- GPW has completed Phase 1 of the IR Excellence Programme, which evaluated the quality of investor relations in public companies
- The Programme covered 160 companies, including all constituents of the WIG20, mWIG40, sWIG80 indices, as well as 20 companies from the gaming industry
- In the next phase of the Programme, GPW will deliver bespoke reports to all companies participating in the review
- The Programme will re-evaluate investor relations (in November/December 2019)
The Warsaw Stock Exchange (GPW) in partnership with Closir, a leading financial technology company which provides products and services that help companies attract global institutional investors, has launched an IR Excellence Programme focused on improving IR practices in Poland. The IR Excellence Programme was developed to evaluate IR activities from the perspective of availability of information, especially as per the requirements of foreign investors. The programme covered 160 companies participating in WIG20, mWIG40, sWIG80, as well as 20 selected companies from the gaming industry (listed on the Main Market and NewConnect) which are aligning their business with the regulatory requirements applicable on the capital market.
“The key tool used by issuers to build strong relations with shareholders is a professional approach to investor relations, which may improve the share price, boost liquidity, and attract more interest of investors and analysts. When making investment decisions, long-term investors increasingly understand that companies which have no adequate strategy or investor relations may remain undervalued for years. This is why GPW has launched the IR Excellence Programme for 160 companies which will receive individual recommendations as well a toolbox necessary to improve their IR policies for the benefit of the entire market,” said Izabela Olszewska, Member of the GPW Management Board.
“We are glad to see the Warsaw Stock Exchange taking an innovative and quantitative approach to improve the investor relations practices of its listed companies. The quality of investor relations is an important factor within the investment decision making process. We are looking forward to partnering with GPW and supporting this important initiative,” said Michael Chojnacki, CEO of Closir.
Phase 1 of the IR Excellence Programme
The programme has looked into the availability of selected information, in particular in English, on the corporate websites of issuers listed on GPW. The investor relations website introduces the company and provides key corporate information, in particular to foreign investors.
The key criteria under review included:
- IR Website Link
- IR website in English
- Company Overview
- Annual Report
- Investor Presentation
- Newsflow
- Financials
- Shareholder Structure
- Board/Management biographies
- IR Contact
- IR Calendar
- Responsiveness
In addition, the review covered the following new trends concerning information that foreign investors frequently look for:
- Investor FAQ
- Links to trading venue
- Fact Sheet
- Mailing list sign up
- Corporate Social Responsibility (ESG)
- Access/Meeting Opportunity
Companies could score up to 10 points in the review. The average score of the 160 reviewed companies was 8.9 points. The highest scores were those of WIG20 and mWIG40 companies. Companies could score up to 3 points for additional criteria. The average score for the additional criteria was 1.64 points. The information compiled during the review was used to prepare individual company reports.
At the end of Phase 1 of the Programme, individual reports will be delivered to the IR teams of participating companies, together with a proposal to discuss the methodology and the results with GPW experts. Dedicated reports contain a summary concerning the quality of information provided by companies to investors on the corporate website, as well as an evaluation and recommendations for improvements.
Phase 2 and 3 of the IR Excellence Programme
In Phase 2 of the IR Excellence Programme, GPW will deliver training in successful IR policies to companies that wish to improve their score.
Phase 3 is a re-evaluation of the IR activity of listed companies compared to their scores in Phase 1. The re-evaluation will review the implementation of recommendations and provide the final quality assessment of GPW-listed companies’ IR policies.
