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

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

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

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

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

Investor Relations

There are numerous events:

I. Roadshow

II. Non deal roadshow

III. Company visit

IV. Annual analyst meeting

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

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

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

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

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

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

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

Oscar di Bilancio

Source: www.oscardibilancio.org

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”

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

Some rankings

Source: Oxfam’s ranking for transparency, 26 January 2015 Corriere Economia

Some rankings

Source: Transparency in corporate reporting 2014. Il Sole 24 ore 5 November 2014

Some rankings

Source: Corriere Economia, 30 March 2015

Research

Webranking-Lundquist

European rankings about the best financial communication

Thank you for your attention