When your career has already taken you to the vertigo-inducing heights of managing director of the Virgin Group, chief executive of the National Health Service in Scotland and chairman of the London Stock Exchange, there isn’t much else you can achieve. Short of running as a candidate for president of the United States, there’s little else to go for.
But that’s not the way Don Cruickshank sees it. Rather than rest on his substantial laurels, Cruickshank has taken on a mantle that ranks high in the UK’s corporate Who’s Who. He has been elected as president of the UK’s Investor Relations Society.
Cruickshank follows in the footsteps of Sir John Kemp-Welch, former senior partner at UK brokerage Cazenove, who held the non-remunerated role for five years. Cruickshank has been appointed for two years to a post that will differ somewhat from that undertaken by his predecessor. While Kemp-Welch was happy to represent the society as a figurehead, Cruickshank is keen to get his hands dirty.
Of course, Cruickshank’s acceptance of the role of Investor Relations Society president boils down to more than just his own personal gratification. He believes that the development of quality investor relations in the UK’s financial community is a key part of his mission as LSE chairman and he intends to pursue the role with zeal. ‘As chairman of the London Stock Exchange, it is worth highlighting the compatibility between the exchange’s work and that of the Investor Relations Society,’ he says. ‘The promotion of good investor relations – helping listed companies to gain fair market valuations, reasonable levels of liquidity and access to further capital – is of great importance to the exchange. We attach great importance to good relationships between listed companies and their investors.’
Cruickshank brings a wealth of diverse corporate experience to his latest position. After an early career in finance and marketing project work with Alcan followed by time spent in consultancy with McKinsey, he became commercial director of Times Newspapers and then general manager of the Sunday Times. Since then, he has held senior positions at several top organizations including Pearson plc, the Virgin Group, the NHS in Scotland, Oftel (the watchdog for the UK telecoms industry) and the Scottish Media Group plc. Topping it all off, he was named chairman of the LSE in May 2000.
Cruickshank clearly doesn’t always have an eye on the bottom line – he’s always prepared to get involved in good causes. In late 1997 Cruickshank became chairman of Action 2000, the UK government’s Millennium Bug campaign and in1998 he chaired the government’s review of the UK banking industry.
Indeed, it seems that Cruickshank already has hands-on plans for the IRS, pointing out that the exchange and the IRS are already co-operating on a number of recent, ongoing or planned joint initiatives. These include A Practical Guide to Investor Relations which was published by the Exchange back in April and was fully endorsed by the IRS.
Meanwhile, Cruickshank will be looking to continue the hugely successful IR seminars that were organized jointly by the Exchange and the IRS (as well as the UK Department of Trade and Industry, Proshare, listed companies and institutional investors).
‘Indeed,’ says Cruickshank, ‘the exchange is running a lunchtime meeting specifically for IRS members on December 1 which will demonstrate the new RNS internet services. Also, we are working with the IRS (and the DTI, QCA, NAPF, Proshare and others) to develop a best practice IR web site.’
In fact, Cruickshank has no doubts that the two bodies can build a highly productive rapport. ‘Continuity should be emphasised,’ he explains. ‘Through co–operation on a number projects, I think the IRS and the exchange have developed a good working relationship. This will be built upon.’
