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

Global and U.S. Trends in Information Disclosure, Annual Reports and Best Practices. Mary Beth Kissane Friday, November 19, 2010 mbkissane@walek.com S:StaffMBKRTS 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

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  1. Global and U.S. Trends in Information Disclosure, Annual Reports and Best Practices Mary Beth Kissane Friday, November 19, 2010 mbkissane@walek.com S:\Staff\MBK\RTS Conference Presentation Moscow, Balchug Hotel

  2. RTS Annual Workshop with Issuers • 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

  3. A Bit of History of Investor Relations in the U.S. • 1929 Market Crash/Great depression • Securities Act of 1933 • Securities Exchange Act of 1934 • Formation of the SEC • Watchdog for the retail investor

  4. What Attracts Investors to Annual Reports

  5. What Attracts Investors to Annual Reports 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)

  6. What Attracts Investors to Annual Reports (National Investor Relations Institute 2008 Annual Report Survey)

  7. What Attracts Investors to Annual Reports (National Investor Relations Institute 2008 Annual Report Survey)

  8. What Attracts Investors to Annual Reports (National Investor Relations Institute 2008 Annual Report Survey)

  9. Annual Report Format Trends (National Investor Relations Institute 2008 Annual Report Survey)

  10. Page Count Trends (National Investor Relations Institute 2008 Annual Report Survey)

  11. Unit Cost Trends (National Investor Relations Institute 2008 Annual Report Survey)

  12. What Attracts Investors to Annual Reports (National Investor Relations Institute 2008 Annual Report Survey)

  13. What Attracts Investors to Annual Reports (National Investor Relations Institute 2008 Annual Report Survey)

  14. What Attracts Investors to Annual Reports (National Investor Relations Institute 2008 Annual Report Survey)

  15. What Attracts Investors to Annual Reports 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)

  16. What Attracts Investors to Annual Reports (National Investor Relations Institute 2008 Annual Report Survey)

  17. AR Narrative Responsibility (National Investor Relations Institute 2008 Annual Report Survey)

  18. MD&A Involvement Trends (National Investor Relations Institute 2008 Annual Report Survey)

  19. What Attracts Investors to Annual Reports Public Relations IT/MIS Finance/ Treasury Graphics/ Design (internal) Other Marketing (National Investor Relations Institute 2008 Annual Report Survey)

  20. AR Challenges (National Investor Relations Institute 2008 Annual Report Survey)

  21. What Attracts Investors to Annual Reports (National Investor Relations Institute 2008 Annual Report Survey)

  22. What Attracts Investors to Annual Reports (National Investor Relations Institute 2008 Annual Report Survey)

  23. What Attracts Investors to Annual Reports (National Investor Relations Institute 2008 Annual Report Survey)

  24. Global Trends in Information Disclosure

  25. Global Trends in Information Disclosure • Greater transparency • Greater use of technology • Need to watch for process, avoid glitches (Disney problem last week) • Greater appreciation of reputational risk

  26. Global Trends in Information Disclosure • 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)

  27. Global Trends in Information Disclosure • 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)

  28. Global Trends in Information Disclosure • 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)

  29. Global Trends in Information Disclosure • 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)

  30. Global Trends in Information Disclosure • 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)

  31. Global Trends in Information Disclosure • 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)

  32. Global Trends in Information Disclosure • Technology • Feedback/dialogue • Web disclosure • Proxy access • Corporate reputation

  33. Global Trends in Information Disclosure 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.

  34. U.S. Disclosure Best Practices

  35. U.S. Disclosure 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

  36. U.S. Disclosure 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

  37. U.S. Disclosure 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.

  38. KNOWLEDGE. SERVICE. RESULTS. ® 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

  39. RTS Annual Workshop with Issuers Mary Beth Kissane Friday, November 19, 2010 mbkissane@walek.com Moscow, Balchug Hotel

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