning; stay focused onyour goal; and go for it! We are lucky to becoming from a position of strength in a Citythat continues to respond and evolve. As our corporate affairs committee

reminded us, London can retain its primacyas a focal point for international capitalmarkets. IR naturally sits at the heart of thisexciting ecosystem and has a key role toplay in ensuring we remain open forbusiness: confident; expert; transparent; andstill able to attract the best. Long may thatlast! Thank you for your continued support. We

look forward to a busy end to 2016. Keep intouch and please respond to the annualmembership survey that is now underway.I’m sure this will help us begin to prepare for2017. Goodness me, how time flies whenyou’re enjoying yourself! n

The IR Society is pleased to welcome thefollowing new members, who joined inthe period to mid September 2016.

Janine Ackermann – RedefineInternational

David Anneteg – RD:IRRichard Armstrong – Shawbrook BankShyanika Benimadhu – NasdaqCorporate Solutions

Andrew Buchanan – UBS InvestmentBank

Jonathan Bye – InvestisKirsty Collins – Independent Toni Coulson – Shawbrook BankCourtney Cox – Curation CorpMeg Geldens – Wolters KluwerCian Harty – Bank of Ireland Patrick Hughes – Nasdaq CorporateSolutions

Mitesh Kotecha – IndependentAdam Kulesza – Design PortfolioCarolyn Liddiard – Bunzl Dylan Minto – Shawbrook BankNeeral Morzaria – InterContinentalHotels Group

Nigel O’Connor – Saudi Aramco

Adolfo Pardo de Santayana – TidewayAnna Pawlowicz – Nasdaq CorporateSolutions

Linh Pham – RD:IR Selvie Shaqiri – Broadridge FinancialSolutions

Abishek Singh – Nasdaq CorporateSolutions

Michelle Singleton – Paysafe Group Adam Smith – InterContinental HotelsGroup

Alison Watson – IndependentNick White – KPMG Makinson CowellMark Whitfeld – Independent Nick Wilson – RD:IRHeather Woodall – InterContinentalHotels Group

For more information aboutbecoming a member andabout the full range ofmember benefits, pleasecontact Robert Dann [email protected] orcall +44 (0) 20 7379 1763.

NEW IR SOCIETY MEMBERS

Congratulations to Mariusz Jamka, IROat SABMiller (below, with John Gollifer)for winning an iPad mini (courtesy ofOrient Capital) – our membership prizefor recommending The IR Society – atour recent and very enjoyable pubnight, held at The Admiralty. Theseevents are a great informal way foreveryone to get together and have agood catch-up over casual drinks. Ournext pub night will be taking place on27th October – please do [email protected] if you wouldlike to attend. n

A good nightat the pub...

8 IR SOCIETY

INFORMED SOCIETY NEWS

The IR Society has recently updated theBest Practice Guidelines which can beviewed in the Knowledge Bank section ofour website. As part of our mission to promote best

practice in investor relations, this guidebrings together the IR Society’s views onthe topics of relevance to our profession.It shows our position (where we haveone), outlines current best practice, andsuggests sources for further informationand guidance. As part of the work of thebest practice committee, led by SalliePilot of Black Sun, these guidelines willbe reviewed and updated regularly. If youhave any suggestions for improvements,

please contact Laura Hayter, head ofpolicy and communications. A big thankyou to all members of our best practicecommittee for their review andcontribution to these guidelines.We would encourage all members to

keep up to date on best practice and theissues affecting our profession by:

• reading the weekly bulletin andmonthly policy update emails;

• attending IR Society training sessionsand events;

• networking with your peers; and• making use of our ‘Ask the board’membership benefit. n

The best practice guidelines areupdated and on the website

SECTION 1

The Investor Relations Society

BEST PRACTICE GUIDELINES

The role ofthe IRO

SECTION 1The role of the IRO

The IR Society’s position

Best practice in brief • An IR strategy should be developed such that it reflects and

supports the company’s goals.• It should be reviewed at least annually and usually is a live

document that evolves along with the company.• The engagement plan should be reviewed by the board for

appropriateness.• Progress should be tracked and adjusted accordingly.• Plan should be sense checked with advisers.• Communication lines should be kept open, even if (and

particularly when) things are not going to plan• IR should keep good records of all investor interaction.

Any IR strategy should be supported by:• An appropriate reporting calendar.• Excellent presentation and statement created with input from

across the Company to reflect strategy and performance:

– advisers to sense check and ensure investor and media

concerns are addressed.

The IR Society believes that each IR department should develop a

strategy for its activities that both reflects and supports the strategy for

the business. It should be constructed so as to build a clear, concise

and accurate picture of the company, the environment in which it

operates, the outlook over the near term as well as its medium/long-

term goals and strategy to achieve those goals.It should take note of important corporate events and try to

incorporate updates at relevant times during the year – preferably

outside of the reporting schedule. The IRO should seek to build direct

and robust relationships with both analysts and investors, allowing for

open and constructive relationships.

1.1 IR strategy

BEST PRACTICEGUIDELINES

3

SECTION 7

Sell side management

The IR Society’s position

Best practice in brief

Further details

• Statements should only b

e shared with the analys

t via their

corporate broker. This is

to ensure that the analyst

has been

wall crossed appropriatel

y and that their complian

ce

department has put in the

necessary checks.

• Final statements should

be sent over only once th

e markets

have closed.

• Discussions in subseque

nt calls must not include

more

information than is availa

ble in the statement.

• It is appropriate at this tim

e to check that their forec

asts are in

line with internal expecta

tions. Any discussions ar

ound

forecasts should involve

information that is alread

y in the

public domain. If the stat

ement will result in a chan

ge to

forecasts, these discussi

ons should only include in

formation

that is in the statement to

be published.

The rules around equal di

ssemination of informatio

n should prevail.

Analysts at house brokers

should not be given more

information than

the rest of the market. An

y briefings to house analy

sts should be done

only once the analyst is w

all crossed by their comp

liance department

and once the markets hav

e closed.

7.3 House broker briefingsBEST PRAC

TICE

GUIDELINES

IR Society course: Manag

ing stakeholder audiences

- understanding

investors, analysts and th

e media

FCA: Market Abuse

ESMA: Q&A on Market A

buse Regulation (MAR)

5

SECTION 11Other

The IR Society’s position Traditionally, the Treasury team in a company communicated with the

debt investors and the IRO with the equity investors and other

stakeholders. The Society acknowledges that the company treasurer

or CFO usually has prime responsibility for the relationship with bond

holders, but given that the communications messages and methods

are very similar, the Society believes that each IR department should

be involved with this activity, to help support the overall strategy for

the business and ensuring the core messages about the company are

consistent. If a given company has publicly rated debt, it is also

important to understand how the rating agencies operate because a

change in the debt rating of the company can have an impact on the

equity price.The Society acknowledges that the importance of credit risk and

therefore the credit rating in equity valuation has become a focus for

investors and analysts.

11.2 Debt IR

BEST PRACTICEGUIDELINES

5

Best practice in brief•

Whilst not a part of the equity constituency, increasingly IR

departments are becoming involved with the relationships with

debt and bond holders.•

Responsibility for Debt IR lies within the IR team and within the

Treasury function. The IRO should seek to build direct

relationships with both credit analysts and investors, allowing

for open and constructive relationships.

•A typical Debt IR programme should involve conference calls/

presentations, debt investor meetings, and post results

roadshow) in the build up to FY, HY & quarterly results. These

can be joint with equity investors.

•Ongoing activities IROs should prioritise include relationship

management, contacting distribution list, debt specific investor

days and broker hosted conferences.

•The IR team should understand their company’s debt investor

base (no official register, unlike for equity investors):

• Track participants when doing an issue;

• Keep talking to maintain as much information as

possible - ask directly for updates on holdings; and

• Targeting – build visibility during events.

CIR PASSES July and August 2016

An interactivelunchtime workshop on‘Influencing skills forIROs’ was held on 12September. This was asuccessful eventfeaturing Mark Fritz,founder of ProcedorLtd and a professionalleader and mentor.For more informationabout Club IR, how tojoin, other Societylearning opportunitiesand further events,please see page 38 orcall Nicole Solomon at+44 (0) 207 379 1763. n

Influencing skills for IROsCLUB IR

For further information

about the Certificate in

Investor Relations (CIR),

please see our special

feature on Careers and

Professional Development

starting on page 25 and

our regular section in

Informed, page 45.

The Society congratulates the followingcandidates who passed the CIR in Julyand August 2016.

CIR July 2016Natalie BellBryony DimmerRachel GriffinSabrina KassmannhuberMona LellsaarElizabeth MatthewsKaren MillarClaire MogfordCitlalli MorenoCarl Murdock-Smith Vicki PreibischJulia RoseSouheil SalahVirginia SpringNianci (Hillary) Su

ICIR July 2016Lukasz Gwozdz

ICIR – MEIRS – July 2016Sabrina Kassmannhuber

ICIR – HKIRA – August 2016Cen ChenYeung Ka LaiPeng LiAnni LINg Yee ManLAU Nga Ping KennisWU ROUWei HeKwong Wing Yee

We provide public companies with the best information, advice and strategies to manage their investors and other audiences.

We would be delighted to talk to you about how we can help you best manage the changing IR environment

RD:IR’s proprietary online platform, IR InTouch, combines rigorous shareholder analysis with a powerful investor CRM that helps companies manage all existing and potential stakeholders in one seamless package.

Investor information is available “on the go” via your smartphone or tablet. Meeting notes can be added off- and online in real-time.

•

• Investor Communications

• Targeting & Access

• Perception Studies

• Proxy & Governance

Richard Davies Investor Relations Limited Bridewell Gate 9 Bridewell Place London EC4V 6AW

Contact us on:

+44 20 7492 0500 [email protected] www.rdir.com

Market intelligence and data which provides

the context for investor relations

INFORMInsights and advice based on our data to help you in

your IR strategy

CONSULT

Proxy solicitation and communication services for shareholder meetings

ACT

10 IR SOCIETY

INFORMED INDUSTRY NEWS

Setting the pace for thefuture of AGMsWill listed companies introduce more innovation into their annualmeetings, following Jimmy Choo? Stuart Ellen looks at the trends.

THE FUTURE OF AGMS• Jimmy Choo was the first UK PLC to

hold a fully electronic AGM.• Shareholders think that there should

be more engagement, and many wouldprefer an electronic AGM.

• Various technologies facilitated theAGM, including shareholderverification and voting, and use of asmartphone app.

In late 2015, Jimmy Choo asked Equiniti tocollaborate on a fundamental review oftheir annual general meeting (AGM). The dayof 15 June 2016 proved to be a pivotal pointwhen the combination of a forward-thinkingPLC, an appetite amongst shareholders and ashare registrar able to provide the necessaryinnovation and support all worked togetherto deliver upon the vision of a fully electronicUK AGM and, in the process, achieve acorporate governance first.So does this first electronic AGM herald a

new era of shareholder engagement? Withthe possibility of future ‘shareholder springs’,corporates can capture the shareholder moodto deliver a convenient, cost-effective, lowercarbon footprint meeting. This is surely apositive indicator of a company showing thatit listens to its investor base, understandsshareholder concerns and is doing somethingconstructive about it, whilst continuing toencourage shareholder engagement. Withthe globalisation of companies and ashareholder base spread around the world,enabling more investors to participate in themeeting becomes even more relevant.One of the core beliefs for the IR Society is

the value of engagement between companies

and investors. This belief is becoming moreprevalent and many companies who aregetting this engagement right see it reflectingpositively upon them.

Embracing new technologyChange and modernisation seem to beunderway amongst shareholders, creating areadiness to embrace new technology.According to the Equiniti 2016 Savings andInvestments Survey*, 77% of shareholdersthink companies should do more toencourage shareholder engagement andnearly half (45%) of these shareholders saidthey would be more inclined to attend anelectronic AGM. More than one in five (23%)stated that they do not attend AGMs now butwould like to do so in the future. The adoption of new technology is far

more advanced now than ever before andthis paves the way for initiatives likeelectronic AGMs to become popular muchmore rapidly than they might have done inthe past.A third (33%) of shareholders claimed to

follow all or some of the companies theyinvest in on social media. There is clearly anappetite amongst shareholders for increaseddigital interaction and shareholderengagement and so the onus is now oncompanies and their registrars to take theinitiative and do more to satisfy this call.Equiniti is leading the way in this respect.

The solutionSo how did it all come together? The designhad to mirror all the requirements of aphysical AGM but, of course, in electronicform; attendance, presentations, Q&A andvoting. It had to be simple to use and theexperience of the end user had to beconsidered at all times.It became clear through the scoping work

Equiniti carried out, that an application forshareholder verification and voting would berequired, coupled with the use of telephonyfor shareholder participation at the meeting.An AGM mobile application was created

as a native app (Android and iOS) whichdirectly integrates with the AGM software toallow shareholders to submit questions andvote on the resolutions being put to themeeting.

The futureThis first electronic AGM has excited a lot ofinterest from other companies, although thepace of change remains to be seen; they maychoose to follow the Jimmy Choo lead orperhaps utilise a hybrid version, offering botha physical and online meeting as a steppingstone to making the move to a fullyelectronic AGM. AGM Trends 2016,compiled by Equiniti’s registration servicesand company secretarial teams, providesfurther insight into trends and developmentsduring the 2016 AGM season and isavailable to view on Equiniti.com.Many organisations are using webinars as

a means of interacting with theirstakeholders, be it for sales or marketingactivities or when a company wants somedirect interaction. It is recognised now thatnot everyone needs to be in the same placeto communicate. We could imagine howAGMs might embrace Skype, webinars andsimilar audio visual streaming capabilities,although thorough testing will be requiredin the exploration phase to ensure viability.The electronic AGM is the first step into

an era of new style AGMs. It demonstrateshow this new and exciting approach canpush the boundaries to achieve bestpractice governance by maximising anorganisation’s reach to its investor base.Whatever the changing shape of the futureAGM, underpinning any success will be thefact that good governance and shareholderengagement go hand in hand. n

* The Equiniti 2016 Savings and InvestmentsSurvey was conducted online amongstsubscribers to Shareview, a personal financenewsletter produced by Equiniti, andgenerated 6,730 responses, of which 6,514were shareholders. The survey was carried outin July 2016.

Stuart Ellen is managing director ofregistration services at Equiniti.

www.equiniti.com

a global leader in share ownership analysis, market intelligence, investor communication and shareholder management technology

unrivalled service | 25 years of innovation | partner to over 1600 companies

are you using ?

Part of Link Group | Corporate Markets

1204.9 03/16 ISS1

orientcap.com

12 IR SOCIETY


Ihave written in past columns about thechanging world of investor relations interms of the additional demands that arebeing placed on IROs as a result of thosechanges. As well as the uncertainty thatthe Brexit vote has brought to the City, wefind that technological development isgathering pace in terms of the formationof new ways of thinking about IR dataand processes. The world of investorrelations is not immune to the currentsense of disruption and innovation.There has been much comment on the

potential changes in the corporate accessmarket brought about by MiFID II. Eventhough we can only guess when exactlythis market directive will be finallyintroduced in the UK – it is flagged for2018 but we have been here before –most commentators are of the opinionthat it is coming to our shores, in wholeor in part, whether we leave the EU ornot. One clearly flagged outcome of MiFID

II has been and will be the seismic shift ofthe payment mechanism that hithertoexisted between the buy-side and thesell-side with regard to research and

The Brexit uncertainties and the pace of technological change areputting pressure on listed companies, as Richard Davies discusses.

Richard Davies is founder and managingdirector of RD:IR.

[email protected]

New world, newdemands

access. While the exact formulation of theDirective has yet to be revealed through‘the finalisation of the EU implementinglegislation’, as the Financial ConductAuthority (FCA) website so poeticallystates, the City has slowly started to cometo terms with the proposed changes,though some would argue that many onthe sell-side remain in denial, hoping thatone day all this nonsense will simply goaway. From the IRO’s perspective, life can

either look pretty much the same rightnow or it can look very different from justa few years ago. We are now livingsomewhat in a two-tier market system.

Economic pressuresFor large- or larger mid-caps, or for thosecompanies which are more heavily tradedor have M&A in the offing, then the banksand brokers remain keen to please. Wefind that these companies may have toendure the attention of up to 25 sell-sideanalysts. Sadly, the proportion of thoseanalysts that these companies rate as‘good’ has fallen sharply over the last fewyears. It is not entirely the analysts’ faultas they are being squeezed to cover morecompanies due to the economic pressuresbeing applied to their employers, thebanks. However, there is a feeling amongmany IROs that the quality of sell-sideresearch has drifted down in tandem withthe perceived influence of that researchon the buy-side. For the first time in my career, I now

regularly get asked by IROs of these ‘well-covered’ stocks, how they can stopanalysts writing on them because theIROs neither have the time to deal with somany of them, nor the belief that whatsome analysts produce has any value,except as marketing material for the bank.Alas, on the other side, we have the

situation of the small- and micro-capstocks where there is no coveragewhatsoever from the sell-side, including,in increasing numbers, even from theirown broker. The institutions have in many

cases retreated up the value chain to focustheir funds on larger, more risk-aversecompanies, while either concentratingtheir portfolios or taking a ‘closet index’approach to investment in order to save onresearch costs. Some wonderfully well-runand profitable UK small-cap stocks havebeen simply left to ‘hang out to dry’ byboth the buy- and sell-side. This flies in theface of the notion of the efficient marketand also highlights the fact that hedgefunds do not necessarily spot every nuggetof deep value going.

Many voicesIndependent research has frequently beencited as taking up the breach for thosecompanies that have been left high anddry; but being written about is not thesame as being read about, and the small-and micro-cap markets are still verydense, despite the attrition on issuernumbers overall that I have written aboutin former columns. There are many voices

NEW DEMANDS• The specifics of MiFID II are still

unknown – though the City is finallycoming to terms with the proposals.

• Analysts are pressured to cover morelarge- and mid-sized companies, oftenat the cost of quality. Small companiesare losing coverage altogether.

• There is a massive scope for IR in thenew era of reduced corporate access.

There is a feelingamong many IROsthat the quality ofsell-side researchhas drifted down intandem with theperceived influenceof that research onthe buy-side

‘

’

clamouring for attention in this area and aclose examination of the UK stock marketin terms of issuer fundamentals revealsthat not everyone knows how to shout norwhat to shout about.There has long been a need for those

smaller companies which have a goodequity story to be more pro-active aboutreaching out to the market anddemanding investor attention, but theirony is that these companies are thoseless likely to have an IRO to make thishappen. These companies are also morelikely to have senior management whohave historically relied completely ontheir broker to provide engagement withthe capital markets.

Dwindling corporate accessThe growing issue now is that theseproblems of reduction in corporate accesslevels and dwindling institutional investorsupport are moving up the ladder ofmarket capitalisation; but most seniormanagement without a dedicated IR team

will have little idea how to benchmarkthemselves to know, for example, thatmeeting so few new investors each year isnot necessarily how things should be.There has been a paradigm shift in themarkets but many companies have not yetworked out what that means for theirstock in terms of price or demand.This is, or should be, good news for the

IR market in terms of the growth in thenumber of companies who take on IR

professionals for the first time. Given thatthe proportion of public company equityissuers, excepting investment companies,which have a dedicated IR person,remains under 50%, then there istremendous scope for new IR jobs underthe current circumstances.Of course, agencies and consultants

can fill some of those gaps but there arestill dozens, if not hundreds, of publiccompanies that will, I believe, over timetake on a dedicated IR function.MiFID II has yet to be fully

implemented and there is still scope forvast change in the capital markets aheadof 2018. As I have previouslycommented, we are at the start of a verylong road and if the Brexit vote hasachieved one thing, then it is that we aremore certain of our uncertainties nowthan before. However, those fundmanagers and stockbrokers who thinkthat things will go back to their previousstate as a result of the vote are misguided.The changes have already begun. n

There istremendous scopefor new IR jobsunder the currentcircumstances

‘

’

13IR SOCIETY

INDUSTRY NEWSAUTUMN 2016

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 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


PLUSPolicy issues for 2016

UK listings in decline

Private equity IR

Defining IR best practiceA 30-page feature on latest trends in reporting,

IR strategy and digitalcommunications, with case studies


INFORMED

Conference 2016 updateAccess, Board, Careers: an ABC of IRBuy your tickets now!

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

INFORMEDA DAY IN THE LIFE

OF IR


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


PLUSWhat does Brexit mean for IR?

Six articles on best practice

View from Johannesburg

Why is the CIR so valuable?

ACCESS... BOARD... CAREERS...An ABC of CONFERENCE 2016

THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 91 SUMMER 2016

INFORMED

This issue is sponsored by:

Keynotes, sessions, speakers, exhibitors,networking, drinks and more –

a 26-page report

EVENTS PROGRAMME | CHAIR’S LETTER | NEW MEMBERS | INDUSTRY NEWS

THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 87 SUMMER 2015

INFORMED

35years

CELEBRATION!The IR Society marks its

anniversary with an 18-page special feature on IR past, present and future

CONFERENCE 2015Keynotes, sessions, speakers,exhibitors, networking, drinks,

canapés and more – a 34-page reportof our record-breaking event

+ photos and cartoons

This issue of Informed is sponsored by:

This issue of Informedis sponsored by:

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

THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 89 WINTER 2015/16

Building yourIR careerThe key steps to developing a

successful career in IR in 2016.Personal stories, wise advice

and professional analysisto guide you through

the New Year

PLUSPlanning your SRI communications

Are you complying with slavery law?

IR Best Practice Awards 2015

WINNERS!Report and photos inside

INFORMED

Conference 2016 updateAccess, Board, Careers: an ABC of IR

THE VOICE OF INVESTOR RELATIONS IN THE UK ISSUE 88 AUTUMN 2015

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

INFORMEDPolicy and professionaldevelopmentWhere are we now?

This issue of Informed issponsored by:

Two special features providethe answer:

Policy – the key issues on regulation facing IROs, and the policycommittee’s work

Professionaldevelopment –the ways to learn and grow as an IRO

plus

IR Best Practice Awards 2015latest news – buy tickets now!

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

The EU Market Abuse Regulation (MAR)came into force on 3 July and is directlyapplicable in all EU member states. MARreplaces the Market Abuse Directive, and asan EU Regulation has direct effect in the UK.For listed companies MAR introduces a newregime for market abuse (marketmanipulation and insider dealing) alongsidenew rules on:

• change in definition of inside information;• the rules around the disclosure and controlof inside information (insider lists); and

• persons discharging managerialresponsibilities (PDMRs) – changes indefinitions and disclosure obligations.

As a result of MAR there have beenchanges to the UK’s Financial ConductAuthority (FCA) Handbook. For furtherinformation please visit the FCA website at:https://www.fca.org.uk/markets/market-abuse/regulation The European Securities and Markets

Authority (ESMA) has also published MARfinal guidelines for issuers on delayingdisclosure of inside information and forpersons receiving market soundings. Inaddition ESMA has produced an updatedMAR Q&A to include closed periods wherean issuer releases a preliminary resultsannouncement. For further information visitthe ESMA website at https://www.esma.europa.eu/

MiFID II updateImplementation of MiFID II is now scheduledfor January 2018, well before any Brexitnegotiation period could come to an end,once Article 50 is triggered. Therefore EUlaws will continue to be in force. The FCAhas made clear that it is ‘business as usual’and the IR Society would encourage the IRCommunity not to delay in preparations for

these new rules which include how researchis funded, and corporate access beingconfirmed as an inducement. MiFID II willbe transposed into UK law and the FCA’sconsultation paper is expected in September2016. The IR Society continues to provide

practical advice and hosts events for itsmembers in preparation for implementationof these new rules. The IR Society hosted apanel discussion at its annual conference onJune 21 around how IR can benefit fromregulatory change and new technology (seeInformed 91 for full round up of conferencesessions).

IA warning to FTSE 350 The Investment Association recently issued awarning to companies which cut their profitexpectations and dividends as soon as a newmanagement team is appointed. TheAssociation wrote to FTSE 350 chairmenadvising them that they will be warningmembers in the future when non-executivedirectors who have been involved in suchactivities, dubbed ‘kitchen-sinking’, are upfor re-election. The Association's corporategovernance research service, IVIS, will issuean amber top alert for the re-election of thosenon-executive directors who have beeninvolved in such activities for AGMs takingplace on 1 August 2016 onwards. Amber topwarnings are used to highlight concernswhich IVIS feels are a significant issue toconsider. This is the unit’s second-most sternalert after its red top warnings.The IA also highlighted in its letter the

importance of companies’ managementteams not behaving in a short-term manner,and to be regularly considering the long-termprofitability and performance of their firm.

FRC on corporate cultureIn July the FRC published the results of itsstudy, Corporate Culture and the Role ofBoards, exploring the relationship betweencorporate culture and long-term businesssuccess in the UK. The report which collatedthe views of more than 250 chairmen andCEOs of the UK’s largest companies

recommends boards recognise the value ofculture, act in an ‘open and accountable’manner, evaluate and report on culture andalign values and incentives, among other keyfindings. Visit www.frc.org.uk for moreinformation.

Guidance on remunerationThe GC100 and Investor Group haspublished a revised version of its guidanceon directors’ remuneration reports andpolicies. Key revisions made to theGuidance, first published in 2013, includestrengthened guidance on the requirementfor policies to impose a maximum salary fordirectors, the use of discretion withinpolicies, and the approach to disclosure ofperformance targets for directors’ annualbonuses. This guidance applies to all UKcompanies listed on the LSE, in any EEA stateor on NYSE or NASDAQ who are required toproduce a remuneration report.

First UK electronic AGMJimmy Choo is the first UK plc to deliver anelectronic AGM. Jimmy Choo sought a wayto increase investor access to their AGMwhilst saving travel costs for investors, aswell as the cost to the company of hiring avenue and collecting the board in onephysical location. The AGM, which tookplace in June was delivered by Equiniti withthe support of Lumi, a provider of AGMvoting software. A great example in the useof technology around shareholderengagement, it will be interesting to see ifthis trend catches on. See article by Equinition page 10. n

Industry news briefingSelected key issues for IROs

EU market abuse regulationcomes into force

14 IR SOCIETY


Keep up to date with theInformed weekly Bulletin –see www.irs.org.uk


16 IR SOCIETY

Rigorous scientific work on the impactand usefulness of company financial

information to investors started in the mid-1960s with the emergence of the EfficientMarkets Hypothesis (EMH). There nowexists a vast body of evidencedemonstrating the high average quality ofthe market’s response to conventionalquantitative indicators of companyfinancial performance and value. It is only recently, however, that

researchers in accounting and financehave started to develop computerisedtechniques for studying, in large samples,the qualitative information produced bycompanies during their annual reportingcycles. Company documents such asearnings press releases, trading statements,interim management statements,preliminary and interim earningsannouncements, Form 10-K and 10-Qstatements, and company annual reportsoften contain a significant amount ofnarrative content, much of which is of avoluntary nature. Researchers are starting to study

questions such as how and why does thenarrative content vary across companiesand over time? How and why does the

NARRATIVE REPORTING• Researchers seek to find out how and

why narrative content varies acrosscompanies and over time.

• The difficult analysis of PDF reports isnow possible with new technology.

• The IR Society will use the software toaid the Best Practice Awards judgeswith their decision making process.

narrative content vary with underlyingfinancial performance? To what extent dofinancial narratives compensate for thelimitations of conventional financialindicators as a basis for forecasting cashflows? In general, do company managersuse financial narratives either to improvethe information set and the understandingof investors, or to provide misleading‘spin’ designed to make managers lookbetter than they really are? In general,does the market as a whole respondrationally to such statements? Dosophisticated institutional investorsdemonstrate better understanding of thenarratives than retail investors?

Automated analysis A particular challenge in this area is thecomputer-based linguistic analysis ofannual reports. Outside the US, mostannual reports are provided as digital PDFfiles, which are more difficult to unbundlethan text files such as 10-Ks. A furthercomplicating factor relative to companyreports filed on Form 10-K is thatmanagement enjoy considerablediscretion over the content, sectionheadings, and order in which information is presented in PDF annual reports. The

unstructured nature of PDF annual reportsmakes automated analysis extremelydifficult; as a result, surprisingly little isknown about the properties and marketimpact of this key form of corporatecommunication. The Corporate Financial Information

Environment (CFIE) project, funded by theEconomic and Social Research Council(ESRC) and the ICAEW, has madesignificant progress on the automatedanalysis of PDF annual report narratives.This project was assisted by discussionswith John Dawson (the then chairman ofthe Investor Relations Society) and anumber of representatives from theinvestor relations and financial reportingcommunity. This project has produced anew software tool that is freely available toanalyse UK PDF annual report disclosures.For further details, see the CFIE project

The unstructurednature of PDFannual reportsmakes automatedanalysis extremelydifficult

‘

’

For serious investors, the analysis of corporate annual reports is an essential part of investment appraisal.Here Martin Walker and Steve Young discuss a new software tool to assist the process.

Researching the role of narratives incorporate financial communication

Professor Martin Walker, AllianceManchester Business School.

[email protected]

Professor Steve Young, Lancaster UniversityManagement School.

[email protected]

directly responsible for the reportedperformance. The results support this view. In

particular, the authors conclude: ‘…whileperformance-related commentariesprepared by management and theindependent board chair are individuallypredictive for future earnings, onlychairman-authored content is incrementallyinformative when considered jointly.Further, management-authored content haslower independent predictive ability wheninsiders are more optimistic than the boardchair. Results support the view that thepredictive power of narratives varies withauthors’ reporting incentives and thatexaggerated optimism in managementcommentary reflects obfuscation.’ n

Reference:Alves, P., M. El Haj, P. Rayson, M. Walkerand S. Young (2016). Heterogeneous narrativecontent in annual reports published as PDFfiles: Extraction, classification andincremental predictive ability. Working Paper.Lancaster University. Available at:http://ssrn.com/abstract=2803275

website (http://ucrel.lancs.ac.uk/cfie/)which provides easy access to the CFIEsoftware and other supporting materialsthat users of the software may find useful.

Introducing objectivity The software is being used by the IR Societyas an aid to the judges of its annualcompetition that seeks to identify bestpractice in annual reporting (The BestPractice Awards). As such it provides auseful ‘objectivity’ check for the judges. The CFIE software tool opens up the

possibility of researching new questionsregarding the structure, content andinformativeness of UK annual reports. Forexample, Alves et al (2016) use the CFIEweb tool to study the predictive value ofperformance-related annual reportcommentaries for future earnings (up to twoyears ahead). Their results show that thetone of performance commentary hassignificant predictive power for futureearnings even after controlling for financialstatement information. A particularly novelfeature of the research is the distinction

between commentary contained in thechairman’s statement and commentaries inthe business reviews signed by the CEOand the CFO. Arguably one might expectthe chairman to provide a more objectivestatement than the management who are

Arguably one mightexpect the chairmanto provide a moreobjective statementthan the managementwho are directlyresponsible for thereported performance

‘

’

Whether you areBIG or small,you need IR...The Investor Relations Society can help you.

Whether you are just starting or simply trying tokeep up with best IR practice, we can provide youwith the knowledge, skills and resources toenhance your professional development and buildyour career.

If you are not already a member, why not join now– just call us on 020 7379 1763, or see our websitewww.irs.org.uk

INDUSTRY NEWSAUTUMN 2016

17

This advertisement is for information purposes only and is designed to serve as a general overview regarding the services of Deutsche Bank AG and any of its branches and affiliates. The general description in this advertisement relates to services offered by Deutsche Bank AG Global Transaction Banking and any of its branches and affiliates to customers as of September 2016, which may be subject to change in the future. This advertisement and the general description of the services are in their nature only illustrative, do neither explicitly nor implicitly make an offer and therefore do not contain or cannot result in any contractual or non-contractual obligation or liability of Deutsche Bank AG or any of its branches or affiliates. Deutsche Bank AG is authorised under German Banking Law (competent authority: German Banking Supervision Authority (BaFin)) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority and regulation by the Financial Conduct Authority are available on request. Copyright © September 2016 Deutsche Bank AG. All rights reserved.

Looking for world class depositary receipt services?

Deutsche Bank has the solution.More than 1,000 companies around the world choose Deutsche Bank to help them reach new investors through depositary receipt programmes. Why? Because we deliver innovative yet simple solutions, provide key insights into

Deutsche Bank. Expect the better solution.

Visit adr.db.com, email [email protected] or follow us on Twitter @talkgtb for more.

Best Depositary Receipt BankBest Depositary Receipt Mandate for Videocon d2h Ltd The Asset Triple A Awards Asset Servicing, Investor and Fund Management 2016

EMEA Finance Achievement Awards 2015

Deutsche Bank Global Transaction Banking

19IR SOCIETY

LETTER FROM JAPANAUTUMN 2016

letter fromJapan

The sun also rises on bestpractice

First, a brief introduction. Long ago, Iworked for Daiwa Securities, one of the

largest brokers in Japan, and during thattime I was fortunate to manage theiroperations in both London and Paris. Ideveloped a deep and lasting fondness forthose cities and for Europe in general. Later, Imoved to Daiwa Investor Relations, where Idevoted my efforts to improving investorcommunications for major Japanesecompanies. Much of my work involvedhelping Japanese firms to understand IRtrends overseas, which led me to closelyfollow the work of the IR Society. Naturally, I became acquainted with the

Best Practice Guidelines long ago, and oftenwished aloud that a similar document existedin my own country. Sometime in 2009, acolleague tired of hearing that complaintand said: ‘Why re-invent the wheel? If theUK version is so good, why start fromscratch? Couldn’t you just translate it?’ Theidea was daunting but at the same time

appealing. I thought the BPG were exactlywhat Japanese IR managers needed.I assembled a core team of bilingual IR

professionals to handle the translationwork. We called our effort ‘Project FutureProof’(PFP), a tongue-in-cheek reference toour main goal – to help Japanesecompanies stay ahead of global trends inIR. We defined our task as creating the mostaccurate translation possible of the IRSociety’s Guidelines without adding orsubtracting anything. Our only contributionwould be visual: We added real examplesfrom Japanese companies’ annual reportsand websites to illustrate key points in thetext.

Undaunted progressionThe PFP team agreed that this should be apro bono project. The document would beprovided at no charge, and any expenseswe incurred would be our own. One of themembers works for a major printingcompany with a serious interest in IR, andthey generously offered to do the design,layout, and printing for us at no cost. Thus,PFP was born.Our first edition appeared in 2010, and

included greetings from the then generalmanager of the IR Society and managingdirector of the Japan IR Association. It tookus six months of hard work to prepare thetranslation, obtain permissions to useimages of real companies’ IR materials, andfinalise the design. We were a bitnonplussed when the document wasgreeted with thunderous silence. It may bedifficult to believe, but at the time, mostJapanese companies were still thinking ofIR much as they had in the 1990s, whenmany firms all but ignored their own stockprices and saw IR as a necessary butunimportant activity.Undaunted, our group continued to

translate and disseminate the guidelines.We organised public seminars to explaintheir importance and answer questionsfrom IR managers who were beginning to

notice them. Each year we continued thepattern – translate the guidelines, search forJapanese companies whose IR activitiesbest illustrated the key points, and presentseminars to explain the contents and valueof the material to the local IR community.With each successive year we added a littlemore content, including original essaysfrom our members on topics such as annualreports, websites, and social media. Andwith every passing year our circulationgrew. The most recent version, the 2016

edition, is still free, and it is now widelycirculated among IR managers at a majorityof TSE-listed companies. Our seminars arewell attended and always produce morequestions than we have time to answer. TheIR Society’s best practice recommendationshave at last found a receptive audience onthe other side of the planet. What I see in this trend is that Japanese

companies are beginning to acknowledgethat investors are critically importantstakeholders, that capital markets cannot beignored for long, and that investment todayis truly international. While there are noreal IROs in Japan yet, an assignment to theIR department is no longer a career dead-end, and a significant percentage of IRmanagers will rise to become boarddirectors. Japanese companies are acutely aware

that the 2020 Tokyo Olympics will shine aspotlight on the nation, which means theyall need to brush up their images. Oneresult is a growing emphasis on world-classIR, and the best tool available for that isunquestionably the Society’s Best PracticeGuidelines.PFP is proud to work together with the IR

Society to make this document bothaccessible and useful to Japanesecorporations. We expect to see moredomestic firms raise their own standardsand one day, perhaps, to see a Japanesecompany claim a trophy at the annual BestPractice Awards. n

The Society’s Best Practice Guidelines are the cornerstone of high-quality IR. Tetsuyuki Yoneyamadiscusses the work involved in increasing the profile of IR guidelines amongst Japanese companies.

Tetsuyuki Yoneyama is chairman, PFP WorkingGroup, professor, Saitama Gakuen University,and former director, Daiwa Investor Relations.

20 IR SOCIETY

INFORMED LETTER FROM SOUTH AFRICA

letter fromSouth Africa

IR post-Brexit: ripplesacross the pond...

Offering some kind of credibleprognosis on what impact the Brexit

vote is going to have on the UK economyand businesses and the ripple effects itwill have on everything from Londonhouse prices to Kenyan flower sellers issomething I will gladly leave to thestrategists and economists. Watching theevents since 23rd June unfold and the‘what next’ debate begin to take shapefrom the tip of Africa, from where I’mcurrently flying the VMA Group flag, hasbeen fascinating to say the least and I havehad some very interesting discussions overthe past few weeks with IROs andexecutives on both sides of the pond.Predictably, there are diverse opinions andsentiments about what Brexit means forUK and South African companies and theinherent challenges for IR andmanagement teams as new regulationsand structures gradually take shape. The

close association between the UK andSouth Africa has its pros and cons: Whenthe UK economy slumps, so does SouthAfrica’s. South Africa is the UK’s largestAfrican trading partner and will thereforebe hardest hit by Brexit. The upside is thatthe inevitable renegotiation of tradeagreements in the coming months/yearsmay provide a long-overdue opportunityto look with fresh eyes at the African-UKrelationship.

New opportunitiesBrexit will have far-reaching implicationsfor UK corporates and the way theyoperate; some may restructure or movetheir HQ or even their listing; some maydisappear altogether, swallowed up bylarger players taking advantage of theweaker pound. It may also provideopportunities for businesses to expandand to challenge their sectors in wayswhich were difficult for them to do in apre-Brexit environment. For listedbusinesses in both countries, IR will playa crucial role in helping to articulate whatthe impact is and what the response ofcompanies will be. In a recent Informed article (see issue

91, available to members onwww.irs.org.uk), Nikki Catrakilis-Wagner,chair of the IR Society of South Africa andIR Executive of JSE-listed Tiger Brandspointed to South Africa’s strong corporateand IR culture in the face of its uniqueeconomic and political challenges. SouthAfrica has been a leading light when itcomes to the corporate governanceagenda and integrated reportingframework and her article is an aptreminder of the critical role that the IRprogrammes of some of South Africa’s‘blue chip’ companies have played inpositioning them as cornerstoneconstituents of any emerging marketsportfolio today.But this kind of game-changing IR

demands IROs with a skill-set that is both

broad and deep: they must be asknowledgeable and as steeped in thecompany, its key drivers and its businessstrategy as their management teams. Theymust be able to guide a sell-side analystthrough their model and craft acompelling and consistent narrative tocommunicate the company strategy. Onehead of IR I spoke to who has since movedto the buy-side spoke about the privilegedposition IROs hold in terms of theirproximity to the management team andthe ‘helicopter view’ they have of theirorganisation. The crucial skill that IROs

Many of the effects of Brexit are still unknown. Lisa Wannell looks at the expanding role of IR in SouthAfrica, and discusses the possible impact that Brexit will have for IROs and for business.

South Africa hasbeen a leading lightwhen it comes to thecorporategovernance agendaand integratedreporting framework

‘

’

IR IN SOUTH AFRICA• South Africa is the UK’s largest

African trading partner. • IR will play a critical role in

articulating the impact of Brexit – beit positive or negative.

• IROs must think big – but act small. • Many South African companies still

don’t have in-house IR teams. • There is huge potential growth in

South Africa, so IR is set to grow too.

Lisa Wannell is principal consultant at VMA Group.

[email protected]

21IR SOCIETY

LETTER FROM SOUTH AFRICAAUTUMN 2016

need to develop from this is the ability andagility to think big but act small, to movefrom the big picture to the detail and tomake sense of what is valid in anoverload of information in order to keepshareholders informed. This will beparticularly important in the post-Brexit‘noise’. In the UK, IR teams will play an

important role in helping to devise anddeliver an integrated, clear and consistentnarrative to meet the FRC’s guidelines forarticulating the potential impact of Brexiton their business. In South Africa, thismay impact some companies with duallistings but the majority of JSE listed firmsare more likely to be concerned with anIR strategy which takes into account thecooling of the growth in emergingmarkets and their response to this. ForIROs on both sides of the pond, however,it may offer an exciting time to look atwhere global growth opportunities mightlie and how companies can capitalise.

Career progressionIn July, together with the IR Society ofSouth Africa (www.irsociety.co.za) VMAGroup co-hosted an interesting seminaron IR: Career or Stepping Stone? Withinsights and real-life experience providedby Nwabisa Piki, head of IR for telecomsfirm, Telkom, we debated the key skillsneeded for effective IR, the role IR playsin preparing one for a senior managementposition and the importance of thefunction being seen by managementteams and boards as a strategic ratherthan operational one. Clearly, there arechallenges for South African IROs when itcomes to professional development andcareer progression: the first is theposition of the IR profession itself and

how it is regarded by management teamsand boards. It is surprisingly difficult, I’vediscovered, to find the key IR contact on alot of corporate websites, simply becausemany of them don’t have a dedicated in-house IR resource. This is undoubtedlybecause the share registers of many ofthese companies are relatively small andcomprised of predominantly SouthAfrican investors. The other reasons maybe more complex: lack of trust by the C-suite that anyone could do it as well asthey could, ‘legacy thinking’ (we’vealways done it this way so why change itnow?) and a shortage of strategic IRprofessionals with the requisite skills(knowledge of the public markets, highlydeveloped financial and communicationsskills, etc.) to deliver a truly strategic IRfunction.

IR and global brandsIR in South Africa is at an interesting stageof its development and there is a great dealUK and South African IROs can learn fromeach other. South Africa has some world-class management teams working hand-in-glove with talented IR teams and there arecompanies who have rightfully claimedtheir places on the likes of The BostonConsulting Group’s annual list of ‘GlobalChallengers’ – companies which have, overthe past 10 years, grown almost four timesfaster than their peers in mature marketsand generated shareholder returns morethan five times higher. There are seven African companies on this

year’s list (see www.bcgperspectives.com/global-challengers-2016), five out of theseven are South African companies andinclude iconic businesses such as Sasol,Discovery, Tiger Brands and Aspen. Theseare great businesses whose brands arerecognised globally. A shame then that, witha few exceptions, clicking through to theinvestor relations sections on their websitesis like being cast back in time; there is littlethere to suggest the innovative, forward-thinking challenging brands they are. As one seasoned UK IR director put it to

me recently: ‘Business is about getting stuffdone.’ Post Brexit, companies will continueto be expected to ‘get stuff done’ and toexplain, clearly and consistently, how theyhave done it and why, and how they willcontinue to do it in the future, sustainably,responsibly and transparently. IROs facedwith the challenges of crafting their corporatenarrative, whether in a developed oremerging market, will continue to play acrucial role in ensuring a fair value for thecompanies they represent and in looking foropportunities to grow in an increasinglycomplex and competitive world. n

Post Brexit,companies willcontinue to beexpected to ‘getstuff done’ and toexplain, clearly andconsistently howthey have done itand why

‘

’

Best

Practice

Awards

2016

Tuesday 22nd NovemberThe Pavilion at the Tower of London,London, EC3N 4AB

For more information and to book your tickets:www.irs.org.uk/events/dinner+44 (0) 20 7379 [email protected]

22 IR SOCIETY

INFORMED LETTER FROM HONG KONG

Hong Kong is the world’s equityfunding leader. In 2015, a total of

US$33.6 billion equity funds was raisedthrough IPOs in Hong Kong, topped asthe world’s largest IPO centre. HongKong’s capital market and investmentbusinesses are highly internationalised.The city attracts a great pool of globalenterprises with its profound financialinfrastructure and effective regulatoryregime that meet worldwide financialexpectations. The fast-paced Hong Kong is renowned

as business-friendly with its simple andlow taxation, and well-developed legalsystem. Hong Kong is the importantgateway for Chinese mainland enterprisesgoing global, and for foreign firmsentering the mainland market. Manyoverseas and institutional investors as

well as those from China set upcompanies in Hong Kong whilst themetropolis is the global hub for renminbitrade settlement.In terms of investor relations, it might

be tremendously challenging to managewith such a sophisticated pool ofinvestors, who each have a differenttrading strategy and investment scope.Yet, leveraging on the strengths andnetworks the local market is given, awell-executed IR programme can bringmore than capital and shareholders fromthe diversified background. Many Chinese and local enterprises see

the trend in recent decades and recognisethe efficacy of investor relations. They arefast learners from the achievement of IRdemonstrated by peers across the world.

A growing roleDespite the mature and open market ofHong Kong in Asia and worldwide, IRhere is still a young industry. Unlike thedeveloped IR industry in the UK market,there are still a number of companieslisted in Hong Kong who do not havetheir own IR team. It is very common thatthe chief financial officer, companysecretary or financial PR executive oflisted companies overlooks or evenundertakes the business’s IR activities.Some others hire a consultancy to handlethe job. It is encouraging to note that theHong Kong Investor Relations Associationhas been recording a continuous growthof IR specialist members since 2011, andwe anticipate a more progressiveexpansion. To some extent, we are still seeing IR

activities in Hong Kong beingcomparatively passive. Althoughvoluntary disclosures are recommended,some listed companies are still taking theapproach of just complying with theHong Kong Stock Exchange Listing Rulesand sharing minimal investorinformation. A few make their IR contacts

public online, while many simply offer ageneral hotline.Beyond the thirst for IR specialists,

regardless of whether they are in-houseor from service providers, HKIRA sees theimportance of promoting best practicesand is devoted to advocatinginternational standards. Looking ahead,the evolution of the Chinese IR industryinto a profession is promising in themedium term. n

Opportunities to build IRin the gateway to China

THE GROWTH OF IR• Hong Kong leads the world in

equity funding and is seen as agateway for mainland Chinese firmsgoing global – and foreign firmsentering the mainland market.

• Many companies do not havededicated IR people – though this isslowly starting to change.

Hong Kong is the world’s hot-spot for IPO listings – however IR is still ayoung profession, as Eva Chan explains.

Dr. Eva Chan is chairman of theHKIRA, and head of IR at CC LandHoldings Limited (SEHK: 1224).

[email protected]

letter fromHong Kong

In terms of IR, it mightbe tremendouslychallenging to managewith such asophisticated pool ofinvestors, who eachhave a different tradingstrategy andinvestment scope

‘

’

Investment proposition lacking impact with youronline audience?

With 84% of institutional investors using corporate websites and 73% saying the quality of them influences their investment decisions,

be sure your digital communications tell your best story.

Our experienced team will guide you every step of the way, from internal workshops to crafting content, design, build and support.

For all your digital communications needs, choose Investis.

[email protected] | 0207 038 9000Contact our team to understand how we can help you:

25IR SOCIETY

CAREERS & PDAUTUMN 2016

The start of the year in January andFebruary was no different for my

recruitment team compared to previousyears. The typical seasonal trend in the IRjob market, and one we have seen overthe last few years, would be a slowJanuary/February as many IROs have theirheads buried in year-end resultspreparation, and companies aren’tfocused on hiring. Usually, March/April time is when there

is a pick-up – often the bonus pay-outseason acts as a catalyst to stimulate therecruitment market. And this carries onthrough May/June/July. However, this year has bucked the

trend. There was no significant pick-up inMarch/April, as expected, with thelooming fear of the Brexit vote on its way.Some clients were more cautious abouthiring decisions with so much uncertaintyahead, and candidates in existing IRpositions were holding tight.The trend from the last three years on

the candidate side is continuing with veryexperienced capital markets professionalsleaving the investment banks – fromcorporate broking, sell-side, equity sales –and searching for a next move into IR. Itremains a very appealing career choice

for many City professionals, not least forits longevity. This has meant an ongoingimbalance of supply and demand – withan overcrowded and competitivecandidate market. So candidates need torely more on their sector specialism,banking network or on identifying theirown USP to make their profile stand outfrom the crowd.The role of corporate in-house IR is a

specialised one, and combined with smallteam sizes (average two to three), theturnover of jobs is generally quite low.Therefore the number of roles that cometo the market are limited – but that hasalways been the case. However, with a

Debbie Nathan is principal consultant,investor relations at [email protected]

The City needs skilled IRprofessionals – and the pace ofhiring remains steady, asDebbie Nathan explains.

IR JOBS• There is an ongoing imbalance

between supply and demand with anovercrowded and competitive market.

• The IPO market is less active, butoverall new IR vacancy levels are at ayear’s high.

• Listed companies need the strength ofa disciplined IR message.

Quietly optimistic about IR jobs

Careers and professional development a special feature

RECRUITMENT

25 Quietly optimistic about IR jobsDebbie Nathan

27 Meeting the challengesSalisha Ilyas

28 Develop your skill setVincenzo Leporiere

31 Moving up the IR curveRosie Wilkins

32 The rise of e-learningVanessa Harwood-Whitcher

34 The Diploma in IRRoss Hawley

35 Back to first principlesSue Scholes

36 Using the knowledgeAlex Money

38 How to lunch and learn...Nicole Solomon

26 IR SOCIETY

INFORMED CAREERS & PD

less active IPO market here in the UK atpresent, it doesn’t look like there will behuge amounts of growth in the short termfrom this source, though in my opinion itis definitely not all doom and gloom, andcertainly not a declining market.

Brexit impactAt the start of the year we were indiscussions with a number of smaller AIMlisted companies who were starting tothink about investing in an inhouse IRresource for the first time. This issomething of the ordinary for EMR, andpart of our regular dialogue with clients. However, anecdotally, around 50% of

those discussions materialised into roleswhilst the others decided the timingwasn’t right for this investment with thereferendum in sight and with the future souncertain. Some put their decisions forthis investment on hold, or more generalheadcount freezes have meant they willnot be pursuing this immediately. But thelonger term view is that these will comeback on the market.Furthermore, a slowdown in the IPO

market in the UK will limit any further

growth in the IR job market for the shortterm. Additionally, last year, private equity(PE) made up a large proportion of UKIPOs and we saw a growing number of IRopportunities in the PE space includingfundraising type roles. However, post

Brexit, many of those IPOs in the pipelinethat were highly dependent on the UKeconomy have been postponed or arebeing strategically rethought.

Future IR recruitment marketHowever, whilst the growth to the IR jobmarket coming from AIM or pre-IPOcompanies may be slower, I remain veryoptimistic about the future for the IR jobmarket overall. To date, here at EMR we haven’t seen

any significant impact of things changingin existing IR teams within FTSE 350companies. Since Brexit we havesuccessfully worked IR roles in FTSE 100& 250 IR teams, PE firms and corporateaccess. IR does of course feel the impactof a slowdown in primary market activity,and the capital markets environmentmore generally, but despite that I wouldargue there is a need more than ever forcompanies to have disciplined IRfunctions, with IROs that are trustworthy,credible and maintain criticalrelationships with the market. IROs willbe busier than ever understanding thepotential impact of the leave vote on theircompany and keeping on top of theirmarket response for this inevitablequestion from all market participants.Uncertainty in equity markets is thebiggest challenge, leading to volatilityand weak investor sentiment; however Idon’t think this poses much of a threat tothe IR job market in the long term.As I sit here today writing this, the FTSE

100 is at its highest level in 12 monthsand July UK employment and retail salesdata, produced post referendum decision,has pointed to resilience in the UKeconomy, with both coming in ahead ofmarket expectations. Additionally, inAugust, EMR has recorded its highestnumber of new vacancies since April. Sothere are definitely positive signs that themarket is getting more active and pickingup as we head into Q4.Overall, and to summarise, I remain

optimistic for the IR job market in theforeseeable future. IROs are having moredirect contact with the buy-side than everbefore; they are experiencing moreexposure to boards, highly likely due tothe increased scrutiny and value placedon IR in these markets, and therefore inmy opinion there will always be a needand hence an active recruitment market inthis space. n

Candidates need torely more on theirsector specialism,banking network oron identifying theirown USP to maketheir profile standout from the crowd

‘

’

Prove your value with the

Certificate in Investor Relations

Worldwide, over 1,000 successful candidateshave demonstrated their experience, commitmentand professionalism by completing the IRSociety’s Certificate in Investor Relations (CIR)and International Certificate in Investor Relations(ICIR) qualifications – you can too!

email [email protected] www.irs.org.ukcall +44 (0) 20 7379 1763

CIRCertiÞcate inInvestor Relations

27IR SOCIETY


After graduating from university with adegree in accounting and finance, I was

eager to begin my career. Looking for aposition with diversity of tasks and a steeplearning curve, I began a career in investorrelations (IR) at a Toronto-basedpharmaceutical company, where I quicklygrew into the role and the profession.There are few professions that interact with

all functions in an organisation and directlywith the executive management team;investor relations is one of them. I learnedinvestor relations officers were responsiblefor communicating a company’s financialand operating performance to the investmentcommunity; this included communicatingdifficult news, as well as positive. The formerwas initially a challenge for me, but I soonrealised that opportunities lay in tacklingchallenges and this was necessary if I wishedto grow as an investor relations officer (IRO).Assuming progressively senior

responsibility, I expanded my experiencefrom writing copy, analysing peer data andcoordinating IR and corporate events, todeveloping and implementingcomprehensive IR strategies with the

Meeting the challengesMoving between industries and between countries can bring valuableexperience. Salisha Ilyas reflects on her move from Canada to the UK.

objective of broadening company awarenessand improving how corporates are valuedamong sell-side research analysts andinvestors. I also built relationships with keyinternal and external parties. Workingclosely with executive management andbusiness heads, I planned capital marketdays to provide additional insight into thebusiness and industry, and I developedrelationships with research analysts andinvestors that supported me in developingtargeted IR communications for quarterlyearnings announcements, annual reports,investor presentations and other investordisclosure materials.

Working at CIRI12 years later, having worked in thepharmaceutical and mining industries andsubsequently completing an MBA, I joinedthe Canadian Investor Relations Institute(CIRI) as the organisation’s director ofprofessional development andcommunications. Being a CIRI member fora number of years, it was interesting to be onthe other side. I actively networked with IRprofessionals and institutional investorsacross Canada and the US to determine IRbest practices and policies, and I discussedchanges to security regulations with thoughtleaders, to keep members and theirmanagement teams informed ofdevelopments.Continuously seeking best practices – a

new standard or a better alternative – allowsIROs to find new and creative ways toaddress IR issues. Examining practices acrossindustries and market caps sometimesrequire us to challenge the norm. In doingso, we strive to produce superior results,elevating our IR strategy and the profession.Reflecting on this experience, I am

amazed at the level of volunteerism at CIRI,the IR Society and other professionaldevelopment associations I have beeninvolved with over the years. Professionaldevelopment associations often rely onvolunteers, many of whom have busy traveland personal schedules. Due to their passion

MEETING THE CHALLENGES• Ilyas started her IR career at a

Toronto-based pharmaceuticalcompany and also worked in themining industry.

• After 12 years, having completed anMBA, she moved to work for theCanadian Investor Relations Institute.

• Roles open to IR professionals aremore diverse in the UK.

for investor relations, IROs continue tosupport these associations and theseprogrammes and organisations are morevaluable as a result.

Memorable momentsDespite similarities between Canada and theUK, there are areas where the UK ismarkedly different. Unlike UK quotedcompanies, Canadian and US quotedcompanies are required to report quarterly.Though many UK companies still providequarterly trading updates, I believe theinterim and preliminary reporting systemencourages both corporates and capitalmarket stakeholders to focus on long-termobjectives (and value), thereby discouragingshareholder short-termism. I have also observed that roles open to IR

professionals are more diverse in the UK. Asit stands, the majority of Canadian IROs stillhold traditional IR roles within publiclyquoted corporates. This differs to the UK inthat private equity firms and investmentfirms increasingly look to employ the skillsof IR professionals to communicate toinvestors and other capital marketstakeholders, and this presents new andexciting opportunities for IROs looking toapply their skills to a new professionalchallenge.

Great companyMy career has awarded me manymemorable moments. Many haveencouraged me, some have rewarded meand all have challenged me. I am fortunatefor the roles and responsibilities I have held,the teams that I have worked with and thelearning experiences I have had both inCanada and the UK. I am honoured to bepart of an accomplished and drivencommunity of professionals and I lookforward to continuing my IR journey in theUK in one of the world’s most recognisedand respected marketplaces. n

Salisha Ilyas is director of professionaldevelopment and communications at the

Canadian Investor Relations [email protected]

PERSONAL STORY (1)


Nowadays, getting into IR is a seriouslycompetitive business. With IROs

coming from a wide range of backgrounds,how do you make it into IR and what do youhave to do to stand out?

PeopleI don’t often use clichés, but it’s only fair tosay that I found myself in the right place atthe right time. Having just qualified as achartered accountant I was working in theGroup Internal Audit department of Hays, theFTSE 250 specialist recruiter. Saying that Iknew precious little about the world of IR isprobably an understatement. I was startingfrom scratch – which quickly leads me to myfirst point: people. Surround yourself with thebest people in the field: this could be withinyour own IR team or for example by buildingrelationships with other IROs. After all, theability you have to do a good job is veryoften dependent on the calibre of the peoplearound you. I was lucky to be given the opportunity to

join an award-winning IR team at Hays,willing to teach me the ropes and to invest inmy development. Being part of a small IRteam gave me literally instant access to the C-suite: my first roadshow was an

overwhelming, fascinating learningexperience. Equally, I have been able to buildstrong relationships with other IROs throughvarious IR Society networking events and byjoining the IR Society finance committee, agreat way of learning from the very best.

Financial knowledgeOf course having good people around youmay help you to keep building and furtheringyour career in IR; however it may provedifficult to do that without having strongfoundations in place already. As we know,there are various routes into IR, each withtheir varying strengths. It is common for IRprofessionals to have a financial backgroundeither in accounting or banking or both, asgenerally in most companies the IR role ismuch closer to the finance function than tocorporate communications. It is not uncommon though to come across

research articles that point out that someCEOs and CFOs value IROs more for theircommunication skills than for their breadthof financial knowledge, the latter often takenas a given. Being a chartered accountantdefinitely gave me a head start and made iteasier for me to navigate around analysts’models or to identify and link variousfinancial drivers of Hays’ performance. Forthose without a financial background or withlimited financial knowledge, this gap can befilled with an array of courses, not least the IRSociety’s CIR qualification. However, even with a financial

background, I had to quickly develop a seriesof ‘softer skills’ to ensure that I couldcommunicate my technical findings andanalysis in a simple, coherent and effectiveway to a very well educated audience. Youneed to be both credible and confident whendealing with and being challenged by variousstakeholders, especially when, like in mycase, you’re part of a very small, hands-onteam. A combination of technical knowledgeand softer skills definitely puts you in goodstead.So, you have a sound technical

knowledge, have developed a good set ofsofter skills and have surrounded yourself

with the best people in the profession, butyou feel like you’re still not standing out? Ifthat’s the case, then the last point I’m going tomake is very simple: put your hand up.

Sense of initiativeStanding out among your own colleagues orthe wider IR community does not justhappen by chance. It’s such a competitiveenvironment with so many talentedindividuals that your personal brand maysometimes go unnoticed. So make yourselfmore visible and put your hand up. Yes, we all think we’re busy (and

sometimes we really are), but can you sparea couple of hours a week to help out on acorporate development project or maybe toassess the impact of the latest technology onyour company’s business model or simplyuse your own initiative to re-assess yourcompany’s competitive landscape? If you’renot already in an IR team, then offer to helpout during busier times, around results forexample, or ask to sit in investor meetings orconference calls. Still, if opportunities arescarce in your own organisation, there arevarious ways of getting involved withcommittees and steering groups at the IRSociety – just put your hand up. Sometimes, as it has happened before to

me, someone will put their hand up for youand when that happens (after accepting thefact that more work is coming your way) youshould embrace the opportunity and makesure that there are some clear learning pointsand takeaways from that exercise – not leastbuilding/nurturing good relationships (backto my first point). Clearly everyone will have their own way

of operating in a professional environment,however I do believe that sound technicalknowledge, complemented by softer skills,good people and a strong sense of initiativecan make your IR journey much moreenjoyable and rewarding. n

Develop your skill setBuilding your IR career requires a firm foundation – and for Vincenzo Leporiere this was in finance. Here he offers valuable tips.

DEVELOPING SKILLS• Leporiere trained as a chartered

accountant, and moved from internalaudit at Hays plc to the IR team.

• Build relationships and surroundyourself with the best people in thefield.

• Develop a combination of technicalknowledge and softer skills.

• Make yourself more visible by puttingyour hand up.

PERSONAL STORY (2)

28

Vincenzo Leporiere is on the IRteam at Hays.

[email protected]

CONNECT WITH INFORMED INVESTORSThe Financial Times Share Service is a powerful way to promote your brand, communicate with your clients and attract new investors.

For more information please contactDaniel Fish [email protected] +44 (0) 20 7873 4571

31IR SOCIETY


Moving up the IR curveFrom art restoration to a hedge fund in Hong Kong, Rosie Wilkinsmoved into a busy IR career in London, with the help of much coffee.

MOVING UP THE IR CURVE• After seven years’ experience on the

buy-side in London and Hong Kong,Wilkins moved into the IR industry.

• While in Hong Kong, she secured anIR job in London through the IRSociety Job Zone.

• It was a steep learning curve, but theSociety’s DELIVER programme wasvaluable in sharing experiences.

• She later joined the award-winning BTIR team.

What do art restoration and IR have incommon? Not much, you would

probably say – and you would be right, butthat didn’t stop me trying to pursue a careerin both. Having completed a degree inchemistry, I was keen to put my analyticalskills to work and art restoration seemed aninteresting place to start, albeit an unusualone. I quickly realised though, that despitesome understanding of pigment analysis, myunfortunate lack of artistic prowess hinderedany hope of a credible career. A saferoption, at least for any art-lovers, was to takea job at Boyer Allan, an Asian equities hedgefund where my main role was that of ageneralist equities analyst. After enjoyingfive years in their London office, I relocatedto Hong Kong where I continued to work forthem for a further two years, until thecompany closed in 2010. With seven years’ experience on the buy-

side, I saw this as an opportunity to expandmy skill set, and I decided to take a businessdevelopment role at a luxury property fund.After a few months, however, I realised Imissed the direct capital markets exposure,

so started researching appropriate roles,while simultaneously completing the CFAprogramme. With some understanding of thebuy- and sell-side already I felt they weren’tthe right fit for me culturally, so instead Idecided to speak to contacts within thebroader Hong Kong IR community. The more people I spoke to the more

fascinating it sounded. Virtually no other jobseemed to offer such variety on a day to daybasis, requiring you to combine yourcommunication and financial skill set, whileoffering access to some of a company’s keyinternal and external stakeholders, in turnenabling you to have a broad overview of acompany. In addition, from a corporatestrategic perspective the function seemed tobe increasingly important. I was keen tosecure a position, and fast.

A caffeine-fuelled job searchI decided a move back to London wouldenable me to gain the most relevantexperience. Before actually packing mybags in March 2014 – and having left theproperty fund earlier that year – I spoke tosearch consultants VMA, EMR and TaylorBennett, who all helped immensely. Iquickly discovered the market wasextremely competitive, despite theincreasing prestige and number of roles, andrealised I needed to take a more proactiveapproach. I decided to contact IROs directlywith the somewhat cheeky request to picktheir brains on all things IR in return for acoffee. Although it didn’t lead to a roleinitially I’m delighted to say the strategy paidoff later, plus it gave me the opportunity toconduct a thorough analysis of baristas. Idrank nearly 50 coffees, a clear illustrationof people’s willingness to help within the IRcommunity! Thankfully I’d managed to secure a job in

London before leaving Hong Kong in March2014, having applied for a role advertised onthe IR Society Job Zone. The role was withTelecityGroup, at the time a FTSE 250 listeddata centre provider, supporting the IRDirector. The first few months were

relatively calm, allowing me to find my ‘IRfeet’, but from August 2014 the gradient ofmy IR learning curve increased dramatically.The week before a new CFO was due tostart, and just a month before the CapitalMarkets Day, the CEO stepped down, withthe chairman taking on the role of executivechairman. Shortly afterwards, a refreshmentof the strategy started, with an update due tobe given to the market alongside the full yearresults in February 2015. However, the update was somewhat

overshadowed by the announcement thatTelecityGroup had signed an agreement tomerge with Interxion. Following this, in May2015, the Board announced that they hadaccepted an offer from Equinix forTelecityGroup. Unsurprisingly, the ensuingmonths required higher levels ofengagement with investors, particularlythrough the European Commission approvalprocess, up to completion of the transactionin January 2016. During this intense time I was particularly

grateful to have been a delegate on the IRSociety’s 2015 DELIVER programme. IR canbe lonely at times: being able to shareexperiences and ideas with others,especially given how transferable aspects ofa programme can be, was invaluable. Despite some sleep-deprived nights at

TelecityGroup, I loved my first foray in IR, oras I more often refer to it, my IR crashcourse. Back to the baristas it was, CaffeNero this time and subsequently an offerfrom the BT IR team came my way. Havingbeen voted the leading IR team in England inthe Extel Awards for the last three years, whobetter to learn from than them? I jumped atthe opportunity and so my journey up the IRlearning curve continues, with my creativejuices being satisfied by millinery (hat-making for those less familiar with the term)rather than Old Masters. n

Rosie Wilkins is senior investor relationsmanager at BT [email protected]

PERSONAL STORY (3)

32 IR SOCIETY


Globally, organisations spend huge sumseach year developing e-learning

courses and these are now a major way ofdelivering compliance, qualifications andskills-based learning.The main reasons for this growth are the

huge strides in computing and internetcapability as well as-growing number ofbusiness advantages which e-learning canbring. These include the ability to: delivercontent to users, anytime, anyplace,anywhere; reduce the costs of trainers,printing and venues; and distribute learningto geographically dispersed learners wheremore traditional training would not havebeen educationally or economically viable. In addition, organisations can gain

consistency of materials to learners; track,test, record and report on learner progress,helping to prove a return on investment;provide more effective learning opportunitieswhich aid retention of learning; and canbring disparate groups of people togetherwho can learn from each other, harnessingthe power of social networks

Caution with onlineAs with all technology adoption, caution isadvised. Like all technology solutions, thoseoffering online courses must think carefullyabout how they plan and execute e-learning.

First, consider the audience – how do theylike to learn? What are their learning needs?Then think about content and how best tocommunicate it – don’t fall into thetemptation of recycling a bad PowerPointpresentation into e-learning.Remember that just because something is

online does not make it interesting andengaging. Think how you can use differentonline elements such as quizzes, videos andsocial networking to get interactivity andkeep learners’ attention. Also think aboutwhether your learners need support –sometimes online is not enough on its own,so consider how you could blend it withother forms of learning.Finally, e-learning isn’t necessarily cheap.

Good e-learning needs proper instructionaldesign, subject matter expertise, testing,software to develop the courses and amethod of delivering the course to anaudience which will require hosting on aphysical server or the cloud.

The ACT journeyDistance learning has long been used by theAssociation of Corporate Treasurers, whichhas 7,500 members worldwide and 42% ofstudents overseas. However in 2014, itbegan an ambitious journey to revise itsentire suite of qualifications and trainingcourses, using the latest technology. Thefollowing is a taste of what was developed.

Online learning management system – theACT Learning AcademyThis is a one-stop shop for every type of ACTqualifications and training activity. Its keyfeatures are that it:

• creates user-friendly learning pathwayswhich help students structure theirlearning and keep motivated;

• houses all learning materials in one place– materials can come in any format:webinars, videos, e-learning packages,PDFs, e-books, podcasts, handouts andpresentations from classroom workshops;

• provides Twitter feeds offering treasuryinsight;

Vanessa Harwood-Whitcher is director ofprofessional standards and learning at the

Association of Corporate [email protected]

• has an extensive, searchable resource onthought leadership, study tips;

• allows the ACT to poll students on keytopics, keeping our interaction withstudents flowing and gaining insightinto student motivation and behaviour;

• has lively discussion forums to create asocial feeling among students andconnect them with subject matterexperts;

• has ‘Ask the tutor’ function for privatetutor support; and

• has tracking and reporting of studentprogress for both the ACT and thestudents.

First Steps in Treasury e-learning seriesThis is delivered online through the ACTLearning Academy. First Steps offers bite-sized learning to fit around busy workinglives, so that:

• learners can start, stop and repeat theirlearning as much as they want to;

• the training sessions are highlyinteractive with quizzes, case studiesand real life treasury problems to solve;and

• the sessions take between 45 and 90minutes to complete.

Online exam delivery and onlineinvigilationThe final part of ACT’s online changes wasto move its entire assessment processonline. This includes:

• candidates sitting their exams online inthe comfort of their own home or office;

• an online invigilator uses special softwareand a webcam to look down thecomputer and keep an eye on thecandidates to ensure they are notcheating;

• all marking is done online, speeding upthe process and reducing logistics; and

• results in some cases are providedinstantly, saving the long wait.

The ACT has been using all of theseonline resources since May 2015 and thefeedback has been very positive. Theflexibility which the Academy brings tostudying whilst working is key. Being able to sit exams without travelling

to an exam centre has reduced stress levelsand time out of the office. In fact, in arecent survey of ACT’s Certificate students,100% of learners were satisfied with theirstudy experience. n

The rise of e-learningVanessa Harwood-Whitcher describes the innovative onlineeducational moves by the Association of Corporate Treasurers (ACT).

ONLINE COURSES

Are you studying for the CIR or ICIR?Boost your chances with the CIR and ICIR Online Learning Support Modules

For more information: email [email protected] visit www.irs.org.uk call +44 (0)20 7379 1763

The Online Learning Support Modules focus on the more theoretical elements of thesyllabus, where most value can be added by the online learning process, and will helpensure that you have the very best chance of passing the final exam.

The following topics are covered in the CIR/ICIR Online Learning Support Modules:

• Companies & Regulation• Regulatory Environment• Accounting, Valuation & Investment Principles

They can be accessed from your PC, tablet or smartphone. The cost for the CIR/ICIROnline Learning Support Modules is £399 + VAT

34

Ross Hawley is on the IR team at Rolls-Royce, and chair of the IR Society’s

education committee.

IR SOCIETY


Coming soon...

The Diploma in Investor RelationsLater this year, the IR Society will reveal the details of a newqualification for senior members of the IR profession – the Diploma inInvestor Relations (DIR). This new exam-based qualification will sitabove the well-regarded Certificate in Investor Relations (CIR), whichprovides a professional threshold for those entering the IR industry.

Ross Hawley, chair of the IR Society’s education committee,explains the importance of this latest initiative of the IR Society andwhat it means for the IR professional and for careers in the IR industry.

Ibelieve that the proposed Diploma inInvestor Relations is a very significantmilestone in the maturing of the IRSociety’s education offering. As we havebeen designing the diploma coursestructure and content, we have kept frontof mind three key elements: that this is anopportunity to design from scratch whathas the potential to become aninternationally recognised and respectedprofessional qualification; and thecontext and framework it provides for theIR Society’s advanced courses. Finally,that it should be targeted at an IRO orservice provider with a minimum of threeto five years relevant experience andready to take a senior team position or afirst IR leadership role.

For the IR Society programme, thecourse has been designed to fill the gapbetween the highly successful foundationlevel Certificate in IR (CIR) and the seniorDELIVER leadership programme. As partof this, it helps answer the ‘what next’question for the now 1000+ CIRgraduates looking for evidence of furthercareer progression. If well received andfit for purpose, it has the potential tobecome the gold standard for the investorrelations professional in a number ofmajor financial markets.The Diploma will also provide a

framework for our growing number ofadvanced courses, which have doubledover the past 18 months. These coverareas such as financial modelling andstrategic financial PR, as well as morespecialist areas such as debt IR andcorporate sustainability.We have also for the first time reached

out to a number of other professionalservices societies to provide access tospecialist course content from theirdevelopment programmes which will beof particular relevance to an investorrelations professional.This proposed ‘code sharing’ should

enable an IR Society member to broadentheir knowledge and understanding ofrelevant disciplines such as PR, treasury,company secretarial or corporategovernance – all of which are key todeveloping the understanding essentialfor an effective head of IR – and courseswe would struggle to offer ourselves.

Piloting our way to a successFor the successful Diploma candidate, wehave been clear that this should be seen

as a testing qualification, and one whichis an excellent way to evidence a breadthof skills and understanding both for theirexisting, and any prospective, employeror headhunter. Importantly, it will helpmitigate the frustrating catch-22 withinmany job descriptions of the requirementfor ‘previous head of IR experience’, byproviding an alternative but still effectiveway of demonstrating capability for sucha role.Within its remit, the Diploma will also

fulfil a growing demand for well-definedand examinable continuousdevelopment, especially for theincreasingly experienced IRO team

The Diploma teamhas spent the past12 months workingon buildingsomething whicheach wished hadbeen availablewhen they were atthis key stage intheir IR career

‘

’

DIPLOMA IN IR• The Diploma will be for more

experienced IR professionals.• The IR Society has worked with other

organisations to provide access tospecialist course content.

• The pilot programme launches thisautumn and should test variousaspects of the new qualification.

35IR SOCIETY


member. Furthermore, for candidates whohave pursued careers in adjacentdisciplines such as corporate broking,financial PR or IR service providers, theywill benefit from the credibility theDiploma offers through being able toevidence their own understanding of theirclient base.The pilot programme this Autumn

should help test out various aspects of theprogramme, from code-sharing, to theexamination format, and new coursetopics including ethics training. Inaddition, our experience from theDELIVER course is that the benefits for anIRO of developing an informal network ofexperienced peers are considerable –whether for advice in unusual situations,to news as to potential job opportunities.In conclusion, the Diploma team has

spent the past 12 months working onbuilding something which each wishedhad been available when they were at thiskey stage in their IR careers. We all havethe aspiration that this will become thestandard for companies looking to hire asenior IRO or head of IR; and recognisedby head hunters, in the way the CIR hasbecome the standard for those enteringthe profession. n

The Diploma in IR (DIR) may only havestarted to fall into shape recently, but

it builds on an idea which has beenaround for some time. Many of us havecome into IR from other disciplines, inwhich we had obtained professionalqualifications while developing ourexperience, thereby becoming ‘qualified’.So the concept isn’t new; what’s differentis that the IR profession has now maturedsufficiently to support a similar process ofprogression. And I think that makes this avery exciting time for all of us. Ouraspiration? We’d like to think that, in 10years’ time, it will be hard to imagine thatthe DIR never existed – exactly as wethink about the CIR now.Of course, the Diploma couldn’t have

been contemplated if it hadn’t been forthe success of the Certificate in IR. TheCIR is over 10 years old now and isrecognised as the way of demonstratingcompetence in IR – and not just in theUK. Successful candidates regularly askus what’s next, but to date it’s beendifficult to give a definitive answer. Since2013, we have had the DELIVERleadership programme, but this is bestsuited for those reaching the pinnacles ofour profession. So the Diploma isdesigned to fill this gap, providing a

Back to first principlesFormer IR Society chair Sue Scholes sets out the background to thelaunch of the DIR

In 10 years’ time, itwill be hard toimagine that theDIR never existed –exactly as we thinkabout the CIR now

‘

’

Sue Scholes is former chair of the IR Society,and current examinations committee chair.

logical and challenging progression forthose creating a career in investorrelations. We’ve been back to first principles

when designing our newest qualificationand have looked at the competenciesrequired for a successful career in IR. Wehave grouped them under five headings:technical; communications; personal;strategic; and leadership. For eachcompetency, we have then made anassessment of the knowledge andexperience required at four levels in atypical IR career. This has then given us aclear guide to the subjects and level ofexpertise we should expect fromcandidates sitting the new Diploma. It’salso been a good reminder of the diverserange of skills required to be successful inour profession. We’ve had extensivediscussions about how best to examinethem and how to include relevantcontent from associated professions. As aresult, you’ll see that the DIR contentclearly builds on the requirements of theCIR; although the exam format is verydifferent, appropriate to the level beingexamined.

Ethical considerationsWe’re also, for the first time, specificallyaddressing the type of behaviour weexpect from our members. Unlike mostsimilar professional associations, the IR

The DIR will buildon the success of theIR Society’sfoundationqualification, theCertificate inInvestor Relations(CIR).

Full details about theCIR includingforthcoming examdates can be foundin the regularInformed sectionstarting on page 46.

DIPLOMA (2)

IR SOCIETY


Society has not previously had a Codeof Conduct for its members. Given theincreased maturity of our profession andour Society, the board has plans toaddress this anomaly over the next fewmonths. And as a result, DIR candidateswill face compulsory questions onhandling tricky ethical situations. Ibelieve this can only add to thecredibility of the qualification and theSociety itself.The Diploma is somewhat of a step

into the unknown: the IR Society has notoffered anything quite like this before.So we are proceeding cautiously,running a pilot programme in Autumn2016. Our small band of volunteers willgo through the entire process – fromapplication, to revision sessions, toexaminations and final qualificationprocess – and will report back; on whatworked and on what they think we needto improve. We are very grateful to them– and are working feverishly behind thescenes to stay a step ahead of them!It’s taken a lot of brainstorming and

hard work to get us to this stage and I’dlike to thank all those who have helped,particularly Ross Hawley, Dr AlexMoney, Claire Lavery, Jennifer Bargrove,the Coleman Street team and the otherEducation committee members. We arehoping to launch the Diploma in earnestin 2017 – watch out for further details. n

DIPLOMA IN IR• The DIR will build on the skills

required to gain the CIR. • Full launch of the Diploma will be in

2017.

Our small band ofvolunteers will gothrough the entireprocess – fromapplication, torevision sessions, toexaminations andfinal qualification

‘

’

It was important tous that the Diplomawas inclusive ofthose working – oraspiring to work –in advisory andconsultancy roles

‘

’

Aparticular challenge in framing thisDiploma was in ensuring its fitness of

purpose. The steering committee for theDiploma project agreed from the outsetthat the Diploma in IR was not to beanother threshold qualification ofcompetency in investor relations. Thatfunction is very well fulfilled by the CIR,which is a respected benchmark and hasnow been running for over 10 years.Rather, our objective was to frame theDiploma in ways that would beinteresting to experienced practitionerswho wanted a way to demonstrate (anddifferentiate) their abilities to manage thenuances and complexities of investorrelations at the most senior levels of theprofession.It was important to us that the Diploma

was inclusive of those working – oraspiring to work – in advisory andconsultancy roles, as well as in senior in-house IR roles. While no qualificationwill, of course, eliminate the emphasisthat employers rightfully give to specificexperience, personal chemistry and soforth, a core purpose of this qualificationis to provide employers with anindependent and objective indicator of acandidate’s suitability for some of themost demanding roles within IR.

Using the knowledgeThe steering committee put a great deal of work into shaping the keyfeatures of the new diploma, as Alex Money reports.

Having identified our target audiencefor this qualification, the steeringcommittee then focused on theframework for delivery. As a part-timeresearch and teaching academic, I havesome experience in this area, particularlyin terms of the design and developmentof executive education programmes. Itwas important that we were clear andexplicit about the intended learningoutcomes of the Diploma. Specifically,what was it that holders of the Diplomashould be able to legitimately claim as aresult of their qualification, and howcould the Society ensure that theseoutcomes could be deliveredconsistently, given the broad range ofexperience that we anticipatedcandidates to have?We reviewed various formats of

examination, including multiple choice,short answers, essays, and a combinationof written and oral examination. Eachapproach has its own merits. Multiplechoice is most commonly used and is thesimplest to administer; while oralexamination could provide a closer proxyto the actual working environment ofmany candidates. However, we felt thatmultiple choice did not offer sufficientflexibility to meet the Diploma’sobjective of demonstrating the discursiveabilities of candidates to capture nuance

DIPLOMA (3)

Alex Money is a research fellow at the SmithSchool of Enterprise and the Environment,University of Oxford, and founder of ACE

Consensus Limited.

36

37IR SOCIETY

The return oninvesting effectivelyin professionaldevelopment hasprobably neverbeen higher

‘

’

and balance. And while an oralexamination component was attractive, itwas considered impractical from adelivery and administration perspective.Having reviewed and discussed thevarious options, the steering committeesettled on an essay and short answerformat of examination.

More than theoryWith regard to the content of theexamination, the papers were framed toenable candidates to demonstrate theirknowledge of both theoretical andapplied aspects of IR. This is particularlyrelevant to an industry where a strongunderstanding of the principles is as

DIPLOMA IN IR• What differentiates this Diploma is

that it is not just about whatcandidates know – but also, how theydemonstrate this knowledge.

• Success requires candidates to setaside precious time to prepare.

• The steering committee settled on anessay and short answer format ofexamination.

important to the day job as dealing withits practicalities. For each paper, thecommittee determined that candidatesshould be able to demonstrate domainunderstanding of their specialist areas(examined as options), in addition to coreknowledge. Ultimately what differentiates this

Diploma is that it is not just about whatcandidates know – but also, how theydemonstrate this knowledge. The mostvaluable asset that a senior IR professionalpossesses is their ability to communicate.To borrow from Lord Reith, their missionis to inform, to educate, and – if not to

entertain as such – certainly to engage.The open-ended structure of theDiploma’s essay questions allow andencourage candidates to demonstratetheir capabilities. Our hope is thatsuitably prepared candidates will relishthe opportunity – and perhaps even enjoythe examination process! There are challenges to be overcome, of

course. We have been collaboratingwidely to ensure that the Society is wellpositioned to provide the teaching andtraining necessary to deliver and examinethis programme. It is also important thatwe sense-check our objectives withSociety members, to ensure that whatwe’re proposing meets an actual need.Few people complain of not havingenough to do at work, and success in theDiploma requires candidates to set asideprecious time to prepare. That said, in these particularly

uncertain times, the return on investingeffectively in professional developmenthas probably never been higher. Ourhope and belief is that in the months tocome, the Diploma in Investor Relations(DIR) will join its CIR sibling as abenchmark industry qualification,attractive to candidates and employersalike. n


Reach the best candidates for your IR vacancy –place your listing in The Investor Relations Society’sJob Zone on the website – www.irs.org.uk – at avery modest cost for a month and you will instantlytarget the best qualified group of IR professionals inthe UK and Europe. It works!

Call 01285 831 789

Email [email protected]

The best jobs can be found on theIR Society’s Job Zonewww.irs.org.uk

Time to move up? Need to find an IRO?

38 IR SOCIETY


How to lunch and learnwith Club IR...Nicole Solomon reports on the successful Club IR programme andother learning opportunities at the IR Society.

Club IR was a new initiative launchedin 2015, with the aim to provide an

efficient and highly-focused way for busypractitioners to keep up to speed onissues which are integral to their job,featuring topics that are not covered atour advanced level in the mainprogramme of IR Society educationalevents.Taking place on a Monday lunchtime at

the IR Society offices, these sessions haveproved very popular as efficient ways toget practical advice, war stories and newideas to take away and put into practice.Workshops earlier this year have includedtopics such as Proxy issues and how toeffectively engage with investors, keyelements of a Defence Manual, theModern Slavery Act and Effectiveintegration of sustainability reporting. These were led by experienced market

professionals, and IROs who haveattended the Club IRs to date have foundthe practical tips and guidance extremelyuseful and engaging, particularly whenidentifying the key processes and lessons

learnt from other companies and IROs,and in implementing best practice in IR. One participant commented: “Club IR

is a very good idea and an interesting wayto share knowledge and hear about otherIROs and their experiences on relevant IRissues. It was very helpful to hear thecommonality of the issues and the waythe IROs are dealing with it, and thesession worked well over lunch.”Essentially, these workshops are

targeted primarily at senior IROs, thoughseveral sessions may also attract thosefrom the buy-side, as well as bankers,corporate brokers and service providers.We always seek to respond to ourmembers’ demand and to offer a widerange of courses within our professionaldevelopment programme, and we trustthat our Club IR programme offers avariety of relevant topics and valuablelearning opportunities among your peers. We have a few remaining sessions for

this autumn/winter; please see page 45 for

On Monday 10th October, 2016, weplan to feature the following topic:‘Bloomberg: Data gathering, companyengagement & analyst consensusdiscussions’, with two senior analysts atBloomberg who are keen to share theirinsights regarding their rigorousprocesses, models and how Bloombergacquires data and handles companies’consensus. The Society thought thiswould present a great opportunity forIROs to hear about their proactiveapproach towards consensus,Bloomberg’s methodology, and how IRteams can improve their dialogue andeffectively engage with companies.With regard to Bloomberg’s approach

to consensus, it is key to note that all

new estimate submissions are subject toa series of business rules, includingbasic quality checks, logic checks (i.escaling, currency, previous value) andstatistical checks. Estimates that failbusiness rules generate outliers requiringfurther research by a Bloomberg analyst. The requirements a company needs to

submit data to Bloomberg is a multi-level process that is handled by peoplewith years of experience in this field,who can spot and deny contribution tocompanies based on many differentcriteria. If this is an area of interest to you or

your colleagues, please do not hesitateto get in touch with the Society and wecan sign you up for the 10th October.

upcoming Club IR dates and visit ourwebsite for further information andbooking: www.irs.org.uk/professional-development/booking/club-ir

Your inputAs ever, we would be delighted to hearfrom you should you have any commentsor suggestions on what courses/Club IRsthe Society could include in 2017. Seethe next two pages for current courses.

A Club IR workshop with Bloomberg, featuringConsensus: managing market-compiled consensus

Nicole Solomon is marketing andprofessional development executive.

[email protected]

OPPORTUNITIES• Club IR sessions focus on a single

topic and provide an excellentopportunity to discuss and share.

• Professional development coursescover a wide range of topics and areavailable to all Society members –contact us to book your place!

It was very helpfulto hear thecommonality ofthe issues

‘’

OPPORTUNITIES

IR SOCIETY


ESG/SRI: Sustainabilityissues for IROsThis half-day advanced IR course,introduced this year, is aimed at thosewho interact with various SRIanalysts/ESG teams and who wish todevelop an effective SRI programme. It isparticularly suited to companies that arechoosing to co-ordinate these investorcommunications from the IR department,but will be of relevance to all who areinvolved in this growing area of interest. The course will give participants all of

the information, context and access totools that they need to understand andrespond to the growing interest ofinstitutional investors in the sustainabilityperformance and corporate governancepractices of quoted companies.

What’s covered?It will focus on helping manage thegrowing IR-related communication and

reporting requirements around SRI/ESGissues, ranging from employeeengagement and social responsibility tosupply chain and environmental impact.Participants will gain a betterunderstanding of the key sustainabilityissues, current and future trends and howto successfully identify and engage withkey stakeholders. Check the website tofind out more and to book.

IR Regulation & ComplianceEssentials“Very useful overview of the regulations,especially as a newcomer to the IRfunction, and bringing my knowledge up todate. I especially liked all the real-lifeexamples – companies, fines, outcomes oftougher regulation. Excellent course.”

For IR professionals, compliance with rulesand guidelines is an essential part of thejob. Whether it is in financial reporting,market disclosures, compliance withrelevant listing regimes, the treatment ofinside information, or in the context of atransaction, mistakes are costly – not leastin reputational terms.This two-day course provides an

analysis of current legislation andforthcoming changes. Day One will provide a basic IR Toolkit,

covering the fundamental areas ofregulation and compliance that affect IR,

The IR Society boardroom is much in demand for Club IR and professional development courses – refreshments are available!

Really goodinsights frompeople with lotsof industryexperience

‘

’39

40 IR SOCIETY


while Day Two looks at more specific areasand situations, such as IPOs andtransactions. Attendees will learn how thelegal and compliance requirements for IRcommunications fit together, how they areapplied in practice, and what bestpractice standards are.To achieve this, and to support those

intending to sit the IR Society’s CIRqualification, the course uses many casestudies and examples, encouragingdiscussions about shared experiences.

Who should attend?This course is aimed at both new andexperienced IR, corporatecommunications and financial PRprofessionals. This course would also beuseful for others involved in IR such ascompany secretaries. It is also relevant to anyone studying for

the CIR qualification. The Societyrecommends all members to attend thiscourse at least once to ensure theyunderstand the legislative environment inwhich they work. The Society also runs a half-day IR

Regulation update course to bring you upto date with all the latest developments –notably for those who have alreadyattended the two-day IR Regulation &Compliance essentials course. The next date is Friday 14th October –

visit our website to book online.

How to enhance & energiseyour investor targeting

“Really good insights from people with lotsof industry experience. Took away three tofour interesting things that will assist me inthe future. Coming from a backgroundwithout much exposure to IR, this was agreat way to get a wide introduction andbeneficial for future work.”

What can I expect from this course?Learn how proactive investor targeting candramatically enhance the effectiveness ofyour IR activity on a global basis, throughleveraging external advice and resources aswell as third-party tools. Understand howto analyse your shareholder register andhow to maximise the investment in brokers,sales teams and other service providers,getting a perspective on the keyrequirements for executing a successfulroadshow.This course is suitable for IR practitioners

and consultants supporting IRprofessionals. It would be of benefit toshareholder-analysis teams and those in IRwho have already gained some hands-onexperience, as well as others involved in IRsuch as company secretaries or financeteams. Don’t forget, we run various Club IRworkshops which can positively help youimprove your investor engagement. Visitour website for more info.

Building your Debt IRcapability

This is a relatively new half-day courseaimed at IR teams looking to build theirdebt IR activity. During the session, which ismoderated by Lorraine Rees, managingdirector at IR-Connect, participants willlook at current best practice in debt IR,discuss how to deliver an effective debt IRprogramme, review debt IR-related casestudies, consider the interaction with ratingagencies, and start work on an action planthat participants can take back to theirbusiness. Please note, no previousknowledge of debt markets is required.

What’s covered?1) Understanding your debt investor baseand capital structure.

2) Benefits of pro-active debt investorengagement.

3) Development of a debt IR programme.4) Best practice disclosure andpresentations.

5) An insight into rating agencies.

This course is aimed at experiencedequity-focused IROs who are looking toincrease their knowledge of debt IR, newIROs who will have a specific responsibilityfor debt IR, and corporates who areinterested in increasing their debt IRprogramme. n

• A fantastic location in the City of London close to Moorgate and Bankstations.

• A large bright boardroom with natural daylight and air-conditioning. • Up-to-date technology with the capacity to seat 16 in boardroom style. • Ideal facilities for meetings, training courses, workshops, away-days

and seminars. • Full range of catering options.• Very competitive rates.

The IR Society boardroom is available to hireexclusively for our members

If you are interested, please come and have a look around or for moreinformation contact Janet Kelly on 020 7379 1763 or [email protected]

AUTUMN 2016 PROFESSIONAL DEVELOPMENT

IR Society professional development

Deutsche Bank’s American Depositary Receipt group is pleased to sponsor The InvestorRelations Society’s 2016 Professional Development Programme.American Depositary Receipts (ADRs) are a means for non-US companies to raise their

profile with US investors, make their shares more easily available to them and raise newcapital in 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 ADR

programme 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

In-house training coursesThe 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 Nicole Solomon for moreinformation at [email protected] +44 (0) 20 7379 1763

Club IR in 2016The IR Society has been undertaking aseries of lunchtime workshops for moresenior delegates on a range of themessuch 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 are anintegral part of the discussion. Moderated by an experienced market

professional, they will be an efficient andhighly focused way for busy practitionersto keep up to speed on issues which areintegral to their job, but are not coveredat this advanced level in the mainprogramme of IR Society educationalevents. Please check www.irs.org.uk/professional-development/booking/club-ir-new-for-2016 for sessions and dates.

Our sponsor

KEY TO COURSES•IR Fundamentals: These courses provide an excellent introduction to IR by explaining theworkings of the financial markets, identifying key relationships and developing awareness ofcrucial IR techniques.

•Core IR Skills: These courses allow IR practitioners to develop their knowledge in thefundamental areas of understanding financial accounting, IR regulation and compliance,investor targeting, media relations and best practice annual reporting.

•Advanced IR: These courses are targeted at specialist areas, covering topics such as Debt IR,and ESG/SRI Sustainability. Aimed at IROs and other market participants.

Courses at a glance for 2016 Q3

OctoberTuesday 4 How to enhance & energise your investor targetingThursday 6 IR for personal and executive assistantsMonday 10 Club IR: Managing ConsensusTuesday 11 ESG/SRI: Sustainability issues for IROsThursday 13 Introduction to IR and the financial marketsFriday 14 IR regulation updateMonday 17 Club IR: The role of the corporate IRO: Making the move from

sell-side to in-houseWednesday 19 Best Practice in IR

NovemberThursday 3 Managing Stakeholder AudiencesFriday 4 Should we be afraid or not? – Hedge funds and sovereign

wealth fundsWednesday 9/Thursday 10 Demystifying company accounts and valuationsTuesday 15 Financial Modelling: from internal forecasting to valuationThursday 17 Building your Debt IR capability

DecemberThursday 1 Introduction to IR and the financial marketsTuesday 6/Thursday 8 IR Regulation and compliance essentials (modules one & two)

41

42 IR SOCIETY

INFORMED PROFESSIONAL DEVELOPMENT

IR Fundamentals

IR FOR PERSONAL AND EXECUTIVE ASSISTANTSPersonal and executive assistants who come into contact with investors, research analysts and externaladvisers need to understand the dynamics of the financial markets. This course will help you to understandthe financial jargon, who the key participants are, what to prioritise, what information can be disclosed andhow you can best support senior management.

INTRODUCTION TO IR AND THE FINANCIAL MARKETS This course provides an introduction to IR and the financial environment in which IR professionalswork. It explains how the financial markets operate and are regulated. A Q&A session with an IRprofessional provides an invaluable opportunity to clarify any practical areas of particular interest tothe participants.

MANAGING STAKEHOLDER AUDIENCES – UNDERSTANDING INVESTORS, ANALYSTS ANDTHE MEDIAThis interactive half-day course, presented by senior practitioners, helps IROs build strongerrelationships with their key stakeholders, through developing a better understanding of their keypriorities for an IR function. It explores the practitioner’s day-to-day roles within fund managementfirms, sell-side, advisory firms and the media and builds on the aspects covered in the Introduction toIR and the financial markets course.

l Thursday 1 December 2016l Monday 30 January 2017l Tuesday 4 April 2017l Friday 16 June 2017l Wednesday 2 August 2017l Tuesday 3 October 2017l Thursday 7 December 2017

BEST PRACTICE IN IRThis discussion-based half-day course explores ‘best practice IR’ and looks at the most current toolsand techniques available to IROs to help them achieve this.

l Wednesday 19 October 2016

INTRODUCTION TO WRITING FOR IRThis full-day workshop will help you to write impactful IR communications, ensuring your keymessages are delivered to the market consistently and aligned to your core company narrative. It willlook at putting this in practice when writing press releases, factsheets, websites and annual reports.

l Tuesday 4 July 2017

l Thursday 3 November 2016

l Thursday 6 October 2016l Friday 19 May 2017l Tuesday 7 November 2017

Core IR Skills

DEMYSTIFYING COMPANY ACCOUNTS AND VALUATIONS – MODULES ONE AND TWOIf you are working in IR or financial PR you need to understand financial statements and be able toanswer questions from analysts, investors and the financial press. This two-part course will help youachieve this by providing foundation knowledge in understanding a set of accounts.

l Wed 9/Thurs 10 November 2016l Tues 17/Wed 18 January 2017l Thurs 23/Fri 24 May 2017l Wed 12/Thurs 13 July 2017l Wed 4/Thurs 5 October 2017

ANNUAL REPORTING – BEST PRACTICE IN PRACTICE With the new strategic report requirements in place for over a year now, we aim to reflect on howfar companies have come. During this process we will look at how companies have approached the newrequirements and identify what emerging best practice looks like – both in print and online. Looking tothe future, the course will also update you on new narrative requirements which are on the horizon.

l Dates for 2017 TBC

SHOULD WE BE AFRAID OR NOT? HEDGE FUNDS & SOVEREIGN WEALTH FUNDSThis half-day course provides an overview of how hedge funds and sovereign wealth funds operatein today’s global financial market place. It will offer an insight into these non-traditional investors and lookat their investment approach; the mechanics of short-selling and leverage; the difference betweeninvestment Alpha and Beta; and the increasing appearance of sovereign wealth funds on companyshareholder registers.

l Friday 4 November 2016

Detailed course information for 2016/17For more information and to book a course, please see www.irs.org.uk/professional-developmentor contact Nicole Solomon at [email protected] or call +44 (0) 20 7379 1763.

43IR SOCIETY

PROFESSIONAL DEVELOPMENTAUTUMN 2016

BUILDING YOUR DEBT IR CAPABILITYThis is a half-day course aimed at IR teams looking to build their debt investor relations activity.During the session, participants will look at current best practice in debt IR, discuss how to deliver aneffective debt IR programme, review debt IR-related case studies, consider the interaction with ratingagencies, and start work on an action plan that participants can take back to their business.

l Thursday 17 November 2016l Tuesday 17 March 2017l Friday 14 July 2017

NEW FOR 2016: SRI/ESG: SUSTAINABILITY ISSUES FOR IROSThis course will focus on helping IROs manage the growing IR-related communication and reportingrequirements around SRI/ESG. Participants will gain a better understanding of the key sustainabilityissues, current and future trends and how to successfully identify and engage with key stakeholders.

IR REGULATION AND COMPLIANCE ESSENTIALS – MODULES ONE AND TWOFor IR professionals, compliance with rules and guidelines is an essential part of the job. Whether it is infinancial reporting, market disclosures, compliance with relevant listing regimes, the treatment of insideinformation, or in the context of a transaction, mistakes are costly – not least in reputational terms. Thistwo-day course provides an analysis of current legislation and forthcoming changes.

Advanced IR

FINANCIAL MODELLING: FROM INTERNAL FORECASTING TO VALUATIONThis practical course will help IROs to build a simple internal financial model to help in understandingvaluation and dialogue with the market. It will introduce participants to the necessary concepts andtechniques in order to be able to adapt an internal budget or strategic plan for valuation purposes. Manysectors have particular methodologies used by the market and these will be reviewed, together with theirchallenges. This will be a hands-on course with practical aspects and model-building exercises which canbe taken away for future use.

l Tues 6/Thurs 13 December 2016l Thurs 16/Thurs 23 March 2017l Wed 5/Thurs 6 July 2017l Thurs 9/Thurs 16 November 2017

HARNESSING THE POWER OF MEDIA FOR IRThis half-day course will give participants an insight into the evolving nature of print, digital and socialmedia and their importance in the changing IR landscape. On this course you will hear directly from afinancial PR adviser on understanding online and print media; a communications consultant on socialmedia trends; and an expert on how to implement your online IR strategy.

HOW TO ENHANCE & ENERGISE YOUR INVESTOR TARGETINGLearn how proactive investor targeting can dramatically enhance the effectiveness of your IR activityon a global basis, through leveraging external advice and resources as well as third-party tools.Understand how to analyse your shareholder register and how to maximise the investment in brokers,sales teams and other service providers, getting a perspective on the key requirements for executing asuccessful roadshow.

IR SCRIPT WRITING FOR MANAGEMENT PRESENTATIONSThis interactive course aims to help you improve the quality and impact of your script writing for resultspresentations. It will help you ensure your scripted investor communications are clear, efficient andauthoritative. The course will involve critique of participants’ scripts from the trainer and each other.

l Tuesday 11 July 2017

IR REGULATION UPDATEThe regulatory landscape is constantly changing. In this half-day course you will be brought up to datewith all the latest developments. This course will look at changes currently being made as well as thoseplanned for the future.

l Friday 14 October 2016

l Dates for 2017 to be confirmed

l Tuesday 4 October 2016

l Tuesday 11 October 2016l Thursday 6 April 2017l Wednesday 18 October 2017

CLUB IR WORKSHOPS: NEW TOPICS FOR 2016The IR Society holds a series of lunchtime workshops for more senior delegates on a range of themes,including key elements of the IR calendar, managing C-suite issues, improving investor engagement,and updating your IR toolkit. Taking place on a Monday lunchtime at the IR Society offices, thesesessions have proved very popular as efficient ways to get practical advice, war stories and new ideasto take-away and put into practice. See www.irs.org.uk/professional-development/booking/club-ir-new-for-2016 for details.

l Monday 10 October 2016l Monday 17 October 2016

l Tuesday 15 November 2016

A global, fl exible and powerful solution for your IR communication

Our job consists in simplifying yours by providing you with a global, � exible and powerful solution matching with your needs.

We adapt ourselves to your needs, and to your security concerns.

We build, feed and manage your responsive design website and your app for iOS (iPhone / iPad) and Android.

Contact us on:+44 20 3445 5045 or [email protected]@irfactory.co.uk

Responsive Design Websites

Apps

Quotes & Charts

Financial Data

Smart Reports

45IR SOCIETY

CERTIFICATE IN INVESTOR RELATIONSAUTUMN 2016

Certificate in Investor RelationsDear IR professionals,The IR Society’s Certificate in Investor Relations (CIR) was first launched over 10 years ago.Since that time it has become a benchmark in the industry, widely recognised in the UK and inother international markets as the best way to demonstrate competency in investor relations. It’sno surprise that we now have 1,000 successful graduates.Why is this qualification so valued? The world of IR is ever-changing, led by regulation,

legislation and best practice. The IR Society aims to support the professional development of itsmembers by providing faster, clearer and more dynamic insights and practical perspectives. Webelieve we are best placed to equip IR professionals with the right skills; skills that theircounterparts and peers recognise. The CIR is a comprehensive, stretching test of yourcompetency in IR, providing the tools to help you develop your career in the profession.We are proud to work with partner associations in Asia, Europe and the Middle East that also

see the need for continuous professional development in the face of ever greater demands onour industry. We offer both a UK version of the CIR and an international version that capturesthe essential elements common to international markets.For the CIR to maintain its reputation, it needs to be carefully managed by the IR Society. We

regularly review and develop its content, ensuring it is fit for purpose. Our ExaminationsCommittee gives direction to, and maintains oversight of, the CIR and its curriculum andensures we support delivery of the training modules and the examination, for example byinvestment in our online facilities. These include the mock exam papers and the online supportprogramme for the core elements of the content.It is an exciting time to be part of this relevant, vibrant and professional industry. I urge you to

make the most of the networking, education, information and advocacy opportunities providedby the IR Society. Importantly, I wish you luck in your studies and your ongoing professionaldevelopment.

Sue Scholes, chair of the examinations committee

The Certificate in Investor Relations (CIR) is an internationally recognisedqualification for the investor relations profession.The qualification allows successful candidates to demonstrate their knowledge

of the financial and market environment and the regulatory and reportingrequirements for listed companies and their sound understanding of the principlesof investor relations, which will enable them to operate competently and safely.The CIR is a valuable benchmark for those already in the profession and an

essential prerequisite for those seeking to work in investor relations. With 1,000successful candidates from more than 25 countries, the CIR is firmly established asthe leading IR qualification worldwide.

Obtaining the Certificate in IR:

• Provides international recognition as a qualified IR practitioner• Demonstrates competence and growing expertise• Enhances career development

Who should sit the CIR?It 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-study qualification based on the IR Society’s comprehensive

CIR study guide. It is assessed by an examination comprising 60 multiple-choicequestions, based on the topics set out in the syllabus.

About the CIR Why should I sit the CIR?

There is no better way of demonstrating your competencyin investor relations. Specifically, on completion you will:

• Understand the fundamental principles and practice ofinvestor relations

• Know the main regulations concerning the structure,governance and behaviour of listed companies

• Be able to identify the different types of shares andshareholders

• Understand the role of stock exchanges• Know the regulations governing the conduct of investorrelations and in particular the disclosure of information

• Know the legal requirements regarding the financialcalendar

• Be familiar with the fundamentals of basic accounting,ratios, valuation and investment analysis

• Be aware of the requirements for UK listed companiesconducting investor relations in major overseas markets

• Be aware of the required ethical and professionalstandards expected of investor relations practitioners

Successful CIR candidates will be eligible to apply for fullmembership of the Investor Relations Society.

For bookings, contact Janet Kelly [email protected]

CIR exam dates 2016Wednesday 12 October 2016Wednesday 7th December 2016

CIR revision course dates 2016Tuesday 29th November 2016

CIR exam dates 2017Tuesday 7 February 2017Tuesday 11 April 2017Tuesday 27 June 2017Tuesday 22 August 2017Tuesday 10 October 2017Tuesday 5 December 2017

CIR revision course dates 2017Thursday 26 January 2017Thursday 30 March 2017Thursday 15 June 2017Thursday 3 August 2017Thursday 21 September 2017Thursday 23 November 2017

Key dates

46 IR SOCIETY

INFORMED CERTIFICATE IN INVESTOR RELATIONS

Home studyThe study guide provides a comprehensive overview of themain subject areas that you will need to know in order to passthe CIR examination. It is intended to support other learningsources such as courses and reading material. The study guidesummarises the required knowledge for each subject area. Eachsection of the study guide will indicate sources of backgroundreading for you to broaden your knowledge. On average, 40hours of self-study is recommended to complete the CIR. Youshould also consider attendance on other relevant IR Societycourses to expand your knowledge base and understanding ofthe topics covered.

RevisionAs a revision aid, you can take an online mock examinationwhich will help you assess whether you have grasped the keyprinciples. These questions do not cover every aspect of theCIR examination.

Optional coursesYou may find it useful to take the following two courses prior tothe revision course and exam as part of your preparation.A discount on these two courses is available for registered

CIR candidates.

Demystifying company accounts and valuationsAim: If you are working in IR or financial PR you need tounderstand financial statements and be able to answerquestions from analysts, investors and the financial press. Thistwo-part course will help you achieve this by providingfoundation knowledge in understanding a set of accounts.

Module One:Will clearly explain accounting jargon, togetherwith the relevance and limitations of financial statements. Youwill learn how to Identify which key numbers are important incommunicating your company’s story and the issues that needexplaining.

Module Two: Will apply this foundation knowledge tounderstanding what really influences valuation of companies;both financial and non-financial factors. It will give anintroduction to the key principles behind valuation methodsand a comprehensible explanation of Discounted Cash Flowand what factors influence it. Cost of capital will be clearlyexplained and we will discuss how analysts really use andinterpret financial information.A Q&A session with a guest speaker from the City will

provide an invaluable insight into which factors really make adifference from a practical perspective.

Duration: 2 day modular course

Course Costs: IR Society member per module – £419 + VATNon-member per module – £599 + VAT

IR regulation and compliance essentials Aim: For investor relations professionals, compliance with rulesand guidelines is an essential part of the job. Whether it is inreporting, disclosure and protection of inside information, ortransactions such as M&A and prospectuses, mistakes are costly –not least in reputation terms.This two-day course provides an analysis of current legislation

and forthcoming changes.

Module One:Will provide a basic IR Toolkit, covering thefundamental areas of regulation and compliance that affect IR,while

Module Two: Will look at more specific areas and situations, suchas IPOs and transactions.Attendees will learn how the legal compliance requirements forIR communications fit together, how they are applied in practice,and what best practice standards are.

Duration: 2 day modular courseCourse costs: IR Society member per module – £419 + VAT Non-member per module – £599 + VAT

Revision courseAim: To revise subjects for the examination and assist you withany questions you may have on specific sections of the syllabus.

Duration: 1 day.

Who should attend?: Registered candidates who have completedthe CIR study guide and are preparing to take the CIR exam.

What you will learn: A review of the CIR syllabus and opportunityfor Q&A with the course trainer.

Revision course costs: IR Society member £419 + VATNon-member £599 + VAT

“The revision day was excellent. Very

useful in both preparing for the exam

and increasing understanding of the

underlying principles of IR. Having

an expert trainer, who was engaging

and informative throughout, helped

me get the most out of it.”

Peter Scott, account director, Emperor

Studying for the CIR

47IR SOCIETY

CERTIFICATE IN INVESTOR RELATIONSAUTUMN 2016

Certificate in Investor Relations Module Topics

1. Concept of limited liability, Companies Act 2006,formation of a company, key requirements forshare capital

2. Directors, members meetings and resolutions3. Auditors, company communications,identification of shareholders and statutoryreporting

1. Introduction to regulatory environment, keyprinciples and who enforces it, concepts ofinsider dealing and market abuse

2. Listing rules, class tests and role of sponsors3. Model code, disclosure rules and transparencyrules (DTRs), financial reporting calendar

4. Corporate governance, takeover panel, regulatoryannouncements, overview of AIM rules and USregulation

1. Fundamental principles behind all investmentdecisions, concept of time value of money anddiscounted cash flow (DCF), cost of capital

2. Valuation models and measures3. Portfolio theory and risk & return4. Financial statements & accounting ratios

International Certificate in Investor RelationsModule Topics1. Concept of limited liability, broad understandingof the principles of company law, formation of acompany, articles of association, keyrequirements for share capital

2. Key requirements concerning directors, membersmeetings, members resolutions – votingrequirements and types

3. Duties and requirements for auditors, companycommunications, identification of shareholders,statutory reporting

1. Introduction and key principles, insider dealing,market abuse

2. Listing rules, continuing obligations, role ofsponsors

3. Disclosure rules and transparency rules (DTRs),periodic financial reporting

4. Regulatory announcements, overview of USregulation

1. Fundamental principles behind all investmentdecisions, concept of time value of money anddiscounted cash flow (DCF), cost of capital

2. Valuation models and measures,3. Portfolio theory and risk & return4. Financial statements & accounting ratios

CIR Study Guide Section

Companies & regulation

Regulatory environment

Accounting valuation &investment principles

Online Learning Support ModulesThe CIR/ICIR Online Learning Support Modules are an additional resource to help ensure that you have the very best chance of passing the exam.The following topics are covered in the Online Learning Support Modules:

Process for taking the CIR

Register and pay = Optional

Receive study guide andmock exam details

Attend revision course

Register for online learningsupport modules

Attend ‘Demystifyingcompany accounts’ and/orthe ‘IR regulation andcompliance essentials’

courses

Sit final exam

48 IR SOCIETY

CERTIFICATE IN INVESTOR RELATIONS INFORMED

“I've worked at EY since 2014 as part of thegrowing corporate governance team. Weprovide thought leadership and guidance onboardroom issues to FTSE 350 clients. I joinedfrom the Confederation of British Industry(CBI), where I led on corporate governancematters, helping to shape what is anincreasingly important area of public policy. Although my understanding of the UK

Corporate Governance Code and otherregulations impacting listed companies wasstrong, I was also aware of being surroundedby many colleagues with professionalqualifications. When I heard about the CIR,the prospect of a credible professionalqualification relevant to my career goals wasvery appealing. My team works closely withboth public companies and institutionalinvestors, so I felt that deepening my

knowledge of finance and the markets – aswell as learning the principles of investorrelations (IR) – would broaden my skill setand bring added value to clients.I attended the Demystifying Accounts and

the CIR revision courses, and found them veryenlightening. I'm sure readers would agreethat the world of IR brings a fair bit of jargonand technical detail but thankfully the coursesstruck the right balance for the level ofknowledge I need in my role. On a practicalnote, just last week it helped in a meeting witha FTSE 100 client when discussing Class 1transactions. I also met some really interestingpeople on the course and look forward toattending other courses and networkingevents in the future.”

Natalie Bell, corporate governance manager, EY

The International CIRWe offer an international syllabus of the CIR which captures the essential elements common to international markets.The CIR currently runs in the UK, Hong Kong, Indonesia, Malaysia, the Middle East (CIRO), Nigeria, Russia, Singaporeand Sri Lanka.

Hong [email protected]

Russia [email protected]

Indonesia & Sri [email protected]

[email protected]

[email protected]

[email protected]

Middle [email protected]

CONTACTFor more informationabout our internationalCIR partners, pleasecontact Janet Kelly.

49IR SOCIETY

EVENTSAUTUMN 2016

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

The IR Societyeventsprogramme

Events overview for October and November 2016

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

OCTOBERIR SEMINAR: THE GOVERNANCE OF GOVERNANCEThursday 6 OctoberGovernance is an increasingly important part of corporate life butwho is governing governance? We look at the impact ofgovernance issues on Investor Relations and ask whether we arereally moving to better-managed companies or merely imposing aset of rules which stifle growth. Non-members £200 plus VAT

CLUB 22Tuesday 11 October

IR WEBINAR: DIGITAL IRTuesday 18 OctoberFree for members and non-members

IR NETWORKING: PUB NIGHTThursday 27 October Free for members

NOVEMBERIR NETWORKING: PUB QUIZThursday 3 November Free for members, £30 + VAT for non-members

CLUB 22Tuesday 8 November

BEST PRACTICE AWARDS DINNERTuesday 22 November Now in its 16th year, the IR Society Best Practice Awards Dinner isan opportunity for the IR community to recognise those companiesand individuals who are leading the way in the field of investorrelations. The evening starts with a champagne reception, followedby a lavish three-course meal, the awards ceremony and anopportunity to network late into the evening. The 2015 dinner sawmore than 520 IR professionals gather to celebrate the successes ofthe shortlisted companies, network with peers and colleagues andlook back on another busy year in the world of IR.Check www.irs.org.uk/events/dinner for updates and to book.


OC

127

9.8

08/1

6 IS

S1

Scenes from the 2015 Best Practice Awards.

50 IR SOCIETY

DIRECTORY INFORMED

The IR Service Providers DirectoryThe 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, please call John Thistlethwaite on +44 (0)1285 831 789 or email [email protected].

Key to IR SERVICE PROVIDERS by category

ADR depositary servicesBNY MellonDeutsche BankCiti

Annual reportsAddison GroupB2B Design Bureau ZebraBlack SunCapita Asset ServicesDesign PortfolioEmperor DesignEQS Group InvestisLangsford Corporate Design LuminousLyonsbennettMSLGROUPMerchantCantos

Board advisoryCapita Asset ServicesCapital AxisCitigate Dewe RogersonFairvue PartnersFidelioInvestor Insight

Corporate brokingCapita Asset ServicesLiberumPanmure Gordon

CRM databasesingageInvestor InsightIR.soft Orient Capital Nasdaq Corporate SolutionsRD:IR

CSR/sustainabilityAddison GroupCapita Asset ServicesEMLuminousLyonsbennettMSLGROUP

Debt IRCitigate Dewe RogersonEMFairvue PartnersOrient Capital

Executive searchBroome Yasar PartnershipEMRFidelio PartnersTaylor BennettVMA

Fund managementExane BNP Paribas

Internet servicesAddison Group Black SunEQS GroupInvestisMerchantCantosNasdaq Corporate SolutionsObsidian IRWorkCast

Investor communicationsCrossfirePR NewswireValor IR Consulting

Investor presentationsCapita Asset ServicesCrossfireEMEmperor DesignEQS GroupLuminousLyonsbennettMedia Sterling

Investor relationsAddison Group Aura FinancialBroadridgeCapital AxisCitigate Dewe RogersonClare Williams AssociatesEMEmCoEQS GroupEquinitiFairvue PartnersFidelioFinancial TimesFTI ConsultingInstinctif PartnersInvestisInvestor InsightMaitland Makinson CowellMeetyl EuropeMHPNasdaq Corporate SolutionsObsidian IROrient Capital RD:IRTaylor RaffertyWorkCastWorld Television

Investor roadshowsCapita Asset ServicesCapital AxisEMMeetyl EuropeingageNasdaq Corporate SolutionsRD:IR

IR for small capsCapita Asset ServicesCitigate Dewe RogersonEMEQS GroupFairvue PartnersInvestisInvestor InsightMeetyl EuropeNasdaq Corporate SolutionsObsidian IRRD:IR

Mobile technologyAddison GroupEQS GroupingageirFactoryOrient Capital

News providersEQS GroupObsidian IR

Opinion researchCapital AxisInvestor InsightNasdaq Corporate SolutionsOrient CapitalQuantiFireRD:IRRivel Research Group

Proxy and corporate supportCapita Asset ServicesEquinitiOrient CapitalProxyCensusRD:IR

PublicationsIR MagazineFinancial Times

Public relationsBell PottingerEMFinsburyFTI ConsultingMHPMSLGROUPNasdaq Corporate SolutionsObsidian IRPR Newswire

RegistrarsCapita Asset ServicesEquiniti

Share register analysisInvestor Insight

Shareholder researchCapita Asset ServicesCapital Axis

Clare Williams AssociatesEMEquinitiFairvue PartnersNasdaq Corporate SolutionsOrient CapitalQuantiFireRD:IRRivel Research Group

Shareholder targetingCapita Asset ServicesCapital AxisCitigate Dewe RogersonEquinitiFairvue PartnersNasdaq Corporate SolutionsMeetyl EuropeOrient Capital RD:IR

UK Regulatory DisclosureEQS GroupPR Newswire

VideoAddison GroupCrossfireEQS GroupInstinctif PartnersWorld Television

WebcastingEQS GroupInvestisNasdaq Corporate SolutionsOrient Capital PR NewswireWorkCastWorld Television

Website developmentAddison Group Black SunClare Williams AssociatesCKDEmperor DesignEQS GroupInvestisirFactory LuminousLyonsbennettMerchantCantosMSLGROUPNasdaq Corporate SolutionsPR NewswireWorkCast

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

51IR SOCIETY

DIRECTORYAUTUMN 2016

CITIGATE DEWE ROGERSON – www.citigatedewerogerson.com –board advisory, debt IR, investor relations, IR for small caps,shareholder targeting

CLARE WILLIAMS ASSOCIATES – www.clarewilliamsassociates.com –investor relations, shareholder research, website development

CROSSFIRE – www.wearecrossfire.com – Investor communications,investor presentations, video

DESIGN PORTFOLIO – www.design-portfolio.co.uk – annual reports

DEUTSCHE BANK – www.adr.db.com – ADR depositary services

D.F. KING – www.dfkingltd.com – Board advisory, opinion research,proxy and corporate support

EM – www.em-comms.com/en – CSR/sustainability debt IR, investorpresentations, investor relations, investor roadshows, IR for small caps,public relations, shareholder research

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

AURA FINANCIAL – www.aura-financial.com – investor relations

B2B DESIGN BUREAU ZEBRA – zebra-group.ru/en – annual reports

BELL POTTINGER – www.bellpottinger.com – public 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

BROOME YASAR PARTNERSHIP – www.broomeyasar.com – executivesearch

CAPITAL AXIS – www.capitalaxis.com – board advisory, investorrelations, investor roadshows, opinion research, shareholder research

CAPITA ASSET SERVICES – capitaassetservices.com – annual reports,board advisory, corporate broking, CRM databases, investorpresentations, investor roadshows, IR for small caps, proxy and corporatesupport, registrars, shareholder research, shareholder targeting

CITI – www.citi.com/dr – ADR depositary services

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

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]

The complete communications partnerWe combine considered creativity with expert consultancy to provide engaging

and e�ective corporate reports, websites and investor presentations.

design-portfolio.co.uk / +44(0)20 7536 2032

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

This section is published in parallel with theservice provider section of the IR Society

website – see www.irs.org.uk

Citi Depositary Receipt Services is a leader in bringingquality issuers to global capital markets and onpromoting depositary receipts as an effective capitalmarkets tool. Learn more at citi.com/dr

Ayden Dagg, Managing Director, EMEA Depositary Receipts

Tel: +44 (0) 20 7500 5709 Email: [email protected]

Capita Asset Services’ consultants partnerwith you to deliver the most efficientInvestor Relations programme for yourbusiness.

Our online portal ‘WebIRPlus’ lets youmanage your investor relations activity inone convenient and portable digitalplatform.

Loren DuftonTel: +44 (0)207 954 [email protected]

With 74 years’ experience in securing shareholder support, D.F. King is a global leader in proxy solicitation, M&A and corporate governance advisory.London +44 20 77 76 75 74 dfkingltd.com

!"#$%&'%Link Group%(%)&#*&#"$+%,"#-+$.

Citigate Dewe Rogerson is a full serviceinvestor relations consultancy offeringindependent advice, analysis and execution. Our team combines a variety of backgroundsto bring an unparalleled breadth of financialmarkets expertise and an in-depthunderstanding of the international investmentcommunity’s IR requirements.

Sandra Novakov, Director+44 (0)20 7282 [email protected]

52 IR SOCIETY

DIRECTORY (continued) INFORMED

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,investor presentation, investor relations, IR for small caps, mobiletechnology, news providers, UK regulatory disclosure, video,webcasting, website development

EXANE BNP PARIBAS – www.exane.com – European equities broker

FAIRVUE PARTNERS – www.fairvuepartners.com – board advisory,debt IR, investor relations, IR for small caps, shareholder research,shareholder targeting

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

FINANCIAL TIMES – www.ft.com – investor relations, publications

FINSBURY – www.finsbury.com – public relations

FTI CONSULTING – www.fticonsulting.co.uk – investor relations,public relations

INGAGE – www.ingage.com – CRM databases, investor roadshows,mobile technology

INSTINCTIF PARTNERS – www.instinctif.com – investor relations, video

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

INVESTOR INSIGHT – www.investorinsight.co.uk – board advisory,CRM databases, investor relations, IR for small caps, opinion research,share register analysis

IRFACTORY – www.irfactory.co.uk – mobile technology, websitedevelopment

IR MAGAZINE – www.irmagazine.com – publications

IR.SOFT LTD – www.irsoft.com – CRM databases

Corporate & IR Websites

Apps & Mobile Video & Webcasting

Social Media

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

Charts, Maps & Feeds

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:

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]

A global, flexible and powerfulsolution for your IR communication

IR Websites • Quotes & Charts • Apps • Financial Data • Smart Reports

+44 20 3445 5045 • [email protected] • www.irfactory.co.uk

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

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

Corporate Access & IR SoftwareDirect. Unconflicted. Built for mobility.

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.

DIRECTORYAUTUMN 2016

53IR SOCIETY

LANGSFORD CORPORATE DESIGN – www.langsford.co.uk –annual reports

LIBERUM – www.liberum.com – corporate broking

LUMINOUS – www.luminous.co.uk – annual reports,CSR/sustainability, investor presentations, website development

LYONSBENNETT – www.lyonsbennett.com – annual reports,CSR/sustainability, investor presentations, website development

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

MAKINSON COWELL – www.makinson-cowell.com – investor relations

MEETYL EUROPE – www.meetyl.com – investor relations, roadshows,small caps, shareholder targeting

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

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

MSLGROUP – www.mslgroup.co.uk – annual reports,CSR/sustainability, public relations, website developent

NASDAQ CORPORATE SOLUTIONS – business.nasdaq.com/intel –CRM databases, internet services, investor relations, IR for small caps,investor roadshows, opinion research, public relations, shareholderresearch, shareholder targeting, webcasting, website development

OBSIDIAN IR – www.obsidianir.com – internet services, investorrelations, news providers

ORIENT CAPITAL – www.orientcap.com – CRM databases, debt IR,investor relations, mobile technology, shareholder research,shareholder targeting, webcasting

PANMURE GORDON – www.panmure.com – corporate broking

PR NEWSWIRE – www.prnewswire.co.uk – investorcommunications, public relations, UK regulatory disclosure,webcasting, website development

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

Neil DuncansonBusiness Development Director

T: +44 (0)1273 608 589E: [email protected]

Lyonsbennett is the south coast’s leading corporate communications agency.

We consistently delivering enviable creative that communicates our clients’ messages, cost effectively and in an environment where service is key.

www.lyonsbennett.com

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

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

Ania Wojtus, Head of [email protected]+44 (0) 203 657 7677www.obsidianir.com

Obsidian IR, an EQS Groupcompany, provides quotedcompanies with the digitalinvestor relations solutionsthey need to communicateeffectively.

Orient Capital is a global leader in share ownership analysis, equity & debt market intelligence, investor communication and shareholder management technology for listed companies.London +44 20 77 76 75 74 orientcap.com


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

To appear here, call 01285 831789 or emailJohn Thistlethwaite at [email protected]

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

PR Newswire is the leading global provider ofPR and corporate communications tools thatenable clients to distribute news and rich contentacross traditional, digital and social mediachannels in real time with full actionable reportingand monitoring. www.prnewswire.co.uk

Contact: Alexandre Bykov • [email protected]+44 (0) 20 7454 5104 • Follow us @meetthemedia @prneurope

Making the message resonate Luminous deliver outstanding corporate reporting for some of the most respected organisations in Europe. We combine strategic expertise with creative innovation to produce e�ective, fresh and meaningful reporting solutions.

Stephen Butler Corporate Reporting Director

[email protected] 7101 1677

54 IR SOCIETY

The Investor Relations Society5th Floor, 30 Coleman Street,London, EC2R 5ALTel: 020 7379 1763 www.irs.org.uk

THE BOARD

David Lloyd-Seed (chair)Tulchan CommunicationsNominations committee [email protected]

David Walker (deputy chair)HaysEvents committee [email protected]

James Eves (company secretary)Deutsche [email protected]

Emma BurdettMaitlandPolicy committee [email protected]

Fay Dodds (treasurer)BurberryFinance committee [email protected]

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

Ross HawleyRolls-RoyceEducation committee [email protected]

Charles [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]

Douglas RadcliffeLloyds Banking [email protected]

Sue ScholesExaminations committee [email protected]

David ShriverTulchan CommunicationsCorporate affairs committee [email protected]

Fraser ThorneEdison Investment [email protected]

DIRECTORY (continued)

t

a

1 1

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,opinion research

TAYLOR BENNETT – www.taylorbennett.com – executive search

TAYLOR RAFFERTY – www.taylor-rafferty.com – investor relations

VALOR IR CONSULTING – www.vmagroup.com – executive search

VMA – www.vmagroup.com – executive search

WORKCAST – www.workcast.co.uk – internet services, investorrelations, webcasting, website development

WORLD TELEVISION – www.world-television.com – investorrelations, video, webcasting

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 Burns, Senior Production Consultant+44 (0)20 7243 [email protected]

I R C O N S U L T I N G

VALOR VALOR provides personal coaching, writtenadaptations and crisis response advice tocorporations looking for better relationshipswith their institutional investors.First-class communications promoteunderstanding, trust and resilience.

Jonathan L. Passmore. Valor IR Consulting, Fairfield, CT 06824, USA.

[email protected] • +1-203-258-2880 • www.valorinvestmentsllc.com

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]

l +44 (0) 20 3356 2791 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, 4th Floor, Rex House, 4-12 Regent Street, London SW1Y 4PE

!"#$%"#$&#'&(")"&("&*#+,-.$,#/&0"1*-%#2",$*'-&1# 3-&14,*$&35# -66"%'&+# $# 7'("#%$&+"# -6# /28%",$*"(# $&$,51'19# %"1"$%3:#;# $(0'1-%5# 1"%0'3"1# *-# <-%"# *:$&# =>>#?@# ;# '&*"%&$*'-&$,# )4.,'3# 3-<)$&'"1

!"#$%&$'()*''$'+,,'-.'/,0-'.1..''2'324&"5267897:&"5''3'7897:&"5

15:49:03

Katie Dimmock – London+44 207 766 [email protected] Diver – New York+1 212 889 [email protected]

Sponsor

Exclusively for IR professionals based in the UK & IrelandJoin us to discuss key issues including the impact of Brexit, new market regulations, the changing face of reporting, the evolving buy side, building the right IR plan for 2017, the gender pay gap, sustainability reporting, and much more.

IR Magazine ConferenceUK & Ireland 2016

Save the date Thursday, October 27

In association with

For the full agenda, list of speakers and more details, please visit IRmagazine.com/events.

Book your place today

£195CORPORATE ATTENDEE

RATE

£395OTHERS

Why attend?

Timely event: Positioned to help you take stock of this year and devise a plan for 2017

Benchmarking: Evaluate where your strategy stands and whether you need to reset your focus for 2017

More with less: Run lean and maximize your impact with reduced resources as IR teams and budgets shrink

Unique format: Enables participants to learn, network extensively and discuss topical issues

Discover something new: Experience new technologies that help you increase productivity and make better decisions

Meet the community: Expand your network and meet with investors, analysts, experts and peers

QUOTE PROMOTION CODE: IRSLONDON

THURSDAY, OCTOBER 27, 2016THE LONDON STOCK EXCHANGE

Award-winning are IROs lined up to speak – so book your place now to keep on top of changing market conditions.

You don’t thrive for 230 years by standing still.

As one of the oldest, continuously operating financial institutions in the world, BNY Mellon

has endured and prospered through every economic turn and market move since our founding

over 230 years ago. Today, BNY Mellon remains strong and innovative, providing investment

management and investment services that help our clients to invest, conduct business and

transact with assurance in markets all over the world.

bnymellon.com

©2016 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 informational purposes only and is not intended to provide authoritative financial, legal, regulatory or other professional advice.

IR Society – Informed 92

Documents

Transcript of IR Society – Informed 92