Investor Relations

98INVESTOR RELATIONSThe IRO will pay particular attention to seeing that the company has notonly all of the relevant data and performance indicators, but also enoughpreparation time to develop content for the Investor Relations messages andstrategy. The IRO will also want to find out about the competition’s financialcalendar to avoid any overlaps: earnings releases and conference calltimes, participation to broker-sponsored events, field trips, investor day, andso on. It is not unusual for the IRO to ask sell-side analysts for industrywidecalendars or to contact peers in other companies to find out about theirrespective schedules of events, if they are not available on their Web sites.Timelines (see Resources) for each event can begin only after the calendarhas been established. While designating owners of the event, it reducesthe level of execution risk and helps identify potential productivity gainsand savings. For instance, early advance planning and scheduling may helpyou obtain attractive prices on meeting rooms and venues or documentationmailing costs for the annual meeting. Furthermore, analysts will appreciatereceiving a “save-the-day” before invitations arrive from the competition.3.4.2 Financial Calendar ContentThe calendar should include, at the very least, the regulatory disclosuredeadlines for announcing sales and earnings and holding the AGM.It is then going to be supplemented with additional internal dates (boardof directors’ meetings, insider-trading black-out periods, dividend paymentdate). Other events such as quiet periods as well as blackout periodsdescribed below, should be factored in. And school holidays, too!All these in turn determine the company’s annual calendar and InvestorRelations program. The Investor Relations department will add any eventsfor shareholders, financial analysts, investors, and/or the media, which itwill be organizing at its own initiative or attend, such as follows:Earnings conference calls,Nonfinancial news releases (new business wins, corporate events, productlaunches),Investor conferences,Roadshows,Analyst and investor days,Site visits,Trade show appearances.