Plus ça change, plus c’est la même chose. This month we’re celebrating the tenth anniversary of Cross-Border Publishing and the magazine itself has been going since 1988. In every issue – all 129 of them – we’ve swum in a torrent of change. But look back at our leader column from May 1993, in which we wondered how Barclays Bank – while boasting about its independent directors – could have lost £242 mn and halved its dividend. ‘The theory is that a majority of independents on the board can monitor executive action and stand firm against poor decisions. But where were these pillars of integrity and wisdom at Barclays?’ Ten years later and we’re wondering the same thing about Enron et al.
A column in the July 1993 issue called Beyond 2000 predicted how IR would look in the 21st century. ‘Conclusion number one,’ wrote Lynton Jones, CEO of OM London and later chairman of Jiway, ‘is that the 21st century will see a continuing decline in the role of the investment bank as investor relations advisor.’ Right in one, Lynton.
‘Investor relations…has not yet become a profession in its own right,’ Jones also wrote. ‘I predict we shall see a strong trend in this direction in the years ahead. Who knows, eventually we might even see codes of conduct and professional qualifications.’ Seems like he saw Reg FD in his crystal ball.
Indeed, IR is more the same than it is different. It’s a comfort to look back ten years and see many advertisers that are still in business: PR Newswire, Curran & Connors, ACT Teleconferencing, ADP, MacKenzie Partners, Business Wire, Nasdaq, Pauffley and Taylor & Ives, to name a few. Our May 1993 issue had four separate ads represented by one today: First Call, Carson, CDA/Bullseye and Technimetrics are now part of Thomson Financial.
It’s less heartening to remember those who are no longer with us. The main source for a May 1993 article on the proxy season was MacKenzie’s Stan Kay. Stan died a few years ago. He was a friend as well as a source, as indeed so many of you have become.
One thing that has changed is IR magazine. In 1994 we opened a New York office and went monthly. In 1998 we changed the cover design and went full color. At the same time we adopted US grammar and spelling as symbols of globalization. And now we have a new name and logo: IR magazine instead of Investor Relations magazine. It’s a shorter, snappier core around which to build our conferences, awards, web site and e-mail newsletter.
Change – plus constancy. We’re already looking forward to our next big anniversary in another ten years. Hope you’re around to celebrate with us again.
