Investor Relations

118INVESTOR RELATIONSprices. In this instance, Investor Relations should complement labor policyand focus on the following:Assuring real consistency—including in terms of regularity—betweenthe external image (that presented to the press, for instance) and theinternal one;Developing a specific communications strategy for these shareholders.The tools applied specifically to this aspect of Investor Relations includethe following:Internal roadshows;Intranet (possibly managed by the bank where the shares are deposited);Up-to-date share prices, models for personal portfolio management andvaluation, and calculation of capital gains and losses;Regulatory information about insider trading, the conditions underwhich shares can be traded, and the issue of stock options.The person in charge of employee shareholding schemes will work withthe IRO to develop specific messages about the following:Personal wealth management. The long-term yields of stocks (usuallyhigher than any other form of investment), different tax benefits,and changes in legal measures as well as tax incentives governingemployee share ownership; Strategy. The risk–reward ratio of equity investments based on salary,convergence between the employee shareholders’ interests and those ofthe company and its other shareholders, personal contributions to overallcompany performance and increase in the stock price;Pedagogy. Participation in promoting the company’s image, brand,and values.3.6 SELECTING AND IMPLEMENTINGINVESTOR RELATIONS TOOLSOnce the organizational structure is in place and the targets have been identifiedand the messages shaped, the next step is to select and implement the