When an earthquake hit Japan on March 11, 2011, damaging the Fukushima Dai-ichi power plant and causing a nuclear meltdown, Cameco Corporation, one of the world’s largest publicly traded uranium producers, faced the type of crisis management challenge that keeps IROs awake at night. Even though Cameco had only partial information about the events unfolding, the company scheduled a conference call to help answer questions from shareholders and the public at large, explains Director of Investor Relations Rachelle Girard. 

“When the incident at Fukushima occurred, we stepped up and took a leadership role,” says Girard. “We didn’t have all the information, but we knew we had some information that others didn’t.”

The events taught Girard some important lessons about communicating in a crisis: “Don’t wait until you have the perfect information because you’ll never have it. Just communicate what you know when you know it.”

She also learned that investors appreciate information, even if the news conveyed is unwelcome. “You get a lot of credit for being open and transparent,” says Girard. “And that’s the philosophy we follow. Be up-front. And let investors know that the situation is unfolding and you’ll keep them updated in the future.”

The Road to IR Director

Born and raised in Saskatoon, Girard has spent her entire life in Saskatchewan with the exception of a brief time after she graduated from the University of Saskatchewan with a commerce degree and moved to Calgary for a job at Amoco. After a year, she married her husband, Ian Obrodovich, and the couple returned to Saskatoon. There, Girard earned a Certified Management Accountant designation.

Prior to joining Cameco six years ago, Girard worked at Plant Genetic Systems, a small biotech start-up, and then spent the next nine years at the University of Saskatchewan in the technology transfer department, where she helped campus researchers patent and commercialize discoveries. During this time, she identified financing and put together licensing deals. Like investor relations, working in technology transfer requires carefully honed communications and financial skills.

Girard learned the IR ropes in 2006 after joining Cameco, which was her first job in this function. She immediately became a member of CIRI, and she or one of her colleagues attends the annual conference each year. She also picked up many of the finer points of IR from her mentor, veteran IRO Bob Lillie, who retired as Cameco’s IR director in June and whose shoes she stepped into thereafter.

IR in a Poorly Understood Industry

As one of the few large, publicly traded uranium companies, Cameco suffers from a dearth of relevant peers, says Girard. Therefore, one challenge is explaining the market dynamics of the uranium industry. Unlike most metals, uranium isn’t traded on a metals exchange, and the pricing is quite opaque. Most uranium is sold under long-term contracts negotiated directly with nuclear utilities.

Cameco offers an annual mine tour to help investors understand the business. Girard and others from the IR team fly with investors to Cameco’s flagship uranium mine about 600 kilometres north of Saskatoon, where ore grades are about 100 times the world average. There, investors get an opportunity to meet the operations team, tour the underground tunnels, and learn more about the innovative techniques and equipment being used to conquer the challenges of mining in Saskatchewan’s Athabasca Basin.

In recent years, IR at Cameco has also entailed more international travel, especially to Asia, where most of the growth in the nuclear industry is occurring. For Girard, IR is a wonderful career because it allows her to move beyond a narrow focus inside a company. “I really like investor relations because I get to see the operations of the company as a whole. You use communications and finance skills and there’s a customer service aspect, too. You’re trying to help investors understand the company, and I find that rewarding.”

Outside of work, Girard enjoys a number of athletic pursuits. She plays volleyball and basketball in local women’s leagues. In addition, she runs to stay fit.

Girard and Ian, a middle years and physical education teacher, enjoy traveling with their son, Liam, who just entered the ninth grade. Two years ago, Ian took a yearlong leave and Girard saved up vacation time so the family could travel together. The highlight of the year was a six-week trip to Australia, which they timed to coincide with the Australian Open.