Anne Plasterer, CPIR
An investor day is a pivotal event for any company looking to strengthen its relationships with the investment community. However, not all investor days are created equal. For an event to stand out, it must deliver new, valuable insights while being meticulously planned and executed. Jennifer McCaughey, Director of Investor Relations at Calian, and Denis Jasmin, Vice President of Investor Relations at AtkinsRéalis, share their experiences hosting award-winning investor days, offering valuable lessons for companies aiming to make a lasting impact.
Strategic Timing and Content Planning
Both McCaughey and Jasmin emphasize the importance of timing and relevance. “You need a reason to do an investor day,” McCaughey asserts. “If you’re just rehashing old material, don’t bother.” The event should present something new, such as a strategic plan or growth opportunities. Jasmin echoes this sentiment, advising companies to hold an investor day every three years, tied to a long-term strategic update. “It’s about aligning everyone on the message from the CEO down to each presenter,” he says.
The preparation timeline is another critical factor. While McCaughey advises to start preparing well in advance, she only had a few short months to pull together her first investor day at Calian, because she was new to the company at the time. As a result, she focused on providing exactly what analysts were asking for. “I surveyed the analysts and asked them what they wanted to see,” she explains. Similarly, Jasmin recommends preparing at least six months in advance. “You have to get all the management on board early, align the messaging, and make sure it’s consistent across presentations,” he says.
Tailoring the Event to Investor Needs
Understanding the audience’s needs is key to success. McCaughey tailored Calian’s investor day based on analyst feedback. The event centred on three main themes: explaining Calian’s business model, highlighting growth opportunities, and clarifying the connections between its four segments. This clear narrative alignment was central to the event's success.
Jasmin, too, emphasizes the importance of pre-event surveys to confirm what the market wants to hear. “We surveyed the market beforehand to make sure we were focusing on the right messages,” he explains.
At AtkinsRéalis, the investor day was structured to ensure in-depth engagement. The half-day event concluded with lunch, where the presidents of each of the company’s segments sat at different tables, allowing investors to have one-on-one conversations with senior leadership. This added level of access deepened relationships and provided investors with a more comprehensive understanding of the business. Calian did the same as it hosted a networking lunch pre-event where investors could engage with senior leaders and Board members.
Rehearsal and Preparation: The Crucial Step
One element both McCaughey and Jasmin agree on is the necessity of rehearsals. McCaughey’s experience during her first investor day with Calian illustrated the importance of running through every detail. Besides each presenter practicing multiple times, a dry run at the venue revealed that the planned fireside chat format wasn’t working, leading to a last-minute change to podiums and microphones. “Rehearsal is a must,” she insists.
Jasmin took a similarly rigorous approach to preparation. AtkinsRéalis had each presenter go through at least three practice sessions, with some needing up to six. “We made sure everyone practiced their Q&A responses in front of the CEO and CFO to ensure consistency in messaging,” he explains. Presenters at AtkinsRéalis came from various parts of the business, with some less accustomed to speaking in front of investors. This made rehearsals and communication training essential for aligning messaging across the company.
Technology and Hybrid Formats
Leveraging technology is crucial for modern investor days, particularly when accommodating both in-person and virtual attendees. Calian’s investor day featured the use of a QR code for collecting feedback before the Q&A session, ensuring participants were engaged and able to give input before leaving the event.
“We used a QR code for surveys before the much-anticipated Q&A session to get immediate feedback. It was more efficient and environmentally friendly,” McCaughey explains.
At AtkinsRéalis, the investor day was a hybrid event, which involved managing both a live audience and virtual participants. Jasmin highlights the importance of choosing a good technology supplier for a smooth experience. “We had a dynamic presentation with video backgrounds that moved during the presentations, making it visually engaging for both in-person and online attendees,” he says. The event also featured a booth setup, where investors could engage with different segments of the business after the presentations.
Feedback and Measuring Success
For both Calian and AtkinsRéalis, post-event analysis and feedback were essential to measuring the success of their investor days. McCaughey presented a post-mortem report to Calian’s Board and management team, which included objectives, attendee feedback, survey results, a detailed review of the event’s budget and logistics as well as what worked well and considerations for next time. Jasmin, on the other hand, measured success not only by post-event surveys but also by the market’s reaction: “Our share price went up about 6% the next day, adding $500 million in market cap,” he shares. He also received positive feedback from sell-side analysts and detailed survey results.
The survey feedback for AtkinsRéalis highlighted several key strengths of the event, including the consistency of messaging, the transparency of the Chairman’s presentation, and the depth of detail provided, particularly around the company’s margin expansion plans. Investors appreciated the natural, unscripted style of presentations, which helped the event feel more authentic and engaging.
Advice for Planning an Award-Winning Investor Day
Both McCaughey and Jasmin offer valuable advice for companies aiming to host an award-winning investor day. McCaughey’s primary tip is to ensure you have something meaningful to present. “Don’t do one if you have nothing new and material to say,” she advises. She also recommends allowing ample time for Q&A and ensuring that the event is long enough to provide in-depth insights.
Jasmin stresses the importance of early and consistent preparation. “Plan way in advance, but also get management involved early,” he says. “The challenge is that they’re busy, but you have to stand firm and get them practicing and aligned with the messaging well ahead of time.” Jasmin also suggests focusing on investor engagement beyond the investor day itself, such as through site visits and operational presentations between major events.
Final Thoughts
An award-winning investor day requires thoughtful planning, clear messaging, and a focus on providing value to the investment community. Whether it’s tailoring the event to investors' needs, rehearsing presentations, or leveraging technology for engagement, the key to success lies in preparation and attention to detail. For McCaughey and Jasmin, their meticulous approach has not only earned their companies award recognition but also strengthened their relationships with the market.
Ultimately, the success of an investor day is measured by more than just immediate feedback – it’s about building long-term trust with investors by providing meaningful, actionable insights. By following the strategies outlined by McCaughey and Jasmin, other companies can set themselves up for investor day success, ensuring their events resonate with their audience and achieve their strategic goals.
Anne Plasterer, CPIR, is a Partner at Clear Path Strategies.