NIRI Virtual Chapter Newsletter |
|
NIRI Virtual's quarterly newsletter keeps our members and friends informed of everything that is going on with our chapter and in the world of investor relations. |
|
|
|
Connect with us on social media |
|
A Letter from the Chapter President
It’s hard to believe that the NIRI 2023-2024 season is already coming to a close! And what a season it’s been! The 2023-24 season has been highlighted by an impressive turnout for programs focused on topics from Data-Driven Story Telling to Corporate Access to Expanding and Augmenting your Investor Targeting Strategy. And the professional development programs are only part of what has driven NIRI Virtual to become the largest NIRI Chapter this year. Our active café chats, mentor program, book club, partner program, put together by a strong board have driven record member engagement and growth.
As we move towards the summer, our lineup of events continues. On May 22, 2024, we will host our next monthly Café Chat. Our member-only Café Chats offer a more casual setting for discussions on pertinent topics. This month, the Café Chat will meet to discuss the current state of AI in IR with AI experts.
To close out the season, NIRI Virtual will be hosting its annual, in-person Lounge Lizard Party at the NIRI National Conference in beautiful San Francisco, CA. It is always a highlight of the annual conference, the only in-person virtual event of the year and a terrific way to celebrate with other NIRI members. Come join us!
The NIRI Virtual board will spend the summer planning for the coming year. But the programming doesn’t stop.
Also, consider joining our Book Club to discuss current, relevant business books with other members. The book club will be meeting on July 26, 2024, to discuss Superforecasting. To get details and register for any of these events, please see your email or the NIRI Virtual website.
Lastly, I would like to highlight our award winners this year. Congratulations to NIRI Virtual members, Jorden Hansen, Nick Tooker, and Kevin Walker for being recognized as NIRI 2024 Rising Leaders Under 40 and to Karla Kimrey for being named a NIRI 2024 Fellow!
As we close the season, I want to add a personal note of thanks to the chapter and our board as I move on from my President post.
Have a fantastic summer!
All the best,
Jeff Goeser
NIRI Virtual Chapter President
https://www.linkedin.com/in/jeffgoeser
|
Upcoming Events
NIRI Virtual Café Chat (Members Only)
Hosted by S&P Global Market Intelligence
Wednesday, May 22, 2024 at 12:00 PM EDT / 9:00 AM PDT
As part of our ongoing series with key thought leaders from the organizations that sponsor the chapter, we'll be joined by two AI experts from S&P Global - Daniel Sandberg, Managing Director, Head of New Product Development and Research, and Christopher Blake, Executive Director of Innovation - Markets Group. They will share their thoughts on what they see as the current use cases for AI (including applications for IR, the buy side, & the sell side) as well as some discussion on the opportunities and risks associated w/AI and possible future use cases for AI. Please join us for this interactive session.
|
Save the Dates!
Additional information on these events will be available on the website (www.nirivirtual.org) and in your email shortly.
NIRI Virtual Café Chat (Members Only) - Hosted by Q4
Thursday, June 6, 2024, at 12:00 PM EDT / 9:00 AM PDT
As part of our ongoing series with key thought leaders from the organizations that sponsor the chapter, we'll be joined by Darrell Heaps, Founder and CEO of Q4 Inc. Darrell will share some of his views on how he sees IR evolving, some of the key issues he believes IROs are faced with in today’s market environment, and how Q4’s time being publicly traded has helped them to better serve the needs of capital market participants.
NIRI Virtual Annual Lounge Lizard Party at the NIRI National Conference!
Sunday, June 9, 2024, at 8pm to midnight
Join NIRI Virtual & Our Co-Hosts at the annual Lounge Lizard Party at NIRI National. Please see your email to register. We look forward to seeing you in San Francisco!
|
|
Every year, the members of the NIRI Virtual Chapter elect Board Members to represent them and create the programs and events for the coming NIRI Virtual Season. Please find ballots in your emails in the coming weeks and Vote!
|
|
Congratulations to NIRI Virtual Members Jorden Hansen, Nick Tooker, Kevin Walker, and Karla Kimrey! Jorden, Nick and Kevin were recognized as NIRI Rising Leaders Under 40 and to Karla for being named a NIRI 2024 Fellow!
|
|
We live in a time of disruptive events, new and rapidly evolving technologies, and investors with high expectations for a company's financial communications. Despite these challenges, IR professionals across the world have seized on opportunities to innovate and thrive. Attending #NIRI2024 will provide the refresh that you need to advance your IR program & career. Join us in beautiful San Francisco from June 9-11, 2024. Register here!
|
|
NIRI Virtual Advocacy Update
NIRI Joins Society for Corporate Governance and NYSE on 13F Modernization Rulemaking Proposal
In April 2024, NIRI, the Society for Corporate Governance and the NYSE submitted a joint proposed SEC rulemaking to modernize Section 13(f) disclosure rules that would, among other things, reduce the quarterly disclosure period from 45 calendar days to five business days. NIRI requests that public companies join in supporting this proposal, and has made available a downloadable support letter template that can be tailored for each company. Please be sure to submit comment letters via email to “rule-comments@sec.gov” and that File No. 4-825 is noted in the subject line.
If you have any questions, or wish to discuss advocacy in greater detail, please contact Laura Guerrant-Oiye, the Virtual Chapter’s Advocacy Ambassador directly via email lauraoiye@gmail.com or via phone at (808) 960-2642.
Photo Credit: NIRI IR Update, Fall 2023
|
|
Join the NIRI Virtual Book Club!
Did you know NIRI Virtual has its own book club? Come join us! Open to all NIRI Virtual Chapter members, the book club is reading Superforecasting by Philip E. Tetlock & Dan Gardner and will meet to discuss it on Friday, July 26, 2024 at 12:00 PM EDT / 9:00 AM PDT.
The group really enjoyed the last book we read, Supercommunicators by Charles Duhigg as it's very relevant to our community professionally as well as personally.
|
|
Join NIRI Virtual!
Love NIRI Virtual's content and community, but not yet a member? Join us! NIRI Virtual is now the largest NIRI chapter! Chapter members hail from more than 10 countries and over 35 industries, representing all ranges of market capitalization and IROs just entering the profession to those with decades of experience. This wide-reaching, global perspective enhances our members' networking and idea-sharing opportunities.
|
|
NIRI Virtual is the largest NIRI Chapter! with over 260 members worldwide. New NIRI Virtual members who joined recently include the following. Welcome! |
|
Anne Bawden
Workday, Inc.
Lisa Carpenter
Hudson Pacific Properties, Inc.
Sarah Crews
Genworth Financial, Inc.
Andrea Daley
Dentsply Sirona, Inc.
Jason Fooks
Brookfield Asset Management Ltd.
Lynette Gould
Eldorado Gold Corporation
Steve Harrison
Emily Hunt
Cisco Systems, Inc.
Valerie Kirtley
Jazz Pharmaceuticals, Inc.
David Levine
DRI Healthcare
Kevin Liu
K. Liu & Company LLC
|
|
Alice Lopatto
Exodus Movement, Inc.
Shane McCaul
Jazz Pharmaceuticals, Inc.
Britt Mitchell
Adtalem Global Education
Lisa Mueller
Avnet, Inc.
Mary Winn
Pilkington Tractor Supply Company
George Price
CACI International Inc
Samantha Senna
Jack Spinks
Jazz Pharmaceuticals, Inc.
Alan Stern
Delta Bridge Advisors, LLC
Meredith Versen
Ingevity Corporation
Heather Worley
BOK Financial Corporation
|
|
Archived Events (Members Only)
|
|
Best-Practice Checklist for Sustainability Engagement
As Shareholder Meeting Season comes to a close focus shifts to Shareholder Engagement Season
Shareholder meetings are landmark events for North American listed companies, but executives need to engage shareholders throughout the year. Michael Vogele, the managing director of the global advisory group at Alliance Advisors, explores.
The 2024 shareholder meeting season is in full swing, but companies across the US already need to be conscious about what comes next, Shareholder Engagement season. There are plenty of tactics here, and expertly executing shareholder engagement requires the assistance of an advisor with deep knowledge of the shareholder meeting and institutional investor landscape. Mandated by the US SEC, for instance, N-PX filings detail the proxy voting records of registered funds, giving issuers insight into how investors voted at their shareholder meeting, but to truly understand investors’ motivations, companies should directly engage with them during the “off-season.”
Investors signal their expectations for public companies through their proxy voting policies, which are publicly available and updated once a year. These proxy voting guidelines offer a sense of potential issues for shareholder meetings. Shifting through the paperwork can certainly secure valuable insights – a recent study by Deloitte and Tufts University found that 83% of professional investors across the US now boast specific ESG policies – the sheer breadth of shareholder pressure points require a more holistic approach, ultimately one that involves year-long engagement because there are countless issues for which investors apply case-by-case analyses and speaking directly with the investor can shed light on how they may vote on a particularly nuanced matter.
A range of challenges
The scale of the challenges facing US corporate leaders is clear from the numbers and it is imperative that issuers understand key stakeholders’ evolving expectations. Consider, for example, the rising importance of cybersecurity. With new SEC rules obliging companies to disclose serious incidents, a full 71% of US investors now see cyber as a major threat.
And if that’s echoed by the reaction of corporate leaders – PwC reports that 88% of American companies are considering sharpening their cyber risk policies – there are plenty of other worries too.
As the Deloitte survey implies, ESG is one, though in practice that spans the gamut from board diversity to practical action on climate change. A second involves corporate pay, while third involves AI: at Apple’s AGM in February, 37.5% of shareholders voted for a motion demanding the company clarify how it uses the technology.
Given these competing priorities, how should executives react? SEC forms and policy documents are a good start. But to truly get to grips with what shareholders want, companies can’t simply wait for contact – but should rather proactively engage investors to understand their concerns.
In-person meetings (most over Zoom or Teams) are obviously important here: the statistics make clear that letter writing won’t get leaders far. Just as crucial is thinking carefully about which stakeholders to approach. While calls with investor portfolio managers are important from a financial perspective, stewardship or responsible investor teams are the groups which ultimately make proxy voting decisions.
In a broader sense, companies should rely on their last shareholder meeting results to decide which issues to focus Shareholder Engagement efforts on over the coming year. As a rule of thumb, any resolution receiving below 80% support from shareholders requires a robust corporate response. Shareholder resolutions creeping over the 20% threshold are even more urgent.
Based on recent experiences, meanwhile, US companies seem destined to have a busy year. As GAM Investments reports, for instance, many resolutions covering environmental disclosure hit that all-important 20% mark over the last two years, with few signs that’ll change through 2024.
Transparency and speed
Once companies have pinpointed the main shareholder worries – and which investor teams to engage – what should they do next? In the first place, we’d recommend speaking to every stakeholder willing to have a conversation, including those rejecting the company line.
If, moreover, it becomes clear that a majority of respondents are worried about a particular policy, executives should move fast. In reality, of course, implementing changes might take years. Nevertheless, corporations should signpost their intentions in advance, and clearly explain timelines.
Whatever the challenge, leaders would be wise to link change with wider business goals. Beyond fulfilling their primary professional function, this is what investors increasingly expect: 63% across the US prefer that ESG goals connect with shareholder value through quantitative data. The same is true in cyber security. With each major incident sparking a 9% drop in value, there’s clearly space for companies to balance ethics and the bottom line.
Not that a universal approach necessarily works either. Once again, dialogue the watchword here, helping executives determine exactly what shareholders are looking for. When it comes to compensation, for instance, every investor has their own preferred style – and major US corporations, from Apple to Visa, may feel shareholder principles do not allow for industry-specific considerations.
One important way to break the deadlock is transparency, ensuring investors can judge companies on their progress. Around environmental concerns, for instance, companies could publish greenhouse gas targets. For cybersecurity, they could pledge to appoint IT experts to the board, especially urgent with those SEC changes, an approach giants like Amazon are increasingly extending to AI.
Openness is doubly important for corporate compensation. Publishing financial or other goal data for short-term incentive schemes is one good example. And though firms may worry that publishing puts them at a competitive disadvantage, transparency means they can prove their metrics are fair, especially when payouts are higher than expected.
It’s a similar story elsewhere: publishing shareholder feedback and issuing follow-up statements are both ways of keeping investors engaged long after the shareholder meeting season ends. Another tactic is leveraging expert advice, helping busy executives keep abreast of stumbling blocks all year round. Given how many investor challenges US executives now face, getting outside help surely makes sense.
Want to know more? Alliance Advisors Alliance Advisors is an independent advisory firm focused on Shareholder Meeting Advisory, Shareholder Engagement, Compensation, Governance & Sustainability services through our global network. Contact Alliance Advisors at https://allianceadvisors.com/contact/.
|
|
Not a member?
Click "Join" to learn about the many benefits and how to become a NIRI Virtual member.
|
|
NIRI Virtual Chapter Sponsors |
|
|
|
|
|
|
