Poor Queen Victoria eats crow at Christmas. That was the mnemonic device I learned as a child to remember the seven hills of Rome: Palatine, Quirinal, Viminal, Esquiline, Capitoline, Aventine and Caelian. I’m brushing up on my Italian history in anticipation of this year’s International Investor Relations Conference. It will be held on the 16th and 17th of September – with an optional third day to follow – in Milan, Italy. Our hosts this year are the Associazione Per Investor Relations, or Air for short.
For all its high profile in the worlds of fashion, art, music, food and automobiles, Italy has maintained a relatively low profile in the financial world – until recently. Now it has been identified as one of the fastest growing (if not the fastest growing) markets in Europe, with a five year growth rate in pension funds of 100 per cent.
Last year, the Italian economy outperformed every major industrialised economy outside the US. So if Armani, Michelangelo, Verdi, risotto and Fiats aren’t enough to bring you to the Republica Italiana, then how about the prospect of meeting your investor relations counterparts from around the globe as well as top local and global investment managers?
The venue for the conference is the Italian Stock Exchange on the Piazza delgi Affari. (I’m brushing up on my Italian language as well as history: the most important phrase in my opinion is, Parli un po’ piu lentamente, per piacere.)
Stefano Marini, one of the conference organisers, notes the importance of this setting. ‘The fact that we are meeting in the Stock Exchange building alone is significant,’ he says. ‘We will be within the very headquarters of the institution that regulates our work.’ Securities are no longer traded at the Stock Exchange, since Milan has moved over to a screen-based system, but the building still serves as home to the Stock Exchange Council (a conference sponsor, by the way) and is where Italian portfolio managers and investors meet corporate representatives when they come calling.
The IIRF conference programme has been carefully designed to offer substantive information for everyone, from the top line investor relations executive down to the shirtsleeves manager. Because this is our settimo conference, I am offering you sette reasons for attending this event.
* Reason numero uno: The first day programme. The conference will open with a keynote speech by Professor Francesco Cesarini, chairman of the Consiglio di Borsa – the Italian Stock Exchange Council. Next up will be a panel of top representatives from leading global banks, investors and corporations, who will address the question Which Global Trends Will Affect Us All? (I promise this will be an informative and stimulating discussion – and you can hold me to that, since I shall be chairing the session.)
Following a mid-morning cappuccino break (or caffe Americano for the fainter of heart), the conference will launch into what are being called Parallel Sessions.These presentations are designated to focus on a) global issues or b) practical issues. The idea is to give delegates a chance to choose exactly what they want – be that strategically oriented content or hands-on practical advice.
After lunch on the first day, another series of parallel sessions will be followed by the presentation of findings from independent surveys conducted on behalf of the IIRF. These surveys will examine investor relations protocols in five world markets. How are investor relations departments structured? What are the prevailing disclosure requirements? How are shareholders identified? Be there to hear the results first-hand.
A final session on the first day looks at the stock exchanges of the future and alternate trading systems – venturing into the 21st century to predict just how shares will be traded in the future.
* Reason numero due: La Dolce Vita. A special, yet-to-be-announced evening event will begin at 7:00 pm on Monday. I have no doubt that Air will be planning something spectacular for our entertainment. So don’t forget to tell them, Grazie per la simpatica serata, as you leave.
* Reason numero tre: The second day programme. The first panel of the second morning will feature top global investment managers from Japan, the US, Switzerland, Germany and Italy speaking out on the types of information they need from companies and, just as importantly, the types of information they don’t need. This group will also be identifying the companies they feel are top notch in each of four regions: North America, Europe, the Pacific Basin and Emerging Markets. The parallel sessions following the panel discussion will be broken up by these regions.
The afternoon will bring together representatives of the companies so identified for an in-depth look at how they administer their IR programmes. It will be worth your while to stay through the closing address, too, when the outgoing chairperson will deliver her final farewell.
* Reason numero quattro: The Bonus Day. An optional third day programme has been added to the international conference for the first time to offer delegates opportunities to meet with local and global investment managers on site in Milan. This should provide added incentive to IR professionals to attend the conference since it means that, in addition to advancing your professional knowledge, you will have the opportunity to put what you’ve learned at the conference into practice immediately – and justify the time away to your superiors.
Reason numero cinque: Networking opportunities. The IIRF now has 15 countries represented among its membership. Last year delegates from more than 25 countries were in attendance, with the promise of even more this year. It’s a great opportunity to find out on an informal basis how investor relations is practised around the globe – and what the investment community is really like in all corners of the world, as seen through the eyes of colleagues.
* Reason numero sei: Milano! Milan is not just the business capital of Italy but also has many cultural attractions. These include a magnificent cathedral, the Basilica of St Ambroeus, Palazzo Brera and the Poldi Pezzoli Museum. Its Tatro alla Scala is arguably the most famous opera house in the world. Leonardo da Vinci left an enduring souvenir in a refectory of a former Dominican convent next to the church of Santa Maria delle Grazie: The Last Supper.
Then, of course, there is the cuisine – which offers not only Lombard specialties, but also that of regions near and far, including Puglia, Abruzzo, Sardinia and Sicily. (Be forewarned: Lombards typically consume more rice than pasta; more butter than olive oil; and serve cheese at the end of the meal.) And for the sports buffs among us, the Italian Formula One Grand Prix takes place the weekend before the conference gets underway – reason enough to arrive early.
* Reason numero sette: A Sentimental Journey. Right after the conference, I think I will head immediately for some rest and relaxation to Lake Como, which coincidentally happens to be where I honeymooned eight years ago. September is a magnificent month to enjoy Italy, and after a long hot summer in the US, three days of hob-nobbing at the IIRF conference from dawn-to-dusk (and beyond), I plan to find myself un buon albergo in un posto tranquillo and curl up with a good book for a day or two. Hey – I might even ask my husband if he’s interested in joining me.
A presto!
