La comunicazione finanziaria: modelli e politiche tra riservatezza e trasparenza radicale Relatore: Prof. Giampaolo Azzoni Correlatrice: 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 in Comunicazione Professionale e Multimedialità

The financial communication Yesterday: I.Communication for few people II.Only for experts III.Limited information Today: I.More transparency II.More stakeholders III.More information IV.Investor Relations V.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: I.Communication of financial results II.New orders III.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: I.Majority shareholders II.Minority shareholders

Investor Relations Majority shareholders: I.Financial shareholders II.Industrial shareholders The aim of Investor Relations: I.New ways to perceive the firm II.To improve the opinions of investors III.To increase exchanges IV.Less volatility for shares V.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: I.Civil Code 1942 II.Law n. 216 of 7 June 1974: the birth of the Consob III.Order in Council n.58 of 1998 European Union: I.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 : I.Company strategy II.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: I.More attention to strategy

Annual Report Different standards to draw up a balance: I.Standard GRI II.Standard GBS III.Standard WICI Standard GRI: I.It is the most famous II.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: I.Materiality II.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: I.Guideline II.Indicator of perfomance III.Environment reporting IV.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

Source:

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 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