IR therefore I AM

Will 2010 be remembered as the "Year of the Apology?" Could very well be. This might be a record year for apologies (excluding, of course, the times I apologize to my wife for some real or imagined offense). It seems like every time you turn around somebody is apologizing for something: Tiger Woods for his serial infidelities, BP’s Tony Haywood for the Gulf oil disaster, and Texas Congressman Joe Barton for the government’s grilling of the aforementioned Mr. Haywood (later modified).

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After introducing President Obama shortly after the passage of health care legislation, an enthusiastic Vice President Joe Biden was heard to utter, "This is a big f**king deal!" as he embraced the president. Obviously, he didn’t realize how sensitive the microphone was as his words were picked up…

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“All art is but imitation of nature,” said Lucius Annaeus Seneca, Roman statesman, in a
sentiment transformed into the often used quote:  “Art imitates life.”  Perhaps,
the inverse, “Life imitates art,” is also true (let’s skip the Zen thing, okay).  Assuming
one can call today’s movies “art,” this article will attempt to equate various movie references
with the five stages in the life of a company and what you as a investor relations counselor
or corporate communications executive must do to navigate each stage.

So sit back, grab some popcorn and read on.

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The media devoted a significant amount of coverage to the bonuses being paid by Goldman Sachs in the run-up to the release of the firm’s earnings. Among the legions covering the story was CNBC’s Charlie Gasparino who discussed the PR dilemma the company faced. In the wake of his story, I was asked to comment (everybody else was probably off that day). My remarks can be found here.
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Much of what IROs and their outside advisors do takes place in the trenches
in the battle for investor attention. In addition to verbal jousting with inquisitive
analysts, we see investor issues firsthand and often serve as the first line
of defense for most companies.  We believe that it is a good practice
to keep the company’s board of directors in the loop on the progress of the
investor relations program as well as draw their attention to critical issues
that may emerge.  After all, they represent the public and should be good
stewards of the company’s resources and its corporate reputation.
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Recently, I read that investor relations professionals get their report cards
on a daily basis, presumably a reference to the performance of the company’s
stock for the day. While certainly a commonly-held belief, I do
think that this might be somewhat short-sighted and, perhaps, fails to present
a complete picture.

Many factors contribute to the performance of a stock, some rational while
others less so. Of course, there is the state of the overall market to
consider as well (in times of a bull market when “the tide tends to lift all
boats,” I wonder if IROs and their counselors take credit for the performance
of their company’s / client’s stock?). Another factor to consider is
the company’s IR program and how it measures up against those of peer companies. Often,
companies with programs that are laden with best practices are rewarded with
a higher multiple than their peers so you might want to check how your program
differs from theirs.

Let’s look at a few yardsticks, both quantitative and qualitative, for measuring
the success of an IR program:

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