Investor Relations

102INVESTOR RELATIONSThe company’s competitive advantages;Its performances, as measured by the indicators that are used internallyand by the financial market’s favorite metrics.It is essential that the company should maintain and seek to improve thesame level of transparency, of disclosure (that was forced upon managementby market authorities and investment banks) in terms of quality andquantity, as at the time of its IPO. As a principle, issuers must thus refrainfrom merely giving the most favorable picture of the period concerned.In its efforts to educate financial markets about its business, the companywill systematically provide a definition of acronyms as well as of financialratios, and a glossary of technical terms (see table 3.4).3.5.1 Writing ClearlyWriting clearly is a must-have skill. It can really enhance reputation or deteryour target audiences from reading anything that your company writes. Youshould entice your readers, not overwhelm them. In certain countries, theregulator is requiring that texts be written is clear and readily understandablestyle, given the excesses of “legalese” contained in financial documentation.Indeed, this is quite a challenge as the same document will be targeted at variedaudiences, with varying levels of understanding, education, and knowledge.The language used should be direct and simple, reflecting yourcompany’s personality. And it may be advisable to hire professional copywritersand native speakers. In this respect, never forget to take enoughtime to review translations if you can. Translating texts is never enough;rewriting is often a necessity to ensure it is going to be read with pleasureand understood by the reader and that it uses enough idiomatic and colloquialexpressions.3.5.2 Financial and Strategic Messages3.5.2.1 The business environmentListed companies must describe the business environment, the sector, thecycles in which they operate, specifying the following:Regulations that affect their activity in terms of obligations, businessopportunities, and future performance;The economic environment as reflected in growth rates in the countriesin which they are established, interest rates, exchanges rates, raw