National Investor Relations Institute Webinar <ul><li>The Annual Shareholder Letter </li></ul>November 8, 2011
Perspective on the Annual Report  and Shareholder Letter <ul><li>Annual report still widely read by current and prospectiv...
Basic Functions of Annual Shareholder Letter <ul><li>Set tone, share perspective on previous year </li></ul><ul><ul><li>Re...
Other Content to Consider <ul><li>CSR/sustainability  </li></ul><ul><ul><li>Don’t allow your company to “green blush” </li...
Getting Started <ul><li>Review disclosures and conference call transcripts from past year </li></ul><ul><li>Review recent ...
Do’s & Don’ts <ul><li>Do </li></ul><ul><ul><li>Give yourself enough time </li></ul></ul><ul><ul><ul><li>No shortage of edi...
Do’s & Don’ts (continued) <ul><li>Don’t </li></ul><ul><ul><li>Presume readers have been following your company closely or ...
Resources <ul><li>Report Watch </li></ul><ul><ul><li>http://www.reportwatch.net/annual-report-on-annual-reports-2011 </li>...
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The Shareholder Letter - NIRI Presentation by Rob Berick

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From Dix & Eaton senior managing director Rob Berick

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The Shareholder Letter - NIRI Presentation by Rob Berick

  1. 1. National Investor Relations Institute Webinar <ul><li>The Annual Shareholder Letter </li></ul>November 8, 2011
  2. 2. Perspective on the Annual Report and Shareholder Letter <ul><li>Annual report still widely read by current and prospective investors </li></ul><ul><ul><li>Also by employees, customers, media, regulators, civic leaders </li></ul></ul><ul><li>CEO letter is most-read section of the annual report </li></ul><ul><ul><li>More investors will read the letter than will meet with the CEO during the year </li></ul></ul><ul><ul><ul><li>Puts CEO “stamp” on go-forward investor messaging </li></ul></ul></ul>
  3. 3. Basic Functions of Annual Shareholder Letter <ul><li>Set tone, share perspective on previous year </li></ul><ul><ul><li>Review year-over-year results </li></ul></ul><ul><ul><li>Highlight financial and operational milestones </li></ul></ul><ul><ul><li>Discuss major corporate events during past 12 months </li></ul></ul><ul><ul><li>Acknowledge of Board, employees, customers, investors </li></ul></ul><ul><li>Assert enthusiasm for opportunities going forward </li></ul><ul><ul><li>Provide update on strategic initiatives </li></ul></ul><ul><ul><li>Offer “guidance” on outlook, market, industry trends </li></ul></ul>
  4. 4. Other Content to Consider <ul><li>CSR/sustainability </li></ul><ul><ul><li>Don’t allow your company to “green blush” </li></ul></ul><ul><li>New product launches and innovation pipeline </li></ul><ul><li>Significant new customer engagements and/or contracts </li></ul><ul><li>New strategic initiatives </li></ul><ul><ul><li>From acquisitions to joint ventures to market expansion to geographic diversification </li></ul></ul><ul><li>Update on governance-related matters </li></ul>
  5. 5. Getting Started <ul><li>Review disclosures and conference call transcripts from past year </li></ul><ul><li>Review recent non-deal road show and industry conference presentations, including any feedback from investors </li></ul><ul><li>Review most recent investor perception study findings (if still relevant) </li></ul><ul><li>Discuss forward-looking “investor” message and metrics with CEO, CFO and other relevant senior leadership </li></ul><ul><li>Build upon “uniqueness” of CEO’s personal style/voice – he/she personifies the company’s brand and investor identity </li></ul><ul><ul><li>Intangibles make a difference </li></ul></ul><ul><li>Develop expanded content outline for input and approval by CEO before you start writing </li></ul>
  6. 6. Do’s & Don’ts <ul><li>Do </li></ul><ul><ul><li>Give yourself enough time </li></ul></ul><ul><ul><ul><li>No shortage of editors </li></ul></ul></ul><ul><ul><li>Keep all constituents in mind – from long-time investors to prospective employees to customers to regulators </li></ul></ul><ul><ul><li>Focus on underlying question on every investor’s mind: “Why is now the right time to have a position in this company’s equity?” </li></ul></ul><ul><ul><li>Establish realistic expectations for the company </li></ul></ul><ul><ul><ul><li>Credibility is a paramount objective </li></ul></ul></ul><ul><ul><li>Consider alternative writing approaches – from Q&A to a more narrative style – to further differentiate the message from other annual reports </li></ul></ul><ul><ul><ul><li>Regardless, it needs to clearly tie back to the theme of the annual report </li></ul></ul></ul><ul><ul><li>Allow time for any CEO photos to be reviewed by the CEO’s CEO (read: spouse) </li></ul></ul>
  7. 7. Do’s & Don’ts (continued) <ul><li>Don’t </li></ul><ul><ul><li>Presume readers have been following your company closely or for long </li></ul></ul><ul><ul><li>Use industry jargon </li></ul></ul><ul><ul><li>Avoid addressing the “elephant(s) in the room” </li></ul></ul><ul><ul><li>Forget to get consensus on the date shown on the letter </li></ul></ul><ul><ul><li>Overlook the Web component (e.g., CEO video) or alternative uses for content </li></ul></ul>
  8. 8. Resources <ul><li>Report Watch </li></ul><ul><ul><li>http://www.reportwatch.net/annual-report-on-annual-reports-2011 </li></ul></ul><ul><li>League of American Communications Professionals (LACP) </li></ul><ul><ul><li>http://www.lacp.com/2010vision/competition.htm </li></ul></ul><ul><li>NIRI </li></ul><ul><ul><li>www.niri.org </li></ul></ul><ul><li>IR Magazine </li></ul><ul><ul><li>www.insideinvestorrations.com </li></ul></ul><ul><li>Dix & Eaton </li></ul><ul><ul><li>“ Report on Annuals” @ http://www.dix-eaton.com/reportonannuals/ </li></ul></ul>

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