Mark Hynes - thoughts on corporate disclosure

Opinions on changing rules, changing best practices, and their effect on investor relations officers.

Wednesday, April 23, 2008

Always a pleasure working with experts

To New York this week to moderate a session of the Disclosure Advisory Board. ( I thoroughly enjoy these meetings, where we get together to chew the fat over what matters in disclosure, in corporate reporting and other themes of importance to IR professionals.

For me, an interesting part is the spread of perspective the Board brings. Sell side, in house IR people, IR agency people, media, legal, accounting – all have a voice on the Board.

A significant portion of the meeting this week was spent working on non financial value drivers, representing 50% or more of the value of some companies, and figuring out how the IR profession can ensure that the full measure is taken.

If you are not communicating strategy, surely you are only complying with the minimum standards? How do analysts approach the task of understanding and ‘monetarising’ these assets?

The means by which this corporate information should be communicated was an interesting part of the debate. Where does the MD&A head from here? What is its role today?

And how can the IR team play a greater part in understanding and communicating the wider messages? What access do IRO’s in different types of company have to the decision making process?

So look shortly for a white paper on these and other issues.


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