la comunicazione finanziaria: modelli e politiche tra riservatezza e trasparenza radicale relatore:...
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La comunicazione finanziaria:modelli e politiche tra riservatezzae trasparenza radicale
Relatore: Prof. Giampaolo AzzoniCorrelatrice: Prof.ssa Maria Chiara Demartini
di Cristiano Mauthe Degerfeld
Anno accademico 2013/2014
UNIVERSITA’ DEGLI STUDI DI PAVIA
Dipartimenti di Scienze Politiche e Sociali,Studi Umanistici, Giurisprudenza, Ingegneria industriale e dell’Informazione,Scienze Economiche e Aziendali
Corso Interdipartimentale inComunicazione Professionale e Multimedialità
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The financial communication
Yesterday:
I. Communication for few people
II. Only for experts
III. Limited information
Today:
IV. More transparency
V. More stakeholders
VI. More information
VII.Investor Relations
VIII.Integration with the annual report
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Aims & Contents
Aims:
I. To develop relations with shareholders, establishments and investors
II. To attract new people and new resources
III. To shape an image
Contents:
IV. Communication of financial results
V. New orders
VI. New trade agreement
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Investor Relations
There are four phases in the process of Investor Relations:
I. Research and listening
II. Planning and deliberation
III. Communication
IV. Evaluation
Two types of shareholders:
V. Majority shareholders
VI. Minority shareholders
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Investor Relations
Majority shareholders:
I. Financial shareholders
II. Industrial shareholders
The aim of Investor Relations:
III. New ways to perceive the firm
IV. To improve the opinions of investors
V. To increase exchanges
VI. Less volatility for shares
VII.Not to scare shareholders off
It is necessary to create an equity story to persuade new investors
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Investor Relations
There are numerous events:
I. Roadshow
II. Non deal roadshow
III. Company visit
IV. Annual analyst meeting
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Laws
Initial laws:
I. Security Act 1933 (USA)
II. Security Exchange 1934 (USA)
In Italy:
III. Civil Code 1942
IV. Law n. 216 of 7 June 1974: the birth of the Consob
V. Order in Council n.58 of 1998
European Union:
VI. Guideline 2003/6
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Compulsory disclosure
I. Initial informative report
II. Occasional informative
III. Financial results
IV. Judgment of rating agencies
V. Bond issues
VI. New assets
VII. New business
VIII. Taking over
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Voluntary disclosure
Some advantages:
I. The opportunity to solve some problems
II. The opportunity to improve the relations with investors and sharholders
III. More information
Pay attention to :
IV. Company strategy
V. Forecast information
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Annual Report
I. It is the main document
II. It gives a lot of information about financial results, governance and impact on the environment
III. It increases the integration among strategy, governance and business model
IV. Its target is to improve the quality of information
In December 2013 new values for integrated report were drawn up thanks
to IIRC, deeper and more articulate than the previous ones:
V. More attention to strategy
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Annual Report
Different standards to draw up a balance:
I. Standard GRI
II. Standard GBS
III. Standard WICI
Standard GRI:
IV. It is the most famous
V. The association, which gives the name to this kind of standard, is a no profit one
Different features of an integrated report according to Standard GRI:
VI. Materiality
VII.Involvement of stakeholders
III. Sustainability
IV. Completeness
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Annual Report
Standard GBS:
I. It was drawn up in 1997
A lot of documents are needed for Standard GBS:
II. Guideline
III. Indicator of perfomance
IV. Environment reporting
V. Corporate governance
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I. Italian prize for the best business communication in Italy
II. Different categories
III. It was born in 1954
IV. After a difficult period, it gained more importance thanks to Ferpi
V. The first winner was Motta
Oscar di Bilancio
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Raffaele Mattioli
I. He was born in 1895
II. Italian banker
III. CEO of Comit
IV. Not only a banker but also a Maecenas
V. He financed some cultural magazines
and writers
VI. He had visionary ideas
VII. We can read several of his writings:
letters and notes
VIII. This is possibile thanks not only to his
family but also to “Archivio Storico
Banca Intesa”
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Enrico Cuccia
I. He was born in 1907
II. He never made a statement to the press
III. He never granted anyone an interview
IV. CEO of Mediobanca
V. We know little about him
VI. He was a reserved person
VII. Only once, he took part in an event
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Some rankings
Source: Oxfam’s ranking for transparency, 26 January 2015 Corriere Economia
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Some rankings
Source: Transparency in corporate reporting 2014. Il Sole 24 ore 5 November 2014
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Some rankings
Source: Corriere Economia, 30 March 2015
Research
Webranking-Lundquist
European rankings about the best financial communication
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Thank you for your attention