Medlemsmøde om 22. Juni 2015
Realitet I (Extract) bewildering amount of firm news lower barriers to global investment increasingly competitive environment the value created by effectively communicating your firm s unique value proposition cannot be understated clear connections between communication strategies and firm value. Investor relations choices impact the pricing of securities, the liquidity of trading As the firms strategy needs to develop over time, so too should the role of an effective investor relations department Eugene F. Soltes, Harvard Business School Realitet II Pandora, APMM, Novo Nordisk, OW Bunker, Finanstilsynet, m.v. 2
Interne regler og Policies Formelle regler Reelle politikker Reelle procedurer Interne Stakeholders Bestyrelsen Ledelsen IR Finans Legal (Medarbejdere) (HR) Eksterne Stakeholders Partnere/aftaleparter Myndigheder Aktionærer Proxy agents Analytikere Indholdsfortegnelse, grov skitse Hvem udtaler sig Proces for selskabsmeddelelser Udkast og godkendelser Stilleperioder Investor præsentationer Deltagelse i konferencer, analytikermøder, kapitalmarkedsdage, een-til-een, etc. Outlook Eksterne stakeholders Lækager / Rygter Pressen Gennemgang af analyser Specifikke politikker relateret til virksomheden (forskningsresultater, segmentering, etc.) Finansielle oplysninger og rapportering Organisation Korrektionspligten 3
Training Internal Rules Disclosure Policy Processes DEPENDING ON ORGANISATION E-LEARNING OR SEMINARS DOCUMENTARY AND FORMAL IMPLEMENTING REGULATORY OBLIGATIONS/DETERMINING DISCLOSURE PRACTICES' PRACTICE INTERNAL PROCESSESS FOR CAPTURING MATERIAL INFORMATION AND APPROVING RELEASES General compliance training Specialised training Corporate Legal and IR to be arranged Compliance with disclosure requirements; Handling and disclosure of inside information by management and employees Trade in Company s securities by management and employees; The Company's trade in its own shares and securities; and Procedure for Company s maintenance of insider lists Process General principles for disclosure Specific Disclosure Policies Approved by board Potentially public IR polity to external stakeholders Capturing material information Discussions including all relevant internal and external stakeholders Review and approval process for: Financial Reporting Other types of Corporate Releases (including service announcements) Press releases Social media and communications Internal communication (HR and general) 4
CORPORATE RELEASES INTERNAL STAKEHOLDER OVERVIEW Exec Mgt External Legal Information related to the business Financial reporting - Annual report - Half year report - Q1 and Q3 - Guidance changes Board Exec Mgt Legal IR Exec Mgt External Specific - Other specific to Business Transactions Organization Buy back Other types: - Insider tradings - Major shareholder announcements - General meetings - Share capital changes - Changes in Exec Mgt or Board - Financial Calendar - Legal events Legal / Admin Legal Board Corporate Release Press Releases 5
Aktuelle Temaer/Tendenser Aktuelle temaer mere juridiske Flere aktivistiske aktionærer; færre passive Flere møder mellem bestyrelsen og institutionelle investorer Større andel af internationale investorer i DK noterede selskaber (VP: 2015 stemmeflertal på flere generalforsamlinger) Stewardship ordninger (eks. UK) ISS, Glass, Lewis & Co., etc. Proxy advisors (ESMA Call for Industry Self-Regulation 2013 => BPPG (inkl. ISS og Glass, Lewis & Co.)) Social media, Financial press (HR, Kommunikation og IR ) 16. juni 2016: Markedsmisbrugsforordningen Oplysningsforpligtelser mv. Revision af VPL til implementering Nye flagningsregler mv. (26. november 2015) Aktionærrettighedsdirektivet (2017-2018) 6
About Plesner Chambers: "This firm continues to reign supreme in Denmark, offering almost unrivalled strength across all practice areas". 7
Plesner Plesner Law Firm Amerika Plads 37 DK-2100 Copenhagen Denmark Phone: +45 33 12 11 33 VAT-No.: 42 93 85 13 www.plesner.com