September is typically a month of change and transition; students return to school, television programs premiere, and IR programs resume after a summer hiatus. As you plan your calendar please remember to include time to participate in the numerous CIRI related events at the National and Chapter levels, where you can consult (and commiserate!) with fellow IROs, as well as keep current on IR issues. For those new to the IR space, I strongly recommend you obtain from CIRI (free to members) the updated Guide to Developing an Investor Relations Program, Third Edition, which continues the tradition of CIRI excellence in detailing best practices from an IR perspective.  

I recently had the opportunity to attend an international investor conference in Oslo, where I had numerous conversations with corporate managements and IROs from around the globe. Although there was a decided oil and gas bias, the global perspectives that I heard differ little from those here in Canada. Specifically, capital markets have entered a phase of ‘new normal’, characterized by increasing shareholder activism (and skepticism), greater corporate accountability and even more demands for transparency from issuers. As capital markets continue to evolve and become even more complex, ‘change’ seems to be the common thread.

CIRI itself is not immune to change. Over the summer a small working group composed of Karen Taylor, David Carey, Ernie Stapleton and me, led by Yvette Lokker and Jane Maciel of CIRI, diligently worked to review and substantially amend CIRI National’s By-laws, in order to conform to the legislative mandates of the recently enacted Canada Not-for-Profit Act (the “Act”). In the coming months, the National Board of CIRI and Chapter leaders will consider restructured By-laws that the working committee is proposing. These changes are not intended to markedly alter what CIRI does or the organization’s vision; rather, they will ensure that CIRI is in compliance with the new Act, which applies to all incorporated not-for-profit entities. Once approved by CIRI’s leadership, the revised By-laws will be placed before CIRI’s membership for approval in the form of resolution(s) at next year’s National Conference AGM in June in Ottawa. My thanks to the working group for devoting a portion of the summer to this important project.

Finally, my best wishes to each of you as you launch into the busy fall season of IR related activities, including conferences, roadshows and investor meetings. Safe travels!