Delegates at this year’s International Investor Relations Federation conference might detect a difference in tone from traditional gatherings. In previous years, there’s been a nagging suggestion that the event’s educative qualities play second fiddle to its role as a flesh-pressing, social occasion. Oh, some of the speakers are excellent and there’s always an opportunity to swap IR know-how with new acquaintances but the focus is generally on the chance to have fun and network. Not any more. Not if new IIRF president Nicole Micheletti has anything to do with things. While she’s all for community spirit and socializing, she would like the federation to roll its sleeves up a little more. ‘In the beginning, the federation’s main role was just to organize the conference once a year,’ she states. ‘I think to complement that activity we need to think about its future role.’
Micheletti certainly has the makings of an active president. Having joined the corporate ladder as a management assistant, she soon became a corporate secretary before joining ophthalmic optical products manufacturer, Essilor, some 25 years ago. She is now (among other roles) the company’s senior vice president, corporate communications and investor relations, as well as being the chair of the Cercle de Liaison des Informateurs Financiers en France (Cliff), France’s investor relations society. She knows IR.
She also has a clear idea of what she wants to achieve during her time as IIRF president. One of the toughest challenges will be to effectively galvanize the IR world – both geographically and professionally. ‘The weight of different local societies is very different,’ says Micheletti. ‘I’m not sure how easy it will be to find a consensus between different national societies. The problems of a Japanese company will be different to the problems of a US company. Even in Europe there are big differences but we can at least try to create a fully supra-national body. Maybe we could ask Niri to offer some advice – they seem to have a lot of views about everything.’
Micheletti is keen to embrace all IR professionals – not just those who ply their trade in-house. ‘In Cliff, there are no consultants,’ she says. ‘The same applies in France and Spain and Germany. But in Niri and the IRS, consultants are welcome. I think we all have to co-operate.’
The ultimate goal, according to Micheletti, is to boost the profile and clout of the federation, giving it greater sway in corporate decision-making. ‘If you look at the London-Frankfurt exchange merger, everyone seemed to have an opinion and decided something,’ she argues. ‘I think it would be great if the federation could express the view of listed companies. In fact, there have been issues that concern financial communication on which the federation hasn’t received any information – but Cliff has. The federation has to have a more active role and be on some decision-making committees.’
Micheletti accepts that greater hands-on support is needed as much as a change in mindset; and she casts an envious eye towards well-staffed groups such as Niri and the UK’s IR Society. ‘The federation hasn’t really got enough people at the moment,’ she concedes, ‘so it’s fortunate that the people we do have are so committed. Neil Ryder and the treasurer, David Saltmarsh, have been a great help. The IRS is also very helpful but it is still not enough. At the next annual meeting we’ll be asking people to volunteer to participate and get involved.’
