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Thursday, September 24, 2009
Investor Relations Seminar
Skopje, Macedonia
On Thursday, September 24, 2009 the Macedonian Stock Exchange and the PFS Program organized an Investor Relations Seminar in Skopje, Macedonia.
Ivan Steriev, CEO, Macedonian Stock Exchange opened the Seminar. His opening remarks underscored the importance of transparent disclosure and effective investor relations. He announced new listing rules of the Macedonian Stock Exchange, including the recommendation that each listed company appoint an individual responsible for corporate communications.
The design of the seminar flowed as follows: “What to Do – How to Do It – and Why Do It.”
During the first presentation, the PFS Program analyzed what a company should do to achieve best practice in investor relations. During the second presentation, a practitioner outlined how an investor relations professional implements investor relations effectively. During the third presentation, a targeted institutional investor explained why a company should conduct good investor relations.
During the first session, Geoffrey Mazullo, Director, PFS Program explained in practical terms what best practice investor relations is. Following a discussion of definitions (of investor relations, disclosure and shareholder rights) the presentation outlined the internal and external benefits of an effective investor relations program. The distinction between financial information and extra-financial information was made; Mr. Mazullo explained the industry-standard acronym ESG, describing environmental, social and governance data. Thereafter, the presentation provided numerous examples of best practice in investor relations, analyzing in detail best practice corporate websites and other investor relations mechanisms, including: ad hoc disclosures, the annual general meeting of shareholders, the annual report, a calendar of disclosures, conference calls, investor meetings/presentations, newsletters, press releases, road shows, and share price information.
This “What to Do” analysis was followed by the insights of a practitioner. In the second session, Agnieszka Solarz-Jedrych, Investor Relations Department, BRE Bank SA, addressed an audience in Skopje for the first time. She presented a broad range of practical information about her institution’s investor relations program, focusing on communicating with shareholders. She described in detail the channels employed and tools used to manage relationships with shareholders.
This was also the first visit of Alvar Roosimaa, Chief Investment Officer, Limestone Investment Management to Skopje. In the third and final session, he delivered a presentation explaining why companies should invest in disclosure and good investor relations. He explained how the Limestone New Europe Socially Responsible Fund uses financial and extra-financial (ESG) data in its investment process. He described the investment process in detail, outlining the extensive research conducted, the parameters/steps of the research process and the fund’s engagement strategy with portfolio companies. He explained that Limestone Investment Management engages “in dialogue with companies to both better understand, as well as help shape them in ways that favor sustainable and responsible practices.”
A total of 63 persons participated in the Seminar, including speakers, participants and media. Participants represented companies listed on the Macedonian Stock Exchange, companies contemplating a listing, the IFC, USAID Business Environment Activity and USAID Macedonia.
The Seminar was covered by several Macedonian radio and television media outlets. Throughout the Seminar speakers and participants engaged in an interactive dialogue, exchanging information and brainstorming about how to promote the adoption of international standards as well as the implementation of best practice in investor relations.
This seminar is part of an ongoing and multi-faceted PFS Program regional initiative dedicated towards improving the quality of financial and extra-financial reporting across emerging markets in South East Europe, Central and Eastern Europe, and the Caucasus.
This event was the 17th investor relations seminar organized by the PFS Program since 2001, attracting over 850 participants. (Materials from each of the seminars may be found on the capital markets seminars page of the PFS Program website.)
To download the seminar agenda, presentations and speaker biographies as well as a list of participants, please click on the links below.
 | Agenda - Investor Relations Seminar - Skopje, Macedonia - September 24, 2009 - ENG.pdf - 33 KB |
| Agenda - Investor Relations Seminar - Skopje, Macedonia - September 24, 2009 - MK.pdf - 117 KB |
| Session 1 - PFS Program - Best Practice in IR - IR Seminar - September 24, 2009.pdf - 3,863 KB |
| Brief Bio - Geoffrey Mazullo - September 2009.pdf - 16 KB |
| Session 2 - BRE Bank - Best Practices in IR - IR Seminar - September 24, 2009.pdf - 765 KB |
| Brief Bio - Agnieszka Solarz-Jedrych - September 2009.pdf - 118 KB |
| Session 3 - Limestone Investment Management - Institutional Investors and IR - IR Seminar - September 24, 2009.pdf - 844 KB |
| Brief Bio - Alvar Roosimaa - September 2009.pdf - 11 KB |
| List of Participants - IR Seminar - September 24, 2009 - Skopje, Macedonia.xls - 36 KB |
Tuesday, May 19, 2009
Presentation of Second Macedonian Surveys: Investors Relations Online and Reporting on Corporate Social Responsibility (CSR)
Skopje, Macedonia
On Tuesday, May 19, 2009 the Macedonian Stock Exchange, the International Finance Corporation (IFC), USAID’s Business Environment Activity and the PFS Program organized an event to present the second edition of two Surveys of the 20 Largest Listed Companies in Macedonia (by market capitalization): Investors Relations Online and Reporting on Corporate Social Responsibility (CSR).
At the event, a representative of the Macedonian Stock Exchange presented the second edition of the two surveys. The surveys analyze disclosure of extra-financial information by the 20 largest listed companies in Macedonia (by market capitalization), specifically, information about corporate governance as well as environmental, social and governance (ESG) data. The Macedonian country surveys (and Serbian country surveys mentioned below) employ the same methodology as the PFS Program regional surveys conducted semi-annually since 2001.
Thereafter, the PFS Program compared the data from the Macedonian surveys with reporting by peer companies in Bulgaria, Croatia and Romania, referring to data from the PFS Program’s two semi-annual surveys: Investor Relations Online and Reporting on Corporate Social Responsibility (CSR). The PFS Program’s regional surveys analyze disclosures by the 10 largest listed companies in 11 Central and Eastern European (CEE) countries; Brazil, Russia, India and China (BRIC); and Ukraine.
Whereas the PFS Program’s regional surveys analyze information disclosed in English, the Macedonian surveys analyze disclosures in the Macedonian language.
Following a coffee break, a representative of the Belgrade Stock Exchange presented data from Serbian surveys conducted by the Belgrade Stock Exchange. A fourth speaker, representing a member firm of the Macedonian Stock Exchange, presented a new research paper entitled, “Capital Mobilization through an Initial Public Offering (IPO): Reality or Illusion.”
Participants asked questions about the surveys and discussed with speakers the drivers behind financial and non-financial disclosure in Macedonia as well as across SEE and other emerging markets.
A total of 44 persons representing banks, financial sector donor institutions, financial institutions, institutional investors, listed companies and regulatory authorities as well as 13 representatives of media participated in the event
This event and the Macedonian as well as Serbian country surveys presented at it are part of an ongoing and multi-faceted PFS Program regional initiative dedicated towards improving the quality of financial and extra-financial reporting across SEE.
To download the agenda, presentations and a list of participants, please click on the links below:
Tuesday, December 9, 2008
Roundtable to Present Pilot Macedonian Surveys
Skopje, Macedonia
On Tuesday, December 9, 2008 the Macedonian Stock Exchange, the International Finance Corporation (IFC), USAID’s Business Environment Activity and the PFS Program organized a Roundtable to present two Pilot Surveys of the Largest Listed Companies in Macedonia: Investors Relations Online and Reporting on Corporate Social Responsibility (CSR).
This Roundtable, held in Skopje, marked the PFS Program’s first activity in Macedonia and its 116th regional event since the PFS Program was launched in late 1999.
At the Roundtable, a representative of the Macedonian Stock Exchange presented the two Pilot Surveys of the Largest Listed Companies in Macedonia: Investor Relations Online and Reporting on CSR. The surveys analyze disclosure of extra-financial information by the 20 largest listed companies in Macedonia (by market capitalization), specifically, information about corporate governance as well as environmental, social and governance (ESG) data. The Macedonian country surveys employ the same methodology as the PFS Program regional surveys conducted semi-annually since 2001.
Thereafter, the PFS Program compared the data from the Macedonian surveys with reporting by peer companies in Bulgaria, Croatia and Romania. Also, the PFS Program presented detailed comparative data from its two semi-annual surveys: Investor Relations Online and Reporting on Corporate Social Responsibility (CSR) by the largest listed companies in 11 Central and Eastern European (CEE) countries; Brazil, Russia, India and China (BRIC); and Ukraine. Here too the focus was on comparison of disclosure practices of Macedonian companies with peers in CEE, South East Europe (SEE), BRIC and Ukraine.
Following the presentations, participants discussed the Macedonian pilot surveys and the drivers behind financial and non-financial disclosure in Macedonia as well as across CEE, SEE, BRIC, Ukraine and other emerging markets.
A total of 45 persons representing academia, financial sector donor institutions, financial media, listed companies and regulatory authorities participated in the Roundtable
This Roundtable is part of an ongoing and multi-faceted PFS Program regional initiative dedicated towards improving the quality of financial and extra-financial reporting across CEE as well as SEE.
To download the Roundtable agenda, presentations, survey databases and a list of participants, please click on the links below.
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