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26 activities of the commissions Financial Market Communication_ Commission on Effective Financial Communication The Principles for Effective Financial Communication developed by the Commission were reviewed in 2010, but no changes were made. They continue to serve as a basis for awarding of the annual Capital IR Prize. The Principles address a range of general problems in financial communication. The members of the Commission on Effective Financial Communication focused intensively on further development of the KPIs for environmental, social and governance (ESG) issues as part of the Commission on Non- Financials. At the same time, a new Expert Group was set up to cover the topic Integrated Reporting. In 2011, it will develop proposals for definition and implementation of integration between different reporting formats from the perspective of investment professionals. Commission Corporate Governance Working under the auspices of the <strong>DVFA</strong> Financial Market Communication Panel, the Commission Corporate Governance has developed the Scorecard for German Corporate Governance © - a <strong>DVFA</strong> evaluation scheme based on the German Corporate Governance Code (Deutsche Corporate Governance Kodex – DCGK). In 2010, the Scorecard was completely revamped and aligned to reflect the amendments to the DCGK and relevant legislation. Thus, the rating system is now even better suited to meet the needs of investment professionals. At the same time, an empirical study was devised to identify the prevailing trends in corporate governance from the perspective of investment professionals. It will be launched in 2011.
activities of the commissions Financial Market Communication_ Commission on Non-Financials 2010 marked the culmination of nearly five years of work by the Commission on Non- Financials. In the most recent version, the Commission identified the most important non-financial indicators (key performance indicators) for financial investors in each of the 114 sub-sectors of the Dow Jones classification. The aim of the work is to identify ways to improve the quality of financial analysis. Sector-specific definition of key performance indicators is meant to serve as a bridge between investors and corporates. For the latter, it becomes easier to communicate relevant information to investors. Investors themselves have rapid access to information they need to make a proper assessment of the company. During the past year, the Commission moved forward with its successful activities in this area. Building on the indicators already identified, which were more or less general in nature, the team developed sectorspecific indicators. Prior to publication, the resulting KPIs were reviewed by academic and professional experts, whose constructive advice was used to further refine the indicators. The Commission on Non-Financials will continue to face immense challenges in the years ahead. Expansion of its work to other asset classes and advancement of the work already accomplished will be of great importance. At the same time, the Commission will seek to find ways for non-financial information to be taken into account for corporate valuation – e.g. in the context of discounted cash flow models. 27
Page 1: 50 YEARS Society of Investment Prof
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Page 44 and 45: 42 featu Training and Qualification
Page 50 and 51: 48 appendix Winfried Becker Fitch I
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