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					                                         The best jobs can be found on the IR Society Job Zone –
                                         www.irs.org.uk – see the latest selection below
bulletin              343
the weekly news update from Informed, the journal of The Investor Relations Society             28 January 2010


From the blogs – page 1
* Disclosure improvements needed to win new
  sources of capital – HM Treasury

In the news – page 2
* Obama, banks, and implications for IR

The IR Society News – page 3
* 30th anniversary cards

Courses/Events – page 3                                  From the blogs

* IR Course: Introduction to financial markets           Disclosure improvements needed to win new
  for investor relations                                 sources of capital – HM Treasury
* IR Course: Effective investor targeting                By Mark Hynes
                                                         So we are out – sort of – from recession. Good news,
* Professional Development 2009 – refreshed,             but the hangover will continue. This will include huge
  revised and recommended for all IR
  professionals                                          changes to the availability, cost and degree of freedom
                                                         for companies to use capital. So discussion of how to
* Events – dates for your diary                          increase access to alternatives is welcome. However the
                                                         discussion paper (see here) on this issue from the

                                                                                                continued on next page


                                                           Latest on the Job Zone ...           www.irs.org.uk

                                                                                 Senior roadshow & corporate
                                                                                 access executive (London)
                                                                                 Up to £50,000 + bonus + benefits

                                                                                 Head of investor relations
                                                                                 (central London)
                                                                                 £Competitive + benefits

                                                                                Senior IR manager (Bristol)
                                                                                £Highly competitive + attractive
                                                                                benefits & relocation package
For further information about this bulletin or about
Informed, please contact:                                                        Head of operations
                                                                                 (London)
  Richard Knight, The IR Society, 020 7379 1763                                  £Competitive
  richard.knight@irs.org.uk
  Alastair Murray, Silverdart, 020 7928 7770               Full details of these jobs and many others are on the
  alastairmurray@silverdart.co.uk                          IR Society Job Zone – www.irs.org.uk




30
 1980-2010
                                                          The quarterly journal of the IR Society. OUT NOW!
                                                          Winter 2009/2010 - IRBP awards report
bulletin                  343


Treasury, also suggests tougher disclosure rules for          In the news
companies. (What, again, I hear you cry?)
  One of the legacies of the crunch is likely to be the       Obama, banks, and implications for IR
cost and availability of bank finance for a considerable      Last week, an under pressure President Obama sig-
period. Increased scrutiny and regulation of the finan-       nalled his intent to deliver the largest regulatory shake-
cial services industry, the capacity of the banking sector,   up to the US banking sector for decades. After identify-
their balance sheet repair and reaction to the previous       ing the all-encompassing nature of modern investment
under- pricing of risk are some of the factors driving this   banks as having been a key driver in the financial crisis
change. So HM Treasury is looking at ways to help larg-       from 2007 onwards, the US government plans a ‘new
er companies sell corporate bonds to institutional            Glass-Steagall Act’ designed to prevent deposit-taking
investors.                                                    banks from running proprietary trading desks, engaging
  ‘Transparency’ is once again the centre of attention:       in private equity investments or running hedge funds. It
how much information needs to be reported to encour-          will also seek to ban takeovers and M&As within the
age investor demand? The Treasury has published a dis-        banking sector.
cussion paper to seek market views on the costs and             These proposals will require passing by Congress (no
benefits of increasing reporting requirements.                easy task) before becoming law and specific detail
  First, the Treasury’s paper highlights the differences      awaits. However, it is now clear that the President views
between the UK and US regimes. US companies rely              the dismembering of deposit-taking investment banks
much less on bank debt, and more on bond issuance.            to be politically and economically desirable.
The paper suggests that the corporate information dis-          What are the implications for the UK and the global
closure regime in the US is more transparent and that         financial system? So far, the UK government has not
reporting is more frequent. Therefore monitoring of           indicated any plans to follow the US lead in this
investment risk is easier and cheaper for investors, with     although with a general election looming and the oppo-
knock effects on companies’ access to debt.                   sition pledging to push for a international consensus to
  So the willingness of companies to publish their debt       split retail from the ‘riskier’ elements of investment
covenants is again in the spotlight. As the Treasury’s        banking, there will inevitably be ramifications for UK
paper notes “uncertainty about the credit quality of          banks; particularly those with large US operations and
companies, and in particular the quality of investors’        holdings.
claim on the company can be clouded by the presence             If and when deposit-taking investment banks do break
of (often undisclosed) covenants imposed by lenders.          up this will fundamentally alter the securities industry
Again, those with experience of the US suggest that           and corporate activity more generally with investor rela-
more loan covenant information is publicly disclosed,         tions likely to adapt in order to continue to meet the
creating more certainty for non-bank investors.”              challenge of delivering best practice dialogue in a new
However any move to require this level of disclosure will     investor paradigm.
almost certainly be contentious.                                A decline in the number of sell side analysts would
  So debt IR is once again in the headlines. With good        result in an even greater need for IROs to ensure their
timing, Capital Precision has just published a study          corporate strategy and financial performances were
which benchmarks best practice debt IR (see here).            effectively communicated to the market. Smaller invest-
Worth a read.                                                 ment bank operations might also result in a general
                                                              reduction of M&A activity (to correspond with the ban
                                                              of banking sector M&As) perhaps leading to greater sta-
                                                              bility for IROs in companies frequently threatened by
                                                              takeover. And with a potential fall in liquidity with the
                                                              already lessened hedge fund sector further contracted,
 Mark Hynes has extensive
                                                              the long investors which companies rely on for capital
 experience in financial
 communications and in
                                                              injection will once again demonstrate their importance
 corporate disclosure. Recently                               to IROs and companies. It may then transpire that one
 he formed his own consultancy,                               consequence of President Obama’s plans could be
 working with service providers including Radley Yeldar,      greater management recognition of the importance of
 the corporate reporting specialists, and PR Newswire. He     IR to their company’s long-term success, which the IR
 chairs the IR Society Policy Committee, and moderates        Society would welcome!
 the IR Regulation & Compliance courses.
 www.transparencymatters.blogspot.com



28 January 2010                                                                                                       2
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The IR Society News                                       be of benefit to shareholder analysis teams and those
                                                          in IR who have already gained some experience.
30th anniversary cards                                      For further details, see our website or please contact
Corporate members should now have received their          rachael.simmonds@irs.org.uk.
corporate rewards cards.
  If you attend four events in one year we will offer     IR informer breakfast
you £50 off a Conference or Annual Dinner ticket if
you attend six its £75 and eight or more £100!             Date: Tuesday 11 February
  The programme runs from January to December              Time: 08:30 breakfast, 09:00 – 10:30 presentations
2010 but credits can be used against the 2011 confer-      Cost: free to members; £50 + VAT non-members
ence too. You will need to have your card stamped at
each event you attend to claim your rewards.                The coordination of Roadshows will be explored by
  We are also seeking to provide a three month incen-     a number of industry professionals, giving advice,
tive to our service provider members through our ‘3       practical tips and consideration of the variety of
for 3’ special promotion. For every three new mem-        roadshows available. The presentations will draw
bers who you introduce in the next three months we        upon the practical experiences shared by an IR
will give you either a free twelve month membership       professional, as well as advice and information from
of the Society for a member of your staff or a comple-    corporate access and marketing teams.
mentary ticket to our Annual Conference or two tick-        Speakers include Caroline Metcalfe, analyst at
ets to our Awards Dinner. To help you with the            AngloAmerican; Jane Henderson, corporate access at
recruitment you can offer your clients a 15% first year   Citi European Equities; and Jonathan Brown, MD
discount on their membership. Please ask them to          product marketing & corporate access at CSFB.
quote your name and promotion code 2010/15. The             For further details and to register please contact
programme runs from January to March 2010.                Dipty     Patel    on     020     7379    1763     or
Existing membership transfers are not included as         dipty.patel@irs.org.uk.
new members.
                                                          International corporate governance
Courses/Events                                            network mid-year conference
                                                          The next ICGN Mid-Year Conference takes place in
Please view forthcoming IR Society events for the         London on 24 and 25 March at the Guildhall.
first half of the year on our website.                      An international line-up of speakers will debate
                                                          whether shareholders will indeed take up the ownership
IR Course: Effective investor targeting                   mantle and be actively engaged with the companies in
                                                          which they invest. The conference will also debate
 Date: Tuesday 9 February                                 whether they will be supported or hindered in this by
 Time: 09:30 – 16:30                                      the regulatory and good practice guidelines that have
 Cost: £350 + VAT members; £470 + VAT non-                been promulgated in response to the financial crisis.
 members                                                    Keynote speakers are Sir Christopher Hogg,
                                                          chairman, Financial Reporting Council, UK; Lord Paul
  By attending this course participants will gain an      Myners CBE, financial services secretary to the
understanding of how to effectively target investors      Treasury, UK; and Sir David Walker, author of the
nationally and internationally, through using practical   recently finalised Walker Review of corporate
tools and leveraging external advice and resources.       governance in UK banks and financial institutions.
The course will demonstrate how to maximise the             Confirmed speakers include Helen Alexander,
investment in brokers, sales teams and other service      president, CBI, UK; Stephen Haddrill, CEO, Financial
providers and get a perspective on the key require-       Reporting Council, UK; Rt Hon Patricia Hewitt MP,
ments for executing a successful roadshow.                non-executive director, BT Group, UK; Antoine de
  Guest speakers include David Roberts, corporate         Salins, executive director, French Fonds de Rèserve
broking, UBS; John Dawson, director of IR,                pour les Retraites; Johan Van Der Ende, chief
Cadburys; Sue Scholes, director of communication,         investment officer, PGGM and chairman Eumedion,
AMEC; Richard Davies, RD:IR.                              The Netherlands; and Sir Richard Lapthorne CBE,
  The course is suitable for IR practitioners and con-    chairman of Cable & Wireless.
sultants supporting IR professionals and would also
                                                                                              continued on next page

28 January 2010                                                                                                   3
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  With executive remuneration, the right of                   Level 2 course
shareholders to nominate directors and concerns about         ‘Effective investor targeting’
absentee owners of public corporations becoming               TBC February
increasingly high profile issues, the conference promises     14 October
to be thought-provoking and outcome-focussed.
  Cost: £375 for ICGN members; £475 for partners,             Level 2 course
academics and group discounts; £575 for non-                  ‘Demystifying company accounts and valuations’
members.                                                      23/24 February
  Click here to see the full agenda and to register online.   11/12 May
                                                              9 June
Professional Development – new courses                        7/8 September
introduced for 2010                                           10/11 November
For 2010 we have introduced three new courses into
the programme. Designed for the more experienced              Level 2 course
IROs, we are offering: ‘Beyond the traditional                ‘IR regulation and compliance essentials’
investor’ and ‘How to add value to your IR                    25 February
programme’. We have also devised a programme for              27 April
assistants of board level executives – ‘Investor              1 September
relations for personal and executive assistants’.             2 November
  The full details of the IR Society’s Professional
Development programme can be viewed at                        Level 2 course
www.irs.org.uk.                                               ‘IR regulation update’
  New for 2010 is our ‘Effective investor targeting’          30 June
course which will be invaluable for more experienced          19 October
IROs who want to get the best value from their advis-
ers and make more effective use of their time.                Level 2 course
    For more information please contact Rachael               ‘Effective investor targeting’
Simmonds on 020 7379 1763, or email                           9 February
rachael.simmonds@irs.org.uk.                                  14 October
                                                               Level 2 course
 Level 1 course                                               ‘Best practice in practice’
 Revised programme – ‘Introduction to financial               w/c 20 September, London and Edinburgh
 markets for IR’
 26 January                                                   Level 2 course
 18 March                                                     ‘Optimising our media relations’
 20 May                                                       28 April
 1 July
 14 September                                                 Level 2 course
 21 October                                                   ‘Writing & presentation workshop for investor rela-
 2 December                                                   tions’
                                                              12 October
 Level 1 course
 ‘IR: Working with the City’                                  Specialist course
 15 April                                                     ‘Debt, derivatives and bonds – the IR perspective’
 7 October                                                    24 June

 Level 1 course                                               Workshop
 ‘IR: communication tools and techniques’                     ‘Beyond the traditional investor’ (NEW TO 2010)
 11 February                                                  4 March
 5 August
 4 November

                                                                                                 continued on next page


28 January 2010                                                                                                      4
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 Workshop
 ‘Investor relations for finance directors and senior
 executives’ (NEW TO 2010)
 9 March

 Workshop                                                    COMING SOON! Spring 2010
 ‘Investor relations for personal and executive assis-
 tants’ (NEW TO 2010)
 23 March                                                    A special feature on ‘Turning the corner’ –
 17 November                                                 expectations and predictions for the economy
                                                             and IR industry, and much more.....
 Workshop
 ‘How to add value to your IR programme’ (NEW
 TO 2010)
 10 June                                                    IR Annual Conference: IR in the new decade
                                                            Date: Tuesday 20 April
                                                            The Brewery, Chiswell Street
Events – dates for your diary                               Keynote speaker: Xavier Rolet CEO of the London
                                                            Stock Exchange
IR Now Lunch: Topic to be confirmed
Date: Tuesday 26 January                                    IR Webinar: Setting and evaluating KPIs for IR
                                                            Date: Tuesday 11 May
IR Webinar: Predictions for the new decade                  What tasks should you set yourself as an IRO? How
Date: Tuesday 2 February                                    can these be measured? These are essential techniques
As we move into the new decade what will be the             to help you improve the value of your contribution to
macro issues facing companies and the micro issues          your company.
facing IROs in their job of communicating with the
market?                                                     IR Now Lunch: Topic to be confirmed
                                                            Date: Tuesday 18 May
IR Informer Breakfast: IR roadshows and presenta-
tions                                                       IR Webinar: Update on voting and shareholder
Date: Thursday 11 February                                  engagement
An update on best practice for arranging roadshows          Date: Tuesday 8 June
and presentations.                                          In the light of the move to more engagement by share-
                                                            holders, what has been their record in the current vot-
IR Webinar: What the pollsters are saying                   ing season?
Date: Tuesday 2 March
In the run up to the election what are the pollsters say-   IR Networking: AGM 30th Anniversary Party
ing about the possible outcomes and what might the          Date: Tuesday 15 June
implications be for the city and industry.                  A glittering occasion to celebrate the 30th birthday of
                                                            the Society.
IR Networking: Wine tasting and quiz evening
Date: Tuesday 9 March                                       IR Informer Breakfast: Topic to be confirmed
Another chance to show your intelligence whilst learn-      Date: Tuesday 29 June
ing about the finer points of enjoying wine.
                                                            IR Seminar: Corporate Governance
IR Now Lunch: Presentation techniques                       Date Tuesday 6 July
Date: Tuesday 23 March                                      An update on developments in the light of the various
Learn about how others see you and how to present           reviews and consultations on corporate governance
yourself in the best possible way.                          and a discussion of the implications for IROs.




28 January 2010                                                                                                       5
                                                     bulletin                              The IR Service Providers section



                                                                                             If you would like to be included in this section (and therefore
Find your service provider here                                                              also in Informed magazine and on the IR Society website), please
                                                                                             contact Hannah Buck at Silverdart Publishing –
The Informed service provider section features those                                         hbuck@silverdart.co.uk or call her on +44 (0)20 7928 7770.
leading organisations who offer key services to the IR
community in London and global markets.                                                                                   Take control of your annual report with
                                                                                                                          Imprima. Save time with secure, online,
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This section is published in parallel with the service                                                                    brand with high quality design and print.
providers section on the IR Society website –                                                                             Reach your investors anytime, anywhere with
                                                                                                                          an interactive version on your website.
www.irs.org.uk – and with the section in Informed
magazine. See the box, right, for listing information.                                                                    Call John Paul Murphy +44 (0)20 7105 0344




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