ir magazine top 100 2013

US 2013INVESTOR Winning companies, winning IR strategies

PERCEPTION STUDY

Foreword

IR Magazine commissioned Mary Maude Research to carry out an investor perception study among portfolio managers and analysts to identify the companies that are currently the leading exponents of investor relations in the US.

The study also questioned respondents on their views about the introduction of say-on-pay voting and whether this had affected companies’ approach to executive pay. It further asked for views on how cash-rich companies should spend their reserves.

This report and the IR Magazine Awards are part of a continuing series of studies and events organized by IR Magazine in Asia, Brazil, Canada and Europe. We would like to thank all the members of the US investment community who kindly gave their time to speak to us.

Katharine WhiteKatie McCorkindaleSharon DuceKellie Batchelor

Mary Maude ResearchLondonJanuary 2013

2 IR MAGAZINE INVESTOR PERCEPTION STUDY – US 2013

INTRODUCTION

There is no single definition of good investor relations. Among the companies in this IR Magazine Investor Perception Study – US 2013, including the 100 that analysts and investors ranked as the best in the US, there are different sized IR teams, different goals and different strategies. In fact, there are as many types of good IR as there are companies, with investor relations programs tailored to unique businesses, strategies, market caps, managements, current and future shareholders and economic conditions. Getting that fit right is no easy feat. The companies in the US Top 100 profiled in these pages have got it right.

That Covidien got it right and achieved the top position three years in a row is remarkable. Its IR team, led by Cole Lannum, is not – by a long shot – the largest, nor is Covidien, a medical device maker, the best known, most widely covered or most widely owned company in the survey. Like most other companies in the

Top 100, Covidien’s IR excels in responsiveness, transparency, access and company and industry knowledge. So what is its secret ingredient? It may come down to excellent customer service. Covidien has a level of attentiveness to its clients – analysts and investors – that makes IR at many companies look like school lunch compared with dinner at Le Bernardin.

Other companies are also to be praised for consistently strong performance from year to year. Danaher, Honeywell, Broadcom and Qualcomm are in the top 10 for the second year in a row, while Express Scripts, Wyndham Worldwide, Limited Brands, Ryder System and Jack in the Box have held steady in the Top 100.

Those that have gone from good to even better deserve just as much – if not more – credit. FedEx went from 30th place last year to seventh in 2013, Cisco from 20th to ninth. Most impressive of all are the companies that jumped even further in the rankings. NextEra Energy comes in at number five after not even appearing in the entire list of 324 ranked companies last year. Calpine and Walt Disney, among others, appear in the Top 100 after a steep climb from much lower down the 2012 list.

It’s exactly these kinds of examples we wanted to track when we conceived of the Top 100 and introduced it in last year’s investor perception study. These IR programs are models of excellence and consistent improvement whether or not they win any awards. Last year we also restructured this report and began featuring profiles of the Top 100 companies, including names of key executives, comments from analysts and investors in the

Good IR = better performance

Neil Stewart on the who and why of this year’s top performers

GOING UP O

Top climbers in this year’s US Top 100

Rise Company 2013 rank

2012 rank

+268 Calpine 36 =304

+222 The Walt Disney Company =58 =280

+202 US Airways Group 85 =287

+200 LinkedIn =33 233

+193 Monsanto =48 =241

+177 eBay =89 =266

+167 Illinois Tool Works 37 =204

+159 Informatica =92 =251

+147 Pfizer 57 =204

+132 Kansas City Southern 13 =145

+132 Kinder Morgan =87 =219

+131 SPX 73 =204

???????????

3IR MAGAZINE INVESTOR PERCEPTION STUDY – US 2013

INTRODUCTION

survey, and interviews with winning firms. All this builds on a foundation 18 years in the

making, beginning with our first US awards in 1996. Every year we ask analysts and investors to name the companies they believe are the best in different areas of IR. The judging is open to any publicly traded company in the US, with no entry process or fee. For 2013, Fox Insight invited more than 23,000 investment professionals to participate in an electronic survey, then Mary Maude Research, which also does our awards surveys in Asia, Canada and Europe, carried out more than 300 phone interviews, adding up to participation by nearly 700 investors and analysts. More information about the methodology can be found on page 106.

I was asked recently by a radio host whether good IR results in better stock market performance; I said you can’t assume cause and effect but there is definitely a correlation. In other words, successful companies often have good IR programs, but that’s no wonder – they do a lot of things well, which is why they’re successful. On the other hand, we regularly see companies under a lot of pressure getting high praise for their IR, like Intel, which lost around 20 percent of its value in the last year but was nominated in eight categories this year and crowned the winner in four of them.

In fact, in the nearly 12 months since the 2012 awards ceremony, last year’s US Top 100 companies, weighted by total score, returned 14.3 percent compared with 11.5 percent for the S&P 500 and the Dow’s 10.8 percent. It would be nice to believe good IR delivered that bump, and no doubt transparency and trust are factors. Again, however, let’s not put the cart before the horse. It could be that companies enjoying good performance can be more proactive and do more investor marketing than poorly performing companies preoccupied with reacting to analyst concerns and shareholder beefs. So it’s not surprising that last year’s Top 100 outpaced the broader market. Still, good luck to this year’s Top 100 in doing the same. They deserve it.

Neil StewartEditorial & research director, IR Magazine

New entrants to the US Top 100

Company 2013 rank

NextEra Energy 5

Skyworks Solutions =28

Teradata =31

Alaska Air Group =33

Southern Company 40

Catamaran =45

Sherwin-Williams =48

ViroPharma =48

Ashland 53

IHS 55

Oshkosh Corporation 61

Rockwell Automation =67

Micron Technology =76

The Hain Celestial Group =76

ConocoPhillips =82

Maxim Integrated Products =82

Old National Bancorp =89

CME Group =92

Reynolds American =92

Eastman Chemical =97

FirstEnergy =97


IR MAGAZINE US TOP 100

2013 rank

2012 rank Change Company No of

awards

No of short lists

Points

1 1 Y Covidien ✪ ✪ ✪ 8 359

2 7 O Intel ✪ ✪ ✪ ✪ 8 344

3 2 T Danaher ✪ ✪ 7 278

4 4 Y Honeywell ✪ 3 229

5 – + NextEra Energy ✪ 2 208

6 11 O JPMorgan Chase & Co ✪ ✪ ✪ 4 206

7 30 O FedEx ✪ ✪ 2 196

8 10 O Broadcom ✪ ✪ 4 186

9 20 O Cisco Systems 1 183

10 3 T Qualcomm 2 179

11 31 O 3M 1 167

12 19 O Texas Instruments 166

13 =145 O Kansas City Southern 3 164

=14 =53 O Baxter International 1 160

=14 15 O Express Scripts ✪ 4 160

16 12 T Wyndham Worldwide ✪ ✪ 4 159

17 29 O Anadarko Petroleum ✪ 2 152

18 59 O Caterpillar 1 151

19 6 T The Coca-Cola Company ✪ 2 149

20 22 O Limited Brands ✪ 3 147

21 =42 O Medtronic 1 143

22 13 T General Electric 1 140

23 =109 O Gilead Sciences 136

24 =57 O Delta Air Lines 1 135

25 =145 O Noble Corp ✪ 3 133

=26 =67 O United Parcel Service 1 129

=26 =65 O Yum! Brands 1 129

=28 – + Skyworks Solutions 1 124

=28 5 T United Technologies 1 124

30 =51 O PNC Financial Services 1 123

=31 16 T Johnson & Johnson ✪ 1 121

=31 – + Teradata 1 121

=33 – + Alaska Air Group 1 120

=33 233 O LinkedIn ✪ 1 120

=33 =27 T McDonald’s 1 120

36 =304 O Calpine 2 119

37 =204 O Illinois Tool Works 118

38 =38 Y Ryder System 2 116

39 48 O Dover Corp 114

40 – + Southern Company 1 113

41 =103 O MasterCard 2 112O rank up T rank down Y same + new ✪ number of awards

???????????



2013 rank


awards

No of short lists

Points

42 =42 Y Starbucks 1 107

43 83 O Cummins 106

44 118 O Bristol-Myers Squibb 1 105

=45 – + Catamaran 1 102

=45 =159 O Marriott International 102

=45 =79 O Union Pacific 102

=48 =241 O Monsanto ✪ 1 101

=48 – + Sherwin-Williams 101

=50 =150 O Starwood Hotels & Resorts Worldwide 100

=50 – + ViroPharma ✪ ✪ 3 100

52 =91 O Agilent Technologies 1 98

53 – + Ashland 1 95

54 =106 O Noble Energy 1 94

55 – + IHS 1 93

56 9 T Allergan 92

57 =204 O Pfizer 91

=58 =106 O Perrigo Company 1 89

=58 =280 O The Walt Disney Company 89

60 =27 T Watson Pharmaceuticals 88

61 – + Oshkosh Corporation 87

=62 =88 O Citigroup 86

=62 =91 O HJ Heinz 1 86

=62 =84 O US Bancorp 86

=65 =51 T Cepheid 85

=65 =75 O Jack in the Box 2 85

=67 =137 O American Express 84

=67 – + Rockwell Automation 84

=69 =75 O BB&T 83

=69 =86 O Costco Wholesale 1 83

=69 =60 T Mattel 1 83

=69 63 T Time Warner Cable 83

73 =204 O SPX 82

=74 64 T AT&T 81

=74 =60 T Freeport-McMoRan Copper & Gold ✪ 1 81

=76 =79 O Edwards Lifesciences 78

=76 – + Micron Technology 1 78

=76 =194 O The Allstate Corp 78

=76 – + The Hain Celestial Group 1 78

=80 =53 T Bank of America 77

=80 =84 O CareFusion 1 77

=82 – + ConocoPhillips 1 76O rank up T rank down Y same + new ✪ number of awards



CONTENTS

Editor Candice de Monts-Petit | Chief copy editor Kathleen Hennessy | Contributors Samuel Bakowski, Garnet Roach | Founding editor Janet Dignan

| Research manager Lloyd Bevan | Art & design Mariel Tabora Foulds | Printed by Premier Corporate Mail, The I O Centre Seymour Street, Royal Arsenal, London SE18 6SS, UK

The report

7 US IR: the original – and still the best? Janet Dignan investigates whether the rest of the world has caught up with IR in the States

9 Cash-rich companies and say on pay What should companies do with spare cash? And just how do investors feel about the say-on-pay issue?

12 Winners and short-listed companies 2013Breakdown of this year’s awards

The rankings

15 The US Top 100 Profiles of the highest-ranking companies in the US

98 The challengers Award-winning companies outside the US Top 100

104 Cross-border achievement Winners of the awards for best investor relations in the US market by a non-US company

The research

106 Research process – Survey methodology – Respondents– Questionnaire

109 Ranked companies’ points breakdown

117 Index of companies

2013 rank


awards

No of short lists

Points

=82 – + Maxim Integrated Products ✪ 1 76

=82 =44 T Mettler-Toledo International 1 76

85 =287 O US Airways Group 3 75

86 =159 O Johnson Controls 74

=87 =49 T IBM 73

=87 =219 O Kinder Morgan 1 73

=89 =266 O eBay 1 72

=89 – + Old National Bancorp 1 72

=89 =96 O United Continental 72

=92 8 T Apple 71

=92 – + CME Group 71

=92 =46 T Enterprise Products Partners 71

=92 =251 O Informatica 71

=92 – + Reynolds American 71

=97 – + Eastman Chemical 1 70

=97 =204 O Exelon 70

=97 – + FirstEnergy 70

=97 18 T Halliburton 70

=97 =88 T Thermo Fisher Scientific 70O rank up T rank down Y same + new ✪ number of awards


BEST PRACTICE

US IR: the original – and still the best?Investor relations originated in the US. Janet Dignan investigates whether the rest of the world has caught up yet

Young contendersSo is US IR still the best? Our research around the world is deliberately restricted to surveying investment communities about the companies in their own country or region; that way, IR departments in companies focused on their domestic markets have an equal chance against their more internationally oriented peers. On the face of it, then, we’re in no position to judge whether the US still outperforms others in terms of IR.

But there are some possible indicators. Here’s one: telephone researchers for the US awards, interviewing US analysts and investors, have reported lately that more and more respondents now name what are actually non-US companies in answer to their questions. Companies like ABB and Roche, for instance, are proffered as American companies with the best IR in the US. In other words, investors and analysts are not only forgetting that these are European firms, but they’re also naming them as the best in the US. This definitely seems like some sort of indication of changing comparative IR strength.

Separately, the IR Magazine global IRO survey of 2012 threw up some interesting findings about IR practice around the globe. These findings, many of which were published at the end of last year in the IR Magazine Global Practice Report 2012, show some clear diver-gences in approach to IR structure from region to region. The survey looked at IR budgets, outsourcing, staffing, salaries and much more besides. Overall, external spending had risen more in the past 12 months in North America than it had in Asia or Europe, and in absolute terms it was also significantly higher than in the rest of the world. But this has to be set against the relative IR team sizes.

In broad terms, US firms tend to have smaller in-house teams and bigger budgets for external expenditure. So in the US, the average in-house IR team in 2012 comprised 2.8 IROs; in Germany – where, as we’ve seen, IR hardly

Go back 50 or 60 years and investor relations as we now know it simply did not exist. There may have been a few people in the US officially charged with shareholder communications, or investor relations, but these were

really publicists, more like press agents than today’s financially knowledgeable and strategic IR professionals. The gradual development of IR that began in the American corporate world in 1953 – when General Electric chairman Ralph Cordiner is said to have established the first IR department and coined the term investor relations – has since been replicated, albeit over dra-matically shorter periods, almost everywhere else in the world.

The most extreme examples include countries and jurisdictions where stock exchanges and capitalist systems didn’t even exist until pretty recently, like China. But it’s easy to forget that many continental European countries, and not just those formerly behind the Iron Curtain, were wary of equity markets until recent decades. French and German stock markets were tiny in proportion to the size of their countries’ GDP right up until the 1980s. That was because if German or French companies wanted capital they typically went to their banks, whereas in the so-called Anglo-Saxon countries, they went to shareholders, via public equity markets. So in Germany, in particular, the banks were major holders of listed companies: in 1989, for instance, Deutsche Bank, Dresdner and Commerzbank owned an aggregate 40 percent of the total share capital of all German listed companies.

This was hardly an environment where investor relations activity was necessary; nor did it justify commitment of significant resources. Indeed, in 1989, in an article in IR Magazine (then called Investor Relations), we discussed the fact that even German blue chips like Allianz, Daimler-Benz and Siemens were not in the habit of holding investor presentations or allowing access to senior management by members of the investment community. As an Allianz spokesperson at the company’s headquarters in Munich told our reporter at the time: ‘Our CFO would never consider talking to a portfolio manager.’

How things change. Last year, Allianz won the grand prix for best overall IR by a large-cap company at the IR Magazine Awards – Europe, as well as the awards for best IRO at a large cap, best IR in Germany and best IR in the insurance sector. The insurance giant now has an IR team of 11 and is ranked first in the IR Magazine Euro Top 100 2012. Daimler is ranked joint 41st in the 2012 Top 100, was short-listed for the award for best IR in the automobiles & parts sector and has an IR staff of eight. Siemens, also short-listed for best IR in its sector, ranks joint 54th in the 2012 Euro Top 100 and has an IR staff of five.


BEST PRACTICE

got going until 20 years ago – the average is 3.5. The average for Europe as a whole dropped from 3.5 in 2011 to 3.4 last year, much smaller than the reduction of half an IRO between the two years in the US (from 3.3 to 2.8). Asia boasts the biggest teams of all, at an average of 4.3 in 2011, but fell by as much as the US last year, down to 3.8. As noted, the bigger team sizes overseas are balanced by smaller external spending budgets, to a greater or lesser extent. The average US budget for external IR spending was $570,000 in 2012, against $561,000 in Europe and $285,000 in Asia.

Which approach?But all this begs the question we are trying to address here: which approach produces the best output? Is it better to have a strong in-house team that can not only answer investors’ and analysts’ questions as required but also run the IR pages of the website, the social media activity, the conference calls, the roadshows, the one-on-one meetings, the targeting and ID activities, and so on? Or is it better to have a small corporate team handling the aspects of IR that really have to be done in-house, outsourcing the rest to service providers whose lifeblood depends on maintaining up-to-the-minute best practice standards?

Members of the investment community undoubtedly value the ready availability of IROs; they say so in answer to our surveys and comment on the size of larger teams in favorable tones. On this basis, it’s an easy assumption that the best IR is being provided by those big teams in Asia and continental Europe. That, however, would be far too simplistic an approach: the caliber of the individuals has a role to play; it’s not just about the headcount.

Indeed, other crucial factors include the seniority of the IR personnel, their access to management, their knowledge of the company and its industry sector, their ability to answer questions as quickly and accurately as senior management, and so on. Moreover, a team comprising top-quality IROs presupposes the commitment of the management team to openness, transparency and honesty with the investment community. No company that has a half-hearted approach to building trust with its investors and other stakeholders will ever boast an award-winning team.

Our investor perception studies produce verdicts on the best teams; they make no attempt to draw conclusions across borders. Anecdotally, however, US-based IROs who have had the same role in Europe or Asia – in some cases with the same company – often comment on the difference between members of the US and their home investment communities. They say US portfolio managers and analysts are more demanding than those at home, which means the IROs have to up their own game. That must surely suggest a higher standard of investor relations in the States.

Until we research this issue directly, however, any claims about the relative quality of IR activity across borders cannot be substantiated. But wherever it ranks in the world, this report certainly identifies which people at which companies are producing the highest IR standards here in the US.

Bud

get

US

$570,000 $561,000

$285,000

Europe Asia

US Germany

No

of p

eopl

e in

team

Asia

2.8

3.53.8

Spen

d an

d ov

eral

l % o

f bud

get

$211,000 $168,000

(30%)

$69,000

(24%)

US Europe Asia

(37%)

Source: IR Magazine global IRO survey 2012

Average IR team size

Average IR team budgets

Average external IR spend


RESEARCH

have a wide variety of requirements in terms of returns: some want a steady stable income, others want the chance of making a fast buck, accepting the concomitant higher risks.

All else being equal, however, how would the majority prefer the companies they’re invested in to spend any spare cash? Do they want cash in the form of dividends? A buyback program? Or would they prefer the company to invest in growing the business, perhaps through organic growth or an acquisition?

In this year’s US investor perception survey, respondents were asked for their views on how cash-rich companies should spend their reserves and were given a list of four options. Most (93 percent) of those questioned answered readily, but 7 percent (3 percent buy side and 4 percent sell side) commented that none of the companies they cover actually have any spare cash, so the question is irrelevant.

All companies have to try to give investors what they want in terms of return on investment or – perhaps more appropriately – find the kind of investors that want what an investment in that particular stock will provide. Even

taking short-sellers and their ilk out of the equation, investors

Cash-rich companies

Buy side Sell side

Return to shareholders as dividendsReturn to shareholders in buybacksR&D/organic growthMake acquisitionsAll the above (depending on company)Keep the cash

36%

18%

13%

8%

18%

4%

20% 21%

16%18% 17%

4%

Spending options 2013

$‘I am happy for companies to do any of these things

providing they can give me the reasons. If not, then just give us

the money back in dividends’BUY SIDE

‘A very well-thought-out acquisition plan is best for a good return’

SELL SIDE

‘If it’s a growth company then acquisitions or internal investment are

the best options; for a value company, dividends or buybacks are better’

SELL SIDE

‘Raising dividends, because I like money you can spend and so do my clients, especially with

bond yields so low today’BUY SIDE

HOW DO YOU THINK CASH-RICH COMPANIES SHOULD SPEND THEIR

RESERVES?

‘It depends on the company, of course, but increasingly dividends and share buybacks are good because of the slower-growth environment with few good investment

opportunities. So if cash is building up they ought to give it to shareholders’BUY SIDE

‘Organic growth should be the primary use of the money and if they can’t find a way to do this, then pay dividends –

but never do pointless acquisitions’SELL SIDE

‘You have to trust companies to know best how to allocate their

capital. Obviously they should reinvest, if they can get a good return, and make

acquisitions when necessary’ BUY SIDE


RESEARCH

The responses show a pretty clear prefer-ence for companies to return cash to share-holders either in the form of dividends or via share buybacks. In 2012 these top two options were reversed and were much stronger, with 41 percent overall preferring buybacks and 39 percent plumping for increased dividends.

Sensibly enough, many respondents note that there is no one-size-fits-all solution; on the contrary, what’s appropriate for one company or sector won’t be for another. And around 10 percent of respondents think it

HOW HAVE VIEWS CHANGED?

The investment community’s views overall haven’t changed hugely on this issue over the past 12 months. Indeed, when asked directly, nearly three quarters of buy-side respondents (73 percent) and more than a third of sell-siders (37 percent) say their views have not changed. A further 20 percent of sell-side respondents say they are not sure whether their view has changed.

‘We are not big fans of share buybacks. We prefer

organic growth or dividends and this view hasn’t changed

in at least four years’

BUY SIDE

‘Our view hasn’t changed apart from the

2008 blip, when I would have advised companies to sit on the

cash. I would just like them to continue growing’

SELL SIDE

‘I haven’t changed my view much on this. Maybe last year I was more excited by dividends and now I want

to see the scope for takeovers as I want more growth’

BUY SIDE

‘On balance, I think I am more interested in dividends

than I was last year’

BUY SIDE

‘As debt has declined I have become keener on acquisitions’

SELL SIDE

would be unwise for companies to do anything with their spare cash until the new tax regulations are in place.

On page 9 are some of the specific comments made by members of the investment community in response to this question. Of the 4 percent who want companies to sit on their cash, nearly all say this is because of a deep caution about the future. ‘We are still in an exceptionally volatile period and companies should keep their hands on the cash until Europe sorts itself out,’ says one sell-side analyst, whose views were typical. Some are sector-specific in their thinking, such as this IT analyst: ‘The IT sector has been up and down for a while and I am not keen for people to dip into their reserves.’

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RESEARCH

No change, would like to see change

No change, not interested in change

No change, never mentioned

Change, more communicative/transparent

Change, more defensive

Don’t know/can’t tell

35%

18%

12%

8%

12%

15%

Say-on-pay

on this issue, providing only basic disclosure and then seeking, if not to bury it, at least to obscure it from plain view.

Of the remaining 32 percent of respondents, 12 percent say companies have become more communicative, 8 percent say they have become more defensive and 12 percent are unsure either way. Even among those who credit companies with greater transparency, there is guarded skepticism. As one buy-side investor states: ‘It’s different from company to company and overall the communication has become better, but some companies continue to find vehicles to compensate executives.’

That this investor has found companies to be more communicative about executive pay may be due, in part, to his own approach. Turning the Wall Street rule on its head, he continues: ‘From our point of view, if a com-pany won’t discuss the issue, we won’t invest.’

With say-on-pay votes now a firm fixture in the proxy calendar, IR Magazine’s investor perception survey asked 200 US investors and analysts what impact they found these votes were having upon the approach of companies toward executive remuneration – and there is little difference in the experiences of the buy side and the sell side on this issue.

More than two thirds of respondents (68 percent) say there has been no change in companies’ approach to executive pay. This number can be broken down further, into 18 percent who say the issue is not mentioned at all in discussions, 15 percent who say the issue is mentioned but is of no interest to them, and the remaining 35 percent who are interested in executive pay discussions but have seen no change in corporate approach.

Where executive pay is not mentioned, respondents put this down to companies assuming the ‘Wall Street rule’, whereby if an investor is unhappy with management decisions, it simply sells its stock. This is seen by some as an approach not suited to eliciting best management practice. As one sell-side analyst puts it: ‘There are some horrendous chief executives in my space where the stock has fallen and people sell. It would be useful if there were more investor activists.’

Aside from those respondents who genuinely have no interest in the subject at all, application of the Wall Street rule is the main reason for respondents not wishing to discuss executive pay. One buy-side respondent identifies the difference in interest between short-term and longer-term investors: ‘This is not an issue for the average hedge fund or portfolio manager but only for pension funds with a long-term interest. Other investors would just sell.’

The most dissatisfied respondents on this issue are those who are interested in discussing executive pay, but have seen little perceptible change in the corporate approach to it. Respondents here complain of having to ‘drag’ information out of companies, and argue that there is more information ‘in the newspapers than from the companies themselves.’ The general view among these respondents is that companies do the minimum for compliance

Say on pay

Respondents were asked how satisfied they are generally with the information they receive from IR professionals on say on pay. For almost two thirds of respondents (65 percent) this is simply not an issue. The 35 percent who do express an opinion are divided, with 17 percent stating clear satisfaction and 6 percent expressing clear dissatisfaction. The remaining 12 percent are either entirely neutral or express mild satisfaction/dissatisfaction.

Say-on-pay information


US AWARDS 2013: WINNERS AND RUNNERS-UP

GRAND PRIX FOR BEST OVERALL INVESTOR RELATIONS PROGRAM – LARGE CAP chart p17

1 Covidien 2 Intel3 Danaher 4 Honeywell

GRAND PRIX FOR BEXT OVERALL INVESTOR RELATIONS PROGRAM – MID-CAP chart p31

1 Broadcom 2 Kansas City Southern3 Wyndham Worldwide 4 Limited Brands

GRAND PRIX FOR BEXT OVERALL INVESTOR RELATIONS PROGRAM – SMALL CAP chart p65

1 ViroPharma2 Jack in the Box3 US Airways Group4 Old National Bancorp

BEST IR PROFESSIONAL – LARGE CAP chart p17

1 Covidien ................................... Coleman Lannum2 Intel ..................................................... Mark Henninger 3 Anadarko Petroleum ........................... John Colglazier4 Express Scripts ......................................... David Myers

BEST IR PROFESSIONAL – MID-CAP chart p48

1 Noble Corp ................................. Jeffrey Chastain 2 Kansas City Southern ...Bill Galligan & Ashley Thorne3 Broadcom ..............................................Chris Zegarelli4 Limited Brands .......................................Amie Preston

BEST IR PROFESSIONAL – SMALL CAP chart p65

1 ViroPharma ................. Bob Doody & Will Roberts2 US Airways Group ................................ Daniel Cravens3 Jack in the Box ...................................... Carol DiRaimo

BEST IR BY A CEO OR CHAIRMAN – LARGE CAP chart p28

1 JPMorgan Chase & Co ..................... Jamie Dimon2 Covidien ...................................................José Almeida3 Danaher ............................................... Lawrence Culp4 The Coca-Cola Company ......................... Muhtar Kent

BEST IR BY A CEO OR CHAIRMAN – MID-CAP chart p56

1 Calpine ................................................Jack Fusco2 Cardinal Health .................................... George Barrett=3 Perrigo Company ..................................... Joseph Papa=3 Wyndham Worldwide ........................Stephen Holmes

BEST IR BY A CEO OR CHAIRMAN – SMALL CAP chart p100

1 Pebblebrook Hotel Trust .......................Jon Bortz=2 Cyberonics .............................................. Daniel Moore=2 On Assignment ......................................Peter Dameris

BEST IR BY A CFO – LARGE CAP chart p25

1 Honeywell ................................... David Anderson2 NextEra Energy ..................................Moray Dewhurst3 United Technologies .................................. Greg Hayes4 Intel .............................................................Stacy Smith

BEST IR BY A CFO – MID-CAP chart p41

1 Wyndham Worldwide ................Thomas Conforti2 CareFusion .......................................... James Hinrichs 3 Mettler-Toledo International ............ William Donnelly4 Waste Connections ........................ Worthing Jackman

BEST IR BY A CFO – SMALL CAP chart p98

1 Cyberonics ................................ Gregory Browne2 GATX Corp ............................................... Robert Lyons3 American Axle & Manufacturing ..... Michael Simonte4 US Airways Group .......................................Derek Kerr

BEST FINANCIAL REPORTING chart p21

1 Intel 2 Danaher 3 Covidien4 Alaska Air Group

BEST USE OF TECHNOLOGY FOR INVESTOR RELATIONS chart p23

1 Danaher 2 Google3 Intel4 Covidien



BEST INVESTMENT COMMUNITY MEETINGS chart p21

1 Intel 2 MasterCard3 JPMorgan Chase & Co=4 Broadcom=4 Qualcomm

BEST CORPORATE GOVERNANCE chart p20

1 Intel 2 Danaher 3 Express Scripts=4 Ryder System=4 Target

MOST PROGRESS IN INVESTOR RELATIONS chart p87

1 Maxim Integrated Products =2 LinkedIn =2 Noble Corp4 Life Technologies

BEST SUSTAINABILITY PRACTICE chart p30

1 FedEx 2 Covidien3 Walmart

BEST INVESTOR RELATIONS DURING A CORPORATE TRANSACTION chart p39

1 Express Scripts – Acquisition of Medco Health Solutions, completed April 2012

2 Danaher – Acquisition of IRIS International, announced September 2012

3 Genesee & Wyoming – Acquisition of RailAmerica, completed October 2012

4 Covidien – Several acquisitions including MindFrame and Oridion Systems

BEST CRISIS MANAGEMENT chart p28

1 JPMorgan Chase & Co – Massive trading losses in May 2012

2 Chevron – Large fire at oil refinery in August 2012

3 St Jude Medical – Recall of Riata products in November 2011

BEST INVESTOR RELATIONS FOR AN IPO chart p102

1 ServiceNow 2 Globus Medical3 Forum Energy4 Workday

BEST INVESTOR RELATIONS BY AN ASIA- PACIFIC COMPANY IN THE US MARKET chart p105

1 Silicon Motion ...........................................Taiwan 2 Alumina .......................................................... Australia=3 China Telecom ......................................................China=3 Toyota Motor Corporation ................................... Japan

BEST INVESTOR RELATIONS BY A EUROPEAN COMPANY IN THE US MARKET chart p104

1 Roche Holding ................................... Switzerland 2 ARM Holdings .......................................................... UK3 ABB ............................................................Switzerland4 SAP ................................................................. Germany

BEST INVESTOR RELATIONS BY A LATIN AMERICAN COMPANY IN THE US MARKET chart p105

1 BM&F Bovespa ............................................Brazil 2 CETIP Brasil ........................................................ Brazil3 TIM Participações ............................................... Brazil



OIL & GAS1 Anadarko Petroleum 2 Noble Corp3 Noble Energy4 ConocoPhillips

PHARMACEUTICALS & BIOTECH1 Johnson & Johnson 2 Bristol-Myers Squibb3 ViroPharma4 Agilent Technologies

RETAIL1 Limited Brands 2 Costco Wholesale3 The Kroger Company4 Ascena Retail Group

TECHNOLOGY (LARGE CAP)1 Intel 2 Honeywell3 Cisco Systems4 Qualcomm

TECHNOLOGY (SMALL & MID-CAP)1 Broadcom 2 Skyworks Solutions3 Teradata4 Micron Technology

TRANSPORT1 FedEx 2 Kansas City Southern3 Delta Air Lines4 United Parcel Service

UTILITIES1 NextEra Energy 2 Calpine3 Southern Company 4 Kinder Morgan

CHEMICALS1 Monsanto2 Ashland3 Eastman Chemical Company4 EI du Pont de Nemours and Company

CONSUMER & BUSINESS SERVICES1 LinkedIn2 Ryder System3 IHS 4 eBay

CONSUMER GOODS1 The Coca-Cola Company2 HJ Heinz Company3 Mattel4 The Hain Celestial Group

DIVERSIFIED INDUSTRIALS1 Danaher 2 3M3 Caterpillar4 General Electric

FINANCE & INSURANCE1 JPMorgan Chase & Co 2 PNC Financial Services3 MasterCard4 Catamaran

HEALTHCARE1 Covidien =2 Baxter International=2 Express Scripts4 Medtronic

LEISURE & MEDIA1 Wyndham Worldwide 2 Yum! Brands3 McDonald’s4 Starbucks

METALS & MINING1 Freeport-McMoRan Copper & Gold 2 Martin Marietta Materials3 United States Steel4 Cliffs Natural Resources

Sector awards

‘Some former members of the IR team have expressed the opinion that if I ever needed someone to come back into IR, they would do it in a heartbeat’

COLEMAN LANNUM, HEAD OF IR, COVIDIEN (RANK 1) WINNER OF BEST IR PROFESSIONAL – LARGE CAP (SEE PAGE 16)

‘I exceeded 100,000 miles of travel last year with one airline; that’s my best way of measuring the amount of time I’ve spent traveling. It was a global

effort, not just the US but also extensively western Europe, and it paid off. Our ownership in Europe increased almost 30 percent, and that’s a nice

compliment from the standpoint of the effort’

JEFF CHASTAIN, VICE PRESIDENT OF IR, NOBLE CORP (RANK 25) WINNER OF BEST IR PROFESSIONAL – MID-CAP (SEE PAGE 47)

‘If you called the biggest bear analysts we’ve ever had, who might have been bearish for as long as I’ve known them, they would probably

tell you we’re the nicest guys they’ve ever dealt with’

ROBERT DOODY, ASSISTANT DIRECTOR OF IR, VIROPHARMA (RANK =48) WINNER OF BEST IR PROFESSIONAL – SMALL CAP (SEE PAGE 64)

‘I believe social media are a bit of a hydra-headed monster. It’s very easy to disseminate things on social media but a lot harder to refute them. If you engage in social media, you can get sucked into a sort of a vortex, which could consume

a lot of time and effort, so we stick to our regular channels and I make it an absolute practice of not talking on message boards or anything like that’

GREGORY BROWNE, CFO, CYBERONICS, (RANK =104) WINNER OF BEST IR BY A CFO – SMALL CAP (SEE PAGE 98)

‘Jon Bortz attends a lot of non-deal roadshows, because we found the initiative of just being out there to be out there, speaking to investors

outside the context of a deal or equity raising, is generally well met’

RAYMOND MARTZ, CFO, PEBBLEBROOK HOTEL TRUST (RANK =140) CEO JON BORTZ WINS BEST IR BY A CEO OR CHAIRMAN – SMALL CAP (SEE PAGE 100)

TOP 100US 2013


US TOP 100

at the Ireland-incorporated, Massachusetts-headquartered company, working alongside an administrative assistant and a senior director of IR. The latter role, which is a rotating three-year position, has proved very popular within the firm.

‘In an organization of our size – more than 40,000 employees worldwide – IR is very much a black box, a mystery for a lot of people,’ Lannum explains. ‘Once people get into it, however, they find a fascination, a level of fun and certainly a huge learning curve.’ He says IR allows you to see much more of the battlefield

Medical equipment supplier Covidien was once more in the spotlight at the ceremony for the IR Magazine Awards – US, topping the charts

for the third year in a row, displaying an impressive eight nominations and winning three prizes, including the grand prix for best overall investor relations program in the large-cap company category.

Cole Lannum, the company’s head of investor relations of seven years and recipient of three consecutive accolades for best IR professional, runs a three-person department

Playing by old school rules

‘Inner knowledge and intimacy of what the company is actually doing is paramount’

1 CovidienAWARD WINNER (see below) | BEST IN SECTOR (see p67)

Listing informationLarge capNYSEHealthcare

CEO José Almeida

CFO Charles Dockendorff

Head of IR Coleman Lannum

IR team Todd Carpenter, Ann Broughton

IR team size Three

IR awardsGrand prix for best overall investor relations program – large capBest IR professional – large capBest in sector – healthcare

Contact information www.covidien.com [email protected] +1 508 452 4343

2012 ranking 1

Investor/analyst feedback ‘With its consistency and helpful approach, Covidien has led the way in IR for some time’ – sell side

‘Covidien has the best corporate access and fantastic disclosure. And the IRO is responsive and knowledgeable’ – sell side

‘Cole Lannum has an amazingly comprehensive investor relations program, with his executives readily available at conferences and roadshows’ – online survey

‘Cole Lannum is the best investor relations officer in our covered universe! He is extremely responsive, no matter what time of day’ – online survey

‘The most responsive company with the best investor meetings – no one understands investor relations better than Cole Lannum’ – online survey


US TOP 100

than almost any other job at the company outside the very senior leadership team. ‘Some former members of the IR team have expressed the opinion that if I ever needed someone to come back into IR, they would do it in a heartbeat,’ Lannum adds.

This past year, the department has had its hands full with the spin-off of Covidien’s pharmaceuticals division, which was announced at the end of 2011. As a result, investors and analysts

have been inquiring massively about the transaction’s development. ‘Questions over the last six months have been primarily around the spin-off,’ Lannum confirms. ‘Not all the information is out there yet but it will be by the time the company spin-off actually happens.’ In addition, the team has been building a proper IR function for the new entity. ‘A dedicated IRO has just come on board to take over the reins at the newly spun-off company,’ Lannum adds. ‘He’s someone I’ve known for a long time and I think he’s going to do an excellent job.’

Covidien’s shares are 80 percent held by US institutional investors, so the IR team regularly travels domestically to attend non-deal roadshows and investor conferences. Another relatively large portion of shareholders are based in Canada and Europe.

CovidienColeman Lannum

IntelMark Henninger

Anadarko PetroleumJohn Colglazier

Express ScriptsDavid Myers

Danaher Matt McGrew

Baxter InternationalMary Kay LadoneCisco SystemsMarilyn Mora

General ElectricTrevor SchauenbergYum! BrandsTimothy JerzykHoneywellElena DoomTexas InstrumentsRon SlaymakerNextEra EnergyJulie Holmes

45

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53

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Best IR professional – large cap

‘Twenty percent of our trips are to Europe and, within those, typically 90 percent will be to the UK and Ireland and 10 percent elsewhere,’ details Lannum. ‘We are a bit of a unique company. Because we are domiciled in Europe, it allows investors that may have a mandate of having to invest only in non-US equities to still be allowed to invest in us.’

The team hasn’t done any significant meetings in Asia, apart from the occasional teleconference during a senior management trip to local operations. There is a plan to increase the outreach to investors in the region

‘We do not do ad hoc meetings because of the huge demand, which is not manageable’

‘Once people get into IR, they find a fascination, a level of fun and certainly a huge learning curve’

Covidien

Intel

Danaher

Honeywell

NextEra Energy

JPMorgan Chase & Co

FedEx

Cisco Systems

Qualcomm

3M

Texas Instruments

Baxter International

Express Scripts

Anadarko Petroleum

Caterpillar

278

229

208

206

196

183

179

167

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Grand prix for best overall investor relations program – large cap


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Knowledge is powerHaving worked on the buy side for 20 years, Lannum recalls the most frustrating thing at that time was dealing with IR people who had no proper knowledge of their company’s business. ‘To my mind that is a death knell,’ he says. ‘Inner knowledge of and intimacy with what the company’s actually doing are paramount. Because of that, investors appreciate getting a quick simple answer rather than having to wait a week or even two hours to get the information they requested. Far too many companies don’t appreciate that when the opening bell rings at 9.30 am, people are trading your shares, period. The world goes on whether they have heard back from you or not.’

In order to monitor its responsiveness and how quickly it gets back to a request, the team has introduced – and consistently beaten – internally generated benchmarks. ‘Every single question we get, we try to respond to at least 25 percent within five minutes, half of them within an hour and 95 percent within 24 hours,’ highlights Lannum.

But this high performance in responsiveness is not due to the deployment of a high-tech strategy for IR. ‘I’m kind of old school on these kinds of things,’ says Lannum. While Covidien’s IR team

does participate in the social media IR scene through its dedicated Twitter account, Lannum doesn’t believe this type of outreach is worth spending significant time and resources on. ‘I don’t think most people in the investment community really care – I’ve never had a single investor bring it up,’ he says. ‘On the other hand, social media are a very big deal for a lot of IR consultants who want to sell people this concept that if you aren’t on Twitter or Facebook, you’re missing the opportunity of a lifetime…’

The prospect of an IR app is met by Lannum with the same lack of enthusiasm. ‘We could put together a really slick IR app, but would it solve the problem more than when I send out a blast email to people?’ he asks. ‘So far the answer to that question has been a resounding no.’

When defining his role and strategic responsibilities, Lannum likes to describe himself as a teacher. ‘I think it’s a pretty good analogy: if you think of all public information being the textbook, schools still need good teachers,’ he points out. ‘To the outside world, I help people understand Covidien better, using information that is already in the public domain. And internally, I see my role as being not only the voice of the shareholder, but also to help senior management understand the consequences of making decisions, and how the financial world might interpret them.’

in the near future, although Lannum would not define this as proper targeting. ‘I’m not a big fan of the term ‘investor targeting’, which is more relevant for smaller companies,’ he declares. ‘We’re fortunate to be a very large company and people know who we are. Investors make their own decisions: our job is to educate them and then get out of their way.’

As part of its program, the IR department hosts an annual day-long investor event, and to manage its time efficiently it schedules all roadshows and marketing events six to 12 months in advance – the firm’s way of ‘locking them in. We don’t do ad hoc meetings because of the huge demand, which is not manageable,’ explains Lannum. ‘When our CEO, CFO or one of the presidents of our businesses attend IR events, they get to see a lot of the investment community and vice versa. At other times, however, it’s my job to let them do their primary job of running the company.’

Lannum highly values the proximity he enjoys with Covidien’s C-suite. ‘My office is right next door to our chief medical officer, who is right next door to our chief executive, so we’re in each other’s face all the time,’ he says. ‘When something comes up that is relevant, we pride ourselves on the fact that we jump on it fairly quickly.’

In order to monitor its responsiveness, the team has introduced – and consistently beaten – internally generated benchmarks

Coleman Lannum Head of IR, Covidien


US TOP 100

Interview with Mark Henninger, IR director

Your company is short-listed for an impressive eight awards this year. That’s five more than in 2012. What have you been doing differently?At Intel there are values we emphasize in the practice of IR. First among those would be simply treating investors with respect. I recognize that this sounds basic, but in a business that’s based in large part on the debate of an idea or a thesis, it would be easy to get position-locked or get stuck in a ‘back and forth’. What we try to emphasize as a team and in our relationships with investors is that we are trying to share Intel’s point of view on a particular

Plenty to reporttopic or in answering a question. We under-stand there will at times be skepticism, and we hope, over the course of the conversation, that we respect the investor’s point of view and we’re able to communicate ours successfully.

Regarding the other values, I think we’ll resonate with a lot of other IR professionals. Being credible is critically important: we spend a lot of time making sure we are well briefed on the strategy and the business, and equally as importantly on industry trends. It’s also vital to be accessible, both in good times and –

2 IntelAWARD WINNER (see below) | BEST IN SECTOR (see p69)

Listing informationLarge capNASDAQTechnology

CEO Paul Otellini

CFO Stacy Smith

Head of IR Mark Henninger

IR team Dolores Baum, Reuben Gallegos, Natalia Kanevsky, Gary Willihnganz, Tiffany Chu

IR team size Six

IR awards

Best corporate governanceBest financial reportingBest investment community meetingsBest in sector – technology (large cap)

Contact information www.intc.com [email protected] +1 408 653 9944

2012 ranking 7

Investor/analyst feedback

‘This company shines in my sector for its responsiveness and accessibility. No others come close in terms of IR’ – buy side

‘Intel knows how to present materials so that they are easy to analyze. It goes through each business line and gives us an overview of what is and what isn’t profitable, and there’s a high degree of transparency’ – buy side

‘Intel is an excellent company – it calls you back even if you have a sell recommendation on it and the enormous IR team is impressively knowledgeable’ – sell side

‘Intel maintains a strong IR program. It may not always be right, but it does a great job communicating its thought processes and plans’ – online survey

‘Reuben Gallegos is awesome to work with as he knows his material perfectly and is a great people person’ – online survey


US TOP 100

part of our strategy, and that help with investors in a positive way. We’ve got people who are relatively senior, generally with years of industry experience, either in engineering, sales and marketing or finance. They’re not necessarily long-term IR professionals, but they’re credible spokespeople across a broad range of topics, because they’ve worked in the business units and the factories.

Generally does your team travel a lot, and where to?Both our IR team and our executives spend quite a lot of time out on the field, and when we’re in the major cities of the world we try to carve out some time to meet with current shareholders as well as those that are just interested in understanding the story or the industry better. We spend a lot of time in places like New York, but we also have a dedicated program for Asia and Europe and we spend time in both of these regions over the course of the year.

What is the most popular question you get asked by investors and analysts?Technology is always in a state of change, so questions around the evolution of the PC industry are top of mind for the investors we talk with.

Has there ever been an occasion when a meeting with investors or analysts has influenced or helped shape your strategy?We make a point of regularly seeking out and listening to investor feedback and pouring that back into the company. More than any-thing else, it informs us on how we communicate with the Street, with investors. We can tell from the feedback, for example, where the strategy is resonating and where the skepticism remains, which allows us to adjust how we communicate and tell the story.

How would you describe your tech strategy? Which do you spend more time on: videoconferencing, website, webcasts, IR apps or social media? And on which do you plan to spend more time or resources?I don’t think we necessarily feel any pressure to use those technologies but, because we are in the industry, we have access to them so we’ve begun to experiment with social media, for example. It is not yet clear what the return on investment is on technology like that, but we’ve dipped our toe in the water. We’ve done it cautiously in recognition of the compliance concerns around our communications field.

Videoconferencing is something we’d like to do more of, and my suspicion is that more and more buy-side and sell-side shops have in-house teleconferencing capabilities; I could see that becoming a bigger part of our stable of IR tools. If an organization doesn’t have in-house teleconferencing, it requires the investor to get up from his or her desk, and move to a different location, and that consumes time. Given that we have access to the technology, and just in the spirit of exercising best practices, we want to make sure we test out these capabilities, and then evaluate whether

more importantly – to be there for investors when times are challenging; and to be proactive, reaching out regularly over the course of the year, making sure investors know we’re available to them. If we know the question can’t immediately be answered or a call immediately be taken, we need to be really disciplined about following up. No one of these values is particularly ground-breaking but practicing all of them regularly enhances the relationship with investors and enhances the reputation of any IR shop.

How is your team set up?The background of our team is one of the things that help our practice of IR. We are a group of six people including me and an administrative assistant. More than the number, however, it’s really the profiles of the people we hire for the IR team that constitute a big

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Danaher

Express Scripts

Ryder System

Target

FedEx

McDonald's

Texas Instruments

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18

18

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Best corporate governance

Mark Henninger IR director, Intel


US TOP 100

M&A. I was in Hong Kong in the sales and marketing group for about three years. My predecessor Kevin Sellers who headed IR just before me offered me the position as I was moving back to the US, and that’s how I got into IR in the first place. When Kevin rotated into a new position in the marketing organiza-tion, I moved into the leadership role in IR.

they work for us. If not, there’s no shame in stopping their use and moving on to something else.

Could you detail your investor base? Have you benefited from having foreign investors?It’s reasonably well rounded across the range of retail investors, institutional investors and by geography: we’re fairly broadly held in Europe and Asia, at least for a US-listed company. And we do put effort into making ourselves available to investors in Europe. We have an individual on the team whose core responsibility is being on the ground in Europe, which primarily means in London, but also in major cities in continental Europe, at least two or three times a year. I don’t know that we have discovered foreign inves-tors to have longer-term views, but we certainly think it’s valuable to have a diverse investor base across style and geography.

How important is senior management to your success, and what makes its approach to IR special?It’s a critical part of our IR outreach program. We’re fortunate that the leadership team at Intel sees its stewardship of the relationship with our owners as an important part of its job. And while we have a competent senior IR team with a broad range of experiences, there is no substitute for that investor-to-executive interaction, so we try to be a good steward of that relationship as well.

Both the CEO and CFO do a combination of investor conferences – typically at an investor conference we would do a keynote speech and perhaps small group meetings or one-on-ones – and roadshows over the course of the year, as travel and time permits. But I think, just as importantly, it’s the CEO’s broader team – the business unit heads, the manufacturing heads – who round out the strategy and add incremental color to the story. We get time from those executives, too, and our sense is that investors really appreciate that breadth of exposure to the leadership team.

What are the biggest IR challenges you have faced in the current economic environment?At any difficult time – and I suspect this is true of any company – business is challenging and interaction isn’t as easy as it might be when things are going very well. I think, however, that it is at those very times that it’s most important for IR practitioners to be available to owners and potential owners, and to demonstrate to the investment community that they’re not shying away from the questions they may have. Perhaps some of those questions you can’t answer entirely satisfactorily, but it’s critical to demonstrate that you’re there, and that you’re working with the investor to try to answer his or her questions. This really helps to nurture long-term relationships.

How did you get into IR?I joined Intel out of graduate school and rotated through a variety of positions across manufacturing, the business units and even

Intel

Danaher

Covidien

Alaska Air Group

Cisco Systems

Costco Wholesale

Medtronic

Qualcomm

Time Warner Cable

3M

35

30

27

27

26

24

24

23

36

40

Best financial reporting

Intel

MasterCard

JPMorgan Chase & Co

Broadcom

Qualcomm

General Electric

Limited Brands

Starbucks

Calpine

FedEx

Wyndham Worldwide

3M

36

33

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30

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28

27

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25

45

48

Best investment community meetings


US TOP 100

cal diagnostic research equipment, succeeding in a tight bidding contest involving two private equity consortiums. Then last year Danaher sold Apex Tool to Bain Capital in a $1.6 bn deal, and bought Navman Wireless, a provider of advanced fleet and asset management technology.

The investor relations team is led by Matt McGrew, a former KPMG consultant who joined the firm nine years ago to serve in the internal audit department. Insight into the different busi-nesses at the company – which include test and measurement, environmental, dental, life sciences and diagnostics & industrial technologies – has been very helpful to McGrew in his IR role. ‘Danaher’s IR officer is always keen to help you understand the company better,’ confirms one sell-side analyst, while another comments that ‘Danaher is happy to put you in touch with divisional heads and holds excellent meetings.’

Danaher reported record results for 2012’s fourth quarter, posting $630.4 mn in earnings, a 12.5 percent year-on-year increase in diluted net earnings per share. The company’s

Danaher, with its third-place position in the US Top 100 this year, is becoming a regular in our top rankings. The Washington, DC-headquartered

company has displayed an impressive number of nominations in the last three years, with three short lists in 2011, eight last year and seven this year. This is also the first time the company takes home the award for best use of technology for investor relations, and the second time it has won the sector award for diversified industrials.

The company, which won the award for best investor relations during a corporate transaction last year, is known for its active history of acquisitions and its dynamic business expansions. In 2011 it acquired Beckman Coulter, one of the biggest names in biomedi-

3 Danaher AWARD WINNER (see below) | BEST IN SECTOR (see p66)

Listing informationLarge capNYSEDiversified industrials

CEO Lawrence Culp

CFO Daniel Comas

Head of IR Matt McGrew

IR team Meghan Britt, John Bedford, Erin Vaughn

IR team size Four

IR awards Best use of technology for investor relationsBest in sector – diversified industrials

Contact information www.danaher.com [email protected] +1 202 828 0850

2012 ranking 2


‘Danaher exudes a corporate commitment to IR best practice. This is especially evident during transactions, when it makes a huge effort to keep us posted about all the ramifications’ – independent analyst

‘Danaher’s IR team knows the company and industry, soup to nuts!’ – online survey

‘It gives a clear and concise breakdown of the businesses’ – online survey

Holding steady


US TOP 100

full-year revenues for were $18.3 bn compared with $16.1 bn for the previous year.

Commenting on these achievements in a company press release, chief executive Lawrence Culp says: ‘We were pleased by the strong finish to 2012, which was broad-based across most of our businesses. The team’s application of the Danaher business system led to a solid year of earnings growth, year-over-year core margin expansion and outstanding cash flow performance, including a record $3.0 bn of free cash flow generation. While cognizant of the current macroeconomic challenges, we will continue our focus on gaining market share and remaining active on the acquisition front in 2013.’

It seems that for NYSE-listed Danaher, the only way is up: its stock – one of the 10 top-performing US stocks of the last 30 years – has risen by 8 percent since the beginning of 2013 alone.

Danaher

Google

Intel

Covidien

Qualcomm

3M

FedEx

28

27

21

20

20

30

42

Best use of technology for investor relations

4 HoneywellAWARD WINNER (see below)

Listing informationLarge capNYSEDiversified industrials

CEO David Cote

CFO David Anderson

Head of IR Elena Doom

IR team Katie Xu, Kyle Rollins, Adam Kressel

IR team size Four

IR awards Best IR by a CFO – large cap

Contact information www.honeywell.com [email protected] +1 973 455 2222

2012 ranking 4


‘There’s an excellent IR set-up at Honeywell. It recently held a number of meetings to demystify the different businesses. We met all the relevant management and operational staff’ – sell side

‘The most impressive aspect of Honeywell’s IR is the access to all levels of management and operational staff’– sell side

‘The IR team at Honeywell is always professional and well informed’ – sell side

‘Honeywell’s CFO, David Anderson, explains the business better than any other CFO in the industry’ – online survey


US TOP 100

Short-listed for the third year in a row, and winner of the best IR by a CFO award for large caps in 2012, Honey-well’s David Anderson snatches the

top prize again this year, while his company maintains its enviable position of fourth in the US top 10. This is a performance all the more impressive when you consider that Honeywell was unranked just three years ago.

The firm’s IR department, led by Elena Doom, has grown again over the past year, having already welcomed the arrival of a junior analyst in 2011. ‘We wanted to get better at benchmarking, both in terms of who we compete with for capital and in our end markets,’ Doom explains.

Building upon that, the company added a global resource to the team in 2012, in the form of a director based in Shanghai in order to support IR in the firm’s high-growth regions. ‘China, India and the Middle East are part of our next eight high-growth

A taste of Honeywell

During your time as CFO, what are you most proud of?The transformation story of Honeywell, really building the power of the One Honeywell performance culture, the significant work that’s been done in terms of the quality of the portfolio, and the acquisition process and discipline that goes into that.

We have also made a number of divesti-tures over this timeframe, which have been very significant in terms of improving the quality, growth characteristics and margin

David Anderson, CFO, Honeywell

characteristics of the company. I’m proud, too, of the seed-planting investments and the growth that will continue and accelerate in terms of capturing business in our high-growth regions. We survived, and actually became a better company, through the economic downturn of 2008-2009. And in 2010, 2011 and 2012 cumulatively, we set new records for Honeywell in terms of our organic growth, our margin rate expansion, our working capital returns and our free cash flow delivery. So it’s been a very solid performance.

One of the things we’ve become better at as an IR department – and certainly a skill that has been honed during my time with Honeywell – is the ability to communicate critical, complex information in a concise and to-the-point format. It sounds obvious, but when you really start to look at the various communications out there, it’s amazing how varied they are in terms of clarity and insight.

In your view, how does debt IR differ from equity IR?Our investor relations department focuses on equity investors. The treasury department has responsibility for managing credit rating agency relationships and our debtors, who are really fairly low maintenance.

If your IR team could ask you for one of the following, which do you think it would be: a larger IR budget, a bigger IR team or greater access to you and the CEO?Greater access is the most common refrain, but I would point out that it’s not just for C-suite executives. One of the things we’ve developed here is a strong commitment to IR across all senior leaders at Honeywell. For example, we’ve built credibility on the Street by showcasing subject matter experts paired with the deep and talented management bench that lies beneath the C-suite, including our business unit presidents. What’s emerged is a stronger partnership and commitment to investor relations, and a shared responsibility across those dozen business lines and across all geographies.


US TOP 100

ago,’ Doom confirms. As an example, in early 2010 when there was a lot of uncertainty about general economic recovery, Honeywell published five-year targets for its sales and segment margin rates, at both business unit and company levels.

‘We continue to hold ourselves accountable for those estimates that are obviously now dated, and we are actually one year away from achieving those targets,’ Doom points out. ‘One of the great things about the IR role is having the opportunity to get investors inter-ested in the long-term opportunities for the company, which are always more strategic.’

Whether it involves doing competitive benchmarking, analyzing where the company is within the economic cycle or assessing how a cycle has been different from the previous ones, Doom enjoys ‘taking the outside view back into the company to provide food for thought and then discussing some of the more difficult questions internally. That’s part of the culture that both our chief executive and CFO are promoting: being committed to excellence in everything we do and making sure we’re not just talking our own talk.

‘There’s a very genuine, candid, plain-speaking style to the approach our CEO and CFO take, which I believe serves the investment community very well and is a main strategic competitive advantage for us.’

regions, which are historically under-penetrated from both sales & marketing and product perspectives,’ Doom reveals.

China in particular has been a focal point for both the company and its investors this past year. ‘The China question was continuous throughout the course of 2012,’ confirms Doom. ‘There was a lot of trepidation around the government change and what was happening in the region from a growth perspective.’

The interest level from US-based shareholders for information on market dynamics in China has been so great that the IR team organized 14 investor meetings with local management in the region last year. ‘In 2013, we’re planning to host a multi-city, week-long China-based investor event, and then add to that another event in one of our eight high-growth regions, following the same format,’ Doom adds.

Currently, participants in these events are mostly US investors, but Doom believes her team is building the capabilities to target a more local investor base in the future. ‘We’ve overhauled our website, online and print media, and are now translating our earnings releases and publishing those in Mandarin, to help attract more of that global shareholder base,’ she details.

Doom believes the key success factor of her IR program has been to raise the visibility of lower-level senior leaders in the organization. ‘The commitment to IR made by our C-suite and the three levels below it is a huge differentiator for us and our program,’ she says, adding that bringing out lower-level senior leaders to speak with investors is undeniably a resource commit-ment that doesn’t come without risk, and requires a lot of prepa-ration – most senior leaders have been media-trained. ‘But the advantage is that in addition to serving an IR purpose, it also allows those leaders to get a sense of how the external world is viewing the relevance and the importance of their contribution.’

Looking forward to 2013, Doom discerns a number of major macro issues the company will be facing. ‘We’re certainly looking at debates around defense, with roughly 8 percent of our sales coming from the US defense budget,’ she explains. To tackle those types of debate, the company hosts quarterly investor days, which are typically webcast. ‘We showcase our talent and management breadth within those businesses that are really of issue or concern,’ she adds.

External speakers are called in to participate as well. ‘It’s not just analysts and investors hearing our perspective from us,’ Doom stresses. ‘We try to give them some way to validate that perspective.’ In the case of defense, the company brings in its government relations experts who sit in Washington, DC, and ‘ are having those conversations on the Hill every day. At other events, we invite key customers to come in and speak about their experience of doing business with Honeywell,’ she highlights.

This effort in objectivity is much appreciated by investors, as is the high level of consistency maintained by the company’s messaging. ‘We continuously look for opportunities to hold ourselves accountable for what we said two, three or four years

HoneywellDavid Anderson

NextEra EnergyMoray Dewhurst

United TechnologiesGreg Hayes

IntelStacy Smith

Danaher Daniel Comas

Costco WholesaleRichard Galanti

Baxter InternationalRobert HombachQualcommWilliam Keitel

Goldman SachsDavid ViniarNational-Oilwell VarcoClay Williams

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26

24

24

21

21

44

54

Best IR by a CFO – large cap


US TOP 100

It has been a sterling debut for NextEra Energy in the US Top 100: the company ranks at number five in 2013 and collects the best in sector award for utilities, while

chief financial officer Moray Dewhurst is runner-up for the best IR by a CFO award.

NextEra’s small IR department, which benefits from a strong management team, has drawn heavy praise from respondents in this year’s research. As one sell-side analyst says: ‘You can always get hold of the IR guys at NextEra and the senior management is pretty accessible, too. The financial and operating metrics disclosure is also good.’

The IR team is complemented by the hands-on approach to investor relations taken by CEO James Robo and Dewhurst, whose influence enables the messaging to be strong. The commitment displayed to IR by manage-ment at the North American clean energy company wins plaudits from the investment community, which is amply demonstrated by the investor feedback. As one sell-side respon-

dent comments: ‘Great investor relations team! Very knowledge-able and responsive!’

Keeping shareholders up to date and informed with how the business is evolving is vital to engaging and maintaining strong investor relations. NextEra Energy’s website drew particular praise from effusive respondents in this year’s research, with one sell-side respondent describing it as ‘outstanding.’

The company generated strong results in 2012. ‘NextEra Energy delivered a very strong quarter to finish the year as we executed on the largest capital investment program in the company’s history,’ says Robo; the company had consolidated revenues of approxi-mately $14.3 bn, more than 42,000 megawatts of generating capacity and nearly 15,000 employees in 26 states and Canada as of year-end 2012. Its earnings were $433 mn for the fourth quarter of 2012, compared with $395 mn in the fourth quarter of 2011.

Also in the fourth quarter, the company issued a request for proposals to build a third major natural gas pipeline to serve Florida’s growing hunger for natural gas power. The two major pipelines currently serving the state are near capacity, and a third pipeline would help secure the continued reliability and security of this fuel source. Proposals will be evaluated in the second quarter of 2013, with construction to be completed in 2017, subject to relevant regulatory approvals.

5 NextEra EnergyBEST IN SECTOR (see p69)

Listing informationLarge capNYSEUtilities

CEO James Robo

CFO Moray Dewhurst

Head of IR Julie Holmes

IR team Kristi Johnson, Casey Tomasiak, Jason Gaynor

IR team size Four

IR awards Best in sector – utilities

Contact information www.nexteraenergy.com [email protected] +1 561 694 4697

2012 ranking –


‘NextEra has a super management team whose knowledge of the business is strong. And its IR team is responsive and provides good incremental updates’ – sell side

‘NextEra has good meetings with a great mix of people’ – buy side

... see page 85 for more

Next steps to success


US TOP 100

reassure investors and analysts, earning praise along the way for their hard work.

‘Jamie Dimon is doing a good job in a bad time,’ says one buy-sider. Another points out that ‘JPMorgan was very upfront about the trading blunders. Jamie Dimon held his hands up and immediately took

responsibility for making amends by meeting investors and facing up to the issues.’

Indeed, the financial group is no stranger

After dropping out of the US top 10 rankings last year, JPMorgan is back with a number six ranking and three new wins, including the best crisis management

award, after a highly publicized rogue trading incident.

After just a short time heading up the firm’s IR department, Sarah Youngwood – who had been at the company for 14 years before taking over the investor relations reins – certainly had her work cut out for her handling last year’s $6 bn ‘London Whale’ scandal. But a joint effort by Youngwood, her eight-strong IR team and chief executive Jamie Dimon helped

Cool head in a crisis

6 JPMorgan Chase & CoAWARD WINNER (see below) | BEST IN SECTOR (see p67)

Listing informationLarge capNYSEFinancial services

CEO Jamie Dimon

CFO Marianne Lake

Head of IR Sarah Youngwood

IR team Douglas Levy, Kathy Hu, Karuna Chhabra, Angela Luongo, Santi Wong, Cindy True, Negin Navab

IR team size Eight

IR awardsBest IR by a CEO or chairman – large capBest crisis managementBest in sector – finance & insurance

Contact information www.jpmorganchase.com [email protected] +1 212 270 7325

2012 ranking 11


‘We needed hand-holding this year and JPMorgan came up trumps’ – buy side

‘The IR team at JPMorgan is mindful of investors’ needs and, as it is a large team, is able to stay in contact’ – buy side

‘After the rogue trader incident, Jamie Dimon did a good job of crisis management. He was straightforward about what had happened and what to do as a result’ – buy side

‘He may be less popular than he once was but Jamie Dimon continues to be a clear and candid leader’ – buy side

The outlook for 2013 appears a little brighter for the bank, with its 2012 revenues putting it at the top of the investment banking pile


US TOP 100

to managing a negative situation: it also won IR Magazine’s best crisis management award in 2011 for its handling of improper mortgage foreclosures, an issue that affected the big banks throughout 2010.

So far, the outlook for 2013 appears a little brighter for the bank, as research reveals that its $24.1 bn in revenue last year puts it at the top of the investment banking pile, beating

JPMorgan Chase & CoJamie Dimon

CovidienJosé Almeida

Danaher Lawrence Culp

The Coca-Cola CompanyMuhtar Kent

HoneywellDave Cote

Southern Company Thomas Fanning

3MInge ThulinCisco SystemsJohn Chambers

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33

30

24

21

21

61

66

Best IR by a CEO or chairman – large cap

JPMorgan Chase & CoMassive trading losses in May 2012

ChevronLarge fire at oil refinery in August 2012

St Jude MedicalRecall of Riata products in November 2011

HalliburtonProfit warning due to rising raw materials costs, July 2012

WalmartBribery allegations at subsidiary in Mexico

20

18

15

21

365

Best crisis management

Goldman Sachs into second place and Bank of America Merrill Lynch, Citi and Deutsche Bank into joint third, according to industry analysts Coalition.

The banking giant also avoided a proxy battle at this year’s shareholder meeting in May after the SEC ruled that proposals by the AFL-CIO labor union for a vote on whether to break up the ‘too big to fail’ bank were ‘vague and indefinite’ and did not need to be included in the proxy statement.

Despite the bumps – or perhaps because of them – JPMorgan’s IR team has had to work hard and, under Youngwood’s stewardship, the program has clearly gained ground over the last year, not only winning the best crisis management award but also taking back the crown for best IR by a CEO or chairman in the large-cap category and winning the best in its sector award for the third year running.

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6

5

4

4

4

4

4

4

Top US award winners, 2009-2013 2013 ranking

JP Morgan Chase & Co

Covidien

Wells Fargo

Broadcom

Danaher

FedEx

General Electric

Intel

Life Time Fitness

Wyndham Worldwide

6

1

–

8

3

7

22

2

–

16


US TOP 100

‘We’ve also been renewing a lot of our aircraft fleet, comprising more than 600 planes.’

The newer additions to the fleet are not only less costly to operate but also up to 40 percent more fuel-efficient than the older ones – a Boeing 777 freighter can reportedly fly from FedEx’s headquarters in Memphis, Tennessee to China without having to stop for refueling in Anchorage, Alaska – and produce fewer emissions, contributing to the company’s efforts to reduce its greenhouse gas emissions

This year’s IR Magazine Awards – US ceremony saw the introduction of a new accolade distinguishing the company with the best performance in corporate responsibility. The first winner of the best sustainability

practice award is FedEx, which also takes home the sector award for transport for the second consecutive year.

The global delivery service, which runs a popular corporate citizenship blog, has certainly been active on the sustainability front, as well as communicating about it. ‘We put out a rather detailed sustainability report,’ says Mickey Foster, a former NIRI chairman and FedEx’s vice president of IR for the past seven years.

7 FedEx AWARD WINNER (see below) | BEST IN SECTOR (see p69)

Listing informationLarge capNYSETransport & logistics

CEO Frederick Smith

CFO Alan Graf

Head of IR Mickey Foster

IR team Elizabeth Allen, Stephen Hughes, Jeffrey Smith, Natalie Heard

IR team size Five

IR awards Best sustainability practiceBest in sector – transport

Contact information www.fedex.com [email protected] +1 901 818 7200

2012 ranking 30


‘There is a prompt response to all questions, however tricky, from the IR team at FedEx. There is also a willingness to communicate with investors at conferences’ – buy side

‘FedEx provides detailed spreadsheets, and the IR people I’m routinely in touch with always know the answers to my questions and are very open’ – independent analyst

‘I speak to Stephen Hughes at FedEx – he is all you need; he knows a lot’ – sell side

‘FedEx has a very experienced IR team whose aim is to help us to better understand the business. Its quarterly earnings conference calls are great, as the firm includes many different executives to answer questions’ – online survey

‘FedEx does a good conference call and provides access to a wide range of executives, not just the CEO and CFO, so you get better information. But I would like to see more disclosure in the financials’ – sell side

Sustained effort


US TOP 100

been taking questions from StockTwits on our quarterly conference calls,’ Foster highlights. ‘We always try to be the best in class and use state-of-the-art technology. For example, we like for our website to have the latest bells and whistles.’ Webcasts of analyst days are cutting-edge, with HD-quality recording and slides synchronized with their related speaker. ‘We’ve also developed mobile apps where you can download some

of the investor relations website on mobile devices,’ Foster adds.When meeting with investors, he finds questions usually relate

to the company’s operations and financials, and very rarely to corporate governance. ‘It’s a separate department at investment firms that vote the proxy and deal with governance,’ he explains. ‘Typically, we don’t deal with them except once a year before the annual shareholders meeting. Some institutions do let the portfolio managers weigh in heavily on how to vote.’

Last October, FedEx announced a $1.7 bn profit improvement program that will be rolled out over the next three years. ‘Analysts and investors have been mainly inquiring about how we’re going to implement it and when we’re going to see the results,’ reveals Foster. FedEx stocks and profits were hit during the recession – ‘along with everyone else’ – and Foster believes getting institu-tions interested in growth again is probably one of the biggest challenges he has faced, particularly profitable growth in earnings and cash flows. ‘It was a challenge to convince people that things were going to get better,’ he adds.

from aircraft by 20 percent by 2020.The IR team itself has more than one

occasion to board an airplane, with four members regularly traveling – individually – to different assigned geographical zones to meet with investors. ‘We visit every major financial center once a year,’ details Foster. ‘This past year we went to Korea and Brazil for the first time, and will probably go to Qatar within the next six months.

‘We have a very good team of IR profession-als who have been together for many years. Elizabeth Allen has been here for 17 years, Steve Hughes for 15 and Jeff Smith for 13. From a strategic standpoint, we are mostly financially oriented: five out of our six team members have MBAs and two of the four who visit investors have the CFA designation.’

This breadth of experience at the company, along with its sound financial expertise, allows the IR team to handle the majority of investor meetings, the involvement of senior management in the IR program being limited to the quarterly conference calls and the analyst days. ‘Most of us have been here for such a long time that we know what we’re talking about,’ notes Foster.

The team also includes a dedicated social media expert. ‘For the past year or so, we’ve

FedEx

Covidien

Walmart

Delta Air Lines

Ecolab

IHS

Ryder System

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17

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Best sustainability practice

‘We have a very good team of IR professionals who have been together for many years’

Foster believes getting institutions interested in growth again is probably one of the biggest challenges he has faced

The FedEx IR team (left to right): Steve Hughes, Elizabeth Allen, Mickey Foster, Jeff Smith


US TOP 100

8 BroadcomAWARD WINNER (see below) | BEST IN SECTOR (see p69)

Listing informationMid-capNASDAQTechnology

CEO Scott McGregor

CFO Eric Brandt

Head of IR Chris Zegarelli

IR team Patrick Milton, Nicholas Aberle, Mindi Waggoner

IR team size Four

IR awards Grand prix for best overall investor relations program – mid-capBest in sector – technology (small & mid-cap)

Contact information www.broadcom.com [email protected] +1 949 926 7567

2012 ranking 10

Investor/analyst feedback ‘In addition to insightful meetings, Broadcom has good disclosure in its reporting, timely updates and a consistent, clear message’ – sell side

‘The best analyst and investor days in the sector are held by Broadcom, when it provides comprehensive data on all aspects of the company’ – buy side

‘Broadcom continues to improve its corporate governance and planning. Its IR people do a good job of communicating strategy’ – online survey

The IR team attends several trade shows throughout the year, such as the Consumer Electronics Show in Las Vegas and the Mobile World Congress in Barcelona. The company booth is opened up to investors, who can walk through the different demos and discuss them with a broad range of management team members. ‘That way, investors get a very good sense of what we’ve been doing and what we’re focused on that year,’ explains Zegarelli.

‘We pride ourselves on treating our investors with a high level of respect; we treat them as well as we do our customers. We like to share with our investors how we think about corporate development and how we think about the industry.’

Broadcom has completed roughly 50

Broadcom had a big breakthrough at the IR Magazine Awards – US in 2012, when the company skyrocketed from its previous year’s ranking of 39th to 10th place and won its first three awards. This year, the NASDAQ-listed

semiconductor manufacturer has sustained a remarkable performance, moving up two spots in the US Top 100 to eighth, scoring four short lists and winning the mid-cap categories in the grand prix for best overall investor relations program and best in sector – technology awards.

‘Our core IR tenets remain intact,’ says head of IR Chris Zegarelli. ‘We have a very committed management team that takes IR very seriously. Our bench goes rather deep in terms of the executives who are ready, willing and able to meet with investors on a regular basis.’ At Broadcom, investor interactions also go beyond just the CEO and CFO, with the heads of the various businesses regularly getting out on the road. ‘We always receive good feedback on the quality of our analyst day,’ Zegarelli adds.

A broad and deep program


US TOP 100

acquisitions over the years, and when the company announced the acquisition of fabless semiconductor company NetLogic last year –the largest in its corporate history – share-holders weren’t taken by surprise. ‘Investors know we’re focused from a growth standpoint, so when announcements are made they know it is part of the road map we’ve laid out in terms of priorities we’ve set.’

The IR team is very thorough in collecting investor feedback and passing it on to senior management. ‘The management team will put together a multi-year plan to address issues we hear from a majority of our holders,’ highlights Zegarelli. A few years ago, some investors flagged that the company’s financial

statements were lacking a certain segment of reporting. ‘So we’ve recently made a great stretch on the level of transparency in our financial disclosure,’ Zegarelli continues. ‘We’ve also seen the stock-based compensation rate of our staff come down, following comments from investors that we were running above the rate of some of our peers.’

In order to get a consistent interaction with a broader range of investors, the IR team has made greater efforts this past year to have a more balanced approach to the regions it visits and the types of investors it meets. ‘We try to make sure we’re meeting with similar people and telling our story as our peers are telling theirs to the same target audience,’ stresses Zegarelli.

A low double-digit percentage of Broadcom’s shares are held overseas, and the IR team has been doing slightly more international travel lately. But Zegarelli is conscious that targeting international investors requires a substantial investment. ‘Given the broader macro backdrop, it’s hard to get too aggressive on European or Asian marketing,’ he notes. ‘We would need to spend a lot more time in cities like London in order to build the appropriate types of relationships and get people more comfortable with our story.’

When meeting with investors, Zegarelli finds one big challenge is reminding them that performance is best measured on a relative basis. ‘It’s hard to look at absolute performance,’ he explains. ‘We go to considerable effort in a transparent fashion to track how our peers are doing, how our industry is performing, and then putting our results within that context. Broadcom is a growth story, first and foremost, but keeping focused on the relative metrics is something we strive for.’

The question of growth is also at the center of Zegarelli’s strategic responsibilities. ‘As a tech company, especially through the late 1990s, there was a special focus on top-line growth versus earnings growth,’ he explains. ‘I’ve been reinforcing the message internally that investors do care about us consistently delivering growth in earnings.’

The IR team conducts the analysis of the correlation between earnings expectations, stock price and perceptions of the company. ‘By doing this, we are playing a key role in strategic conversations, focusing investments where they really need to happen and making sure the top line is growing faster than operating expenses,’ Zegarelli adds.

He is well versed in strategic planning. Having started his career at the World Bank in Moscow and graduating from business school in Michigan, Zegarelli spent 10 years working for other semiconductor heavyweights on the financial and operational side of things. He joined Broadcom in 2007, and rotated into the IR department two years ago. His view on investor relations is that it is part of a broader skill set for a well-rounded finance profes-sional. ‘IR has been a great way to build my relationships internally and to learn the rest of the business as well as how to continually improve the IR function we have,’ he concludes.

Broadcom

Kansas City Southern

Wyndham Worldwide

Limited Brands

Delta Air Lines

Noble Corp

Skyworks Solutions

Teradata

Alaska Air Group

LinkedIn

Calpine

Ryder System

Dover Corp

Cummins

Catamaran

Marriott International

Starwood Hotels & Resorts Worldwide

Sherwin-Williams

159

147

135

133

124

121

120

120

119

116

114

106

102

102

101

100

164

186

Grand prix for best overall investor relations program – mid-cap


US TOP 100

9 Cisco SystemsListing information

Large capNASDAQTechnology

CEO John Chambers

CFO Frank Calderoni

Head of IR Melissa Selcher

IR team Marilyn Mora, Marty Palka, Carol Villazon, Matt Hardwick, Penelope Bruce, John Choi, Edelita Tichepco, Brian Dema, Merab Wossen

IR team size 10

Contact information www.cisco.com [email protected] +1 408 526 4000

2012 ranking 20

Investor/analyst feedback ‘You get an astonishingly speedy response to email requests from Cisco’ – sell side

‘I can only vote for Cisco, because it’s the one company in the sector that has really effective IR. If only others would follow’ – sell side

‘It may not always answer our questions, but the IR team at Cisco is always willing to engage in dialogue’ – buy side

Interview with Melissa Selcher, senior director of investor relations

In your view, what specific reasons may have contributed to your company being short-listed for the best in sector – technology award in the large-cap category this year?We’ve done a really good job of listening to and seeking feedback from investors and analysts, and I think this really distinguishes Cisco, from our CEO John Chambers right down through the ranks. Since our investor base has been shifting, we’ve been ensuring our story really connects with what our investors are looking for. We have an active CEO and CFO, but we’ve made a very consistent effort to get our presidents and also our engineering leadership in front of investors on a more regular basis. We’ve also continually tried to strengthen our connection with the leadership team, making sure we’re at the table for decision making with the CEO and CFO, which makes us more effective when we’re communicating with investors and seeking their input.

How is your team set up?We’re a relatively large team, with members based in the US and a senior member based in Singapore in charge of our internation-

All systems go

Melissa Selcher, senior director of IR, Cisco Systems


US TOP 100

How would you describe your tech strategy? Which do you spend more time on: videoconferencing, website, webcasts, IR apps or social media?We feel very fortunate to have our technology; it’s such an asset to us in terms of being able to connect eye to eye with our investors no matter where they are, and we use it very aggressively. After every earnings call, with our CEO and CFO we do face-to-face meetings over TelePresence. I think that’s extremely powerful. We’re also doing more virtual roadshows, as a lot of our investors and analysts have the technology as well.

On a given call, we can have a sell-side analyst hosting us from his or her TelePresence system, maybe in New York, and we can have investors calling in from LA, Boston or wherever they are. Social media is something we definitely monitor and we partner very closely with our social media PR team. I wouldn’t say we’ve found a silver bullet yet but we’re focused on figuring out what makes sense.

Could you detail your investor base?About two years ago we adopted a new financial model. Prior to this, we had a long-term growth target of 12 percent to 17 percent. Our new model has a top-line growth target of 5 percent to 7 percent, growing our bottom line factor then our top line. We’ve also issued a dividend within the last few years, so the combination of both has made us an interesting target for a new set of value investors. We also continue to focus on our non-US ownership and we’ve seen good progress there as well. We’re currently about 73 percent institutionally owned, of which 60 percent is US, 13 percent non-US.

How important is senior management to your success and what makes the IR approach taken by Cisco’s senior management special? Our senior management is extremely respectful of what we do and our partnership with it is critical. We actually sit right next to the chief executive and CFO, so our interactions are at least daily, if not several times a day. More broadly, we’re involved in the business and the decision making: we’re at the table, which makes us more effective both internally and externally. Our management team is pretty special in terms of how cognizant it is of that and how often it calls us in.

Is corporate governance a popular topic, and what do you think investors appreciate about Cisco’s approach to it?We are extremely proactive in our strategy relating to corporate governance. We look at it as a year-long focus. I have a very senior and accomplished leader who is focused on corporate governance year-round. As a result I don’t know that we have seen any significant change in investors’ desire to discuss the issue, but we do get recognition and appreciation for being as proactive and on top of it as we are.

al program. The way we’re structured is that we each own a portfolio of buy-side and sell-side relationships, and we divide up the rest of the tasks, with people owning discrete pieces of the IR job: targeting, earnings process, M&A transactions, competitive intelligence and operations & reporting.

Have you done more traveling this year, and where to?We definitely travel a lot, and again we’re a fairly large team so the nice thing is that it’s divided fairly evenly and therefore not overly taxing on any one team member. Having a team based in Asia obviously helps, but we also have very good video technology in our TelePresence systems, which connect us face to face with investors globally.

For example, twice a year, our CEO gets on TelePresence with a group of investors in Europe so they can sit eye to eye with him for an hour and ask him questions. This is very effective, as it doesn’t require him to travel, which would be a lot more difficult.

What is the most popular question you get asked by investors or analysts?The question is always asked in a lot of differ-ent ways because the dynamics are different, but it essentially comes down to how Cisco is going to lead into the future. We’ve been a leader in our market for so many years but because there are always new transitions, new technologies and new competitors, investors want to know how Cisco is going to sustain its leadership. That’s the same question we’ve received here for a decade.

What do you think the investment community cares most about when it comes to IR?People want access to the information they need and they want to feel like the answer they get from IR is the same answer they would get if they were talking to the CEO or chief financial officer. They also want to know that their voice and opinion matter to us. I think it really boils down to this: they want to know the answers you’re giving them and the feedback they’re giving you are being communicated to the CEO and CFO the same way it would if they were having the conversation directly.


US TOP 100

having this huge backdrop of people wanting to hear from Cisco what’s happening in the broader macro environment. Having both these conversations at the same time has been a challenge.

How did you get into IR?I have an MBA, having studied engineering as an undergraduate. I joined Cisco five years ago to run the industry analyst relations (AR) team, which handles our relationships with the tech-focused market analysis firms, which in turn advise our customers on who they should buy. Investor relations and AR are very syner-getic functions; a lot of the role is ensuring people understand the technology and the business. Because I ran that team I had a deep understanding of both Cisco and our markets, which has been very helpful in the IR role.

I’d been doing AR for about three and a half years when the head of IR left the company and I was asked by the CEO and CFO to lead the IR team on an interim basis at that point. We were in a very critical period for Cisco and they needed someone who understood Cisco’s business well, someone with whom the firm had a strong working relationship and could place in the role quickly.

I ran the IR team for six months on an interim basis and was then asked to stay on. That was my entry into investor relations. I’m lucky to have a very strong team of IR professionals who make it possible for me to do this and be successful.

How would you describe your strategic responsibilities? Where would you like to develop your role in the future?First and foremost, my role is to make sure investors and analysts feel they have a deep understanding of Cisco’s business and a voice into our leadership team. The second is that I am a strategic partner and adviser to the CEO, the CFO and the broader leadership team, helping them understand where the company needs to go, why we’re managing the company the way we are and what our shareholders are looking for.

In terms of evolving the role, it’s continuing to be seen as a critical partner by our leaders as we determine our strategy and make critical business decisions. IR has been extremely valuable to me in terms of the lens I have into the business, the depth of understanding I have about how we run the company and why we make the decisions we make. My next move may be a broader communications role or a broader strategy role at the company.

Where do you see innovation happening in current investor relations practice?How IR defines value – how we continue to demonstrate both internally and externally the value we drive for the company – is the biggest area where I see us needing to continue to drive innovation and think differently. The second is how we use technology to connect more effectively.

What are the biggest IR challenges you have faced in the current economic environment?We are obviously very strongly correlated to the broader macro, because we’re so big and we’re in every country and every sector. We have a chief executive who is considered a bellwether, so that puts an interesting pressure on us and brings a set of challenges in this economic environment. Probably the biggest challenge is balancing the conversations we want to have to communicate what Cisco Systems is doing and how we’re moving forward while

Cisco Systems’ IR team


US TOP 100

10 QualcommListing information


CEO Paul Jacobs

CFO William Keitel

Head of IR Bill Davidson

IR team Warren Kneeshaw, John Sinnott, Amy Berguson, Min Shan, Rikta Nagrani, Kelley Uyeda

IR team size Seven

Contact information www.qualcomm.co.uk [email protected] +1 858 658 4813

2012 ranking 3

Investor/analyst feedback ‘I rate Qualcomm highly as it will talk to you even if you haven’t invested in it’ – buy side

‘Qualcomm’s IR team is accessible and seems to predict my questions before I’ve asked them. The excellent management team is easy to get hold of and the website is user-friendly’ – sell side

Despite falling seven places in the US Top 100 after finishing third in last year’s research, Qualcomm this year achieves two short-listings

in the award categories for best investment community meetings and best in sector for technology (large cap).

Qualcomm is a wireless telecommunica-tions specialist. Headquartered in San Diego, California, it’s included in the S&P 500 Index and is a Fortune 500 company traded on NASDAQ. The company seeks to ‘enhance shareholder value not only through exceptional business performance and practices, but also through responsible and effective communication with its shareholders’, according to the company’s website.

Business performance at the company is strong. Commenting on the fourth quarter results for 2012, Dr Paul Jacobs, chairman and CEO, says: ‘I am very pleased with our perfor-mance this year. We delivered record revenues, earnings and MSM chipset shipments driven by increasing global consumption of wireless

High-quality performancedata across a diverse range of devices, particularly smartphones. As we continue to invest in and execute our strategic priorities, our broad licensing program and industry-leading Snapdragon and 3G/LTE chipset road map position us for double-digit revenue growth again in fiscal 2013.’

In March 2013 Qualcomm approved a 40 percent increase in the company’s quarterly cash dividend, which increased the $0.25 per share of common stock to $0.35, and is effective for quarterly dividends payable after March 27, 2013. This dividend increase will raise the annualized dividend payout to $1.40 per share of common stock.

The commitment to investor relations and disclosure practices by the North American company continues to win plaudits from the investment community, as the feedback shows. As one buy-side respondent comments: ‘Qualcomm is a versatile company with a fast-changing investment profile. It is always very accommodating to us at industry shows and there is excellent disclosure in the financial detail.’

Another buy-side respondent is similarly fulsome, commending the investor relations program: ‘I seldom need to contact Qualcomm but when I do it is always very helpful.’

At least one buy-side commentator adds a note of caution, however: ‘Qualcomm is very good to those who are good to it – but if you cross it, it ignores you’


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11 3MListing information

Large capNYSEDiversified industrials

CEO Inge Thulin

CFO David Meline

Head of IR Matt Ginter

IR team Bruce Jermeland, Jodi Nelson, Disa Sheqem

IR team size Four

Contact information www.3m.com www.3m.com [email protected]

2012 ranking 31

Investor/analyst feedback ‘I like the consistent approach to the business from 3M, and management is always available when we’re in tow’ – buy side

‘The IR team at 3M really understands the company, and helps understand the synergies between the different businesses’ – independent analyst

‘3M takes a long-term view, with great guidance to back it up’ – independent analyst

‘The IR people at 3M communicate with shareholders in such a knowledgeable way that it’s not necessary to speak to management’ – buy side

12 Texas InstrumentsListing information

Large capNYSETechnology

CEO Rich Templeton

CFO Kevin March

Head of IR Ron Slaymaker

IR team Dave Pahl, Brandon Hodge

IR team size Three

Contact information www.ti.com [email protected] [email protected]

2012 ranking 19

Investor/analyst feedback ‘All three IROs at Texas Instruments are pleasant, helpful and good to work with. I like the small investor days that give an intimate feel for the company. The mid-quarterly conference is much appreciated’ – independent analyst


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13 Kansas City SouthernListing information

Mid-capNYSETransport

CEO David Starling

CFO Michael Upchurch

Head of IR William Galligan

IR team Not provided

IR team size Two

Contact information www.kcsi.com [email protected] [email protected]

2012 ranking =145

Investor/analyst feedback ‘The IR people seem to be very involved in the business and are very good at looking after us and answering questions’ – sell side

‘We are a large investor, so when I call Kansas City it picks up the phone fast and looks after me well’ – buy side

‘Kansas City has really improved its IR efforts and is now in touch straight after conference calls to see whether there is anything we need’ – sell side


=14 Baxter InternationalListing information

Large capNYSEHealthcare

CEO Robert Parkinson

CFO Robert Hombach

Head of IR Mary Kay Ladone

IR team Clare Trachtman

IR team size Five

Contact information www.baxter.com [email protected] +1 224 948 3085

2012 ranking 53

Investor/analyst feedback ‘There are several things about Baxter’s IR that stand out, but principally it’s the knowledge and responsiveness of the IRO and the detail in the financial forecasts for each of the firm’s moving parts’ – independent analyst

‘Baxter does a good job of reaching out to analysts’ – sell side



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=14 Express ScriptsAWARD WINNER (see below)

Listing informationMid-capNASDAQHealthcare

CEO George Paz

CFO Jeff Hall

Head of IR David Myers

IR team Alison Fetsch

IR team size Two

IR awards Best investor relations during a corporate transaction

Contact information www.express-scripts.com [email protected] +1 314 810 3115

2012 ranking 15

Investor/analyst feedback ‘Good disclosure from Express Scripts’ – independent analyst

‘The IR from Express Scripts is highly informative and has a good way of managing expectations’ – sell side

‘Although Express Scripts is not the most transparent of companies, David Myers is the most responsive of IROs’ – sell side

‘George Paz and David Myers have done a great job leading the IR effort, especially during the Medco transaction’ – online survey

The acquisition by NASDAQ-listed Express Scripts of its larger competitor Medco made 2012 quite a busy year for Express Scripts’ head of IR David Myers – not to mention a very challenging one. The St Louis headquartered-

Sticking to the scriptcompany, which provides pharmacy benefit management services, had also been in a very public dispute (now resolved) with Walgreens, the retail pharmacy.

‘Our acquisition of Medco surprised the marketplace,’ explains Myers. ‘Here we were, a small company, buying a much larger competitor.’ A transaction of this size obviously generated some controversy – would the deal gain FTC approval? – and created ‘a tremendous amount of excitement and interest’ and a lot of arbitrage activity from investors. ‘Ultimately, from an IR standpoint, we were successful in dealing with the noise and consistently keeping the market informed of our progress, which I think helped us get us the nod for the IR Magazine Awards nominations this year,’ Myers adds.

The company was short-listed last year for

Express ScriptsAcquisition of Medco Health Solutions, completed April 2012Danaher

Acquisition of IRIS International, announced September 2012Genesee & WyomingAcquisition of RailAmerica, completed October 2012

CovidienSeveral transactions including MindFrame and Oridion Systems

ExelonMerger with Constellation Energy, March 2012United Parcel ServiceProposed acquisition of TNT (ongoing)

ConocoPhillipsSpin-off of Phillips 66, completed May 2012

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Best investor relations during a corporate transaction


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we are well positioned to continue to grow in the near future.’ Questions about the firm’s corporate governance seldom come up, however. ‘Our business model is based on alignment of our interests with our clients’ and patients’. That same alignment holds with our stockholders. The feedback we get is that investors appreciate our governance policy’.

Myers, who trained as an accountant before gaining an MBA in finance, believes the true quality of an IRO lies not only in his or

her availability and timeliness, but also in the fact that he or she can really debate the issues the company is facing and provide a perspective on them. ‘The investment community wants its calls and emails answered in a timely and accurate manner,’ he

says. ‘But it also wants to deal with someone who has a seat at the table with management and doesn’t just deliver the company line, the PR message.’

Myers can count on his senior management’s involvement and support when it comes to rolling out the IR program. Both the CEO and CFO attend healthcare conferences, and the firm has groups of investors visiting company headquarters each month. ‘Our current CEO was previously our CFO, so he has tremendous experience with the Street, and that makes my job much easier,’ Myers confirms.

In order to fully address any inquiries analysts or investors might have, Myers has adopted an original approach to the quarterly earnings release routine. ‘We release our earnings after the market closes and hold our conference call the next morning before the market opens,’ he explains. ‘That way, we can speak to analysts or investors to get their initial reaction to the release, and adjust our conference call script.’ This timing allows the IR team to prepare for questions or issues that were not anticipated.

‘Our management values what Wall Street thinks,’ Myers adds. ‘And I’m responsible for helping management understand Wall Street’s perspective. My most important role is to gather competitive intelligence.’ To this end, he reads reports, listens to others’ earnings calls and presentations and collects feedback and advice from investors. ‘For me, IR has always been about formulating the right strategies, gathering the right information and executing our program’, he summarizes, adding that technology has helped him run things more efficiently, albeit only to an extent, as the company is B2B in its essence and heavily institutionally owned.

‘Despite all the technologies at our fingertips, investors still like to meet management face to face,’ Myers concludes. ‘Hopefully, videoconferencing will become a more acceptable channel to allow access to management, and I’m really interested to see how social media might enhance the practice of IR.’

the best IR during a corporate transaction award but this year takes home the gong. Myers’ team is also distinguished by three other short-listings for best IR professional in the large-cap category, best corporate governance and best in sector for healthcare.

This is a performance made all the more impressive once you know the company’s two-person IR team has not increased its headcount since the transaction completed. ‘Although we doubled the size of our company and now generate about $100 bn in revenue, we still maintain the department with just two people,’ highlights Myers, adding that although proxy and annual reporting costs have risen, the department was also able to benefit from the IR synergies that are expected when merging two large public companies.

The IR team typically attends 10 healthcare conferences a year and organizes investor meetings after each quarterly earnings release, but the emphasis in 2012 was mainly on closing the merger, and Myers confesses he has had less time for marketing activities.

‘Right now the focus for our management team is to complete the integration through 2013,’ he stresses. ‘Now that we are one of the biggest healthcare companies in the world, however, I aim to start traveling to do some international marketing and investor targeting, perhaps in Europe.

One big challenge this past year has been balancing the needs of management to focus on completing the integration and servicing our clients with the needs of investors asking for more and more access.’

Since Express Scripts’ IPO in 1992, the company has generated a total return to stockholders of around 27,000 percent. Despite this impressive track record and the firm’s performance, Myers notes that in the 13 years he’s been with the company, each year investors have invariably asked him: ‘Will you continue to grow?’

‘Investors don’t look back, they only look forward,’ he says. ‘Every year they worry about growth and every year we try to address why

‘From an IR standpoint, we were suc-cessful in dealing with the noise [sur-rounding Medco] and consistently keep-ing the market informed of our progress’


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16 Wyndham Worldwide AWARD WINNER (see below) | BEST IN SECTOR (see p67)

Listing informationMid-capNYSELeisure/media/restaurants

CEO Stephen Holmes

CFO Thomas Conforti

Head of IR Margo Happer

IR team Barry Goldschmidt, Denise Tobin, Eldris Hobal

IR team size Four

IR awards Best IR by a CFO – mid-capBest in sector– leisure & media

Contact information www.wyndhamworldwide.com [email protected] +1 973 753 5500

2012 ranking 12

Investor/analyst feedback ‘Wyndham takes its investors seriously and has developed a great investor outreach program. The CEO, CFO and IRO are all open with us and there is absolutely no stonewalling’ – buy side

‘An excellent IR program from Wyndham, with consistent lines of communication that are reliable and informative’ – sell side

‘I really like the CFO at Wyndham. He has a consistent message and so is highly credible’ – sell side

‘Margot Happer has a tremendous grasp on the subject of Wyndham. She is always available and able to answer in-depth questions about the company more effectively than many CFOs’ – sell side

‘Every company holds analyst days, but at Wyndham it’s the individuals present who make the difference’ – sell side

‘We’ve been building our successes and practices over the past seven years,’ says Margo Happer, head of IR at Wyndham Worldwide, which wins the sector award for leisure & media for a second year in a

row, in addition to snatching the award for best IR by a CFO in the mid-cap category. The New Jersey-based firm, a spin-off from former hospitality conglomerate Cendant, first made its mark as a notable performer in IR as early as 2008, when it won the IR Magazine Award for best IR website.

This past year the company has been very active in terms of outreach, which involved an increased amount of traveling. ‘I believe we doubled the number of meetings that most companies do: the CEO, the CFO and I met with more than 200 institutions last year, mostly in the US,’ Happer highlights. The rest of the IR team takes care of the day-to-day maintenance tasks, as well as

Acting the part Wyndham Worldwide Thomas Conforti

CareFusionJames Hinrichs

Mettler-Toledo InternationalWilliam Donnelly

Waste ConnectionsWorthing Jackman

Crown Cork & SealTimothy DonahueManpowerGroupMike Van Handel

Ascena Retail GroupArmand Correia

ColfaxScott Brannan

Rockwell AutomationTed Crandall

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Best IR by a CFO – mid-cap


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continually informs the strategy of the company,’ she says.The IR department conducts investor perception studies as a

regular part of the program and there is also a quarterly IR report to the board. ‘We’re talking to our shareholders all the time,’ Happer adds. ‘At a Fortune 100 company, usually the CEO and CFO will have less time to engage with investors than they would at a small or mid-cap company. But a look at our nominations – both our CEO and CFO are short-listed for an award this year

– clearly demonstrates our senior management’s strong commitment to IR.’

If getting her senior management involved in IR hasn’t been an issue, one main challenge Happer is facing in her tasks is dealing with the short-term perspective that

prevails on Wall Street, with recent research showing the average holding period for long-term investors is down to less than one year. ‘This creates a huge need to constantly build a reservoir of buy interests,’ she points out – a situation she believes should not be addressed by increasing the amount of investor meetings. Quite the opposite, in fact: ‘This year I’m actually interested in cutting back on the number of meetings and focusing more of our efforts on targets. I want to measure effectiveness rather than activity, and what the return on investment (ROI) is.’

This involves tracking how often a meeting results in investors buying the company’s shares and thus determining how to better allocate the company resources. ‘Taking the function to this next level of measuring our ROI is what we need to be prepared to address,’ she elaborates. ‘I find IR people often struggle with getting a seat at the table. Until we can start measuring our return, I believe we will be unable to really take advantage of the value of the function as a profession.’

An IR veteran with 30 years’ experience and ‘probably at the pinnacle of her career’ after having enjoyed ‘the opportunity to wear a lot of different hats’, Happer feels she is fortunate to work at a company where the shareholder voice inside the firm is strong, creating a very solid position for IR. ‘I get to operate at as high a level as possible,’ she says. ‘I partner actively with the CEO and CFO on our messaging, strategic initiatives within the organization, and how those will be perceived by shareholders.’

For Happer, who studied theatre as an undergraduate and held ambitions in her early career to become a stage manager, the skill sets for stage management and IR are very similar. ‘It’s not about being the lead,’ she stresses. ‘It’s about making sure the actors are well supported and bringing together all of the elements. This involves a lot of project management, customer service and taking care of people. I was lucky that all these skills I learned as a backstage person have translated extremely well into investor relations.’

accompanying senior management on the road, but it is Happer who handles all the solo investor meetings.

The fact that she is the only member of her team to speak directly with investors hasn’t prevented Happer from setting a high bar in terms of new recruits for her department. ‘We’ve been upgrading on an ongoing basis the level of the team under me; these are rotational positions for potentially high performers in the finance area,’ she explains. The team used to include a director and an analyst, and both positions have been brought up a notch to a vice presidential and manage-rial level, respectively.

‘The people in the team are well regarded within the company and I hand-picked them,’ Happer declares. ‘From an IR perspective, I believe what the investment community most cares about is responsiveness. From a share-holder value perspective, it’s about under-standing what drives this value.’ For Happer, having senior management aligned with these values is critical to a successful IR program. ‘Our CEO and CFO truly run the company with the shareholder in mind, and our dialogue with investors is an open conversation, which

‘Until we can start measuring our return, I believe we will be unable to really take advantage of the value of the function as a profession’

Thomas Conforti CFO, Wyndham Worldwide


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17 Anadarko PetroleumBEST IN SECTOR (see p68)

Listing informationLarge capNYSEOil & gas

CEO Al Walker

CFO Robert Gwin

Head of IR John Colglazier

IR team Juanita Newman, Brian Kuck, Bill Tedesco

IR team size Four

IR awards Best in sector – oil & gas

Contact information www.anadarko.com [email protected] +1 832 636 2306

2012 ranking 29


‘Responsive IR and great reporting from Anadarko’ – sell side

18 CaterpillarListing information


CEO Brad Halverson

CFO Ed Rapp

Head of IR Rich Moore

IR team Matt Hohulin, Angela Tolbert

IR team size Three

Contact information www.caterpillar.com [email protected] +1 309 675 4549

2012 ranking 59


‘Caterpillar provides great detail in conference calls, regular monthly updates and good analyst days’ – sell side

‘Caterpillar always allows plenty of time for its Q&A sessions, and its roadshows are planned so you get to meet different levels of management’ – sell side



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19 The Coca-Cola CompanyBEST IN SECTOR (see p66)

Listing informationLarge capNYSEConsumer goods

CEO Muhtar Kent

CFO Gary Fayard

Head of IR Jackson Kelly

IR team Raymond Shelton, Bryan Reviello, Lee Coker, Humberto Garcia-Sjogrim

IR team size Seven

IR awards Best in sector – consumer goods

Contact information www.thecoca-colacompany.com [email protected] [email protected]

2012 ranking 6

Investor/analyst feedback ‘Coca-Cola puts on big events where most management members are available. The sheer size of the IR team allows it to be on top of everything’ – sell side


20 Limited BrandsBEST IN SECTOR (see p68)

Listing informationMid-capNYSERetail

CEO Leslie Wexner

CFO Stuart Burgdoerfer

Head of IR Amie Preston

IR team Carol Dreska, Annamarie Schaeffer, Kim Schiffmacher

IR team size Four

IR awards Best in sector – retail

Contact information www.limitedbrands.com [email protected] +1 614 415 6400

2012 ranking 22

Investor/analyst feedback ‘Limited’s people visit our offices regularly and are always clear about strategy for the different business segments’ – buy side



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21 MedtronicListing information

Large capNYSEHealthcare

CEO Omar Ishrak

CFO Gary Ellis

Head of IR Jeff Warren

IR team Ryan Weispfenning

IR team size Six

Contact information www.medtronic.com [email protected] +1 763 505 2696

2012 ranking =42

Investor/analyst feedback ‘The new CEO at Medtronic is really reaching out to us’ – independent analyst

22 General ElectricListing information

Large capNYSEIndustrials

CEO Jeffrey Immelt

CFO Keith Sherin

Head of IR Trevor Schauenberg

IR team JoAnna Morris, Elizabeth Seibert, Irene McGeachy, Vikas Anand, Sarah Wax, Sat Shah, Gerrit Schneider, Jordan Youkilis

IR team size Nine

Contact information www.ge.com [email protected] +1 203 373 2468

2012 ranking 13

Investor/analyst feedback ‘The IR team at GE is proactive and quick to respond. It holds a number of investor events over the year and these give a good overall picture of the company’ – independent analyst

‘Good meetings at GE, with detailed analysis, and management members on hand who are willing to get involved’ – buy side

‘The IR guy is so impressive that I reckon he could run any small industrial company in the US’ – buy side

‘I respect the CEO’s ability to keep track of the many nuances within GE. The company is very complex yet he can speak about what is happening in its many businesses’ – online survey


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23 Gilead SciencesListing information

Large capNASDAQHealthcare

CEO John Martin

CFO Robin Washington

Head of IR Patrick O’Brien

IR team Andre Torres, Ruey-Li Hwang

IR team size Three

Contact information www.gilead.com [email protected] +1 650 522 1936

2012 ranking =109

Investor/analyst feedback ‘Both the IRO and management at Gilead are extremely professional and approachable. The IR people always get back quickly and their conference calls have the most direct Q&As’ – independent analyst

‘The IRO at Gilead has been there a long time and understands analysts’ needs very well’ – buy side

‘The IR team is extremely responsive and helpful, and always provides a timely response to every question’ – online survey


24 Delta Air LinesListing information


CEO Richard Anderson

CFO Paul Jacobson

Head of IR Jill Greer

IR team Amy Martin

IR team size Two

Contact information www.delta.com [email protected] +1 404 715 6679

2012 ranking =57

Investor/analyst feedback ‘Whatever the question, Delta gets back to us fast ‘– sell side

‘Both IROs at Delta are helpful and are really able to get into the subject. The CEO is also really with it‘– sell side

‘The IRO at Delta is helpful, available and knows the business’ – buy side



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25 Noble CorpAWARD WINNER (see below)

Listing informationMid-capNYSEOil & gas/oil services

CEO David Williams

CFO James MacLennan

Head of IR Jeffrey Chastain

IR team –

IR team size One

IR awards Best IR professional – mid-cap

Contact information www.noblecorp.com [email protected]

2012 ranking =145

Investor/analyst feedback ‘The IRO at Noble Corp has great industry experience and knowledge’ – sell side

‘I can talk to the IRO at Noble Corp about more than just the corporate performance, as he has a lot of industry experience’ – sell side

‘The knowledge of the IRO at Noble Corp is outstanding’ – sell side

‘Jeffrey Chastain has done a great job in the IR role. I get very good feedback from investors on his knowledge and credibility’ – online survey

‘Jeff Chastain is easily the most qualified IR professional in the entire energy space’ – online survey

Interview with Jeff Chastain, vice president of IR

Until now, Noble Corp has not featured in our short lists. This year, however, it appears on three: best IR professional – mid-cap, most progress in IR and best in sector – oil & gas. How would you describe the effort that has been put in by your company this past year to reach this point?First of all, I began as vice president of IR with Noble in July 2011, so my first full year was 2012 – and I was quite surprised and very honored by our nominations. I think they have more to do with the company’s strategic direction and a transformation we are making that gives us a lot to discuss with the investment community. I was probably out more, making contacts, addressing current and prospective shareholders, so they were kept updated on the changes and the strategic direction. Certain individuals in that audience may have made a note that the company was being

Noble callingvery responsive and proactive in that area, and that’s what may have led to some of the comments turned up by your survey.

How is your team set up?These types of efforts are seldom individual; there has to be a team involved. I direct it, but if you think about the bigger team – who’s going out, who’s communicating with the financial community – it’s the chief executive, chief financial officer, and all those individuals involved in strategic marketing and operations. There’s a team approach, a bench of people I like to get involved depending on the effort, and that has been helpful to increase the visibility of our managers.


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Noble CorpJeffrey Chastain

Kansas City SouthernBill Galligan & Ashley Thorne

BroadcomChris Zegarelli

Limited BrandsAmie Preston

LinkedIn Matt Sonefeldt

Oshkosh TruckPatrick Davidson

TeradataGregg Swearingen

CepheidJacquie Ross

AshlandDavid NeubergerEdison InternationalScott CunninghamNortheast UtilitiesJeffrey Kotkin

Wyndham WorldwideMargo Happer

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Best IR professional – mid-cap

Jeffrey Chastain Head of IR, Noble Corp

Have you done more traveling this year, and where to?Yes, significantly more. I surpassed 100,000 miles of travel last year with one airline; that’s my best way of measuring the amount of time I’ve spent traveling. I increased the number of conferences and the number of roadshows of the non-deal variety. Again, it was driven by the fact that there was a greater interest from the financial community to understand the com-pany’s direction, and we took full advantage of that. It was a global effort, not just the US but also extensively western Europe, and it paid off. Our ownership in Europe increased almost 30 percent, and that’s a nice compliment from the standpoint of the effort.

What is the most popular question you get asked by investors and analysts?I keep detailed records of each meeting and as original or repeat questions come up, I just note how many times something is being asked, in order to get a sense of what’s really driving people’s thinking. That makes for good information to communicate to your board.

The biggest question we tend to get is about the possibility of a master limited partnership-type (MLP) structure for our business. An MLP

is another way of structuring a portion of your assets that is heavily driven by paying yields or a dividend.

Has there ever been an occasion when a meeting with investors or analysts has influenced or helped shape your strategy?There are a lot of good details that can be harvested from every meeting. For example, the way I constructed our analyst day came almost directly from a comment made by an individual we were having a meeting with. These individuals enjoy attending analyst days, there is a lot of good information provided, but one of the things they always felt was lacking is that they still tend to see those people they typically see in investor settings, whether it’s an industry conference or a one-on-one meeting.

They really wanted the analyst day to provide more exposure to the management ranks so they can get a sense of the knowledge base of the management team and the talent there. So when I did an analyst day in May 2012, I included people all the way down to regional managers on a global scale. We had managers from Brazil, the Middle East, the North Sea region. They were well coached before they were put in front of investors on the types of topics they would be asked and where we wanted them to steer clear. We held a lunch where each table had one of these managers involved and investors could just pick their table. We got a lot of good feedback on that meeting.

What do you think the investment community cares most about when it comes to investor relations?It has to be visibility of management. Investors interested in


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Noble know how to reach me and I believe I’m fairly available and responsive to inquiries, but they can’t always have a conversation with higher-level managers in the business. I think, therefore, that the extent to which those managers can be made visible carries a lot of value when investors are trying to make decisions involving several choices in this particular space.

How would you describe your tech strategy? Which do you spend more time on: videoconferencing, website, webcasts, IR apps or social media?I would say videoconferencing, because if you’re trying to develop a global shareholder base, which we are, it’s going to eventually move beyond western Europe, where today most of that foreign ownership resides. I’m going to have to spend more time in places like the Far East or Latin America, where you have more and more interest from an equity side of things in our business, the global energy and offshore drilling business.

That can be done with videoconferencing considerably more affordably than by getting on a plane, although at some point you will have to fly out because you need to have that face-to-face contact. Our website has recently been redesigned and it’s more friendly with more content, and we post a lot of things from a disclosure standpoint.

Could you detail your investor base?We’re heavily institutionally owned, at around 90 percent. The last 10 percent is retail and management board ownership. When you look at the institutional portion, about 10 percent is outside of the US, and most of that is western Europe. We’re a Switzerland- domiciled company, which I think raises the presence of the company in some parts of Europe. We also have ownership in Asia, and actually the next trip I will make is to Tokyo, Hong Kong and Singapore to develop that more.

The first indication there’s an interest in that part of the world is a phone call, or when you’re at an investor conference and someone asks to do a one-on-one meeting. We’ve seen a pick-up on that, and it makes sense, particularly since we are involved in building offshore drilling rigs in certain places in the Far East. The trip gives us an opportunity to not only visit the sites and check the status of those projects but also to do meetings with potential investors.

How important is senior management to your success and what makes the IR approach taken by Noble Corp’s senior management special?It’s really a matter of the best use of management time. When I go out and believe it’s beneficial to have a senior manager involved, I don’t want to bring two or three with me, because you can typically address the questions an investor may have with one top manager. So I consider the management members’ schedules and determine which one would fit best, based on the information

I believe the investors are going to be most interested in – whether it’s strategically driven, market development or operations.

If there are other questions that come up, the IRO should be in a position to address them anyway, so you can cover those questions pretty effectively.

Did you feel investors wanted to discuss corporate governance with you more or less than in previous years? I don’t see it as being highly important. It does come up at times but, more often than not, it tends to be along the topic of pay for perfor-mance and how the company’s compensation program is driven, what measures we use to generate the compensation for a high-level manager in the organization.

How would you describe your strategic responsibilities? IR is one of those functions that should be involved in the strategic direction of the company, because ultimately it’s going to be the IRO who has to explain that direction to investors – and how better to understand it than if you’re involved in part of the discus-sion that is ongoing on that topic? We’re in a stronger position to provide strategic direction, particularly as it pertains to how the financial community may react to a particular strategic decision being considered by the company. An IRO would probably know from the number of discussions held day to day with various people what that reaction might be.

Where do you see innovation happening in current IR practice?Innovation might come more from the timeli-ness of certain types of information, which is very important to IR. The one thing I think about is the timing of institutional ownership reports; currently, by the time you get them, they are usually 45 days old. A lot of IR depart-ments use surveillance-related technologies to try to get a more current assessment of ownership. I think some innovations may come in the near term that may allow that type of information to be a bit more reliable. One other thing is the involvement of the board of directors in the interface with the financial


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community. Investors want to hear more about what board members are thinking regarding the company’s strategies.

What is the biggest IR challenge you have faced in the current economic environment?If there are concerns about global economic developments and how that may affect your business, your managers are certainly going to be focused on other things that may take away some of the time they could otherwise possibly devote to more extensive IR exposure. Their priorities shift.

The world has undergone significant change and it is happening at an accelerating pace. Understanding the impact of that for your industry and your business is crucial because investors are obviously coming to their own conclusions and you have to be in a position to understand their side and – if necessary – argue your side against theirs.

How did you get into IR?I have an undergraduate and a master’s degree in finance. I’ve been in investor relations for about 20 years now, and I’ve been lucky to spend all of that time in one industry: the oilfield equipment and services sector. That has allowed me to develop a very broad knowledge of how the business works, of the various participants in this business and Noble Corp’s competitors. This knowledge base I can now communicate to investors and be a better source for industry information as well as company-specific information.

There is an interesting part about my stepping into this role. Twenty years ago I was in a financial reporting role with a large oilfield equipment and services company in Dallas, and I got a call from a firm asking whether I would be interested in talking to it about an investor relations role, so I took it up on that. It had mentioned one of the analysts in the industry had recommended me by name, and that led to a very strong reference as well as me being hired to take on the IR position at an offshore drilling company in Houston, where I relocated to. That analyst now serves on the board of Noble Corp, so that’s kind of the interesting full-circle story here.

=26 United Parcel ServiceListing information

Large capNYSETransport

CEO Scott Davis

CFO Kurt Kuehn

Head of IR Andy Dolny

IR team Mike Jones, Keith Colby, Elba Pareja-Gallagher

IR team size Four

Contact information www.ups.com [email protected] +1 404 828 6069

2012 ranking =67

Investor/analyst feedback ‘You get good access to management at UPS and the IR team knows exactly what it can tell you so there are no Reg FD issues. There is a consistent message that never veers to the promotional’ – buy side

‘The CFO of UPS has been admirably clear about the rationale for the TNT deal’ – sell side

‘Andy Dolny does a very good job communicating the UPS message clearly and effectively’ – online survey


US TOP 100

=26 Yum! BrandsListing information

Large capNYSELeisure

CEO David Novak

CFO Patrick Grismer

Head of IR Steve Schmitt


IR team size Six

Contact information www.yum.com [email protected] +1 502 874 8006

2012 ranking =65

Investor/analyst feedback ‘The disclosure in Yum! Brand’s financial reporting is nothing short of phenomenal’ – buy side

‘In terms of IR, no other company compares to Yum!. It has set the standard in the sector. The meetings are the best and it holds both international and domestic investor days. Also, the CEO is most professional, with exemplary standards for disclosure’ – buy side

‘Yum! has a large IR team that gives color and detail to the reporting’ – sell side

‘Yum! provides excellent access to senior management and very useful analyst events, especially the annual analyst meeting in China’ – online survey

=28 Skyworks SolutionsListing information

Mid-capNASDAQTechnology

CEO David Aldrich

CFO Donald Palette

Head of IR Stephen Ferranti

IR team Roni Hibben

IR team size Two

Contact information www.skyworksinc.com [email protected] +1 781 376 3056

2012 ranking –

Investor/analyst feedback ‘Everything is thoroughly explained at Skyworks, and the CEO is most candid’ – buy side


US TOP 100

=28 United TechnologiesListing information


CEO Louis Chênevert

CFO Gregory Hayes

Head of IR Jay Malave

IR team Joslyn Banas, Chris Peet, Rebeca Quach

IR team size Four

Contact information www.utc.com [email protected]” +1 860 728 7608

2012 ranking 5

Investor/analyst feedback ‘United Technologies’ IR has remained consistently helpful and knowledgeable over many years’ – buy side

‘United Technologies hosts lots of analyst days for different business segments and there is good disclosure on deals. It should improve the organization of the website, though’ – sell side

30 PNC Financial ServicesListing information

Large capNYSEFinancial services

CEO James Rohr

CFO Richard Johnson

Head of IR William Callihan

IR team Rebecca Jackson, Bryan Gill, Virginea Stuart, Mary Ann Elbel, Jennifer Leber

IR team size Seven

Contact information www.pnc.com [email protected] +1 412 762 8257

2012 ranking =51

Investor/analyst feedback ‘PNC is extremely responsive to shareholders and analysts and exceptionally easy to work with’ – independent analyst

‘PNC reacts quickly to any news and gets in touch right away’ – buy side

‘The positives from PNC’s IR are many: I am constantly kept abreast of what’s going on; the disclosure in the quarterlies gives me all the information I need and I appreciate the exposure I get to the CEO, CFO and upper management. On the other hand, with the RBC retail operations acquisition, PNC failed to keep everyone in the picture’ – buy side


US TOP 100

=31 Johnson & JohnsonBEST IN SECTOR (see p68)

Listing informationLarge capNYSEPharmaceuticals

CEO Alex Gorsky

CFO Dominic Caruso

Head of IR Louise Mehrotra

IR team Stan Panasewicz, Lesley Fishman, Ellen Sipos, Lisa Romanko

IR team size Five

IR awards Best in sector – pharmaceuticals & biotech

Contact information www.jnj.com [email protected] +1 732 524 6491

2012 ranking 16

Investor/analyst feedback ‘The information from Johnson, both in reports and on the internet, provides us with a range of supplementary materials on the products across the various markets’ – buy side

‘J&J has the most experienced IR team in med-tech’ – online survey


=31 TeradataListing information

Mid-capNYSETechnology

CEO Michael Koehler

CFO Stephen Scheppmann

Head of IR Gregg Swearingen

IR team Cheryl Felber-George

IR team size Two

Contact information www.teradata.com [email protected] +1 937 242 4600

2012 ranking –

Investor/analyst feedback ‘Teradata is always helpful when we call’ – buy side

‘There is excellent access to management people at Teradata, who are all open and friendly’ – buy side



US TOP 100

=33 Alaska Air GroupListing information


CEO Bradley Tilden

CFO Brandon Pedersen

Head of IR Chris Berry

IR team –

IR team size One

Contact information www.alaska.air [email protected] +1 206 392 5260

2012 ranking –

Investor/analyst feedback ‘The IRO at Alaska Air is both proactive and responsive’ – sell side

‘Alaska Air is loved by its customers. And when it comes to IR, it is top of the list’ – online survey

=33 LinkedInBEST IN SECTOR (see p66)

Listing informationMid-capNYSEBusiness services

CEO Jeff Weiner

CFO Steven Sordello

Head of IR Matt Sonefeldt

IR team Matt Danziger

IR team size Two

IR awards Best in sector – consumer & business services

Contact information www.linkedin.com [email protected] +1 650 605 0861

2012 ranking 233

Investor/analyst feedback ‘LinkedIn is hugely followed but the CEO still makes himself available after earnings calls’ – sell side

‘The best company for responding to requests is LinkedIn’ – sell side



US TOP 100

=33 McDonald’sListing information

Large capNYSELeisure

CEO Don Thompson

CFO Peter Bensen

Head of IR Kathy Martin

IR team Christopher Stent, Elizabeth Kluge, Kim Yaman, Hardik Patel, Jennifer Hiser

IR team size Seven

Contact information www.investor.mcdonalds.com [email protected] +1 630 623 7833

2012 ranking =27

Investor/analyst feedback ‘The McDonald’s IRO team is knowledgeable and quick to respond’ – sell side

‘The company has had difficulties as it hasn’t met expectations, but the IR team has done a good and helpful job of talking about it’ – sell side

‘The company provides a wealth of data, both operational and segmental, which allows me to slice and dice. I wish all companies did the same’ – online survey

After winning the award for best IR for an IPO in 2012, LinkedIn hasn’t taken its success for granted, nor has it been resting on its IR laurels. The career-focused social media network has sustained an upward trajectory this

past year, not only skyrocketing from 233rd in the US rankings to joint 33rd, but also snatching the sector award for consumer and business services while coming joint second in the category of most progress in IR, alongside Noble Corp.

‘After a well-planned IPO, LinkedIn’s communications have been above average,’ says a buy-side respondent in this year’s US research, while another highlights that ‘among mid-cap technology companies, few do a good job of IR. LinkedIn is one of the exceptions, as it is proactive and willing to explain its choices.’

‘LinkedIn is singularly focused on its mission of connecting the world’s professionals and creating opportunities for anyone who participates in the global workforce,’ explains the firm’s vice president of IR Matt Sonefeldt. ‘The idea of transforming our members’ professional lives and careers drives our culture and motivates LinkedIn employees. Our management team’s

No weak linksunwavering focus on executing against that mission has enabled LinkedIn to drive both greater member engagement through our platform, and our business by connecting talent with opportunity on a global scale.’

During 2012, ‘a transformative year for LinkedIn’ according to CEO Jeff Weiner, the company saw its revenue increase by 86 percent to $972.3 mn and its share price soar to nearly three times the initial offering price of $45. As of March 2013, the stock had reached new heights, trading just shy of $180.

This is the sort of good news that Sonefeldt and his team are more than happy to convey to their audience. ‘That we get to represent a mission-focused company and educate investors about the business model each day is an honor, and underlies the success we’ve had in the public markets thus far,’ he says.


US TOP 100

36 CalpineAWARD WINNER (see below)

Listing informationMid-capNYSEUtilities

CEO Jack Fusco

CFO Zamir Rauf

Head of IR Bryan Kimzey

IR team Christine Parker, Dan Olenius

IR team size Three

IR awards Best IR by a CEO or chairman – mid-cap

Contact information www.calpine.com [email protected] +1 713 820 4023

2012 ranking =304

Investor/analyst feedback ‘The CEO at Calpine has an awesome knowledge of the industry’ – sell side

‘Calpine provides analysts with all the necessary tools for forecasting; the detail is well above the usual’ – online survey

Calpine, the North American geother-mal power producer, has soared up the rankings in this year’s research. In 2013, the Houston-based company

jumps 268 places, scoring a position in the US Top 100 list at number 36. Jack Fusco also collects the award for best IR by a CEO or chairman in the mid-cap category.

Fusco has more than 30 years’ experience in the power industry. Following graduation with a BSc in mechanical engineering from

Powering up the rankingsCalifornia State University, he started his career as an operator at power plants in California. He then spent 13 years in various engineering and management roles at Pacific Gas and Electric Company before becoming a vice president at Goldman Sachs Power, focusing on wholesale commodity trading and marketing. In November 1998 he co-founded Orion Power Holdings before spending two years as an energy investment adviser for Texas Pacific Group.

Since emerging from bankruptcy in 2008, Calpine has relisted on the NYSE and is enjoying a sustained period of growth. Fusco commented on the success of the previous year and the resilience of the business model when the year-end results were released in February 2013: ‘Last year [2012] was a breakout year for Calpine, as we capitalized on the secular shift toward greater use of combined-cycle gas turbines in the power generation industry. We achieved record operating results, generating 116 mn MWh – 23 percent more than last year. The increased generation was primarily due to our excellent power plant operations and unprec-edented coal-to-gas switching. Overall, our business continues to be resilient across a wide range of natural gas prices.’

Respondents in this year’s research praise Fusco for his knowledge of the industry, and make special mention of Calpine’s thorough disclosure.

CalpineJack Fusco

Cardinal HealthGeorge Barrett

Perrigo CompanyJoseph PapaWyndham Worldwide Stephen Holmes

CR BardTimothy RingTeradataMichael Koehler

24

24

21

21

26

33

Best IR by a CEO or chairman – mid-cap


US TOP 100

37 Illinois Tool WorksListing information


CEO Scott Santi

CFO Ronald Kropp

Head of IR John Brooklier

IR team Alison Donnelly

IR team size Two

Contact information www.itw.com [email protected] +1 847 724 7500

2012 ranking =204

Investor/analyst feedback ‘Illinois has communicated well about the change of initiative it has embarked upon. This has been well received by the shareholders and is reflected in the stock price’ – sell side

‘Although its name would suggest a local company, ITW’s business crosses a lot of markets and the IR team does an excellent job of explaining how these all relate’ – sell side


38 Ryder SystemListing information

Small capNYSETransport

CEO Robert Sanchez

CFO Art Garcia

Head of IR Bob Brunn

IR team Calene Candela

IR team size Two

Contact information www.ryder.com [email protected] +1 305 500 4210

2012 ranking 38

Investor/analyst feedback ‘The IR guys at Ryder System are responsive. If they can’t answer straight away, they’ll get back to you in detail. There is a good quarterly conference call, with presentations and detailed exhibits, as well as a breadth of management and division heads present. Overall, a very nice IR job’ – sell side

‘Bob Brunn at Ryder does a terrific job explaining the business to investors as transparently as possible, with excellent financial reporting and presentations’ – online survey



US TOP 100

39 Dover CorpListing information

Mid-capNYSEIndustrials

CEO Robert Livingston

CFO Brad Cerepak

Head of IR Paul Goldberg

IR team Annette Della Penna

IR team size Two

Contact information www.dovercorporation.com [email protected] +1 212 922 1640

2012 ranking 48

Investor/analyst feedback ‘Dover’s management is available on roadshows. And while some companies are difficult to get on the phone, Dover is different’ – sell side

‘We get good access across the board, thoughtful meetings and great analyst days from Dover. It also checks for any feedback we may have’ – buy side

40 Southern CompanyListing information

Large capNYSEUtilities

CEO Thomas Fanning

CFO Art Beattie

Head of IR Dan Tucker

IR team Jimmy Stewart, Erin Griffin

IR team size Three

Contact information www.southerncompany.com [email protected] +1 404 506 5310

2012 ranking –

Investor/analyst feedback ‘Year after year, Southern Company is consistently transparent, giving full disclosure with no ethical improprieties. Fantastic integrity’ – sell side

‘The CEO at Southern has a 360-degree vision: he understands everything from the finer points of legislation to the needs of the consumer’ – sell side



US TOP 100

41 MasterCardListing information

Large capNYSEFinance

CEO Ajay Banga

CFO Martina Hund-Mejean

Head of IR Barbara Gasper

IR team –

IR team size One

Contact information www.mastercard.com [email protected] +1 914 249 4565

2012 ranking =103


‘Good meetings, top presentations by management and great product demonstrations from MasterCard’ – sell side

‘MasterCard has professional, responsive and friendly IR’ – online survey

42 StarbucksListing information

Large capNASDAQLeisure

CEO Howard Schultz

CFO Troy Alstead

Head of IR JoAnn DeGrande

IR team Greg Smith, Tracy Moran, Lucy Ekhoff, Mary Ellen Fukuhara, Marie Davis

IR team size Six

Contact information www.starbucks.com [email protected] +1 206 318 7893

2012 ranking =42


‘Starbucks’ analyst meetings are the most detailed of the sector’ – online survey

‘The annual meetings at Starbucks go into tremendous depth and you get plenty of coffee to keep you going. Now it is branching into juice and Danish pastries so meetings will be even better! ‘– sell side


US TOP 100

43 CumminsListing information

Mid-capNYSEIndustrials

CEO Tom Linebarger

CFO Patrick Ward

Head of IR Mark Smith

IR team –

IR team size One

Contact information www.cummins.com [email protected] +1 812 377 3121

2012 ranking 83

Investor/analyst feedback ‘The IRO does a good job of adding color to the industry’ – sell side

‘A summary of Cummins’ IR? Good reporting, excellent meetings and the IR people always keep in touch’ – sell side

‘Cummins is often on the road and although the CEO is great, the stand-out factor is the heads of operations, who provide really interesting insight’ – sell side

‘Great disclosure, especially around anything that impacts on gross margins’ – online survey

44 Bristol-Myers SquibbListing information

Large capNYSEPharmaceuticals/biotech/chemicals

CEO Lamberto Andreotti

CFO Charles Bancroft

Head of IR John Elicker

IR team Ranya Dajani, Ryan Asay

IR team size Three

Contact information ww.bms.com [email protected] +1 609 252 4611

2012 ranking 118

Investor/analyst feedback ‘Consistency and clarity make for reliable communications and Bristol-Myers ticks all the IR boxes’ – sell side

‘John Elicker at Bristol-Myers has a fantastic perspective, not only on his company but also the whole industry’ – online survey


US TOP 100

=45 CatamaranListing information

Mid-capNASDAQFinance

CEO Mark Thierer

CFO Jeff Park

Head of IR Tony Perkins

IR team –

IR team size One

Contact information www.catamaranrx.com [email protected] +1 630 577 4871

2012 ranking –


‘The site visits arranged by Catamaran are really good, with plenty of management around’ – sell side

‘Wonderfully clear strategy from Catamaran recently’ – buy side

=45 Marriott InternationalListing information

Mid-capNYSELeisure

CEO Arne Sorenson

CFO Carl Berquist

Head of IR Laura Paugh

IR team Betsy Dahm, Laura Pearce

IR team size Three

Contact information www.marriot.com [email protected] [email protected]

2012 ranking =159

Investor/analyst feedback ‘The IR team at Marriott has been there for a while and has a good perspective on the company, as well as on the industry as a whole’ – sell side

‘Marriott’s IR is the best of the best: thorough, responsive and knowledgeable. The team has a good awareness of what shareholders are saying’ – online survey

‘To get answers to my questions, I often need to speak with management. This is not the case at Marriott, where the IRO not only knows the hotel business inside out but also has valuable insights and is able to answer detailed questions on the company’ – sell side


US TOP 100

=45 Union PacificListing information

Large capNYSETransport

CEO John Koraleski

CFO Robert Knight

Head of IR Mary Sanders Jones

IR team Michelle Gerhardt, Tony Dowling, Melissa Linn

IR team size Four

Contact information www.up.com [email protected] +1 402 544 4227

2012 ranking =79


’It is the quality of the post-conference calls follow-up that makes Union Pacific stand out’ – buy side.


=48 MonsantoBEST IN SECTOR (see p66)

Listing informationLarge capNYSEChemicals

CEO Hugh Grant

CFO Pierre Courduroux

Head of IR Bryan Hurley

IR team Manny Cruz, Ashley Wissmann

IR team size Three

IR awards Best in sector – chemicals

Contact information www.monsanto.com [email protected] +1 314 694 8148

2012 ranking =241


‘R&D days at Monsanto mean we can spend time with the various product managers and executives, who paint a clear picture of the company and how it is growing. At conferences, executives are made available on a rotational basis so we can get a feel for the different strengths’ – buy side



US TOP 100

=48 Sherwin-WilliamsListing information

Mid-capNYSEDiversified industrials

CEO Christopher Connor

CFO Sean Hennessy

Head of IR Robert Wells

IR team Mike Conway

IR team size Two

Contact information www.sherwin-williams.com [email protected] +1 216 566 2244

2012 ranking =240

Investor/analyst feedback ‘Many members of management have worked at Sherwin-Williams since they graduated, so they all know everything there is to know about the company and its products. If you want to talk all night, CEO Christopher Connor is your guy and the IRO, with 30 years’ experience, knows the cost of every pot of paint and the entire color range!’ – sell side

‘Sherwin-Williams is very clear on strategy’ – sell side

‘The management guys at Sherwin-Williams are straightforward, accessible, passionate about the business and patient with new investors. In all their dealings they are exceedingly professional’ – online survey


=50 Starwood Hotels & Resorts WorldwideListing information

Mid-capNYSELeisure/media/restaurants

CEO Frits van Paasschen

CFO Vasant Prabhu

Head of IR Stephen Pettibone

IR team –

IR team size One

Contact information www.starwoodhotels.com [email protected] +1 203 351 3500

2012 ranking =150


‘Starwood is definitely the most responsive of all my hotel groups’ – sell side


US TOP 100

=50 ViroPharmaAWARD WINNER (see below)

Listing informationSmall capNASDAQPharmaceuticals/biotech/chemicals

CEO Vincent Milano

CFO Charles Rowland

Head of IR Robert Doody

IR team Will Roberts

IR team size Two

IR awards Grand prix for best overall investor relations program – small cap Best IR professional – small cap

Contact information www.viropharma.com [email protected] +1 620 321 6290

2012 ranking –


‘We get excellent disclosure in reporting from ViroPharma, which has overcome its challenges and has a consistent message and straightforward communications’ – sell side

‘ViroPharma really gets out and about, keeping investors informed of its story’ – buy side


For a company that wasn’t even ranked in last year’s investor perception study, ViroPharma makes a remarkable first impression this year, appearing on

three short lists and winning both the grand prix for best overall investor relations program and the best IR professional awards in the small-cap category. What makes the health-care company’s success even more impressive is that investor relations assistant director Robert Doody is no traditional IRO. ‘I don’t think we’ve done anything differently,’ he says, quick to direct all praise to the growing success of the company. ‘When investors are generally more excited about your name and the things you’re doing, that probably keeps you more top of mind.’

Doody, who joined the US Navy to fund his college education before going into public

Making an entrancerelations, freely admits finance and accounting are probably not his strong suits. Although he can of course provide the numbers when investors ask for them, he jokes that ‘when it comes to the difficult accounting questions, they tease me here and say I have my junior accounting badge!’ Instead, his true skills are in communication and having an understanding of a clearly complex industry – along with a real passion for his job and his company, which also shines through.

‘I’m fortunate to work at a company where the management not only allows me but also encourages me to actually do my job, which is to have open and frank conversations with our investors and – within the reason of the law – answer their questions,’ Doody points out. ‘That might be something that helps set us apart a little.’

This attitude stems from the view that investors and analysts, no matter what their view of the company, are in fact resources rather than simply partners or owners. ‘As well as showing your investors how much you value them, this attitude benefits the company,’ says Doody. ‘They have access to conversations and


US TOP 100

ViroPharma

Jack in the Box

US Airways Group

Old National Bancorp

Cyberonics

Sunstone Hotel Investors

Meredith

Terex Corp

Avis Budget Group

Wright Medical

Pebblebrook Hotel Trust

Approach Resources

Synopsys

Darling International

MedAssets

75

72

66

66

62

62

59

59

58

57

52

52

50

85

100

Grand prix for best overall investor relations program – small cap

ViroPharmaBob Doody & Will Roberts

US Airways GroupDaniel Cravens

Jack in the BoxCarol DiRaimo

Avis Budget GroupNeal Goldner & Perryn StewartWebster FinancialTerrence Mangan

26

20

20

30

32

Best IR professional – small cap

communications we might not be privy to, such as competitors’ opinions or potential business development opportunities for our company.’ In addition, listening to suggestions on how a certain aspect of the story could be better communicated has helped Doody tailor his investor relations strategy and gone down well with the investment community.

This approach has also helped the company weather some of the more recent challenging situations. A history of ‘overhangs’ – including a scientific battle with the FDA over when one drug was going to go generic as well as a ‘cloud of uncertainty’ surrounding the need to increase the manufacturing capacity of another drug – meant that ‘for many years those were the singular questions we would hear in every meeting,’ notes Doody. Today the questions have changed; with the company launching products in Europe, where almost 10 percent of the firm’s investors are based, concerns are primarily focused on the region’s grim economic landscape, with drug exclusivity another popular issue.

Doody says the company’s IR approach has received ‘extremely good feedback’ on its open attitude, highlighting that even if investors didn’t actually want to own ViroPharma stock at the end of a meeting, the management team was always highly thought of. ‘It has made it easier on us now that the story is easier to digest and is becoming a lot more exciting to investors,’ he adds. ‘It’s a nice transition for us and investors appreciate the efforts and acknowledge the value of the management team we have here.’

ViroPharma’s large institutional base of 94 percent offers the company some protection from volatility, says Doody, further noting that investor types vary within the different US regions. ‘It might be limited to biotech and pharmaceutical companies, but I find that when you go to Boston, where there is a big concentration of biotech companies, investors seem to be focused on the longer-term outlook for a company, as opposed to spending time in New York where you meet with the long-short hedge funds that are more interested in quarterly numbers,’ he observes. ViroPharma’s European investor base also takes a longer-term (three to five-year) outlook, he adds.

Among the many things Doody enjoys about ViroPharma is the ‘thrifty and nimble’ approach the company takes toward its finances. ‘That’s something I really loved about this company from the day I joined,’ he says. ‘Everybody pitches in; you do a lot of things for yourself that in other places you would have an assistant do for you. I believe that’s something investors appreciate as well.’ This frugal attitude extends to social media and ‘the whole bucket of advanced technologies’ that Doody believes should be considered only if they can really add something to the IR program and be properly maintained – which would most likely require an extra pair of hands.

And that extra pair of IR hands may be on the cards. Since Doody joined the company seven years ago, ViroPharma has grown from 50 people to more than 400 with ‘numerous products and numerous territories’, and he says ‘sometime over the next

year’ it will be time for the IR department to expand as well. But what it all really comes down to – and what is ‘probably the most important thing we do, what really sets us apart’ – is the policy of inclusion.

‘If you called the biggest bear analysts we’ve ever had, who might have been bearish for as long as I’ve known them, they would probably tell you we’re the nicest guys they’ve ever dealt with,’ Doody concludes.


US TOP 100BEST IN SECTOR

CHEMICALS

1 MONSANTO 101 pts

2 Ashland 95

3 Eastman Chemical 70

4 EI du Pont de Nemours and Company 58

5 WR Grace 55

6 LyondellBasell Industries 48

7 Rockwood Holdings 36

8 Praxair 32

CONSUMER & BUSINESS SERVICES

1 LINKEDIN 120 pts

2 Ryder System 116

3 IHS 93

4 eBay 72

5 DIRECTV 65

6 HSN 60

7 Avis Budget Group 59

8 Pebblebrook Hotel Trust 58

9 United Rentals 51

10 Teradyne 50

=11 Accenture 48

=11 Williams-Sonoma 48

13 WW Grainger 46

DIVERSIFIED INDUSTRIALS

1 DANAHER 278 pts

2 Caterpillar 151

3 General Electric 140

4 Illinois Tool Works 118

5 Dover Corp 114

6 Cummins 106

7 Sherwin-Williams 100

8 Oshkosh Corporation 87

9 Rockwell Automation 84

10 SPX 82

11 Johnson Controls 74

12 Lockheed Martin 68

13 Crown Cork & Seal 66

14 Flowserve 65

15 Home Depot 63

16 Terex 62

17 Boeing 61

=18 Ball Corporation 53

=18 Chicago Bridge & Iron 53

20 Tesla Motors 50

CONSUMER GOODS

1 THE COCA-COLA COMPANY 149 pts

2 HJ Heinz 86

3 Mattel 83

4 The Hain Celestial Group 78

5 Reynolds American 71

=6 Colgate-Palmolive 62

=6 Procter & Gamble 62

8 Emerson Electric 57

9 Hershey Company 56

=10 PepsiCo 53

=10 Tiffany & Co 53

12 Darling International 52

13 Nike 51

14 McCormick & Company 50

SECTOR WINNERS 2012

The Coca-Cola Company

Ryder System

Danaher

JPMorgan Chase & Co

Covidien

Wyndham Worldwide



FINANCE & INSURANCE

1 JPMORGAN CHASE & CO 206 pts

2 PNC Financial Services 123

3 MasterCard 112

4 Catamaran 102

=5 Citigroup 86

=5 US Bancorp 86

7 American Express 84

8 BB&T 83

9 The Allstate Corp 78

10 Bank of America 77

11 Old National Bancorp 72

12 CME Group 71

13 Aflac 68

14 The Travelers Companies 65

15 Discover Financial 64

16 Arch Capital 60

17 Visa 58

18 Wells Fargo & Company 57

19 Goldman Sachs 56

20 Ares Capital 54

=21 First Horizon National 53

=21 The Hartford Financial Services Group 53

HEALTHCARE

1 COVIDIEN 359 pts

2 3M 167

=3 Baxter International 160

=3 Express Scripts 160

5 Medtronic 143

6 Gilead Sciences 136

7 Edwards Lifesciences 78

8 CareFusion 77

9 UnitedHealth Group 63

10 Wright Medical 59

11 Amgen 50

=12 Teleflex 49

=12 Thoratec 49

14 HealthSouth 48

15 The Cooper Companies 47

16 CVS 45

17 CR Bard 43

LEISURE & MEDIA

1 WYNDHAM WORLDWIDE 159 pts

2 Yum! Brands 129

3 McDonald’s 120

4 Starbucks 107

5 Marriott International 102

6 Starwood Hotels & Resorts Worldwide 101

7 The Walt Disney Company 89

8 Jack in the Box 85

9 Time Warner Cable 83

10 Sunstone Hotel Investors 66

11 Meredith 62

12 Time Warner 59

13 The Interpublic Group of Companies 53

SECTOR WINNERS 2012

TOP-RANKING SECTORS 2004-2013

Peabody Energy

National-Oilwell Varco

Allergan

Limited Brands

Qualcomm

Broadcom

FedEx

Progress Energy



METALS & MINING

1 FREEPORT-MCMORAN COPPER & GOLD 81 pts

2 Martin Marietta Materials 53

3 United States Steel 41

4 Cliffs Natural Resources 33

5 James River Coal 31

OIL & GAS

1 ANADARKO PETROLEUM 152 pts

2 Noble Corp 133

3 Noble Energy 94

4 ConocoPhillips 76

5 Halliburton 70

6 Apache 65

=7 Marathon Oil 62

=7 Newfield Exploration 62

9 Chesapeake Energy 61

10 National-Oilwell Varco 60

11 Approach Resources 57

12 Southwestern Energy 56

13 Peabody Energy 55

14 Phillips 66 51

PHARMACEUTICALS & BIOTECH

1 JOHNSON & JOHNSON 121 pts

2 Bristol-Myers Squibb 105

3 ViroPharma 100

4 Agilent Technologies 98

5 Allergan 92

6 Pfizer 91

7 Perrigo Company 89

8 Watson Pharmaceuticals 88

9 Cepheid 85

10 Mettler-Toledo International 76

11 Cyberonics 66

12 Life Technologies 62

13 Biogen 61

14 Covance 59

15 Cubist Pharmaceuticals 54

=16 Cardinal Health 50

=16 Herbalife 50

RETAIL

1 LIMITED BRANDS 147 pts

2 Costco Wholesale 83

3 The Kroger Company 60

4 Ascena Retail Group 58

5 Walmart 56

6 JC Penney 55

7 Dollar General 53

8 Macy’s 48

9 Target 45

10 Fastenal 42

11 Family Dollar Stores 40

TOP 100 BY SECTOR

TOP 100 BY SECTOR

3 53

2

13 12

7

91 6

1015



TECHNOLOGY (LARGE CAP)

1 INTEL 344 pts

2 Honeywell 229

3 Cisco Systems 183

4 Qualcomm 179

5 Texas Instruments 166

6 United Technologies 124

7 AT&T 81

8 IBM 73

9 Apple 71

10 Thermo Fisher Scientific 70

11 Oracle 65

12 Google 63

=13 Cognizant Technology Solutions 56

=13 Microsoft 56

15 VMware 48

TECHNOLOGY (SMALL & MID-CAP)

1 BROADCOM 186 pts

2 Skyworks Solutions 124

3 Teradata 121

4 Micron Technology 78

5 Maxim Integrated Products 76

6 Informatica 71

7 NVIDIA 63

8 Lam Research 62

9 Xilinx 57

=10 Linear Technology 56

=10 ManpowerGroup 56

12 Cirrus Logic 54

TRANSPORT

1 FEDEX 196 pts

2 Kansas City Southern 164

3 Delta Air Lines 135

4 United Parcel Service 129

5 Alaska Air Group 120

6 Union Pacific 102

7 US Airways Group 75

8 United Continental 72

9 Genesee & Wyoming 48

10 CSX Corporation 44

UTILITIES

1 NEXTERA ENERGY 208 pts

2 Calpine 119

3 Southern Company 113

4 Kinder Morgan 73

5 Enterprise Products Partners 71

=6 Exelon 70

=6 FirstEnergy 70

=8 CMS Energy 66

=8 Waste Connections 66

10 Spectra Energy 63

11 Sempra Energy 59

12 Northeast Utilities 52

13 Duke Energy 51

14 Republic Services 48

15 Covanta 45

TOP 100 BY SECTOR

TOP SECTORS IN THE 2013 US TOP 10

9

6


US TOP 100

52 Agilent TechnologiesListing information

Mid-capNYSEPharmaceuticals

CEO William Sullivan

CFO Didier Hirsch

Head of IR Alicia Rodriguez

IR team Elena Perron, Carolyn Cline

IR team size Three

Contact information www.agilent.com [email protected] +1 408 345 8948

2012 ranking =91


‘Agilent gives more financial detail than any company I know. It allows investors to look at the company from many different angles and follow key trends’ – online survey

53 AshlandListing information

Mid-capNYSEChemicals

CEO James O’Brien

CFO Lamar Chambers

Head of IR Jason Thompson

IR team Regina Bauscher

IR team size Two

Contact information www.ashland .com [email protected] +1 859 815 3527

2012 ranking –


‘It’s the sense of urgency when putting out data and the depth of knowledge that make Ashland’s investor relations stand out’ – independent analyst

‘Ashland’s reporting is unique. It produces some results monthly, with plenty of segmented detail’ – buy side


US TOP 100

54 Noble EnergyListing information

Mid-capNYSEOil & gas/oil services

CEO Charles Davidson

CFO Kenneth Fisher

Head of IR David Larson

IR team Eric Schneider, Joan Pippenger

IR team size Three

Contact information www.nobleenergyinc.com [email protected] +1 281 872 3125

2012 ranking =106


‘Noble Energy provides detailed answers to my questions above and beyond the usual level of disclosure. It explains its strategy in an open and engaging manner’ – independent analyst

‘Noble has good levels of transparency and was very clear about selling its non-core businesses’ – sell side


55 IHSListing information

Mid-capNYSEConsumer services/business services

CEO Jerre Stead

CFO Todd Hyatt

Head of IR Andy Schulz

IR team –

IR team size One

Contact information www.ihs.com [email protected] +1 303 397 2969

2012 ranking –


‘IHS makes a good job of explaining its complicated business and providing as much financial detail as it can. It has recently improved its website so we can now get to the relevant information faster’ – independent analyst

‘Great access to IR and management’ – online survey


US TOP 100

56 AllerganListing information

Large capNYSEPharmaceuticals

CEO David Pyott

CFO Jeffrey Edwards

Head of IR Jim Hindman

IR team Joann Bradley, David Nakasone

IR team size Four

Contact information www.allergan.com [email protected] + 1 714 246 4636

2012 ranking 9


‘Allergan is a high-quality company, and Jeff Edwards puts an intelligent, controlled and knowledgeable face to the firm’ – online survey

‘Allergan has the most responsive and value-added IR of any of my companies’ – sell side

57 PfizerListing information

Large capNYSEPharmaceuticals/biotech/chemicals

CEO Ian Read

CFO Frank D’Amelio

Head of IR Chuck Triano

IR team Suzanne Harnett, Ryan Crowe, Donna Ng

IR team size Four

Contact information www.pfizer.com [email protected] +1 212 573 2668

2012 ranking =204


‘The most responsive company in my sector is Pfizer: it ticks all the IR boxes’ – sell side

‘We are very well treated by the IR department at Pfizer’ – buy side

‘The CEO of Pfizer is highly visible and clear about his message’ – buy side


US TOP 100

=58 Perrigo CompanyListing information

Mid-capNASDAQPharmaceuticals/biotech/chemicals

CEO Joseph Papa

CFO Judy Brown

Head of IR Art Shannon

IR team Brad Joseph

IR team size Two

Contact information www.perrigo.com [email protected] +1 269 686 1709

2012 ranking =106


‘Perrigo has one of the smartest management teams in the business’ – online survey

=58 The Walt Disney CompanyListing information

Large capNYSELeisure/media/restaurants

CEO Robert Iger

CFO Jay Rasulo

Head of IR Lowell Singer

IR team Tammy Benefield, Carlos Gómez

IR team size Three

Contact information www.disney.com/investors [email protected] +1 818 560 6601

2012 ranking =280


‘This is such a complex company with many moving parts. It manages to explain a wealth of information in conference calls and live-chat meetings. Disney is a model for how IR should be done’ – sell side

‘Disney held conference calls just hours after the announcement of the Lucasfilm acquisition’ – sell side


US TOP 100

60 Watson Pharmaceuticals (now Actavis)

Listing informationMid-capNYSEPharmaceuticals

CEO Paul Bisaro

CFO Todd Joyce

Head of IR Lisa DeFrancesco

IR team –

IR team size One

Contact information www.actavis.com [email protected] +1 862 261 7488

2012 ranking 27


‘The IRO at Watson is very knowledgeable and can answer most questions, and the CFO is a straightforward and clear communicator. There is also great consistency in the reporting. The company leads in my sector’ – sell side

61 Oshkosh CorporationListing information


CEO Charlie Szews

CFO Dave Sagehorn

Head of IR Patrick Davidson

IR team Tina Schmiedel, Margaret Wacholtz

IR team size Three

Contact information www.oshkoshcorporation.com [email protected] +1 920 966 5939

2012 ranking –


‘Since the attempted buyout, Oshkosh has stepped up its disclosure and presentations. It also holds good site visits where we get to drive military vehicles’ – sell side

‘Maybe it’s because we have a good relationship with the IRO at Oshkosh that the access we get is wonderful’ – sell side



US TOP 100

=62 CitigroupListing information


CEO Vikram Pandit

CFO John Gerspach

Head of IR Ilene Fiszel Bieler

IR team Pablo Burbridge

IR team size Two

Contact information www.citigroup.com [email protected] +1 212 559 5091

2012 ranking =88


‘The IRO is responsive, knowledgeable and can clarify points well’ – sell side

‘The team at Citigroup is very responsive and does a good job of communicating with the buy side’ – buy side

=62 HJ HeinzListing information

Mid-capNYSEConsumer goods

CEO William Johnson

CFO Art Winkleblack

Head of IR Margaret Nollen

IR team Mary Ann Bell

IR team size Four

Contact information www.heinz.com [email protected] +1 412 237 9760

2012 ranking =91


‘Heinz continues to do the best job in my universe’ – sell side

‘The CEO is admirably clear about the relative strengths and weaknesses of Heinz across its various markets’ – buy side

‘I have a fairly reasonable relationship with the CEO’ – sell side


US TOP 100

=62 US BancorpListing information


CEO Richard Davis

CFO Andrew Cecere

Head of IR Judith Murphy

IR team Sean O’Connor, Shelly Schultz, Doreen Masloski

IR team size Four

Contact information www.usbank.com [email protected] [email protected]

2012 ranking =84


‘US Bancorp has the clearest understanding of the economy and retail financial services in the US’ – online survey

=65 CepheidListing information

Small capNASDAQBiotechnology

CEO John Bishop

CFO Andrew Miller

Head of IR Jacquie Ross

IR team –

IR team size One

Contact information www.cepheid.com [email protected] +1 408 400 8329

2012 ranking =51


‘Cepheid’s IR people are responsive and helpful’ – sell side


US TOP 100

=65 Jack in the BoxListing information

Small capNASDAQLeisure

CEO Linda Lang

CFO Jerry Rebel

Head of IR Carol DiRaimo

IR team Linda Wallace

IR team size Two

Contact information www.jackinthebox.com [email protected] +1 858 571 2407

2012 ranking =75


‘There’s great clarity and visibility from this complex company. Its IRO, Carol DiRaimo, really reaches out to the investment community’ – sell side

‘The hiring of Carol DiRaimo has elevated Jack’s communication process to one of the best in the industry. ‘24-hour-Carol’ is most always available to deal with the community’ – online survey

=67 American ExpressListing information


CEO Kenneth Chenault

CFO Dan Henry

Head of IR Rick Petrino

IR team Ken Paukowits, Elizabeth Girolamo Gomez, Katie Swegle, Laura Gonzalez

IR team size Five

Contact information www.americanexpress.com [email protected] +1 212 640 5574

2012 ranking =137

Investor/analyst feedback ‘When thinking about IR, I look for clear communications, readiness to answer questions and quality of disclosure. American Express satisfies all these’ – independent analyst

‘AmEx provides consistent numbers year on year: it is a straightforward communicator’ – buy side


US TOP 100

=69 BB&T Listing information

Mid-capNYSEFinancial services

CEO Kelly King

CFO Daryl Bible

Head of IR Alan Greer

IR team Tamera Gjesdal

IR team size Two

Contact information www.bbt.com [email protected] +1 336 733 3058

2012 ranking =75


‘The CEO of BB&T is always worth listening to, especially on where the market is going’ – buy side

‘The IRO at BB&T is not afraid to share his view: I always come away with the impression that I learned something from our conversation’ – online survey

=67 Rockwell AutomationListing information


CEO Keith Nosbusch

CFO Theodore Crandall

Head of IR Nancy Franz

IR team –

IR team size One

Contact information www.rockwellautomation.com [email protected] +1 414 382 8511

2012 ranking –


‘We have a very good relationship with Rockwell so meetings are wonderfully helpful’ – buy side

‘The IRO knows the company and industry exceptionally well’ – sell side


US TOP 100

=69 Costco Wholesale Listing information

Large capNASDAQRetail

CEO Craig Jelinek

CFO Richard Galanti

Head of IR Bob Nelson

IR team Jeff Elliott

IR team size Two

Contact information www.costco.com [email protected] [email protected]

2012 ranking =86

Investor/analyst feedback ‘Costco’s CFO is a terrific guy and very helpful. In fact a lot of the IR is done by him’ – buy side

‘The communications from Costco are up there with the best of them’ – sell side

‘The best conference calls in retail: Costco gives us all the details’ – online survey

=69 MattelListing information

Mid-capNASDAQConsumer goods

CEO Bryan Stockton

CFO Kevin Farr

Head of IR Drew Vollero

IR team David Zbojniewicz

IR team size Two

Contact information www.mattel.com [email protected] [email protected]

2012 ranking =60

Investor/analyst feedback ‘It’s not only the knowledge and accessibility of the IR people that make Mattel stand out but it also has the best financial presentations I’ve ever seen’ – sell side

‘Mattel is very open to meeting with analysts and giving guidance up front. As a company, it has a shareholder-friendly approach and always lets you know how things are progressing’ – buy side


US TOP 100

=69 Time Warner CableListing information

Large capNYSEMedia

CEO Glenn Britt

CFO Irene Esteves

Head of IR Tom Robey

IR team Laraine Mancini, Tara Atwood, Patti Hastoo

IR team size Four

Contact information www.timewarnercable.com [email protected] [email protected]

2012 ranking 63

Investor/analyst feedback ‘The IRO at TWC has deep industry knowledge and makes every effort to get the management team in front of us. The disclosure is also way above standard’ – sell side

‘The company gave a clear and compelling outline of the rationale to acquire Insight Communications’ – sell side

‘Tom Robey is responsive, knowledgeable and helpful. Added to that, TWC’s financial reporting is the best and most transparent in the industry’ – online survey

‘Good breakdown of metrics on a quarterly basis’ – online survey

73 SPXListing information


CEO Christopher Kearney

CFO Jeremy Smeltser

Head of IR Ryan Taylor

IR team –

IR team size One

Contact information www.spx.com [email protected] [email protected]

2012 ranking =204

Investor/analyst feedback ‘Good detail on presentations and responsive IR from SPX’ – online survey


US TOP 100

=74 AT&TListing information


CEO Randall Stephenson

CFO John Stephens

Head of IR Susan Johnson

IR team Jamie Anderson, Kent Evans, Michael Black, Will Kuhn, Joe Parsons, Danielle Wilson, Chris Womack

IR team size 13

Contact information www.att.com [email protected] [email protected]

2012 ranking 64


‘The IR team knows the business and puts out good information, but it isn’t always as sharp as others’ – sell side

‘Randall Stephenson is clear on strategy and willing to engage in meaningful dialogue’ – buy side

=74 Freeport-McMoRan Copper & GoldBEST IN SECTOR (see p68)

Listing informationLarge capNYSEMetals & mining

CEO Richard Adkerson

CFO Kathleen Quirk

Head of IR David Joint

IR team Daniel Meade

IR team size Three

IR awards Best in sector – metals & mining

Contact information www.fcx.com [email protected] [email protected]

2012 ranking =60

Investor/analyst feedback ‘Kathleen Quirk has a great reputation that is well deserved, and Richard Adkerson is considered one of the leaders of the industry’ – sell side


US TOP 100

=76 Edwards LifesciencesListing information

Mid-capNYSEHealthcare

CEO Michael Mussallem

CFO Thomas Abate

Head of IR David Erickson

IR team Kim Welsh, Tammy Perry

IR team size Three

Contact information www.edwards.com [email protected] [email protected]

2012 ranking =79


‘The IR team at Edwards has been consistently helpful over the years’ – buy side

=76 Micron TechnologyListing information


CEO Mark Durcan

CFO Ronald Foster

Head of IR Kipp Bedard

IR team Ivan Donaldson

IR team size Three

Contact information www.micron.com [email protected] +1 208 368 4465

2012 ranking –


‘Micron regularly attends conferences and is always helpful’ – sell side


US TOP 100

=76 The Allstate CorpListing information


CEO Thomas Wilson

CFO Steve Shebik

Head of IR Bob Block

IR team Donna Janicki, Erika Burgraff

IR team size Three

Contact information www.allstate.com [email protected] +1 800 416 8803

2012 ranking =194


‘We meet with Allstate several times a year, with senior management and the IR team available all year round. Some companies are just too restrictive in terms of their access’ – sell side

‘Allstate produces a lot of segmented data for each business unit’ – sell side

‘Allstate has the highest level of financial disclosure. And I never have to call and nag it!’ – buy side

=76 The Hain Celestial GroupListing information

Mid-capNASDAQConsumer goods

CEO Irwin Simon

CFO Ira Lamel

Head of IR Mary Anthes

IR team –

IR team size One

Contact information www.hain-celestial.com [email protected] +1 631 730 2200

2012 ranking –


‘Hain has really picked up recently and has become much more open and accessible’ – sell side


US TOP 100

80 Bank of AmericaListing information


CEO Brian Moynihan

CFO Bruce Thompson

Head of IR Kevin Stitt

IR team Lee McEntire, Jackie Moneypenny

IR team size Three

Contact information investor.bankofamerica.com [email protected] +1 980 386 5667

2012 ranking =53


‘Lee McEntire in IR can talk about the numbers and has a good sense of business trends’ – sell side

‘The IROs at Bank of America have been there a long while: both are consistent and straight shooters. They have done an excellent job of keeping everything together during a lot of upheaval’ – buy side

=80 CareFusionListing information

Mid-capNYSEHealthcare

CEO Kieran Gallahue

CFO James Hinrichs

Head of IR Jim Mazzola

IR team Bill Blackledge

IR team size Two

Contact information www.carefusion.com [email protected] +1 858 617 1203

2012 ranking =84


‘The IR team at Carefusion is well informed on all the issues’ – sell side


US TOP 100

=82 ConocoPhillipsListing information

Large capNYSEOil & gas/oil services

CEO Ryan Lance

CFO Jeff Sheets

Head of IR Ellen DeSanctis

IR team –

IR team size One

Contact information www.conocophillips.com +1 281 293 1000

2012 ranking –


‘The IRO responds to our queries quickly but thoughtfully’ – online survey

‘The sheer amount of data it provides is tremendous: no one does macroeconomic work better than Cat!’ – online survey

19 T The Coca-Cola Company (from page 44)

‘I like the CEO at Coca-Cola: he makes himself available and is always full of information’ – sell side

‘The CEO at Coca-Cola is excellent at laying out the challenges across its markets. He was particularly helpful explaining the impact of the slowdown in Chinese growth’ – sell side

‘Coca-Cola has really contributed to our coverage; recently facilitating an ad hoc conference call with local management in China is one example’ – online survey

FURTHER INVESTOR/ANALYST FEEDBACK

5 T NextEra (from page 26)‘NextEra’s website is outstanding: not only is it well

organized and easy to navigate, but there are also useful links to videos, with interactive maps describing various parts of the business’ – sell side

13 O Kansas City Southern (from page 38)‘The IRO is perhaps the most pleasant in the business:

knowledgeable, proactive and consistently helpful to deal with’ – online survey

=14 O Baxter International (from page 38)‘Mary Kay Ladone has a depth of knowledge about Baxter,

and is very courteous and helpful’ – online survey‘Baxter provides outstandingly detailed information and

held an excellent investor meeting in 2012’ – online survey

18 O Caterpillar (from page 43)‘The IR team at Caterpillar is particularly good at explaining

the different dynamics of the business’ – sell side


US TOP 100

=82 Maxim Integrated ProductsAWARD WINNER (see below)

Listing informationMid-capNASDAQTechnology

CEO Tunç Doluca

CFO Bruce Kiddoo

Head of IR Venk Nathamuni

IR team Paresh Maniar, Jiten Tailor

IR team size Three

IR awards Most progress in investor relations

Contact information www.maximintegrated.com [email protected] +1 408 595 4723

2012 ranking –

Investor/analyst feedback ‘In the past year, I have had much greater access to Maxim Integrated Products. This is probably due to the company taking on an additional IR person. The IR responsibilities are now divided between the two of them so I get a greater level of detail’ – independent analyst

‘I don’t visit it often as it is based in California but Maxim is good at staying in touch and makes a superb job of webcasts and conference calls’ – sell side

As winner of the most progress in IR award, Maxim Integrated Products might well be expected to feature pretty high up in the US Top 100

rankings. In fact, this is the analog semicon-ductor firm’s first appearance not just in the rankings but also in the IR Magazine Awards.

Venk Nathamuni, managing director of IR, says the company has definitely been working hard to make its investor relations program stand out. ‘We’ve been making significant changes in how we approach investors, how we communicate with the Street, and how we attract the general Wall Street audience,’ he explains, adding that his experience as a sell-side analyst at JPMorgan allowed him to bring ‘some fresh perspective’ when he joined Maxim almost a year ago.

Given that Maxim has been in the black since it turned its first profit in 1987, posted

Maximum effortannual revenue of $2.2 bn in 2010 and increased its quarterly dividend by 9 percent last year, Nathamuni cites one of his challenges as simply not having enough hours in the day – even though he has a junior team member and another part-time, more experienced IRO. ‘We’ve been traveling quite extensively,’ he explains. ‘Every quarter we do at least one or two trips to the East Coast, one or two in some other part of the country – the Midwest, Pacific North West or central region – before going into a quiet period between the end of the quarter and results time. Right after the earnings release day, we talk to the 33 sell-side analysts covering us. The day after, we do buy-side investor calls: current holders and potential buyers into the stock. After that we hit the road. It’s pretty busy for about two months in the quarter in terms of travel and investor meetings.’

As a general rule, Maxim also does at least two conference presentations each quarter as well as one or two visits to New York and Boston, ‘where most of the top investors are,’ adds Nathamuni. The company takes in Canada, a week in Europe ‘at least once a year’ and is considering trips to Japan in the future.

Going across the pond offers the firm access to both long-


US TOP 100

term and short-term investors. Nathamuni explains that while the company has a ‘significant level of ownership’ in Europe, it isn’t as high as he would like.

‘It’s a constant process of engaging with that community and improving the ownership percentage,’ he says. ‘Based on my sell-side background, I feel European investors tend to have a much longer time horizon – they’re not just traders in and out of the stock – so we have been targeting them in addition to the US investment community.’

Half-joking, Nathamuni says he can’t claim all the credit for the company’s IR success; the C-suite also plays its part. Tunç Doluca is a Maxim veteran who joined the company in 1984 as a member of the technical staff, becoming CEO in 2007, while Bruce Kiddoo joined Maxim in 2007 and became CFO a year later.

‘When each of them took over their respective positions the company was grappling with some execution issues and, over the last two to three years, having embarked on their new strategy, they delivered on the promises they made and gained a lot of credibility with investors,’ explains Nathamuni. ‘In general, corporate access is something the investment community really appreciates and I’m the gatekeeper for that as I can facilitate those meetings, participate and be available. It’s extremely important to provide management access, and to that extent our CFO and senior executives have been incredibly co-operative, coming out on the road as often as required. I think this has been a big part of the success.’

Maxim’s win with investors is part of a two-fold strategy. Firstly, the firm made some good decisions about where to take its semiconductor business. ‘Traditionally analog companies sold discrete building block products to perform a specific signal function,’ explains Nathamuni. ‘We decided the world was moving more into a systems integration approach that required a combi-nation of several functions on a single chip – that way you can reduce the footprint and cost, and lower the power consumption. That’s been part of our success. The high-integration business has been an outstanding driver of growth for Maxim Integrated.’

Secondly, the IR effort is centered around an ‘objective and knowledgeable no-spin approach’ – even when it comes to analysts with a neutral or negative view of the firm. While Nathamuni says, fundamentally, investors all want the same thing from an IRO, the questions they ask differ depending on their knowledge of the company and industry. ‘For investors that are not familiar with the story, typically the questions they ask are about how Maxim Integrated is differentiated from the rest of the industry, so we talk about this integration approach,’ he explains. ‘For the folks who are already familiar with analog, they want to understand what the growth drivers are for our business.’

And Maxim Integrated pays close attention to its investors. While Nathamuni says he isn’t convinced about the value of social media or videoconferencing for his IR program, the firm has nevertheless developed an app – but not one targeted at investors.

This is an internal app the IR team can use to access investor information on the go. ‘We capture all the history of our meetings with each investor and monitor what its level of activity has been in our stock, and also the nature of the dialogue – is it consistent, has it changed, are we addressing that investor’s needs?’ Nathamuni explains.

He may be relatively new to IR – having worked in the semiconductor industry after completing a degree in engineering, followed by four years on the sell side after an MBA in finance and strategy – but Nathamuni says his experience has left him perfectly placed to know what investors want. ‘I had a fairly good idea of what good IR practices were based on my personal experience dealing with company management and the buy side,’ he says.

And he takes his new role seriously. ‘I’m an active participant and contributor,’ he explains. ‘One of the key things we do in the IR team is to create a comprehensive view of the ecosystem: what are the competitors and the supply chain folks talking about? What are the distributors saying about certain markets? What’s happening from a global perspective? We listen to a lot of competitors’ and distribu-tors’ earnings calls to create a summary view of what they’re saying and how relevant it is to our business. Our credibility is very important.’

Maxim Integrated Products

LinkedIn

Noble Corp

Life Technologies

Honeywell

Intel

Oshkosh Truck

The Kroger Company

Catamaran

Medtronic

Patterson-UTI Energy

24

20

18

18

18

18

15

15

15

24

27

Most progress in investor relations


US TOP 100

=82 Mettler-Toledo InternationalListing information

Mid-capNYSELife sciences tools & services

CEO Olivier Filliol

CFO William Donnelly

Head of IR Mary Finnegan

IR team Michelle Maxwell, Matt Schlarb

IR team size Three

Contact information www.mt.com [email protected] +1 614 438 4748

2012 ranking =44


‘At Mettler-Toledo, people are very detail-oriented, but do a good job of simplifying the data. If we need something clarified, they get back to us with a thorough and detailed answer. I also appreciate the attention from the CFO and CEO. It’s the quality of the information and timeliness that makes the firm stand out’ – sell side

85 US Airways GroupListing information

Small capNYSETransport

CEO Douglas Parker

CFO Derek Kerr

Head of IR Daniel Cravens

IR team –

IR team size One

Contact information www.usairways.com [email protected] +1 480 693 1227

2012 ranking =287


‘US Airways provided the clearest idea of how it was balancing the books during the fuel crisis’ – sell side

‘US Airways’ IR does so much more than just IR’ – online survey


US TOP 100

86 Johnson ControlsListing information


CEO Stephen Roell

CFO Bruce McDonald

Head of IR Glen Ponczak

IR team Dave Urban, Angela Blair, Cathi Walker, Larry Iwanski

IR team size Five

Contact information www.johnsoncontrols.com [email protected] +1 414 524 2375

2012 ranking =159


‘There is excellent continuity in the IR department and that makes for effective, knowledgeable IR’ – sell side

‘Johnson Controls always keeps us informed’ – buy side

=87 IBMListing information


CEO Virginia Rometty

CFO Mark Loughridge

Head of IR Patricia Murphy

IR team Kory Liss, Chris Gough, Chris Cook

IR team size Four

Contact information www.ibm.com [email protected] +1 914 499 5800

2012 ranking =49


‘The CFO presents well in meetings, and overall IBM’s IR is recognized for its level of detail, its responsiveness and regular communications’ – sell side


US TOP 100

=87 Kinder Morgan Listing information


CEO Richard Kinder

CFO Kimberly Allen Dang

Head of IR David Kinder

IR team David Michels, Peter Staples

IR team size Two

Contact information www.kindermorgan.com [email protected] +1 713 369 9490

2012 ranking =219


‘Peter Staples, IRO at Kinder Morgan, does a well-above-average job of keeping us informed about this complicated company. It continues to deliver the goods, both in terms of IR and return on investment’ – sell side

‘Kinder Morgan’s IR is matter-of-fact, trustworthy and transparent’ – buy side

=89 eBayListing information

Large capNASDAQConsumer services/business services

CEO John Donahoe

CFO Bob Swan

Head of IR Cosmin Pitigoi

IR team –

IR team size One

Contact information investor.ebayinc.com cpitigoi@ebay +1 408 376 7493

2012 ranking =266


‘The firm provides extensive numbers, both online and in meetings’ – sell side

‘The CEO of eBay has done a phenomenal job of setting expectations and then meeting them’ – buy side


US TOP 100

=89 Old National BancorpListing information

Small capNYSEFinance

CEO Robert Jones

CFO Christopher Wolking

Head of IR Lynell Walton

IR team –

IR team size One

Contact information www.oldnational.com [email protected] +1 812 464 1366

2012 ranking –

Investor/analyst feedback ‘This is a company that takes investor relations very seriously. From communication to transparency, it gets high marks from me’ – online survey

‘At Old National Bancorp there is a willingness to provide all the information in a fair way so everyone has access to it at the same time’ – sell side

=89 United ContinentalListing information

Mid-capNYSEAirlines

CEO Jeffery Smisek

CFO Zane Rowe

Head of IR Sarah Rae Murphy

IR team Anil Khorana

IR team size Five

Contact information www.unitedcontinentalholdings.com [email protected] [email protected]

2012 ranking =96

Investor/analyst feedback ‘The management at United Continental is highly respected as it has a great deal of interesting things to say about the industry’ – sell side

‘Continental’s website has a good breakdown of information and is easy to navigate’ – sell side


US TOP 100

=92 AppleListing information


CEO Tim Cook

CFO Peter Oppenheimer

Head of IR Nancy Paxton

IR team Joan Hoover

IR team size Two

Contact information www.apple.com [email protected] +1 408 974 5420

2012 ranking 8


‘Apple produces detailed reports with more than enough information, leaving no question unanswered’ – buy side

=92 CME GroupListing information

Mid-capNASDAQFinance

CEO Phupinder Gill

CFO Jamie Parisi

Head of IR John Peschier

IR team Susan Jacks, Jennifer George, Aaron Miles

IR team size Four

Contact information www.cmegroup.com [email protected] +1 800 331 3332

2012 ranking –


‘The IR guys are always incredibly candid in helping us understand CME Group and the industry’ – online survey

‘The IR team is responsive, with a deep knowledge of the industry’ – online survey


US TOP 100

=92 Enterprise Products PartnersListing information

Large capNYSEOil, gas & consumable fuels

CEO Michael Creel

CFO Randall Fowler

Head of IR Randy Burkhalter

IR team Jackie Richert

IR team size Two

Contact information www.enterpriseproducts.com [email protected] [email protected]

2012 ranking =46


‘Experience is the key to EPP’s IR: it has kept the same system for a long while, and it works. The firm is transparent and responsive, and you can get hold of the IRO wherever he is’ – sell side

=92 InformaticaListing information


CEO Sohaib Abbasi

CFO Earl Fry

Head of IR Stephanie Wakefield

IR team Tonya Chung

IR team size Two

Contact information www.informatica.com [email protected] +1 650 385 5261

2012 ranking =251


‘Informatica returns my calls promptly and continues to provide a good all-round IR service’ – sell side


US TOP 100

=92 Reynolds AmericanListing information

Large capNYSEConsumer goods

CEO Daniel Delen

CFO Thomas Adams

Head of IR Morris Moore


IR team size Two

Contact information www.reynoldsamerican.com [email protected] +1 336 741 2000

2012 ranking –


‘I get responsive and honest IR from Reynolds with absolutely no spin whatsoever’ – sell side

‘In general the tobacco sector is very good at IR but Reynolds stands out as its IR people are just that bit more responsive, and definitely the most informative’ – sell side

‘Reynolds’ IRO is a pleasure to work with. He has deep knowledge of the organization and a candid take on the company’s strategy and fundamentals’ – online survey

=97 Eastman ChemicalListing information

Mid-capNYSEChemicals

CEO Jim Rogers

CFO Curt Espeland

Head of IR Greg Riddle

IR team Josh Morgan

IR team size Two

Contact information www.eastman.com [email protected] +1 212 835 1620

2012 ranking –


‘Eastman holds investor meetings with excellent presentations. Its IRO is one of the best in the sector’ – sell side


US TOP 100

=97 ExelonListing information


CEO Christopher Crane

CFO Jonathan Thayer

Head of IR Ravi Ganti

IR team Paul Mountain, Ben DeGrass

IR team size Three

Contact information www.exeloncorp.com [email protected] +1 312 394 2345

2012 ranking =204

Investor/analyst feedback ‘I like Exelon’s consistency. It’s always keeping us in the loop’ – independent analyst

‘The IRO who retired last summer will surely be missed. Her response time was excellent and she had a wealth of knowledge’ – online survey

‘Exelon is probably the best at providing details for modeling’ – online survey

=97 FirstEnergyListing information

Mid-capNYSEUtilities

CEO Anthony Alexander

CFO James Pearson

Head of IR Irene Prezelj

IR team Meghan Beringer, Rey Jimenez, Linda Nemeth

IR team size Four

Contact information www.firstenergycorp.com [email protected] +1 330 384 3859

2012 ranking –


‘First Energy has the quickest turnaround time when getting back to me’ – sell side

‘Anthony Alexander is known for telling it like it is’ – online survey


US TOP 100

=97 HalliburtonListing information

Large capNYSEOil & gas

CEO David Lesar

CFO Mark McCollum

Head of IR Kelly Youngblood

IR team Greg Bensen

IR team size Two

Contact information www.halliburton.com [email protected] +1 281 871 2688

2012 ranking 18


‘The chief executive of Halliburton is clear about the challenges facing the company and how to reposition it as a superior brand’ – sell side

‘Halliburton runs a very well-oiled IR machine. Senior management is accessible and the head of IR, Kelly Youngblood, is doing an incredible job’ – online survey

=97 Thermo Fisher ScientificListing information


CEO Marc Casper

CFO Peter Wilver

Head of IR Kenneth Apicerno


IR team size Two

Contact information www.thermofisher.com [email protected] +1 781 622 1111

2012 ranking =88


‘The CEO is clear about the company in general and explains deals very well’ – sell side


US TOP 100

growth margins. No other company does this and that’s a shame’ – online survey

38 Y Ryder System (from page 57)‘Bob Brunn of Ryder System is the best’

– online survey

40 + Southern Company (from page 58)‘Southern provides us with regular

updates on all the basic information we need’ – sell side

‘Southern Company has a long history of strong, solid IR. It is always accessible and responsive – I cannot say enough about its efforts’ – online survey

=45 O Union Pacific (from page 62)‘The IR team at Union Pacific is

knowledgeable as a whole, and my primary contact, Michelle Gerhardt, has a real sense of what is going on at all levels in the company. Given the different end markets, it is vital for IR to understand how these fit together. Also, the team is happy to discuss industry trends and expand on how these affect the bottom line’ – buy side

=48 O Monsanto (from page 62)‘Monsanto’s presentations are always

clear because the firm lays out each product by operation and stage of development’ – buy side

‘The IRO, Bryan Hurley, works well with the regulations and explains things in a way that helps investors understand the story’ – buy side

‘If there was a fourth slot I would also vote for Bryan Hurley in a tie for first with the other three for best IR professional. He runs an amazing team’ – online survey

=48 O Sherwin-Williams (from page 63)‘Sherwin-Williams’ IRO is knowledgeable

and has a good understanding of its competi-tors. We are kept well informed whether business is good or bad’ – sell side


20 O Limited Brands (from page 44)‘Even if the news isn’t exactly what we want to hear,

Limited’s highly professional IR team is good at explaining what is going on’ – buy side

‘The most proactive of all my companies is Limited Brands’ – buy side

‘Amie Preston is always responsive and willing to give additional clarification. Although she relates to the script, she answers questions with added color’ – online survey

‘Year in and year out, Amie Preston is simply the best. Her experience, sector knowledge and deep understanding of Limited Brands creates a seamless communication bridge’ – online survey

23 O Gilead Sciences (from page 46)‘Since the acquisition of Pharmasset, Gilead’s IR has

improved significantly. It has become clearer about where the strategy is going’ – sell side

‘The IRO has always been quick to respond to my questions – he is good at distilling complex subjects into key points’ – online survey

24 O Delta Air Lines (from page 46)‘The smartest IRO in the business is at Delta’ – online survey

=31 T Johnson & Johnson (from page 53)‘The IR department at J&J is very thorough and proactive.

Bingo!’ – buy side

=31 + Teradata (from page 53)‘Teradata is open and honest, and provides relevant metrics,

whether good or bad’ – online survey

=33 O LinkedIn (from page 54)‘After a well-planned IPO, LinkedIn’s communications have

been above average’ – buy side‘LinkedIn has a younger and more accessible IR team than

many. I would like to see even more transparency, and would also appreciate more contact with the CEO’ – sell side

37 O Illinois Tool Works (from page 57)‘Recently I met with Illinois Tool Works’ IRO and was

impressed’ – buy side‘The IRO knows the business like the back of his hand and

is willing to talk about whatever I need to discuss’ – buy side ‘ITW reports in a way that allows you to assess incremental


AWARD-WINNING COMPANIES OUTSIDE THE US TOP 100

=104 CyberonicsAWARD WINNER (see below)

Listing informationSmall capNASDAQTechnology

CEO Daniel Moore

CFO Gregory Browne

Head of IR Gregory Browne

IR team –

IR team size One

IR awards Best IR by a CFO – small cap

Contact information www.cyberonics.com [email protected] [email protected]

2012 ranking –


‘I like Dan Moore; he’s a stand-up guy. He and Gregory Browne make a great team’ – sell side

Cyberonics Gregory Browne

GATX CorpRobert Lyons

American Axle & ManufacturingMichael Simonte

US Airways GroupDerek Kerr

18

15

24

30

Best IR by a CFO – small cap

Interview with Gregory Browne, chief financial officer

Until now, Cyberonics has not featured in the IR Magazine Awards. This year, however, the company appears on two short lists and you have won the award for best IR by a CFO (small cap). How would you describe the effort that has been put in by yourself and your company this past year to reach this point?It’s very nice to be nominated. The thing about IR is that if your stock goes up, people think

Healthy approachyou’re doing a good job, and our stock has done well over the past two years. We’re quite consistent about attending healthcare conferences, we do a number of non-deal roadshows, and we’re quite responsive when investors call. We’re available, and that makes a difference. We’ve probably done a little more of all this in the past year, but we haven’t done anything differently.

Are you looking to set up a dedicated investor relations department in the near future?We’re a relatively small – albeit growing – public company, with approximately $250 mn in revenue. We have two or three people who help me out for IR tasks, but we probably will hire a dedicated IR person within the next 12 months.

How many meetings and roadshows did you conduct this past year? Generally have you done more traveling, and where to?We did seven conferences and 10 non-deal roadshows during 2012. The number of actual one-on-one meetings was quite high – probably around 250 of them took place at either conferences or roadshows – and on top of that we do many conference calls with investors as well.

Our shareholder base is mainly institutional investors from



the US, but we do have investors in Europe so about once a year I fly to Europe for meetings, generally in Zurich, London and Stockholm. This year I’m going to Vienna for the first time. There are some big funds in the smaller cities and they often have specialists dedicated to particular sectors. In Stockholm, for example, I meet with a couple of funds that invest specifically in US healthcare stocks.

What do you think the investment community cares most about when it comes to IR?Investors like to have access to senior management, and have access reasonably quickly. Both access and responsiveness are important parts of IR. Giving out clear messages is also essential: investors want to know that management has a clear understanding of where it wants to take the company.

I act as a sort of triage service, the interface with the investors. We make our CEO accessible and also have a number of other members of senior management who have spoken to investors over the last couple of years: people from product development and the clinical side. We make them available – within reason, of course.

How do you divide the IR tasks between your CFO and CEO?I co-ordinate all the investor relations activities, and our chief executive does some of the meetings. We generally don’t go together; that way, we get a little more visibility. For example, yesterday we were invited to two conferences in New York: he did one and I did the other one. We divide the tasks based on the availability in our schedules. We generally try to confine our IR activities to take place in one particular month each quarter. As a small company, we couldn’t have it become a continual exercise – we also have to run the company, after all.

What is the most popular question you get asked by investors and analysts?It varies depending on the quarter, but there is a common theme. We’ve been growing quite consistently at around 15 percent a year for the last five years. Investors and analysts want to know whether that growth is sustainable and whether we’re going to continue that sort of internal growth path in the future.

Did you sense that investors want to discuss corporate governance with you more or less than in previous years? Actually, they very rarely do. We’ve had a very stable board and management team for a number of years, and I think they’re quite open about what people are getting paid, and why. For six years now we have had a separation between the chairman and the CEO positions. Sometimes investors want to discuss bonus compensation or what it’s tied to, but I don’t get many questions apart from that. All in all, I’ve found corporate governance to be a pretty low priority for investors.

What is the biggest IR challenge you have faced in the current economic environment?In the US it’s the prevalence of short-selling. It’s becoming a problem: the SEC seems to allow more leeway for short-sellers than it does for people who are long on stock. It’s a dichotomy I think isn’t healthy for the market: if you’re buying or selling a stock, the powers that be are quite strict on what you’re allowed to say, who you’re saying it to and the way you say it. But if you’re short-selling a stock, they’re not as specific.

Some people will pick up on certain facts or talk to ex-employees, or write a report in a damaging way and distribute it through social media, which is pretty easy. Prior to dissemi-nating this misleading information, they’ve become short on the stock. That’s becoming a challenge in IR and for companies in general. It happens to quite a lot of healthcare companies here in the US, because it’s always easy to write false stories about healthcare.

Has that prompted you to adopt specific technology, such as social media, in order to counter those false rumors quickly?We don’t use social media for IR. We’re not very sophisticated, we’re more old school – we prefer to make telephone calls. I believe social media are a bit of a hydra-headed monster. It’s very easy to disseminate things on social media but a lot harder to refute them.

If you engage in social media, you can get sucked into a sort of vortex, which could consume a lot of time and effort, so we stick to our regular channels and I make it an absolute practice of not talking on message boards or anything like that.

What’s your corporate background?I’m from Australia, with a background in finance. I’ve been in the US for 25 years and this is the fourth publicly traded healthcare company I’ve worked for, either as CEO or CFO. All of them have been under $500 mn in revenue. Cyberonics is the first medical device company I’ve been with, the others were healthcare service companies, the most recent one being Amedisys based out of Baton Rouge, Louisiana. And I learned investor relations through on-the-job training.



=140 Pebblebrook Hotel TrustAWARD WINNER (see below)

Listing informationSmall capNYSEReal Estate

CEO Jon Bortz

CFO Raymond Martz

Head of IR Matthew Partridge

IR team –

IR team size One

IR awards Best IR by a CEO or chairman – small cap

Contact information www.pebblebrookhotels.com [email protected] +1 240 507 1300

2012 ranking =296


‘The CEO really views shareholders as partners in the company and treats us with respect, talking around the strategy and numbers in an intelligent and forthcoming way’ – buy side

Pebblebrook Hotel TrustJon Bortz

Cyberonics Daniel MooreOn AssignmentPeter Dameris

MeredithStephen LacyOld National BancorpRobert Jones

Darling InternationalRandall Stuewe

18

15

15

14

18

24

Best IR by a CEO or chairman – small cap

For Raymond Martz, CFO at awards newcomer Pebblebrook Hotel Trust, which this year wins the small-cap award for best IR by a CEO or chairman,

investor relations is all about keeping things simple. ‘It’s primarily our CEO Jon Bortz, me and our director of finance who have interactions with shareholders,’ he explains.

Keeping it simple‘We believe people talking to investors need to be closely involved in the business, which is why we shied away from having a specific person dedicated to IR, or using external IR consultants.’

The company was formed as a blind-pool real estate investment trust (REIT) – also called a blank-check REIT – raising $400 mn in an IPO in 2009, despite having no assets. ‘We have a CEO with a fantastic history in the investment community and a long track record working at real estate giant LaSalle,’ says Martz. ‘After our IPO, we still had to go find opportunities so there was clearly a focus on the acquisition market.’

Pebblebrook has since bought 26 hotels, principally in gateway cities across the US. ‘The majority of our growth now will probably be organic because we have a lot of embedded growth that we’ve acquired and we’re now unlocking,’ Martz points out.

As a result, the company’s EBIT grew by more than 40 percent last year, one of the highest growth rates in its sector, and ‘probably in the whole REIT community,’ Martz adds. ‘We have predominantly US-based investors but also plenty of international investors, who invest though mutual funds, and REIT-dedicated investors.’ That said, Martz and his CEO haven’t traveled abroad so far, apart from a visit to Toronto. ‘We haven’t yet gone across



is usually a lot of boring ‘elevator type’ music,’ Martz explains. ‘So we’ll program a theme song for that specific quarter: if it’s an acquisition we’ve made in that state, we’ll play Hotel California by the Eagles. We played the theme from Miami Vice once, because our hotels in Miami had done very well. A couple of quarters ago we played LL Cool J because it was appropriate!’ It’s a way to spice things up for the analysts who listen to 30 calls the same week, he assures.

For Martz, who studied hospitality at Cornell before gaining an MBA at Columbia, investor relations has meant on-the-job learning. ‘I could probably benefit from some IR training that would give me more polish,’ he says. ‘But we don’t want to do anything that would make us take our focus off our execution. Our approach to IR is that we believe the shareholders are the true owners of the company and we’re really just the custodians at work every day protecting and creating value. Overall, we believe the best IR strategy is great execution on the operating side.’

the pond, so to speak, but we’re contemplating it,’ Martz says. In 2012, the pair conducted more than 200 investor meetings,

with a combination of roadshows, one on ones, investor confer-ences and hotel tours and dinners. ‘Jon attends a lot of non-deal roadshows, because we found the initiative of just being out there to be out there, speaking to investors outside the context of a deal or equity raising, is generally well met,’ Martz explains.

Although senior management at Pebblebrook values external opinions and is always keen to get feedback from investors and analysts in order to ‘see where their concerns are’, Martz insists the company will always stick to its planned investment strategy. ‘We often get different ideas from investors and analysts, but we are cautious about suggestions based on the flavor of the day,’ he stresses, citing a situation in 2000 when analysts were advising the firm to lock interest rates.

‘Our corporate strategy includes how we manage our balance sheet with a fixed and floating debt element, as a long-term approach, not just based on what’s going on that week,’ Martz continues. ‘When the recession arrived in 2002, a lot of companies were locked into debt at 6 percent or even 8 percent, while half our debt was floating.’

He believes keeping investors focused on the firm’s investment strategy is a matter of making information concise. ‘Some investors think more is more on the data perspective, but more isn’t always better,’ he maintains. ‘We’d rather provide the best disclosure than just provide more of it: we want to make sure we’re giving out the same information we use to make a decision.’

As an example, when Pebblebrook makes an acquisition, it publishes a one-page investor summary detailing the relevant facts and rationale surrounding the deal. ‘I believe if you can’t boil down your operating metrics and performance to a handful of pages, you don’t understand your business as well as you should,’ Martz adds.

This intransigence on conciseness hasn’t prevented the company from getting creative on the technical side of its communications strategy, with a special ‘musical’ bonus tailored to each of its earnings calls. ‘Typically before the call starts, there

Jon Bortz, CEO Pebblebrook Hotel Trust

‘After our initial public offering we still had to go find opportunities, so there was clearly a focus on the acquisition market’

‘We often get different ideas from investors and analysts, but we are cautious about suggestions based on the flavor of the day’



Top-class service

All eyes were on ServiceNow in June last year as the cloud-computing services firm prepared for the first technology IPO since Facebook’s

calamity-ridden floatation. With the pressure on, many analysts were viewing the company’s IPO as a test case into how the tech market would fare in the near future – and hoping it could help revive the broader US tech IPO market. ‘I think ServiceNow is a harbinger for general investment sentiment for tech stocks over the next three to six months,’ Lee Simmons, tech industry specialist at Dun & Bradstreet, told Reuters at the time.

While the cloud might be a basic concept for some investors and analysts familiar with the tech industry, no doubt ServiceNow had its work cut out explaining the technology behind its integrated cloud-based service. Just like its

IPO, however, the IR effort clearly succeeded in interesting investors: the company sold almost 13.4 mn shares – when accounting for over-allotment shares – at $18 a share, raising $241.16 mn. Based on that sum, the ServiceNow IPO was the fifth largest in the US last year, according to VentureBeat, which compiled a top 10 tech IPO list from data supplied by the National Venture Capital Association.

By close of play on the day of its unveiling, ServiceNow – trading under the slick NOW ticker symbol – was up 37 percent to $24.60. VentureBeat adds that since then, the company that helped stabilize a shaky post-Facebook tech market had grown in value from $2.17 bn to $4 bn by the end of 2012.

ServiceNow continued its impressive streak throughout 2012, announcing $243.7 mn in revenues in its annual results – a 90 percent increase on 2011 figures – as well as very strong fourth quarter numbers. ‘ServiceNow’s 92 percent revenue growth in the fourth quarter was a strong finish to our fiscal year, a year in which we delivered 90 percent revenue growth and added 538 customers, bringing our cumulative customer count to 1,512

[unranked] ServiceNowAWARD WINNER (see below)

Listing informationMid-capNYSETechnology

CEO Frank Slootman

CFO Michael Scarpelli

Head of IR N/A

IR team N/A

IR team size N/A

IR awards Best IR for an IPO

Contact information www.servicenow.com [email protected] +1 858 345 175

2012 ranking –


‘The CEO of ServiceNow really understands analysts, his market and how to communicate complicated stuff. All this probably explains why the IPO went so well’ – sell side


what is expected of IR people: he can talk about the technical detail as well as the numbers. Whenever I’m in the middle of a calculation and I need some clarification, he is the man’ – sell side

61 + Oshkosh Corporation (from page 74)

‘I particularly like the comprehensive range of management members Oshkosh rolls out for its meetings’ – buy side

‘Oshkosh Corporation stays in regular contact, has excellent meetings and full reporting’ – buy side


=50 + ViroPharma (from page 64)‘Bob Doody is one of the most responsive and straightfor-

ward IR professionals in the industry. He recently put together an excellent analyst day, providing an in-depth review of all aspects of the company’ – online survey

‘I think ViroPharma’s improved investor relations has actually led to a better investor perception of the company over the last year’ – online survey

‘ViroPharma’s management and IR consistently offer transparency and clarity to investors’ – online survey

54 O Noble Energy (from page 71)‘There is an excellent IR team at Noble Energy but I particu-

larly like Eric Schneider, who is an engineer and goes beyond

ServiceNow

Globus Medical

Forum Energy

Workday

Tilly's

Nationstar Mortgage

24

20

18

16

26

33

Best investor relations for an IPO

worldwide,’ said Frank Slootman, president and CEO, in announc-ing the year-end results in January.

The booming firm was named in the Deloitte Technology Fast 500 for the second year in a row, placing 33rd in 2012. Looking at the 500 fastest-growing technology, media, telecommunications, life sciences and clean technology companies in North America, Deloitte’s award winners are selected based on percentage fiscal year revenue growth from 2007 to 2011, explains ServiceNow,

which grew 4,873 percent during the five-year period.

‘As the first to deliver IT service automation, ServiceNow has achieved revenue growth at a blistering pace due to the substantial market need for enterprise IT transformation,’ explains Beth White, vice president of marketing. ‘ With more than 1,300 customers worldwide and a 96 percent renewal rate, our growth is unrivaled in the industry.’

Unsurprisingly, 2013 looks set to be another sunny year for San Diego-based ServiceNow. ‘For the full year 2013 we expect revenues to be in the range of $387 mn to $392 mn, representing year-over-year growth of between 59 percent and 61 percent,’ notes the company’s annual report.

This may be a slowdown from the 90 percent seen last year, but the winner of this year’s best IR for an IPO award still has a more-than-positive story to tell investors.


The stock exchange’s five-strong IR team travels to the US ‘at least once every two months’, frequently visiting New York and Boston as well as the West Coast and the Mid-Atlantic. In addition to its domestic and US activity, Jacob’s team and top-level executives are kept busy attending around 300-400 meetings and 10-15 roadshows and conferences, also taking in Canada, London, continental Europe and Asia. ‘Sometimes we go Dubai, too,’ Jacob adds. ‘And last year we went to Australia.’

He says BM&F Bovespa will never consider a dual listing, but its foreign investors remain very important and account for a large part of the IR effort. While native Brazilian investors tend to know the company and its history and will have visited the São Paulo-based exchange many times, Jacob’s team needs to work harder to educate foreign

LATIN AMERICA – BM&F BOVESPA (BRAZIL)

If investors value one thing above all else it is access to a fast answer, says Claudio Avanian Jacob, IRO at BM&F Bovespa, the Brazilian stock exchange group and winner of the award for best investor relations by a Latin American company in 2013. But recognition for the company’s IR program comes as part of a multi-level effort and Jacob adds that, of course, access to management plays no small part.

CFO Eduardo Refinetti Guardia is also the official head of the IR department, in accordance with Brazilian law, explains Jacob. ‘Our CFO is very present with investors – mainly with the most significant ones,’ he says. ‘Sometimes we produce the CEO, sometimes the COO or chief of products. We do analyst days in New York as well as here in São Paolo, so management members are always interfacing with investors, and that’s very important.’

EUROPE – ROCHE HOLDING (SWITZERLAND)

With a string of nominations and a win in the US last year, the Roche Holding IR team – a large unit with nine IROs based at the company’s headquarters in Switzerland and four more in San Francisco – has repeated its 2012 success, taking home the award for best IR by a European company in the US market for the second time.

For Thomas Kudsk Larsen, head of North American IR at the global healthcare major, the IR program is all about ‘building strong and lasting relationships’ with both the sell side and the buy side. Larsen explains his recipe for success as ‘the continued and consistent focus over the years on providing our shareholders, potential investors and sell-side analysts with relevant top-notch service.’

While Larsen insists the company’s IR policy has changed little during 2012, the Roche IR function has expanded its activities, despite the budget ‘edging down’ over recent years. For Larsen’s team this means moving south from Canada and the US to take on Latin America, with a particular focus on Brazil where Roche has been ‘hosting meetings and events for local investors and global investors with a focus on our emerging markets business.’ He estimates the team spends approximately 10-12 weeks a year traveling on roadshows throughout North America and South America, attending more than 250 meetings.

Roche HoldingSwitzerland

ARM HoldingsUK

ABB Switzerland

SAPGermany

ASMLNetherlands

ShireUK

NokiaFinland

32

30

29

28

26

37

64

BEST IR BY AN OVERSEAS COMPANY IN THE US MARKET

To manage a larger IR footprint at a smaller cost, Larsen’s team has increased productivity and taken new vendors on board. As well as the reduced budget, Larsen says the uncertain economic climate forces him to think more about the ‘impact on companies of political reforms and austerity measures and what they may mean for the long-term success and health of industries and firms.’

Larsen has a long history in a complex industry, and says ‘IR in a biopharmaceutical company requires a very broad and deep knowledge base of economics, politics, science and other topics’ in order to answer questions from a highly knowl-edgeable investor base. He notes the most popular shareholder questions are around the firm’s pipeline in pharmaceuticals, ‘potential competition from bio-similar monoclonal antibod-ies’ and capital allocation.

Clearly not content with a double win in the US, Larsen – who first became interested in investor relations while working on both a demerger and an IPO at Danish biopharmaceuticals firm Novo Nordisk – says Roche’s IR program is a hive of activity with geographical expansions, technological innovation and ‘improved and up-to-date ownership information’ as well as a focus on increasing the strategic influence of this award-winning IR team.


Bursting onto IR Magazine’s radar this year is semiconduc-tor firm Silicon Motion, headquartered in Taiwan but clearly winning over the American market with its US-tailored investor relations program.

Jason Tsai, director of investor relations and strategy, is the company’s lone US IRO, backed up by quarterly visits from Riyadh Lai, the firm’s CFO and a fellow former sell-sider. Tsai says this ‘insider knowledge’ gives them an advantage when it comes to dealing with their investors: ‘We have a very keen understand-ing of what investors and analysts want and we try to deliver it to the best of our abilities with informa-tion that’s relevant in a concise and efficient manner.’

Tsai puts this year’s win down to the company’s higher profile in the US rather than any change in IR strategy. ‘We were the best-performing semiconductor listing on NASDAQ in 2011, which I think brought a lot of attention to us in 2012,’ he explains.

‘Historically volatile stock’ coupled with ‘some issues in terms of investors understanding some of the risks and uncertainties in our business’ last year also allowed Silicon Motion to show off its IR skills. Tsai says the company aims to be as candid as possible – even when the message is negative. ‘If there’s an 800lb gorilla in the room, we want to address that as quickly as possible,’ he says. ‘Sooner or later [any negatives] will come out and we would rather be informed of the issues than have to play catch-up.’

To this end, the company goes above and beyond to keep investors informed, including flying the CFO out for a special trip including fireside chats and in-depth discus-sions with investors and analysts early last year. Operating on a ‘fairly lean and scrappy’ budget, Tsai himself attended 250-300 meetings, 20-25 conferences and roadshows and increased his travel by around 25 percent during 2012.

In a technical sector such as the semiconductor business, Tsai believes you also get a more sophisticated

investor. ‘People who invest in Silicon Motion have a very deep understanding of semiconduc-tors and the markets we’re in,’ he explains. The company has a dual listing in the US and Taiwan, allowing it to tap into two different investor bases. And because US investors tend to

take a short-term view rather than the longer-term focus of investors in Asia, Tsai highlights the company must ‘understand both sides of the message and craft it to both sides of the world.’

After more than a decade working as a sell-side analyst – or ‘Monday night quarterback’ – Tsai says he wanted to be able to influence strategy. ‘It’s great to be a commentator, but it’s even better to be part of the solution instead of the criticism,’ he points out. And after four years at Silicon Motion, he now ‘has the experience to know what investors want and what analysts want, and I am able to be there to answer those questions for them.’

ASIA-PACIFIC – SILICON MOTION (TAIWAN)

Silicon MotionTaiwan

AluminaAustralia

China TelecomChinaToyota MotorsJapan

15

15

24

47

BM&F BovespaBrazil

CETIP BrasilBrazil

TIM ParticipaçõesBrazil

CieloBrazil

Copa AirlinesPanama

29

16

15

35

37

investors about the Brazilian institutional framework and regulatory systems affecting the country’s capital markets.

‘On the other hand, foreign investors have a higher knowledge about other markets,’ he notes. ‘So when I am with a US investor I have to explain Brazil; when I am meeting with a Brazilian investor I have to explain how it works overseas.’ Foreign investors demand more attention, however, as well as more detailed information. ‘If you compare our commitment in terms of time, its two thirds for foreign investors one third for domestic investors,’ Jacob confirms.

Growing out of a merger of the Brazilian Mercantile and

BEST IR BY AN OVERSEAS COMPANY IN THE US MARKET

Futures Exchange (BM&F) and the São Paulo Stock Exchange (Bovespa) in 2008, the huge company had become the eighth-

largest stock exchange in the world by 2011 and by far the biggest in Latin America.

Despite the company’s clear might, though, Jacob says market competition is the most popular question when it comes to investors. His greatest challenge at the moment is explaining Brazilian macroeconomic trends and how, as an exchange, the

organization’s ‘only driver in terms of stock value is volume’ – and what that means for shareholders.


RESEARCH PROCESS

Methodology

The sample group for this study consists of sell-side analysts, buy-side analysts and portfolio managers. Ipreo provided contact details of more than 23,000 buy-side analysts, sell-side analysts and portfolio managers based in the US and covering US equities.

The first stage was to email all the contacts with an electronic version of the survey, programed by research firm Fox Insight. Fieldwork for this took place during September and October 2012 and 313 respondents completed the online survey. In November 2012 Mary Maude Research in London interviewed a further 363 people by telephone, taking the total responses to 676. On average, telephone interviews took between 10 and 15 minutes.

Points, rankings and awards

POINTSEach respondent was asked to make three nominations per award category: first, second and third. A first choice nomination earns six points, a second choice earns three and a third choice earns two. The total number of points is then calculated by multiplying by six the number of ‘firsts’, by three the number of ‘seconds’, and adding two points for each ‘third’. This points system is also used for all of IR Magazine’s perception studies around the world.

RANKINGSThe points allow us to rank all companies in the entire investor perception study. This is done by adding together all the points in the 10 awards categories open to all companies (ie, excluding best IR during a corporate transaction, best crisis management, best IR for an IPO, the sector awards and the overseas company awards). The company with the highest number of points obtains the number one ranking. As companies’ points decrease, so do their rankings. This year the lowest number of points any ranked company can have is 30.

AWARDSThere are a total of 39 awards in this report. Awards are given for each category asked within the survey. The company or individual with the most points in each category wins the award.

Leading companies are also classified according to the following sectors:

Chemicals

Consumer & business services

Consumer goods

Diversified industrials

Finance & insurance

Healthcare

Leisure & media

Metals & mining

Oil & gas

Pharmaceuticals &biotech

Retail

Technology (large-cap)

Technology (small & mid-cap)

Transport

Utilities

The winners of each of the sector awards are determined by adding together each company’s points from all the other awards categories and ranking them within their sector.

For best investor relations officer, best IR by a CEO or chairman, best IR by a CFO and the grand prix awards there are separate short lists for large-cap, mid-cap and small-cap companies. Using the NYSE and NASDAQ indices, a company’s market cap was determined as of October 2012 as follows:

< $2 bn Small cap $2 bn-$20 bn Mid-cap> $20 bn Large cap


RESEARCH PROCESS

RESPONDENTS BY SECTOR

Online survey Telephone survey

All or most sectors 42 82

Business services 16 8

Basic materials – metals & mining 14 9

Chemicals 13 8

Consumer goods & services 40 49

Energy 37 27

Financials 26 38

Healthcare & pharmaceuticals 57 41

Industrials (including construction) 39 39

Leisure, media & entertainment 33 14

Real estate 10 4

Technologies (including telecoms) 50 50

Transport 16 12

Utilities 15 12

Small & mid-cap companies – 14

Other 19 3

RESPONDENTS BY INVESTMENT ROLE

Sell-side analyst

185201

6674

22

(386)(145)

(119)

(26)

79

45

4

Buy-side analyst Portfolio manager Other

TOTALTelephone surveyOnline survey

21%57%

18%

4%


QUESTIONNAIRE

IR in the US

BUY SIDE ONLY

Q1In your experience, how has the introduction of say on pay affected companies’ approach to

executive pay?

Q1a Are companies more communicative/ transparent/defensive?

Q1a How satisfied are you generally with the information you receive from IR professionals

on this issue?

Q2How do you think cash-rich companies should spend their reserves?

Q2a How has your view changed from last year?

THE AWARDS

Q1BEST FINANCIAL REPORTING Which company has the best financial reporting?

Q2 BEST USE OF TECHNOLOGY FOR IR Which company makes the best use of

technology in support of its IR program?

Q3 BEST INVESTMENT COMMUNITY MEETINGS Which company conducts the best investment

community meetings?

Q4BEST CORPORATE GOVERNANCE Which company has the best corporate

governance policy?

Q5MOST PROGRESS IN IR Over the last year which company has shown

the most improvement in the quality of its overall investor relations program?

Q6BEST SUSTAINABILITY PRACTICE Which US companies have the best

sustainability practice?

Q7BEST IR DURING A CORPORATE TRANSACTION Please name the company that conducted the

best investor relations during a corporate transaction (including takeovers, mergers, divestments and rights issues)?

Q8BEST CRISIS MANAGEMENT Of the companies that faced specific crises in

the past year, which one handled it best in terms of communications with the investment community?

Q9BEST IR FOR AN IPO Which company conducted the best IR during

an initial public offering over the past 12 months?

Q10BEST IR BY A CFO Which CFO does the best job of communicat-

ing with the investment community?

Q11BEST IR BY A CEO OR CHAIRMAN Which CEO or chairman does the best job

of communicating with the investment community in support of his or her company’s IR?

Q12BEST INVESTOR RELATIONS OFFICER Which US companies have the best IR officers

representing them?

Q13GRAND PRIX FOR BEST OVERALL INVESTOR RELATIONS PROGRAM

Which companies do you believe have the best overall IR program?

Q14BEST INVESTOR RELATIONS BY AN OVERSEAS COMPANY IN THE US MARKET

Thinking about the companies you cover from Asia-Pacific, Latin America and Europe (if applicable), which company from each of those regions conducts the best IR in the US?


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1 Covidien 35 27 18 8 0 17 15 61 111 67 3592 Intel 40 28 48 45 18 6 32 6 53 68 3443 Danaher 36 42 13 33 0 0 30 36 40 48 2784 Honeywell 11 2 24 9 18 3 54 30 31 47 2295 NextEra Energy 13 18 23 12 0 3 44 18 30 47 2086 JPMorgan Chase & Co 12 9 36 0 6 0 9 66 27 41 2067 FedEx 18 20 27 18 0 25 5 9 26 48 1968 Broadcom 18 11 33 12 6 6 15 15 45 25 1869 Cisco Systems 27 18 18 3 9 0 18 21 36 33 183

10 Qualcomm 24 21 33 2 2 0 24 6 18 49 17911 3M 23 20 25 8 0 6 11 21 17 36 16712 Texas Instruments 21 6 21 18 0 0 15 12 31 42 16613 Kansas City Southern 15 2 21 12 6 0 3 12 48 45 164

=14 Baxter International 10 15 18 12 0 8 24 6 36 31 160=14 Express Scripts 9 6 0 27 0 0 18 18 42 40 160

16 Wyndham Worldwide 12 6 26 2 6 3 36 24 26 18 15917 Anadarko Petroleum 14 0 20 6 0 2 6 18 45 41 15218 Caterpillar 21 18 15 0 0 9 12 14 24 38 15119 The Coca-Cola Company 9 6 23 6 0 6 12 33 24 30 14920 Limited Brands 12 6 30 12 0 6 15 6 42 18 14721 Medtronic 26 16 3 11 15 7 9 8 25 23 14322 General Electric 12 12 30 9 0 6 2 8 33 28 14023 Gilead Sciences 12 12 15 6 6 3 12 6 28 36 13624 Delta Air Lines 6 6 21 11 5 14 6 14 20 32 13525 Noble Corp 3 0 15 0 24 6 0 0 58 27 133

=26 United Parcel Service 11 12 24 12 0 9 7 6 9 39 129=26 Yum! Brands 18 0 24 3 0 0 12 11 32 29 129=28 Skyworks Solutions 14 0 0 14 14 3 11 15 23 30 124=28 United Technologies 9 9 9 2 0 0 40 6 20 29 124

30 PNC Financial Services 15 12 9 6 0 0 18 12 24 27 123=31 Johnson & Johnson 21 15 20 2 9 3 5 9 14 23 121=31 Teradata 8 9 20 2 0 2 3 21 29 27 121=33 Alaska Air Group 30 3 12 12 0 6 17 2 17 21 120=33 LinkedIn 9 0 3 0 24 0 12 12 33 27 120=33 McDonald’s 20 0 3 18 0 6 6 15 23 29 120

36 Calpine 12 0 28 11 6 0 5 33 12 12 11937 Illinois Tool Works 14 6 9 6 6 0 9 12 26 30 11838 Ryder System 12 18 2 24 0 12 6 0 21 21 11639 Dover Corp 2 12 21 2 6 0 12 12 21 26 11440 Southern Company 6 2 11 3 0 6 3 24 17 41 11341 MasterCard 10 0 45 2 0 0 9 8 20 18 11242 Starbucks 0 0 29 9 9 0 20 6 12 22 10743 Cummins 5 6 24 0 12 6 6 6 21 20 106

RANKED COMPANIES’ POINTS BREAKDOWN


RANKED COMPANIES’ POINTS BREAKDOWN20

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44 Bristol-Myers Squibb 0 6 12 12 6 6 6 18 21 18 105=45 Catamaran 3 9 12 0 15 0 9 18 19 17 102=45 Marriott International 9 3 7 12 0 8 0 8 25 30 102=45 Union Pacific 21 6 11 6 6 0 15 6 8 23 102=48 Monsanto 6 12 22 6 0 3 3 6 8 35 101=48 Starwood Hotels & Resorts Worldwide 8 16 6 6 6 0 16 10 15 18 101=50 Sherwin-Williams 9 3 14 5 0 0 2 18 23 26 100=50 ViroPharma 6 3 18 3 6 0 6 0 32 26 100

52 Agilent Technologies 15 6 24 11 10 6 0 6 0 20 9853 Ashland 17 3 12 0 6 0 0 0 27 30 9554 Noble Energy 17 6 18 2 0 6 0 6 14 25 9455 IHS 9 6 12 0 8 12 3 4 22 17 9356 Allergan 12 0 5 3 0 6 15 6 18 27 9257 Pfizer 0 9 12 0 0 0 9 12 22 27 91

=58 Perrigo Company 6 6 2 6 0 0 18 24 21 6 89=58 The Walt Disney Company 14 14 3 14 0 0 6 6 3 29 89

60 Watson Pharmaceuticals 12 0 18 2 0 2 6 18 18 12 8861 Oshkosh Corporation 12 0 12 0 18 0 0 0 30 15 87

=62 Citigroup 12 3 6 0 3 0 0 6 21 35 86=62 HJ Heinz 12 0 13 6 0 0 9 17 9 20 86=62 US Bancorp 21 6 16 10 0 0 6 15 5 7 86=65 Cepheid 5 11 8 0 0 0 9 0 28 24 85=65 Jack in the Box 12 6 6 3 6 0 2 0 26 24 85=67 American Express 21 0 9 0 0 0 12 15 9 18 84=67 Rockwell Automation 6 6 11 12 0 0 19 14 6 10 84=69 BB&T 14 4 24 0 0 0 12 8 6 15 83=69 Costco Wholesale 27 2 0 12 0 0 26 3 5 8 83=69 Mattel 12 6 3 6 0 0 9 0 17 30 83=69 Time Warner Cable 24 6 0 12 0 0 6 0 26 9 83

73 SPX 20 3 3 0 6 0 3 6 20 21 82=74 AT&T 15 0 15 0 0 0 9 12 14 16 81=74 Freeport-McMoRan Copper & Gold 6 6 12 6 0 3 12 15 6 15 81=76 Edwards Lifesciences 6 8 8 0 0 0 8 6 18 24 78=76 Micron Technology 3 18 11 0 0 0 0 0 20 26 78=76 The Allstate Corp 19 6 8 6 6 0 6 0 9 18 78=76 The Hain Celestial Group 12 6 12 0 0 0 6 15 12 15 78=80 Bank of America 12 0 3 6 0 0 9 6 21 20 77=80 CareFusion 0 0 14 0 11 0 27 2 0 23 77=82 ConocoPhillips 0 0 15 0 8 0 0 3 27 23 76=82 Maxim Integrated Products 2 0 6 6 27 0 11 2 4 18 76=82 Mettler-Toledo International 6 0 2 14 0 0 26 6 5 17 76

85 US Airways Group 3 0 0 0 12 0 15 6 30 9 7586 Johnson Controls 15 12 6 0 6 2 0 6 13 14 74



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=87 IBM 0 0 6 9 6 0 14 6 9 23 73=87 Kinder Morgan 0 0 2 3 0 0 15 6 9 38 73=89 eBay 8 18 5 0 0 0 0 12 10 19 72=89 Old National Bancorp 6 0 12 12 0 0 0 15 15 12 72=89 United Continental 0 12 0 0 9 11 18 6 0 16 72=92 Apple 9 8 3 8 0 6 3 18 8 8 71=92 CME Group 11 12 6 3 0 0 15 3 12 9 71=92 Enterprise Products Partners 12 0 8 6 0 0 6 0 24 15 71=92 Informatica 6 9 6 2 6 0 6 0 15 21 71=92 Reynolds American 15 0 12 0 0 0 0 6 15 23 71=97 Eastman Chemical 0 6 9 0 0 6 2 6 23 18 70=97 Exelon 18 0 0 0 9 0 0 6 11 26 70=97 FirstEnergy 12 18 6 0 0 0 0 8 12 14 70=97 Halliburton 12 0 3 0 0 6 6 12 11 20 70=97 Thermo Fisher Scientific 6 0 9 6 0 0 6 18 5 20 70

=102 Aflac 0 6 6 0 0 0 15 15 8 18 68=102 Lockheed Martin 0 0 9 12 6 0 6 9 12 14 68=104 CMS Energy 9 2 19 6 0 0 18 0 0 12 66=104 Crown Holdings 9 0 15 0 0 3 24 0 6 9 66=104 Cyberonics 0 0 0 0 6 0 30 18 0 12 66=104 Sunstone Hotel Investors 11 2 12 3 6 0 6 2 12 12 66=104 Waste Connections 6 6 3 6 0 6 25 0 6 8 66=109 Apache Corp 6 3 9 6 0 4 3 12 9 13 65=109 DIRECTV 3 0 12 3 0 0 0 12 26 9 65=109 Flowserve 15 6 5 0 12 3 3 0 9 12 65=109 Oracle 0 3 11 9 0 0 0 0 24 18 65=109 The Travelers Companies 8 2 20 0 0 0 0 15 2 18 65

114 Discover Financial Services 2 0 18 0 6 0 0 12 15 11 64=115 Google 3 30 3 0 6 0 0 6 3 12 63=115 Home Depot 5 0 15 8 0 0 6 18 0 11 63=115 NVIDIA 9 0 3 12 6 0 3 6 15 9 63=115 Spectra Energy 6 6 12 2 3 6 3 0 10 15 63=115 UnitedHealth Group 0 0 18 9 6 0 0 12 12 6 63=120 Colgate-Palmolive 6 0 9 2 0 0 6 18 8 13 62=120 Lam Research 0 6 12 0 0 0 6 0 18 20 62=120 Life Technologies 6 0 0 0 20 3 0 0 19 14 62=120 Marathon Oil 11 15 0 2 6 2 0 2 14 10 62=120 Meredith 6 3 6 8 6 0 0 15 6 12 62=120 Newfield Exploration 8 14 0 8 0 0 0 0 12 20 62=120 Procter & Gamble 2 6 3 0 6 0 6 0 12 27 62=120 Terex Corp 9 3 0 0 0 0 9 6 15 20 62=128 Biogen Idec 6 0 18 12 0 0 6 3 3 13 61=128 Boeing 18 0 17 5 0 0 5 3 6 7 61



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=128 Chesapeake Energy 9 2 3 0 0 0 9 12 8 18 61=131 Arch Capital 3 6 6 3 0 0 0 12 15 15 60=131 HSN 6 0 6 6 6 0 0 6 18 12 60=131 National-Oilwell Varco 6 6 0 9 0 0 21 6 4 8 60=131 The Kroger Company 0 6 6 0 18 0 0 15 3 12 60=135 Avis Budget Group 6 3 9 0 9 0 0 0 20 12 59=135 Covance 6 6 0 0 0 0 6 6 23 12 59=135 Sempra Energy 6 6 13 6 0 0 5 3 8 12 59=135 Time Warner 12 0 9 9 12 0 3 0 6 8 59=135 Wright Medical Technology 0 6 6 0 12 0 0 6 12 17 59=140 Ascena Retail Group 0 0 9 2 6 0 21 6 0 14 58=140 EI du Pont de Nemours and Company 12 6 6 6 6 8 3 0 6 5 58=140 Pebblebrook Hotel Trust 8 3 2 3 0 3 3 24 0 12 58=140 Visa 8 0 2 0 0 0 8 6 18 16 58=144 Approach Resources 0 0 9 0 0 0 9 3 12 24 57=144 Emerson Electric 6 6 6 0 6 0 0 12 6 15 57=144 Wells Fargo & Company 12 2 6 3 0 0 6 8 3 17 57=144 Xilinx 3 0 5 2 6 0 12 0 11 18 57=148 Cognizant Technology Solutions 5 12 6 0 0 6 0 0 8 19 56=148 Goldman Sachs 0 0 12 0 0 0 21 0 8 15 56=156 JC Penney 0 9 6 0 12 3 2 0 12 11 55=148 Linear Technology 14 0 6 6 0 6 18 6 0 0 56=148 ManpowerGroup 12 2 0 8 0 0 24 0 2 8 56=148 Microsoft 6 8 0 12 3 0 0 0 12 15 56=148 Southwestern Energy 6 0 3 6 0 6 0 12 17 6 56=148 The Hershey Company 12 0 3 6 0 0 6 0 18 11 56=148 Walmart 3 3 15 0 6 15 0 0 2 12 56=156 Peabody Energy 6 6 9 8 0 2 6 3 6 9 55=156 WR Grace 5 12 6 0 12 0 12 3 2 3 55=159 Ares Capital 12 0 12 0 0 0 3 9 6 12 54=159 Cirrus Logic 0 18 0 2 6 3 0 15 2 8 54=159 Cubist Pharmaceuticals 6 6 6 0 0 0 12 6 0 18 54=162 Ball Corporation 0 6 9 6 0 6 0 3 17 6 53=162 Chicago Bridge & Iron Company 14 0 3 6 6 0 12 0 6 6 53=162 Dollar General 2 3 6 0 6 0 0 12 6 18 53=162 First Horizon National 3 6 11 0 0 0 12 9 6 6 53=162 Martin Marietta Materials 6 0 6 0 0 0 8 12 3 18 53=162 PepsiCo 0 6 6 6 6 6 6 0 8 9 53=162 Synopsys 6 6 3 0 6 0 2 3 12 15 53=162 The Hartford Financial Services Group 3 0 6 0 12 0 6 0 12 14 53=162 The Interpublic Group of Companies 12 0 6 3 6 0 6 0 17 3 53=162 Tiffany & Co 2 0 6 6 0 0 0 0 21 18 53=172 Darling International 0 0 14 0 6 0 0 14 0 18 52



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=172 Northeast Utilities 6 2 2 0 6 0 0 0 27 9 52=174 Duke Energy 9 0 5 0 0 0 9 0 13 15 51=174 Nike 15 6 6 0 0 0 0 0 15 9 51=174 Phillips 66 0 0 6 6 6 3 0 9 13 8 51=174 United Rentals 3 6 6 0 6 0 0 0 6 24 51=178 Amgen 2 0 12 2 6 0 0 0 9 19 50=178 Cardinal Health 3 0 6 0 0 0 3 26 6 6 50=178 Herbalife 6 0 8 6 0 0 6 0 12 12 50=178 McCormick & Company 0 0 12 2 0 0 3 0 24 9 50=178 MedAssets 6 0 0 0 6 0 6 6 18 8 50=178 Teradyne 6 6 6 6 0 0 6 6 8 6 50=178 Tesla Motors 0 0 12 0 0 6 6 6 12 8 50=185 Eaton Corporation 16 8 0 0 3 0 2 14 0 6 49=185 Teleflex 6 0 6 0 2 0 0 8 12 15 49=185 Thoratec 6 2 6 0 6 0 6 6 3 14 49=188 Accenture 6 3 5 0 0 0 0 6 14 14 48=188 Genesee & Wyoming 0 3 6 0 0 0 18 6 6 9 48=188 HealthSouth 6 12 0 3 0 0 0 6 12 9 48=188 LyondellBasell Industries 6 0 5 0 0 0 0 0 23 14 48=188 Macy’s 6 0 9 3 0 0 9 3 9 9 48=188 Polaris Industries 3 12 6 3 0 0 0 0 18 6 48=188 Republic Services 6 6 0 6 0 0 0 6 18 6 48=188 Sparton Corp 0 6 6 6 0 0 0 12 6 12 48=188 TD Ameritrade 9 6 4 6 0 0 2 9 0 12 48=188 Williams-Sonoma 12 0 6 0 0 0 12 6 0 12 48=188 VMware 6 0 14 0 6 0 0 0 8 14 48

199 The Cooper Companies 3 0 6 6 6 0 0 6 8 12 47=200 BorgWarner 0 0 0 0 6 0 12 6 17 5 46=200 WW Grainger 6 6 6 0 0 0 0 0 19 9 46=202 Continental Resources 6 3 6 6 0 0 0 0 12 12 45=202 Covanta 9 0 12 0 0 0 0 0 12 12 45=202 CVS 6 6 9 0 6 0 6 0 6 6 45=202 Ecolab 6 0 8 0 0 12 2 2 6 9 45=202 F5 Networks 5 2 9 3 0 6 3 6 2 9 45=202 First Republic Bank 6 6 6 0 0 0 6 0 9 12 45=202 Quanta Services 0 0 3 0 6 3 0 6 18 9 45=202 Royal Caribbean Cruises 6 6 9 6 0 6 0 0 6 6 45=202 SLM Corporation 3 0 6 6 0 0 3 6 12 9 45=202 SolarWinds 0 6 12 0 0 0 6 0 9 12 45=202 Target 3 0 0 24 0 0 6 0 3 9 45=213 CSX Corporation 6 3 13 6 0 0 6 0 0 10 44=213 Intuit 2 6 9 6 0 0 0 12 0 9 44=215 Citrix Systems 6 9 2 0 0 0 6 0 6 14 43



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=215 CR Bard 2 0 2 6 2 3 0 21 3 4 43=215 Sprint Nextel 0 0 11 6 6 0 6 3 3 8 43=215 Webster Financial 8 0 0 0 0 0 0 0 20 15 43=219 ANSYS 6 0 6 0 0 0 0 12 6 12 42=219 ExxonMobil 0 6 6 0 0 9 6 0 6 9 42=219 Fastenal 12 3 0 12 0 0 3 6 3 3 42=219 Leggett & Platt 12 0 0 0 0 0 3 3 12 12 42=219 Lithia Motors 0 0 6 0 0 0 6 6 18 6 42=219 Newell Rubbermaid 12 0 6 0 0 0 6 6 0 12 42=219 PPG Industries 0 2 3 3 0 0 9 3 10 12 42=219 Salesforce.Com 0 12 12 0 0 0 0 9 3 6 42=219 Toll Brothers 3 0 9 0 6 0 0 6 9 9 42=219 Valero Energy 6 2 6 0 0 6 0 4 9 9 42=229 International Paper 6 0 6 0 0 0 0 6 11 12 41=229 priceline.com 9 12 0 0 0 0 0 6 3 11 41=229 United States Steel 6 0 0 6 6 0 3 8 12 0 41=232 CBS 0 0 6 0 0 0 6 6 10 12 40=232 CIT Group 0 0 6 0 0 0 8 2 12 12 40=232 Family Dollar Stores 9 0 8 0 6 0 0 0 12 5 40=232 Ford Motor Company 14 0 3 0 0 0 0 2 9 12 40=236 Cameron International 12 0 0 4 2 0 0 0 12 9 39=236 Denbury Resources 6 6 6 6 0 0 0 0 9 6 39=236 New Jersey Resources 0 3 6 0 0 0 12 0 12 6 39=236 Progressive 12 15 0 6 0 0 0 3 0 3 39=236 Red Robin Gourmet Burgers 3 3 3 0 3 0 12 6 0 9 39=236 Veeco Instruments 15 3 3 0 0 0 0 6 3 9 39=242 American Public Education 0 0 3 0 6 0 6 0 12 11 38=242 American Water Works 6 0 0 0 0 3 6 2 9 12 38=242 Cedar Fair Entertainment 0 0 12 0 12 0 0 6 3 5 38=242 Comcast 11 12 0 0 0 0 0 6 0 9 38=242 Edison International 0 0 0 2 0 0 0 0 27 9 38=242 Eli Lilly and Company 6 0 4 0 0 0 0 0 20 8 38=242 Equinix 0 12 0 0 0 0 12 0 0 14 38=242 Occidental Petroleum 2 0 6 0 5 9 0 6 2 8 38=242 Schlumberger 3 3 6 12 0 3 0 9 0 2 38=242 SL Green Realty 6 0 6 0 6 0 0 6 8 6 38=242 Waters 6 0 0 0 0 0 5 6 12 9 38=253 Gartner 0 0 6 0 0 0 6 6 11 8 37=253 KKR Financial 3 0 8 0 12 0 0 0 8 6 37=253 M&T Bank 0 0 3 0 6 0 8 0 12 8 37=253 Ryland Group 0 0 8 0 3 0 6 6 0 14 37=253 WABCO 0 0 3 0 0 0 0 11 15 8 37=258 Berkshire Hills Bancorp 0 0 6 6 0 0 6 6 3 9 36



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=258 Celgene 0 0 3 0 6 0 15 0 0 12 36=258 Coach 0 0 0 9 0 0 0 6 15 6 36=258 Darden Restaurants 0 0 6 0 0 6 0 12 6 6 36=258 Deere & Company 6 9 3 0 0 0 0 0 9 9 36=258 Eagle Materials 0 6 6 0 0 0 6 6 3 9 36=258 Liberty Media 0 0 6 9 0 0 0 21 0 0 36=258 Myriad Genetics 0 0 0 0 0 0 0 9 6 21 36=258 Patterson-UTI Energy 0 0 0 3 15 0 0 12 3 3 36=258 Plains All American Pipeline 6 0 2 0 2 0 6 6 6 8 36=258 Rockwell Collins 0 6 8 3 3 0 0 2 8 6 36=258 Rockwood Holdings 9 0 3 0 0 0 6 0 9 9 36=270 Abbott Laboratories 6 2 0 6 0 3 6 0 6 6 35=270 AptarGroup 6 0 2 3 0 0 3 0 9 12 35=270 Donaldson Company 6 0 6 8 0 0 0 3 6 6 35=270 E*Trade Financial 6 0 0 0 6 0 3 0 8 12 35=270 HealthStream 3 0 12 0 0 0 0 6 6 8 35=270 ONEOK Partners 3 0 2 0 6 0 6 0 6 12 35=270 SanDisk 6 0 3 0 6 0 9 0 3 8 35=277 Atlas Air Worldwide 4 5 2 2 0 0 3 12 2 4 34=277 EOG Resources 6 0 0 0 0 0 8 15 0 5 34=277 Genuine Parts 0 0 6 15 0 0 2 0 6 5 34=277 Philip Morris International 0 0 11 3 0 0 0 6 8 6 34=277 Xcel Energy 0 0 3 2 0 6 6 6 9 2 34=282 Cliffs Natural Resources 6 0 0 0 0 6 0 3 15 3 33=282 Clorox 0 0 12 3 0 0 0 9 6 3 33=282 Corning 6 0 6 0 0 0 3 6 6 6 33=282 On Assignment 6 0 3 0 0 0 0 18 0 6 33=282 SandRidge Energy 2 2 6 0 0 2 3 6 6 6 33=282 SunTrust 6 0 6 0 6 0 0 0 9 6 33=282 Support.com 0 6 6 6 0 0 0 6 0 9 33=282 Walgreen Co 6 0 3 6 0 0 6 0 6 6 33=290 Acacia Research 0 0 6 0 0 0 0 12 5 9 32=290 Apollo Group 5 0 0 0 0 0 6 12 0 9 32=290 Bill Barrett Corp 0 0 6 0 0 0 2 3 9 12 32=290 Blackstone 8 0 6 0 0 0 0 0 12 6 32=290 Chevron 0 0 6 0 0 6 6 0 8 6 32=290 Colfax 0 0 0 3 3 0 20 0 0 6 32=290 Cracker Barrel 6 0 6 2 0 3 3 9 0 3 32=290 Hovnanian Enterprises 2 6 0 0 0 6 0 0 9 9 32=290 Humana 0 6 2 0 0 0 3 0 15 6 32=290 Kraft Foods 2 0 9 6 0 0 0 3 3 9 32=290 Praxair 12 0 0 6 0 6 3 3 0 2 32=290 Spirit Airlines 12 0 0 3 0 0 0 6 8 3 32


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=302 Activision 9 0 6 6 0 0 0 6 0 4 31=302 Advent Software 0 8 0 2 0 0 2 2 8 9 31=302 Altria 3 0 0 3 0 0 0 0 14 11 31=302 Fluor 3 0 8 0 0 0 0 0 8 12 31=302 GATX Corp 2 0 0 2 0 0 24 3 0 0 31=302 James River Coal 3 0 0 0 0 0 0 8 6 14 31=302 Life Time Fitness 3 0 6 4 0 0 6 6 0 6 31=302 Morgan Stanley 8 0 0 0 5 0 0 2 11 5 31=302 Nordstrom 9 0 3 6 0 0 3 0 4 6 31=302 Whiting Petroleum 2 0 0 2 6 0 0 3 11 7 31=302 Wipro 3 2 2 0 6 0 6 6 0 6 31=313 Alexion Pharmaceuticals 6 0 0 0 0 0 6 6 6 6 30=313 Allegiant Travel 0 6 6 0 2 0 0 0 11 5 30=313 American Axle & Manufacturing 0 0 3 0 0 0 18 0 0 9 30=313 American Eagle Outfitters 2 2 0 2 2 4 0 12 3 3 30=313 Anixter International 6 0 6 0 0 6 0 0 6 6 30=313 Best Buy 6 6 0 0 0 0 0 0 15 3 30=313 Casella Waste Systems 12 6 0 6 0 0 0 0 0 6 30=313 Comerica 3 3 0 6 0 0 0 0 9 9 30=313 Genomic Health 6 0 0 6 0 0 6 9 0 3 30=313 Hologic 18 0 0 0 0 0 0 0 6 6 30=313 Knight Transportation 0 6 0 6 6 0 0 6 0 6 30=313 Medivation 3 6 6 3 0 0 0 6 0 6 30=313 NASDAQ 6 0 0 0 0 0 6 6 6 6 30=313 Omnicare 0 3 0 0 12 0 3 0 9 3 30=313 Ormat Technologies 0 0 3 0 6 0 6 0 9 6 30=313 Pacific Gas & Electric Company 0 0 0 0 6 0 6 6 6 6 30=313 Plantronics 6 3 6 0 0 0 6 3 0 6 30=313 Plum Creek Timber 3 0 6 0 0 3 0 6 6 6 30=313 Regency Centers 0 3 6 0 0 6 6 0 6 3 30=313 Riverbed 3 0 3 0 6 0 0 0 6 12 30=313 Semtech 6 0 0 0 0 6 6 12 0 0 30=313 Simon Property Group 3 0 3 0 0 0 0 6 6 12 30=313 Sirona Dental Systems 0 0 0 0 9 0 0 3 11 7 30=313 Tractor Supply Company 0 0 6 0 0 0 0 6 9 9 30=313 Triangle Capital 3 0 6 0 0 0 12 0 6 3 30=313 Tupperware Brands 0 6 0 0 0 0 0 12 6 6 30=313 Xylem 0 0 0 6 0 0 6 6 12 0 30



INDEX

Cedar Fair Entertainment .................. 114

Celgene ............................................... 115

Cepheid ......................... 5, 48, 68, 76, 110

CETIP Brasil ................................. 13, 105

Chesapeake Energy ...................... 68, 112

Chevron ................................... 13, 28, 115

Chicago Bridge & Iron Company .. 66, 112

China Telecom .............................. 13, 105

Cielo .................................................... 105

Cirrus Logic .................................. 69, 112

Cisco Systems ................4, 14, 17, 21, 28, ........................................... 33-35, 69, 109

CIT Group ............................................ 114

Citigroup ............................. 5, 67, 75, 110

Citrix Systems ..................................... 113

Cliffs Natural Resources ........ 14, 68, 115

Clorox .................................................. 115

CME Group ...................... 3, 6, 67, 92, 111

CMS Energy .................................. 69, 111

Coach .................................................. 115

Cognizant Technology Solutions .. 69, 112

Colfax ............................................ 41, 115

Colgate-Palmolive ........................ 66, 111

Comcast .............................................. 114

Comerica ............................................ 116

ConocoPhillips ....................... 3, 5, 14, 39, ................................................. 68, 85, 110

Continental Resources ....................... 113

Copa Airlines ...................................... 105

Corning ............................................... 115

Costco Wholesale ................ 5, 14, 21, 25, ................................................. 68, 79, 110

Covance ......................................... 68, 112

Covanta ........................................ 69, 113

Ares Capital .................................. 67, 112

ARM Holdings ............................... 13, 104

Ascena Retail Group ......... 14, 41, 68, 112

Ashland ................3, 5, 14, 48, 66, 70, 110

ASML ................................................... 104

AT&T .................................... 5, 69, 81, 110

Atlas Air Worldwide ........................... 115

Avis Budget Group .................. 65, 66, 112

Ball Corporation ........................... 66, 112

Bank of America ................. 5, 67, 84, 110

Baxter International ............ 4, 14, 17, 25, ........................................... 38, 67, 85, 109

BB&T .................................. 5, 67, 78, 110

Berkshire Hills Bancorp ..................... 114

Best Buy .............................................. 116

Bill Barrett Corp ................................. 115

Biogen Idec .................................. 68, 111

Blackstone .......................................... 115

BM&F Bovespa ..........................104-105,

Boeing .......................................... 66, 111

BorgWarner ........................................ 113

Bristol-Myers Squibb ... 5, 14, 60, 68, 110

Broadcom .............2, 4, 12, 13, 14, 21, 28, ................................31-32, 48, 67, 69, 109

Calpine ..............................2, 4, 12, 14, 21, ........................................... 32, 56, 69, 109

Cameron International ...................... 114

Cardinal Health................. 12, 56, 68, 113

CareFusion ...............5, 12, 41, 67, 84, 110

Casella Waste Systems ...................... 116

Catamaran ............................. 3, 5, 14, 32, ........................................... 61, 67, 87, 110

Caterpillar ..........4, 14, 17, 43, 66, 85, 109

CBS .................................................... 114

3M .......... 4, 14, 17, 21, 23, 28, 37, 67, 109

ABB ........................................... 7, 13, 104

Abbott Laboratories............................ 115

Acacia Research ................................. 115

Accenture .................................... 66, 113

Activision ............................................. 116

Advent Software .................................. 116

Aflac ................................................ 67, 11

Agilent Technologies .... 5, 14, 68, 70, 110

Alaska Air Group .................... 3, 4, 12, 21, ........................................... 32, 54, 69, 109

Alexion Pharmaceuticals ................... 116

Allegiant Travel ................................... 116

Allergan ......................... 5, 67, 68, 72, 110

Allianz .....................................................7

Altria ................................................... 116

Alumina ......................................... 13, 105

American Axle & Manufacturing .........12, ....................................................... 98, 116

American Eagle Outfitters .................. 116

American Express .............. 5, 67, 77, 110

American Public Education ................ 114

American Water Works ...................... 114

Amgen ........................................... 67, 113

Anadarko Petroleum ........... 4, 12, 14, 17, ................................................. 43, 68, 109

Anixter International .......................... 116

ANSYS ................................................. 114

Apache Corp ................................... 68, 11

Apollo Group ....................................... 115

Apple ................................... 6, 69, 92, 111

Approach Resources .............. 65, 68, 112

AptarGroup ......................................... 115

Arch Capital .................................. 67, 112

Numbers in bold indicate the page(s) where the company’s profile can be found.


INDEX

Halliburton .................... 6, 28, 68, 96, 111

HealthSouth .................................. 67, 113

HealthStream ..................................... 115

Herbalife ....................................... 68, 113

Hershey Company ................................66

HJ Heinz ........................ 5, 14, 66, 75, 110

Hologic ................................................ 116

Home Depot .................................. 66, 111

Honeywell .........................2, 4, 12, 14, 17, ................................23-25, 28, 69, 87, 109

Hovnanian Enterprises ....................... 115

HSN .............................................. 66, 112

Humana .............................................. 115

IBM ...................................... 6, 69, 89, 111

IHS .......................3, 5, 14, 30, 66, 71, 110

Illinois Tool Works .... 2, 4, 57, 66, 97, 109

Informatica ..................... 2, 6, 69, 93, 111

Intel .....................4, 12, 13, 14, 17, 19-21, ................................23, 25, 28, 69, 87, 109

International Paper ............................ 114

Intuit .................................................... 113

Jack in the Box ....2, 5, 12, 65, 67, 77, 110

James River Coal ......................... 68, 116

JC Penney ..................................... 68, 112

Johnson & Johnson ................... 4, 14, 53, ................................................. 68, 97, 109

Johnson Controls ............... 6, 66, 89, 110

JPMorgan Chase & Co ....4, 12, 13, 14, 17, ............................... 21, 27-28, 66, 67, 109

Kansas City Southern ............ 2, 4, 12, 14, ................................32, 38, 48, 69, 85, 109

Kinder Morgan ......... 2, 6, 14, 69, 90, 111

KKR Financial ..................................... 114

Knight Transportation ........................ 116

Kraft Foods ......................................... 115

Lam Research .............................. 69, 111

Eli Lilly and Company ......................... 114

Emerson Electric ......................... 66, 112

Enterprise Products Partners ......... 6, 69, .......................................................93, 111

EOG Resources ................................... 115

Equinix ................................................ 114

Exelon............................ 6, 39, 69, 95, 111

Express Scripts ...........2, 4, 12, 13, 14, 17, ......................................20, 39-40, 67, 109

ExxonMobil .......................................... 114

F5 Networks ....................................... 113

Facebook ............................................. 102

Family Dollar Stores ..................... 68, 114

Fastenal ........................................ 68, 114

FedEx .................................. 4, 13, 14, 17, .............. 20, 21, 23, 28, 29-30, 67, 69, 109

First Horizon National .................. 67, 112

First Republic Bank ............................ 113

FirstEnergy ..............3, 6, 69, 95, 111, 113

Flowserve ...................................... 66, 111

Fluor .................................................... 116

Ford Motor Company .......................... 114

Forum Energy ............................... 13, 103

Freeport-McMoRan Copper & Gold .............. 5, 14, 68, 81, 110

Gartner ................................................ 114

GATX Corp ............................... 12, 98, 116

General Electric ..................... 4, 7, 14, 17, ........................................... 21, 28, 45, 109

Genesee & Wyoming ........ 13, 39, 69, 113

Genomic Health .................................. 116

Genuine Parts ..................................... 115

Gilead Sciences ............ 4, 46, 67, 97, 109

Globus Medical ............................. 13, 103

Goldman Sachs ...................... 25, 67, 112

Google ............................... 12, 23, 69, 111

Covidien...........2, 4, 12, 13, 14, 15, 16-18, .................... 21, 23, 28, 30, 39, 66, 67, 109

CR Bard ................................... 56, 67, 114

Cracker Barrel .................................... 115

Crown Cork & Seal ......................... 41, 66

Crown Holdings .................................. 111

CSX Corporation ........................... 69, 113

Cubist Pharmaceuticals ............... 68, 112

Cummins ...................... 5, 32, 60, 66, 109

CVS ............................................... 67, 113

Cyberonics ....12, 15, 65, 68, 98, 100, 111

Danaher .....................2, 4, 12, 13, 14, 17, .............. 20, 21, 22-23, 25, 28, 39, 66, 109

Darden Restaurants ........................... 115

Darling International .......65, 66, 100, 112

Deere & Company .............................. 115

Delta Air Lines ..................... 4, 14, 30, 32, ........................................... 46, 69, 97, 109

Denbury Resources ............................ 114

Diamler-Benz .........................................7

DIRECTV ........................................ 66, 111

Discover Financial Services ......... 67, 111

Dollar General .............................. 68, 112

Donaldson Company .......................... 115

Dover Corp .................... 4, 32, 58, 66, 109

Duke Energy ................................. 69, 113

E*Trade Financial ............................... 115

Eagle Materials ................................... 115

Eastman Chemical ... 3, 6, 14, 66, 94, 111

Eaton Corporation .............................. 113

eBay .......................... 2, 6, 14, 66, 90, 111

Ecolab ........................................... 30, 113

Edison International ..................... 48, 114

Edwards Lifesciences ......... 5, 67, 82, 110

EI du Pont de Nemours and Company .......................... 14, 66, 112


INDEX

Plains All American Pipeline ............. 115

Plantronics.......................................... 116

Plum Creek Timber ............................ 116

PNC Financial Services .............. 4, 14, 52, ....................................................... 67, 109

Polaris Industries ............................... 113

PPG Industries .................................... 114

Praxair .......................................... 66, 115

priceline.com ...................................... 114

Procter & Gamble ......................... 66, 111

Progress Energy ...................................67

Progressive ......................................... 114

Qualcomm.........................2, 4, 13, 14, 17, ..........................21, 23, 25, 36, 67, 69, 109

Quanta Services .................................. 113

Red Robin Gourmet Burgers ............. 114

Regency Centers ................................ 116

Republic Services ......................... 69, 113

Reynolds American ........ 3, 6, 66, 94, 111

Riverbed .............................................. 116

Roche Holding ..........................7, 13, 104

Rockwell Automation .................. 3, 5, 41, ................................................. 66, 78, 110

Rockwell Collins ................................. 115

Rockwood Holdings ...................... 66, 115

Royal Caribbean Cruises ................... 113

Ryder System ....................2, 4, 13, 14, 20, ................................30, 32, 57, 66, 97, 109

Ryland Group ...................................... 114

Salesforce.Com .................................. 114

SanDisk ............................................... 115

SandRidge Energy .............................. 115

SAP ........................................................13

Schlumberger .................................... 114

Sempra Energy ............................. 69, 112

Semtech .............................................. 116

National-Oilwell Varco...... 25, 67, 68, 112

Nationstar Mortgage .......................... 103

New Jersey Resources ....................... 114

Newell Rubbermaid ........................... 114

Newfield Exploration .................... 68, 111

NextEra Energy .............2, 3, 4, 12, 14, 17, ..................................... 25, 26, 69, 85, 109

Nike ............................................... 66, 113

Noble Corp ................4, 12, 13, 14, 15, 32, ................................47-50, 55, 68, 87, 109

Noble Energy .........5, 14, 68, 71, 103, 110

Nokia ................................................... 104

Nordstrom .......................................... 116

Northeast Utilities .................. 48, 69, 113

Novo Nordisk ...................................... 104

NVIDIA ........................................... 69, 111

Occidental Petroleum ......................... 114

Old National Bancorp .......3, 6, 12, 65, 67, ............................................... 91, 100, 111

Omnicare ............................................ 116

On Assignment ..................... 12, 100, 115

ONEOK Partners................................. 115

Oracle ............................................ 69, 111

Ormat Technologies ........................... 116

Oshkosh Corporation ............ 3, 5, 48, 66, ..........................................74, 87, 103, 110

Pacific Gas & Electric Company ........ 116

Patterson-UTI Energy ................... 87, 115

Peabody Energy ...................... 67, 68, 112

Pebblebrook Hotel Trust ... 12, 15, 65, 66, ............................................ 100-101, 112

PepsiCo ......................................... 66, 112

Perrigo Company .....5, 12, 56, 68, 73, 110

Pfizer ............................... 2, 5, 68, 72, 110

Philip Morris International ................. 115

Phillips 66 ..................................... 68, 113

Leggett & Platt ................................... 114

Liberty Media ...................................... 115

Life Technologies .............. 13, 68, 87, 111

Life Time Fitness .......................... 28, 116

Limited Brands ...........2, 4, 12, 14, 21, 32, ................................44, 48, 67, 68, 97, 109

Linear Technology ........................ 69, 112

LinkedIn .....................2, 4, 13, 14, 32, 48, ................................54-55, 66, 87, 97, 109

Lithia Motors....................................... 114

Lockheed Martin........................... 66, 111

LyondellBasell Industries ............ 66, 113

M&T Bank ........................................... 114

Macy’s ........................................... 68, 113

ManpowerGroup ..................... 41, 69, 112

Marathon Oil ................................. 68, 111

Marriot International .... 5, 32, 61, 67, 110

Martin Marietta Materials ...... 14, 68, 112

MasterCard ........4, 13, 14, 21, 59, 67, 109

Mattel ............................ 5, 14, 66, 79, 110

Maxim Integrated Products ........ 3, 6, 13, ........................................... 69, 86-87, 110

McCormick & Company ............... 66, 113

McDonald’s ..............4, 14, 20, 55, 67, 109

MedAssets .................................... 65, 113

Medivation ........................................... 116

Medtronic ...........4, 14, 21, 45, 67, 87, 109

Meredith ...........................65, 67, 100, 111

Mettler-Toledo International ..... 6, 12, 41, ................................................. 68, 88, 110

Micron Technology .... 3, 5, 14, 69, 82, 110

Microsoft ....................................... 69, 112

Monsanto .............2, 5, 14, 62, 66, 97, 110

Morgan Stanley ................................... 116

Myriad Genetics .................................. 115

NASDAQ .............................................. 116


INDEX

UnitedHealth Group ...................... 67, 111

US Airways Group .............2, 6, 12, 65, 69, ................................................. 88, 98, 110

US Bancorp ......................... 5, 67, 76, 110

Valero Energy ...................................... 114

Veeco Instruments.............................. 114

ViroPharma .......................3, 5, 12, 14, 15, ....................................64-65, 68, 103, 110

Visa ............................................... 67, 112

VMware ......................................... 69, 113

WABCO ................................................ 114

Walgreen Co....................................... 115

Walmart .......................13, 28, 30, 68, 112

Waste Connections ........... 12, 41, 69, 111

Waters .......................................................

Watson Pharmaceuticals ... 5, 68, 74, 110

Webster Financial ......................... 65, 114

Wells Fargo & Company ......... 28, 67, 112

Whiting Petroleum .............................. 116

Williams-Sonoma ......................... 66, 113

Wipro ................................................... 116

Workday ........................................ 13, 103

WR Grace ...................................... 66, 112

Wright Medical Technology .... 65, 67, 112

WW Grainger ................................. 66, 113

Wyndham Worldwide ............ 2, 4, 12, 14, .................................21, 28, 32, 41-42, 48, ........................................... 56, 66, 67, 109

Xcel Energy ......................................... 115

Xilinx .............................................. 69, 112

Xylem .................................................. 116

Yum! Brands .............................. 4, 14, 17, ................................................. 51, 67, 109

Tesla Motors ................................. 66, 113

Texas Instruments ..................... 4, 17, 20, ................................................. 37, 69, 109

The Allstate Corp ................ 5, 67, 83, 110

The Coca-Cola Company ........... 4, 12, 14, ............................................. 28, 44, 66, 85

The Cooper Companies ................ 67, 113

The Hain Celestial Group ............ 3, 5, 14, ................................................. 66, 83, 110

The Hartford Financial Services Group .............................. 67, 112

The Hershey Company ....................... 112

The Interpublic Group of Companies ................................ 67, 112

The Kroger Company ....... 14, 68, 87, 112

The Travelers Companies ............ 67, 111

The Walt Disney Company ........... 2, 5, 67, .......................................................73, 110

Thermo Fisher Scientific .... 6, 69, 96, 111

Thoratec ........................................ 67, 113

Tiffany & Co ........................................ 112

Tilly’s ................................................... 103

TIM Participacoes ......................... 13, 105

Time Warner ................................. 67, 112

Time Warner Cable ....... 5, 21, 67, 80, 110

Toll Brothers ....................................... 114

Toyota Motor Corporation ............ 13, 105

Tractor Supply Company .................... 116

Triangle Capital .................................. 116

Tupperware Brands ............................ 116

Union Pacific ................. 5, 62, 69, 97, 110

United Continental ............. 6, 69, 91, 111

United Parcel Service ................ 4, 14, 39, ................................................. 50, 69, 109

United Rentals .............................. 66, 113

United States Steel ................. 14, 68, 114

United Technologies ....... 4, 12, 25, 52, 69

ServiceNow .......................... 13, 102-103,

Sherwin-Williams ............ 3, 5, 32, 63, 66, ....................................................... 97, 110

Shire .................................................... 104

Siemens ..................................................7

Silicon Motion ...............................13, 105

Simon Property Group ........................ 116

Sirona Dental Systems ....................... 116

Skyworks Solutions ............... 3, 4, 14, 32, ................................................. 51, 69, 109

SL Green Realty .................................. 114

SLM Corporation ................................ 113

SolarWinds .......................................... 113

Southern Company ............... 3, 4, 14, 28, ................................................... 58, 69, 97

Southwestern Energy ................... 68, 112

Sparton Corp ...................................... 113

Spectra Energy ............................. 69, 111

Spirit Airlines ...................................... 115

Sprint Nextel ....................................... 114

SPX .................................. 2, 5, 66, 80, 110

St Jude Medical .............................. 13, 28

Starbucks ........................ 5, 14, 21, 59, 67

Starwood Hotels & Resorts Worldwide ..................... 5, 32, 63, 67, 110

Sunstone Hotel Investors ....... 65, 67, 111

SunTrust ............................................. 115

Support.com ....................................... 115

Synopsys ....................................... 65, 112

Target ................................ 13, 20, 68, 113

TD Ameritrade .................................... 113

Teleflex .......................................... 67, 113

Teradata ............................3, 4, 14, 32, 48, ..................................... 53, 56, 69, 97, 109

Teradyne........................................ 66, 113

Terex Corp ............................... 65, 66, 111

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