Nyheder

11.06.2015

NIRC 2015 – indtryk fra Oslo

Af: Tina Høilund Pedersen

Oslo Børs stod på vegne af den norske investor relations forening NIRF for den årlige nordiske IR-event, NIRC, hvor der var samlet godt 100 deltagere til en halvdags konference centralt i Oslo.

Link til konferencens program

Optimising the impact of your IR strategy

Hovedemnet på konferencen var optimering af IR-strategien, og dagens første indlæg var en gennemgang af highlights fra norsk benchmark studie foretaget blandt de norske selskaber i løbet af foråret sat over for eventuelle lighedspunkter i de øvrige nordiske lande. Her var hovedtendenserne:

  • Hidtil har IR været et lidt umodent og nyt fag med meget omskifteligt arbejde og opgaver. Sædvanligvis har IR nu daglig kontakt med direktionen uden organisatorisk at være en del af C-Suite, men det er den seneste trend internationalt.
  • Stigende direkte kontakt med bestyrelsen, hvilket er en ny trend efter finanskrisen. IR sørger for facilitering af aktieudvikling og videregiver markedsstemningen til bestyrelsen fra investorer i kraft af sin rolle som ”the man on the street”(med fingeren på pulsen internt og eksternt).
  • Dog er der ingen intern måling af IR-aktiviteten og IR-performance i selskaberne. Udenlandske undersøgelser viser dog, at IR skaber ca 10% præmie på aktiekursen (modsat kan dårlig IR resultere i 20% rabat på aktien). IR sikrer en bedre forståelse af selskabet og branchen gennem equity story.
  • Roadshows er den primære arbejdsopgave for (gennemsnitlig 60 rejsedage årligt), og det forventes at stige til det dobbelte i de kommende år med USA som det vigtigste marked.
  • KPI’er og målsætninger for IR for at øge fokus på området og det arbejde, der udføres.

Konklusion: Every opportunity at the moment for IR to move upwards career-wise and for IR as a trade.

Herefter fulgte fire indlæg,  der skulle belyse forskellige områder under den overordnede konferencetitel:

Expectations from the corporate board, CEO, CFO, investors and sell-side analysts

Interacting efficiently with your board members and senior management

Key statements from the panel:

  • Guidance and meeting market expectation is key
  • Expectations to IR: collaboration skills internally what drives value, explanation key otherwise you will lose credibility, consistent and fact-based information. Never disappoint the market
  • IR essential to build up to IPO, have answers to what drive the bottom line
  • Build up long-term sustainable relationships with investors, don’t let the capital markets run the company. Turn IR activities away from hard focus on quarterly reporting (new EU regulation).

Board interaction with IR

  • Market communication is regularly on the board agenda, IR gives an indication of market perception, the board should be in IR strategies explaining ownership expectations, clarification of strategic direction. There must be a clear division of roles between board and management if both parties are speaking to investors. Preferably IR is recruited from inside as a training spot for upwards career moves. IR is also about leadership. IR = the intelligence force of the company through communication.

Increasing engagement with the investor community

Key statements:

  • IRO should preferably provide investor information instead of being a salesperson
  • Clear and focused communication, transparency and investor dialogue.
  • Analyst: Not less, but more frequent reporting preferred. Companies with less or inadequate reporting are susceptible to rumors.
  • Preferably meetings with management after each reporting (quarterly), don’t hide from difficult questions but be prepared and meet them upfront. IR-teams are most useful in the interim periods.
  • Don’t change presentation structure of key figures and other key information on reporting days
  • Be a reliable mouthpiece for senior management, deliver consistent communication on their behalf. Be or be perceived to be close to management. Build relationships and credibility with both investors and sell-side. Anticipate issues and be able to proactively communicate.

Getting the most out of your IR strategy

Key statements:

  • Financial crisis influenced the investor community negatively but now back to pre-crisis level
  • Regulation: Enforcement and prosecution will be harsher after the financial crisis
  • Corporate access: New legislation aimed at higher transparency and unbundling of the economics
  • Fall-outs: Especially small and midcap worry about shrinkage in analyst research. Shift from broker relationships to other market players, the brokers will have to reinvent themselves
  • Digital development: A key trend which needs to be monitored and introduced gradually. Social media will become commonplace also on the financial markets and IR should be prepared
  • Market critics: Too preoccupied with short-term yields and the end result of share sale.
  • Statutory reporting: Aim at moving investor interest towards longer term investment. Financial reporting can be shifted towards company specific, useful reporting
  • Simplify the corporate reporting: What information do investors read? Avoid mixed messages and have a standard operating procedure manual

Launching a successful IR function – key learnings?

Key statements:

  • On average 25% of investors are actively disengaged (at IPOs?) so they are negative/activists
  • Communicate actively internally in the organization to have employees engaged -> active ownership by employees, make them think about risk management
  • Get the right company characteristics out to the market