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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 email@example.com Alastair Murray, Silverdart, 020 7928 7770 Full details of these jobs and many others are on the firstname.lastname@example.org 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 bulletin 343 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 email@example.com. 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 firstname.lastname@example.org. 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 bulletin 343 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 email@example.com. 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 bulletin 343 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 firstname.lastname@example.org 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, collaborative drafting. Show off your 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 The IR.manager Investor Relationship Management platform helps in-house IR teams and IR advisors easily and efficiently manage relationships with investors, analysts and the Arnaud D Robin media. Tel: +44 (20) 7060 4700 email@example.com IR.soft: Software solutions for optimal Investor www.irsoft.com RelationsTM PrecisionIR provides range of on and off-line PrecisionIR provides a range of on and off-line products and services to help companies obtain products ser vices est the be results from their IR communications. best communications. 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