Brexit isn’t an icebreaker
…But governance is.
As an Englishman, I enjoy living in the US most of the time. The accent can be an icebreaker and, oddly, it’s easier to watch my beloved Arsenal soccer team on US TV than it is in Britain. But if I had a dollar for every time someone asked me what’s going on with Brexit, I could afford to fly back to London and give everyone responsible a good shake. How are issuers, investors and regulators responding to the Brexit uncertainty? I have no idea, but Tim Human does – and he’s kindly laid it out for us in this issue (see Withdrawal symptoms, part one, part two and part three).
From a constitutional crisis to a constitutional debate: during my six years in the US I’ve learned that Americans really don’t like being told what to do (who does?), which is why I wanted to explore how companies are responding to the California state quota requiring female board directors by the end of the year (see California, here they come).
While good governance can be an indicator of a good investment opportunity, a governance crisis is also attractive to investors with a certain risk appetite. For Who’s afraid of the big, bad governance wolf, Garnet Roach talks to Volkswagen and others about what happens to a shareholder register when governance standards slip.
If you have lofty goals for self- improvement this summer, Andrew Holt is here to help. Not with yoga or DIY, or being better at getting back to your parents. Instead, he takes us back to school by profiling the different professional accreditations available to IROs (see Making the grade, part one, part two and part three).
As ever, we highlight the winners of our recent awards from around the world, while Garnet and I take a deep dive into two award categories to see what we can learn about global best practices (see The gold standard in green reporting and Take it from the top).
Thank you for your reading and support of IR Magazine. If you have any questions or comments about the magazine, please do get in touch – just no Brexit questions, please!
Ben Ashwell,
Editor
Summer 2019 features:
COVER STORY
Withdrawal symptoms
Part one: How European issuers responded to Brexit
Part two: How the investment community responded to Brexit
Part three: Brexit could lead to Mifid III, say experts
Tim Human gets reaction and predictions from IROs, institutions, economists, industry bodies and other commentators on one of the biggest political upheavals in Europe for a generation
BEST PRACTICE
Who’s afraid of the big, bad governance wolf?
Despite the focus on ESG, companies that misbehave aren’t being punished by the market. Garnet Roach reports
REGIONAL FOCUS: NORTH AMERICA
California, here they come
Californian law now dictates that corporate boards must be 30 percent female by 2020. Ben Ashwell investigates the impact on US companies – and whether the trend will spread
REGIONAL FOCUS: EUROPE
Costa del IR
Spanish companies regularly top IR Magazine’s list of best firms for IR in Europe. Garnet Roach explores what makes Spanish IR shine
REGIONAL FOCUS: ASIA-PACIFIC
What makes Asian IR unique?
IR budgets in Asia are well below those in North America and Europe. But such numbers tell only one part of a more complex story, find Andrew Holt and Judith Ugwumadu
Three reasons to be optimistic about China
A number of important issues are converging to set China on a path to becoming the leading global financial center, says Andrew Holt
CERTIFICATION
Making the grade
Part one: NIRI
Part two: IR Society
Part three: CIRI, CLIFF, MEIRA and IRPAS
How useful has IR certification been? What do those who have gained the qualification think? Has it changed IR hiring practices? Andrew Holt reports
CONFERENCE PREVIEWS
Past, present and future
As NIRI celebrates its 50th birthday, Ben Ashwell looks ahead to highlights of its annual conference
IR, me hearties!
CIRI’s annual conference promises to be a swashbuckling event, packed with great panels. Ben Ashwell looks at what’s in store
Dirk 2019: The new A-Z of the capital markets
Germany’s IR society conference will take IROs from Aktionäre to Zinsen. Judith Ugwumadu reports
RESEARCH REPORT
ESG & Investor Engagement
An analysis of how companies communicate with the investment community on ESG issues. By Lloyd Bevan
RESEARCH
On the road again
Small caps are most likely to suffer from Mifid II disruption to roadshows
Taking it outside
With 30 percent of IR budgets going toward vendors, IR Magazine looks at which activities get outsourced
Women in IR: Furthering the conversation
Women from ‘hard skills’ backgrounds are not rewarded as men are, IR Magazine research finds
AWARDS
The gold standard in green reporting
Ben Ashwell looks at lessons to be learned from the companies leading the way in ESG reporting
Winners one and all
A roundup of IR Magazine Award winners from the past six months
Print magazine only
Take it from the top
Garnet Roach investigates what makes for best-in-class investor relations by senior management
BUY SIDE
Seeing worldwide investment opportunities
C WorldWide Asset Management’s Bo Knudsen tells Gill Newton how the firm identifies investment opportunities
Regulars:
TECH TALK
Getting the word out
When Sound Energy wanted a better way to communicate with its retail shareholders, it developed a new, WhatsApp-style chat tool to replace the conference call. Garnet Roach reports
CAREERS
Mifid II and the changing IR role
Judith Ugwumadu looks at how Mifid II is changing the IRO job description
15 questions with Excellon Resources
Nisha Hasan is vice president of investor relations at Canada-based silver mining company Excellon Resources
Six-month review: Greer Aviv, senior vice president of IR, Iron Mountain
CoreSite’s former vice president of investor relations and corporate communications explains what IR is like at a large-cap global company
COMMENT
Why it pays to be a leader on climate
ESG reporting has come a long way. Issuers should take note, says Paul Simpson
How companies drive earnings
The Chrysler minivan of reporting will get you to your destination safe and sound but, asks Jeffrey Goldberger, wouldn’t it be nice to arrive in the type of style only a Ferrari can offer?
IR PAPERS
Future is bright for corporate Twitter jockeys
A roundup of academic research from the world of IR studies, as seen by Jeff Cossette
LAST WORD
What movie AI can teach us about IR
AI may present opportunities for IR teams but its representation on the silver screen shows mixed results, warns Laurie Havelock
