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Global and U.S. Trends in Information Disclosure, Annual Reports and Best Practices. Mary Beth Kissane Friday, November 19, 2010 [email protected] S:\Staff\MBK\RTS Conference Presentation Moscow, Balchug Hotel. RTS Annual Workshop with Issuers.

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Global and U.S. Trends in Information Disclosure, Annual Reports and Best Practices

Mary Beth Kissane

Friday, November 19, 2010

[email protected]

S:\Staff\MBK\RTS Conference Presentation

Moscow, Balchug Hotel


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RTS Annual Workshop with Issuers Reports and Best Practices

  • A Bit of History of Investor Relations in the U.S.

  • What Attracts Investors to Annual Reports

  • Global Trends in Information Disclosure

  • U.S. Disclosure Best Practices


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A Bit of History of Investor Relations in the U.S. Reports and Best Practices

  • 1929 Market Crash/Great depression

  • Securities Act of 1933

  • Securities Exchange Act of 1934

  • Formation of the SEC

    • Watchdog for the retail investor


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What Attracts Investors to Annual Reports Reports and Best Practices


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What Attracts Investors to Annual Reports Reports and Best Practices

Competitive lands.

Future quant. objectives

List of directors and officers

New product plans

Subsidiaries, brands and addresses

5 yrs financials

10 yrs financials

CEO letter

MD&A

Other

Auditor opinion letter

Mrkt segment info

R&D

CSR info

(National Investor Relations Institute 2008 Annual Report Survey)


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What Attracts Investors to Annual Reports Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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What Attracts Investors to Annual Reports Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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What Attracts Investors to Annual Reports Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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Annual Report Format Trends Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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Page Count Trends Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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Unit Cost Trends Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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What Attracts Investors to Annual Reports Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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What Attracts Investors to Annual Reports Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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What Attracts Investors to Annual Reports Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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What Attracts Investors to Annual Reports Reports and Best Practices

Other, please specify

Drill down/through into data

Foreign language translations

Slide-show presentations

Links to other pages on your site

Pop-up disclaimer

Down-load financial data

Animation

Java Scripts

Splash/Flash graphics

Audio Clips

Index (searchable)

Interactive HTML

Video

Photographs

Illustrations

(National Investor Relations Institute 2008 Annual Report Survey)


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What Attracts Investors to Annual Reports Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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AR Narrative Responsibility Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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MD&A Involvement Trends Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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What Attracts Investors to Annual Reports Reports and Best Practices

Public

Relations

IT/MIS

Finance/

Treasury

Graphics/

Design (internal)

Other

Marketing

(National Investor Relations Institute 2008 Annual Report Survey)


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AR Challenges Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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What Attracts Investors to Annual Reports Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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What Attracts Investors to Annual Reports Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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What Attracts Investors to Annual Reports Reports and Best Practices

(National Investor Relations Institute 2008 Annual Report Survey)


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Global Trends in Information Disclosure Reports and Best Practices


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Global Trends in Information Disclosure Reports and Best Practices

  • Greater transparency

  • Greater use of technology

  • Need to watch for process, avoid glitches (Disney problem last week)

  • Greater appreciation of reputational risk


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Global Trends in Information Disclosure Reports and Best Practices

  • Companies are LISTENING. Investment Community feedback the most important measure of IR effectiveness according to 65% of companies in all regions but North America.  North American firms value meeting quality (72%) and sound use of senior management time (69%)

    (BNY Mellon: Global trends in Investor Relations – A Survey Analysis of IR Practices Worldwide – 6th edition)


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Global Trends in Information Disclosure Reports and Best Practices

  • IR Priorities:

    • Ensuring effective disclosure (63%)

    • Coordinating the public message (51%)

    • Ensuring management visibility (36%)

      (BNY Mellon: Global trends in Investor Relations – A Survey Analysis of IR Practices Worldwide – 6th edition)


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Global Trends in Information Disclosure Reports and Best Practices

  • Investor communications spread between

    • Current Owners (33%)

    • Target Investors (25%)

    • The Sell-side (29%)

      (BNY Mellon: Global trends in Investor Relations – A Survey Analysis of IR Practices Worldwide – 6th edition)


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Global Trends in Information Disclosure Reports and Best Practices

  • Average number of one-on-one meetings:

    • IRO 147

    • CFO 72

    • CEO 46

  • IRO included in C-Suite meetings 92% of the time

    (BNY Mellon: Global trends in Investor Relations – A Survey Analysis of IR Practices Worldwide – 6th edition)


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Global Trends in Information Disclosure Reports and Best Practices

  • U.S. still most frequent destination for non-deal road shows (85%). Followed by:

  • UK (75%)

  • Continental Europe (64%)

    (BNY Mellon: Global trends in Investor Relations – A Survey Analysis of IR Practices Worldwide – 6th edition)


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Global Trends in Information Disclosure Reports and Best Practices

  • Continued growth in research coverage

  • More meetings with hedge funds

  • More meetings with SWFs (U.S. firms – not as much)

    (BNY Mellon: Global trends in Investor Relations – A Survey Analysis of IR Practices Worldwide – 6th edition)


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Global Trends in Information Disclosure Reports and Best Practices

  • Technology

  • Feedback/dialogue

  • Web disclosure

  • Proxy access

  • Corporate reputation


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Global Trends in Information Disclosure Reports and Best Practices

Reuters, October 5, 2010 article

Exclusive: Symantec to restore live meeting after criticism

By Ross Kuber Tue Oct 5, 2010

Symantec Corp said it plans to hold part of its 2011 annual shareholders meeting in a live setting after criticism that its online-only 2010 meeting shielded executives from tough questions.


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U.S. Disclosure Best Practices Reports and Best Practices


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U.S. Disclosure Best Practices Reports and Best Practices

  • IR has a seat at the table and board access

    • MDA/CDA/proxy issues

  • IR is a member of the disclosure committee

  • Partners with PR/CS and GC


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U.S. Disclosure Best Practices Reports and Best Practices

  • NIRI standards of practice and ethics committee

  • Invite dialogue

  • IRO is the Regulation FD compliance officer

  • Regular Regulation FD training

  • But Regulation FD is not a block to communications


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U.S. Disclosure Best Practices Reports and Best Practices

  • Ultimately, the best IROs are an important risk mitigation tool. They set and manage appropriate investor expectations. The best IROs speak truth to power when appropriate. They don’t get so tangled in compliance that they forget to anticipate and address investor and public reaction to disclosures.


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KNOWLEDGE. SERVICE. Reports and Best PracticesRESULTS.

®

Walek & Associates is one of the largest and fastest-growing independent, global financial and corporate public relations firms. Founded in 1998 and with offices in New York and Hong Kong, Walek specializes in public relations and investor relations in capital markets, traditional and alternative asset management, professional and financial services, information and financial technology, and public companies in all sectors. From building visibility and brand to financial PR, financial transactions, product and service launches, and managing crises, Walek delivers results that help clients build business. www.walek.com


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RTS Annual Workshop with Issuers Reports and Best Practices

Mary Beth Kissane

Friday, November 19, 2010

[email protected]

Moscow, Balchug Hotel


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