Strategic Investor Relations and Public Disclosure
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LexisNexis Capital Raising for Corporations Conference August 2009 Establishing Sustainable Growth through Successful Funding Strategies and Addressing the Shareholders’ Crisis of Confidence through Strategic Communications • Assess the importance of communications for Investor Relations and Public Disclosures • Differentiating communication initiatives in maximizing their value • Defining the communications, investor relations, and statements and why they play an integral role in a corporations financial activity • What is the information that companies are required to make public? • Frequency of disclosure and maintaining confi dentiality
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Strategic Investor Relations and Public Disclosure
- 1. STRATEGIC INVESTOR RELATIONS AND PUBLIC DISCLOSURE Addressing the Shareholders’ Crisis of Confidence through Strategic Communications Case Study, Concepts, and Debatable Ideas Kenny Ong CNI Holdings Berhad www.myCNI.com.my www.OOBEY.com
- 4. IR and its problems Overview of Corporate Communications and Investor Relations problems www.myCNI.com.my www.OOBEY.com
- 6. How to please Investors (the Dilbert version) © 1998 United Feature Syndicate, Inc.
- 9. Importance of Investor Relations Why focus on Investor Relations in the first place? www.myCNI.com.my www.OOBEY.com
- 19. Business Model: Profit Model www.myCNI.com.my www.OOBEY.com Income Cost Margin Cash Flow Assets
- 22. Funds: Business Model: Market Disciplines Operational Excellence (low cost producer) Ref: The Discipline of Market Leaders , Michael Treacy & Fred Wiersema; 1995 Product Leadership (best product) Customer Intimacy (best total solution) www.myCNI.com.my www.OOBEY.com
- 23. Funds: Business Model: Market Disciplines Operational Excellence (low cost producer) Ref: The Discipline of Market Leaders , Michael Treacy & Fred Wiersema; 1995 Product Leadership (best product) Customer Intimacy (best total solution)
- 24. Funds: Business Model: Market Disciplines Operational Excellence (low cost producer) Ref: The Discipline of Market Leaders , Michael Treacy & Fred Wiersema; 1995 Product Leadership (best product) Customer Intimacy (best total solution)
- 27. Funds: Business Model Operational Excellence (low cost producer) Ref: The Discipline of Market Leaders , Michael Treacy & Fred Wiersema; 1995 Product Leadership (best product) Customer Intimacy (best total solution)
- 28. Funds: Business Model Operational Excellence (low cost producer) Ref: The Discipline of Market Leaders , Michael Treacy & Fred Wiersema; 1995 Product Leadership (best product) Customer Intimacy (best total solution) HP well-balanced portfolio, mass customization Acer super lean cost structure, aggressive pricing Apple powerful products, premium pricing, limited range Still Doing well in 2009
- 29. Funds: Business Model: Business Model USP Market Discipline Profit Model www.myCNI.com.my www.OOBEY.com
- 30. Business Situation vs. Focus Upturn Flat Downturn Fight Complacency Sharpen Edge Keep Momentum Conquer ‘ Change’ mgmt Reduce Fat Continuity Everyone Happy Innovation Acquire Profits Build momentum Sales Cash Flow Talent Mgmt Innovation/R&D Early wins Slow Down HR Costs Top Talent focus Sales, Sales, Sales Increase attrition www.myCNI.com.my www.OOBEY.com
- 33. Business Situations vs. Focus Upturn Flat Downturn Fight Complacency Sharpen Edge Keep Momentum Conquer ‘ Change’ mgmt Reduce Fat Continuity Everyone Happy Innovation Acquire Profits Build momentum Sales Cash Flow Talent Mgmt Stack R&D Early wins Slow Down HR Costs Top Talent focus Stack Sales Increase attrition Many times, you need a different CEO/Leader/Management Team for each business situation www.myCNI.com.my www.OOBEY.com
- 34. Branding Positioning Execution Communication www.myCNI.com.my www.OOBEY.com Investor Relation’s role
- 35. How do Investors get their ‘INFO’? (1/2) Institutional Gov./Politics Customers Suppliers Economics AGM Market Research Internet* Annual Report Media Analysts Fund Managers Due Diligence NGOs Newsletter Spokespersons www.myCNI.com.my www.OOBEY.com
- 36. How do Investors get their ‘INFO’? (1/2) Institutional Gov./Politics Customers Suppliers Economics AGM Market Research Internet Annual Report Media Analysts Fund Managers Due Diligence NGOs Newsletter Spokespersons www.myCNI.com.my www.OOBEY.com
- 37. How do Investors get their ‘INFO’? (2/2) Retail Gov./ Politics Customers Public Events Economics AGM Ads Internet* Annual Report Media Analysts Fund Managers Relatives Friends Pasar Malam Employees Employee Bloggers Mgmt Actions Newsletter www.myCNI.com.my www.OOBEY.com
- 38. How do Investors get their ‘INFO’? (2/2) Retail Gov./ Politics Customers Public Events Economics AGM Ads Internet Annual Report Media Analysts Fund Managers Relatives Friends Pasar Malam Employees Employee Bloggers Mgmt Actions Newsletter www.myCNI.com.my www.OOBEY.com
- 41. What topics interest Investors? www.myCNI.com.my www.OOBEY.com Acquisition target Layoffs Cost Cutting New Mgmt Treatment of Profits Consistency Ecology Economics Politics Strategy Alignment CSR- related Crisis Topics?
- 42. What topics interest Investors? www.myCNI.com.my www.OOBEY.com Acquisition target Layoffs Cost Cutting New Mgmt Treatment of Profits Consistency Ecology Economics Politics Strategy Alignment CSR- related Crisis Topics?
- 43. What Events impact Investors? www.myCNI.com.my www.OOBEY.com Politics Financial Announcements Shareholding changes Structure Accidents Economic Crisis Competitor Moves M&A New Plans Share- drop Events?
- 44. What Events impact Investors? www.myCNI.com.my www.OOBEY.com Politics Financial Announcements Shareholding changes Structure Accidents Economic Crisis Competitor Moves M&A New Plans Share- drop Events?
- 48. Investor Intelligence: Why? Revenue Growth Base Retention Share Gain Positioning Adjacent Market New Business Operational Excellence Product Leadership Customer Intimacy Competencies Information Systems Motivation, empowerment, alignment Financial Learning & Growth Internal Process Customers Investment Strategy Productivity Market Value www.myCNI.com.my www.OOBEY.com
- 52. Corporate Reputation Good News, Bad News. Who cares? www.myCNI.com.my www.OOBEY.com
- 56. News vs. Controllability Can Control Cannot Control Internal Attribution External Attribution www.myCNI.com.my www.OOBEY.com Born Stupid Didn’t study hard enough Lousy Teachers Sudden high extreme marking stds E.g. Failed SPM
- 57. Good News vs. Controllability Can Control Cannot Control Internal Attribution External Attribution www.myCNI.com.my www.OOBEY.com ?
- 58. Good News vs. Controllability Can Control Cannot Control Internal Attribution External Attribution www.myCNI.com.my www.OOBEY.com ? Foreign investor Segment growth R&D breakthrough
- 59. Bad News vs. Controllability Can Control Cannot Control Internal Attribution External Attribution www.myCNI.com.my www.OOBEY.com
- 60. Bad News vs. Controllability Can Control Cannot Control Internal Attribution External Attribution www.myCNI.com.my www.OOBEY.com Oil spill Product recall Marketing strategy Bad debts (NPL) Pandemic Economy crisis
- 69. Thank You. soft copy of slides: http://totallyunrelatedrandomanddebatable.blogspot.com/
Notas del editor
- On the most basic level, pleasing Institutional Investors is not difficult – stick to basics.
- **Note: Refer to “The Edge” analysis and report on UMW This is what we mean as FUNDAMENTALS – basics of what excites Investors.
- These are all different parties that IR has direct influence on in relation to Corporate Branding. These parties are either our Branding targets or has influence on our branding targets
- *Distributor-Shareholders and Distributor-Entrepreneurs are unique to CNI and the MLM industry
- Example of Risk Management/Hedging – Abu Dhabi Fund, Temasek Example of Exclusive Rights and R&D Portfolio – Microsoft buying stake into Facebook (widgets, web 2.0, internet Ads, SaaS, Cloud Computing), Microsoft also will sell Internet ads for Facebook, combined fight to Google, exchange for the opportunity to broker ad placements to non-English language versions that are anticipated to be introduced in the coming months, Microsoft the exclusive provider of standard banner advertising on Facebook using Microsoft’s digital advertising solutions and the Microsoft® adCenter platform.
- Example: Google USP – Search, Free! Profit Model – Ad revenue MKt Discipline – Operational Excellence Example: Air Asia USP – Budget Profit Model – Lowest Cost, Maximum Seats Mkt Discipline – Operational Excellence
- How does the Customer define “Great Experience”? - It depends on their own perceptions. Problem is…this differs depending on the Customer! If you are very good in something that the Customer does not value, it will not improve the Experience.
- To Excel – Must be a Leader in ONE of the disciplines but the other two must be at least at industry standard
- OPTION 1
- Exercise: Customer Analysis and Market Discipline Determining your Market Discipline
- Refer to Handout 1: Value Disciplines
- Example of successful customer loyalty strategy focusing on Operational Excellence and Product Leadership while maintaining market standard on Customer Service without indulging in it
- To Excel – Must be a Leader in ONE of the disciplines but the other two must be at least at industry standard
- *Rising importance of Top Management Bloggers, Google Alerts, Youtube, and RSS Investors also listen to Bloggers; all with differing opinions; some cannot be trusted
- Red Circle: Areas where INTERNAL has influence over how it will turn out, be perceived, or communicated
- ‘ Customers’ include checking out the Check-out Lines! *Rising importance of Top Management Bloggers, Google Alerts, Youtube, and RSS Investors also listen to Bloggers; all with differing opinions; some cannot be trusted
- Red Circle: Areas where INTERNAL has influence over how it will turn out, be perceived, or communicated
- This is an example of ‘formal’ language used by the CAB for its own reasons. Nobody could really understand what it means… and these were abolished by Alfred Kahn when he took over the CAB. Is this very different from our current communications to ‘Retail’ investors? Do you really want to confuse them?
- Another example taken from the CAB experience. Which do you think is more suitable for Retail investors? Time to train your Corporate Comm people?
- *Topics other than the usual Financial announcements i.e. dividend, share buybacks, restructuring, investments, divestments, HR
- Red Circle: Areas where INTERNAL has influence over how it will turn out, be perceived, or communicated
- *Financial Announcements i.e. dividend, share buybacks, restructuring, investments, divestments, HR
- Red Circle: Areas where INTERNAL has influence over how it will turn out, be perceived, or communicated
- pointing out the money saved by tough bargaining with a union could cause a real problem with employees. Announcing a dividend may lead to anger from employees who think it should have been a bonus or from environmentalists who think it should have gone into environmentally friendly upgrades. CNI e.g. Setting up Diversified business = Good News? Bad News? High Dividend Payout = Good News? Bad News?
- The term came into use around 1990, [3] most notably as the title of an article in the 1991 March / April issue of Mother Jones magazine. The term is generally used when significantly more money or time has been spent advertising being green (that is, operating with consideration for the environment ), rather than spending resources on environmentally sound practices. This is often portrayed by changing the name or label of a product, to give the feeling of nature, for example putting an image of a forest on a bottle of harmful chemicals. Environmentalists often use greenwashing to describe the actions of energy companies, which are traditionally the largest polluters. [4] In December 2007 , environmental marketing company TerraChoice gained national press coverage for releasing a study called "The Six Sins of Greenwashing," which found that 99% of 1,018 common consumer products randomly surveyed for the study were guilty of greenwashing. Sin of the Hidden Trade-Off: e.g. “Energy-efficient” electronics that contain hazardous materials. 998 products and 57% of all environmental claims committed this Sin. Sin of No Proof: e.g. Shampoos claiming to be “certified organic,” but with no verifiable certification. 454 products and 26% of environmental claims committed this Sin. Sin of Vagueness: e.g. Products claiming to be 100% natural when many naturally-occurring substances are hazardous, like arsenic and formaldehyde (see appeal to nature). Seen in 196 products or 11% of environmental claims. Sin of Irrelevance: e.g. Products claiming to be CFC-free, even though CFCs were banned 20 years ago. This Sin was seen in 78 products and 4% of environmental claims. Sin of Fibbing: e.g. Products falsely claiming to be certified by an internationally recognized environmental standard like EcoLogo, Energy Star or Green Seal. Found in 10 products or less than 1% of environmental claims. Sin of Lesser of Two Evils: e.g. Organic cigarettes or “environmentally friendly” pesticides, This occurred in 17 products or 1% of environmental claims.