The US and Canada boast the world’s longest undefended border, and in the eyes of much of the world, their populations are nearly interchangeable, with only a subtle ‘eh’ distinguishing them. But while there is no barbed wire or wall, the border is in fact very heavily defended – by an army of bureaucrats. The ordeal of being interrogated by these officials can transform the most blameless individual into a quivering, shifty-eyed bundle of irrational guilt. I have crossed the English channel, touched down in Moscow, even braved the skull and crossbones guarding Malaysia’s border. But never was I subjected to such shakedowns as on the US-Canada line (except, perhaps, for the time a Bulgarian soldier neatly pilfered my rare Athens ’96 Olympic lighter on my way into Romania). In the new Europe, borders have apparently vanished, and while each country retains its own strong character, it’s one big happy free-trade zone. You can coast from one end of the continent to the other and the only uniform you’ll see is the train conductor’s.
Surely the hassles of the US-Canada border are an anachronism in an era of globalization. And yet they persist, and what’s more, the government of Quebec would like to see more national borders erected. With borders coming down around the world, why create new ones?
At least the business world looks a little more progressive. Seems like British Petroleum can make a jaunt to the US to buy Amoco, or Daimler can scoop up Chrysler, easier than someone from Ontario can go to Detroit to buy a case of American beer.
As for the world of IR, many IROs and the consultants who advise them are banking on the promise of globalization being fulfilled. Look at Nike, which sees the global market for its sportswear as fertile ground for investors, and which is holding its annual analysts’ meeting in London this month. Or Colorado’s Stillwater Mining, a small cap featured in this issue’s metals and mining survey. Stillwater was in Dublin and London in May to drum up foreign investor interest.
Each year Investor Relations surveys IROs across many borders to identify global trends in the practice of IR. And each year we see the attitudes and tools of different regions converging a little more. In this issue we feature our survey on IR for the retail investor, with the results showing that while the US is leading the way in terms of technology, IR departments in Europe, the UK and elsewhere are catching up – especially in the use of the internet. And that is gratifying to see, for the internet, unlike backsliding North America, is a world without borders.
