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Information disclosure: further initiatives. Key topics. Overview of ARFI’s networking advantages Official recognition of IR profession in the Russian Federation ARFI initiatives: regulations for IR departments Duty responsibilities Professional license (IR certificate) Best practice

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Key topics
Key topics

  • Overview of ARFI’s networking advantages

  • Official recognition of IR profession in the Russian Federation

  • ARFI initiatives: regulations for IR departments

    • Duty responsibilities

    • Professional license (IR certificate)

    • Best practice

      • Corporate disclosure rules

      • Committee on the disclosure policy


Financial communications and investor relations association
Financial Communications and Investor Relations Association

  • Founded in 2000

  • Comprises leading Russian stock exchanges, financial media, consultants, issuers to come in

  • No permanent staff

  • Corporate governance

    • General meeting

    • BoD, Executive director, Secretariat

  • Supervising Board, government officials and experts

  • Code of Ethics was approvedin 2001

  • 7 Committees, IR Club, Working groups

  • Reorganized in 2008, ex-AFBID


Committees
committees

  • ARFI’s affiliates have the right to influence in the IR lanscape developments through participation in initiatives of the committees

    • Technical Audit (Standards), 2002

    • Legislation, 2003

    • Ticker Unification, 2007

    • Ratings, 2007

    • Membership, 2008

    • IR Certification, 2008

    • International Affairs, 2008


Ir profession in russia
IR profession in Russia

  • The IR qualification requirements were collected and addressed to the Health and Social Development Ministry (a survey of ARFI, 2007)

  • April 29, 2008 became the official birthday of IR profession in Russia


Between scylla and charybdis
«between Scylla and Charybdis»

  • IR market in the Russian Federationis «of great potential» and «remarkably growing».

  • IR profession is underway

  • IR services have appeared in Russia

  • «If top management comes to the conclusion that IR is important, then one can easily find an IR professional and adopt best practice».


Best practice

The aim of IR specialists is to build long-term relationships and credibility with our shareholders and potential investors

The basic component of Investor Relations is disclosing information about the company’s business, corporate actions, corporate governance, audit, and other material data

IR director

IR officer

Head of IR department

IR specialist

best practice


Compensations
compensations relationships and credibility with our shareholders and potential investors

  • RUR 1.6M annually ex. bonuses in average

    • Top managers annually ex. bonuses RUR2.5-3.5M, up to USD500K

    • IR specialistRUR1-2M

* Source: ARFI, 2007-2008


Trends in ir services market

Balanced relationships and credibility with our shareholders and potential investors

Development ofIR strategy

Annual reports, IR presentations, investment memorandums

Information disclosure

Investor targeting

Road Show

Demand’s higher than Supply

IR pages on the web sites

Investor perception survey

Investment Marketing campaigns

Financial analysis

Public/Private placement services

Ratings

trends in IR services market


Ir certification
IR certification relationships and credibility with our shareholders and potential investors

  • ARFI standards were recommended to the educational centers in Russia by expertise of the Health and Social Development Ministry

  • The committee was created in July 2008 to initiate common market educational standards


Disclosure system in russia

Issue relationships and credibility with our shareholders and potential investors (or its agent)

Registrars/ Depositories

News agencies/Self-regulated organizations

IR services

Stock exchanges

Проф.участники

Investors

Disclosure system in Russia


New paradigms
New paradigms relationships and credibility with our shareholders and potential investors

Issuer

  • Подход «Single window approach»

  • News releases vs Press releases

  • «No news is NOT a good news»

Corporate Information Center

Intermediaries

Investors


Disclosure policy
disclosure policy relationships and credibility with our shareholders and potential investors

  • Document recommended by the Corporate Governance Code of the FFMS of Russia

  • Not only public companies

  • “Must have” for the A-listed companies (1st level 154 issues of 106 issuers, 2nd level 41 issuesof 29 issuers as of June 2008 end)


Disclosure committee
disclosure committee relationships and credibility with our shareholders and potential investors

  • Its responsibility

    • Control over disclosure policy

    • Materiality of information

  • Not necessary

  • 3 to 5 members

  • At the BoD or Executive Board?

  • First dozen of pioneering issuers


Contacts
contacts relationships and credibility with our shareholders and potential investors

  • Ms.Olga Rink

  • ARFI Executive director

  • www.arfi.ru

  • mailto: [email protected]

  • Secretariat

    • Address: 2/1 Tverskaya-Yamskaya street, Moscow, 127006, Russia

    • Tel.: +7.495.250-89-13

    • Faximile: +7.495.251-44-47


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