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Investor Relations Compensation and Responsibilities Survey
2014
Be Informed. Be Connected.
Be Current.
Disclaimer: While every attempt has been made to ensure that all figures are an accurate reflection of the profession, this analysis should be read as an indicative, rather than definitive statement of overall trends. CIRI and its agents do not assume and hereby disclaim, any liability for any loss or damage caused by errors or omissions, whatever the cause of such errors or omissions. This information is not intended as specific investment, accounting, legal, tax or business advice.
Notice: All rights reserved. No part of this document may be reproduced or transmitted in any form by any means, electronic or mechanical, including photocopying, recording, faxing, emailing, posting online or by any information storage and retrieval system, without express written permission from CIRI.
© 2015 Canadian Investor Relations Institute
ISBN 978-0-9866440-4-7
We are pleased to present CIRI’s 2014 Investor Relations Compensation and Responsibilities Survey results – an important tool for all who practice, or employ those who practice, investor relations. This continues a long tradition of providing value to CIRI members and of advancing the investor relations profession.
CIRI introduced the first Investor Relations Compensation and Responsibilities Survey in 1994 to monitor changes in the role, responsibilities, resources and compensation of the profession. We have conducted this survey eight times over the course of 20 years – and continue to evolve the survey to provide you with greater insights. For this survey we have added some questions and modified others to gain additional information on responsibilities, involvement in Board-shareholder engagement, decision-making authority and measuring effectiveness.
As expected, this survey confirms that the role of investor relations is increasingly being recognized for its strategic value as more IROs are counseling management as well as presenting to the Board. IROs are more focused on monitoring share ownership and analyzing stock and competitor information in order to provide valuable insights to these internal stakeholders. The importance of financial knowledge was also prevalent as more and more IROs have an educational background in finance or have attained a finance or investor relations related professional designation. These individuals also tend to be recognized with more senior titles and higher compensation. Despite the average IR department decreasing in size, average IR budgets have increased which has led to greater outsourcing.
We would like to thank the more than 185 individuals who invested time in CIRI’s 2014 Investor Relations Compensation and Responsibilities Survey by completing the questionnaire and NovaShare for preparing the report.
We feel that this survey is an invaluable resource to investor relations professionals and we could not have completed it without such tremendous support.
Yours truly,
Yvette LokkerPresident & CEO, CIRI
5 - EXECUTIVE SUMMARY10 - BACKGROUND10 - METHODOLOGY10 - REPRESENTATIVE SAMPLE11 - ANALYTICAL FRAMEWORK
13 - CORPORATE ENVIRONMENT14 - MARKET CAPITALIZATION15 - COMPANY REVENUE16 - SECTOR17 - LISTING VENUE18 - IR REPORTING RELATIONSHIP19 - PRESENCE OF A SEPARATE IR DEPARTMENT20 - IR STAFFING21 - IR ROLES AS CAREER POSITIONS22 - IR RESPONSIBILITIES24 - USE OF OUTSIDE SERVICE PROVIDERS25 - RESPONSIBILITY FOR ENGAGING OUTSIDE SERVICE PROVIDER26 - OVERALL IR BUDGET TRENDS27 - IR BUDGETS BY MARKET CAPITALIZATION28 - IR BUDGETS BY SECTOR29 - IR BUDGET ALLOCATIONS31 - 2015 BUDGET EXPECTATIONS32 - IR BUDGETS: INTER-LISTED VS. SOLELY LISTED33 - USE OF SOCIAL MEDIA34 - USE OF SHAREHOLDER COMMUNICATIONS TOOLS35 - MEASURING IR EFFECTIVENESS36 - SHAREHOLDER ENGAGEMENT37 - PRIOR CORPORATE TRANSACTION EXPERIENCE
39 - RESPONSIBILITIES AND COMPENSATION40 - TIME DEDICATED TO IR42 - JOB TITLES 43 - DIRECT REPORTS BY JOB TITLE44 - IR ACTIVITIES PERFORMED IN PAST 12 MONTHS48 - TOTAL CASH COMPENSATION50 - TOTAL CASH COMPENSATION BY MARKET CAP OF EMPLOYER52 - TOTAL CASH COMPENSATION BY MAJOR SECTOR53 - TOTAL CASH COMPENSATION BY MAJOR JOB TITLE55 - TOTAL CASH COMPENSATION BY HIGHEST LEVEL OF FORMAL EDUCATION56 - TOTAL CASH COMPENSATION BY YEARS OF IR EXPERIENCE57 - TOTAL CASH COMPENSATION BY GENDER60 - ADDITIONAL BENEFITS
62 - PRACTITIONER PROFILE63 - HIGHEST LEVEL OF FORMAL EDUCATION64 - PROFESSIONAL DESIGNATIONS66 - AGE DISTRIBUTION67 - IR EXPERIENCE68 - PRIOR WORK EXPERIENCE69 - JOB SATISFACTION72 - CAREER IN FIVE YEARS
73 - ABOUT THE CANADIAN INVESTOR RELATIONS INSTITUTE (CIRI)74 - ABOUT NOVASHARE SOLUTIONS75 - THANK YOU TO OUR PARTCIPANTS
EXECUTIVE SUMMARY
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CIRI’s 2014 Investor Relations Compensation and Responsibilities Survey was conducted during the last calendar quarter of 2014. The final tally of respondents reached 189 investor relations officers (IROs), including 55% of whom were qualified CIRI corporate members. Where meaningful, the analysis compares results with prior surveys. Key findings are summarized below.
Evolving corporate context
Shift to the larger cap: The proportion of IROs at mega-caps (market cap greater than $10 billion) continues to increase (20%, up from 18% in 2011 and 15% in 2009). Unlike the last survey, large caps (market caps between $1 billion and $9.9 billion) also saw a rise (42%, up from 33% in 2011 and 40% in 2009). In contrast, 14% work for micro- caps (market caps under $100 million) decreasing from 19% in 2011 and 16% in 2009.
Sectoral concentration: IROs working for mining & minerals and oil & gas continue to dominate at 32% and 18% respectively although both are lower than the last survey (38% and 20% respectively in 2012), possibly due to the mergers and acquisitions in these industries.
North American focus: More IROs work for U.S. inter-listed issuers (40%, up from 33% in 2012 and 35% in 2010) while the incidence of IROs working for non-North American listed issuers has more than halved (7%, down from 17% in 2012 and 18% in 2010).
Valued corporate function
Recognition as a distinct corporate function: As in the last survey, conducted in 2012, three-quarters of IROs work for companies with separate IR departments.
Proximity to C-suite changing: While many IROs have good proximity to the key decision makers, this has shifted from the last survey: 32% report to the CEO (down from 49% in 2012), while 27% report to the CFO (down from 36% in 2012). This may be a consequence of the higher concentration of participants from large cap issuers that tend to have more layers to management.
Career potential and seniority: One in five (18%) issuers see the senior IRO role as a rotational one, used to groom future executives, up from 15% in 2012 and 19% in 2010. Again, this could be a function of more large cap participants. In all, 30% of respondents are Vice Presidents, Senior Vice Presidents or Executive Vice Presidents, up from 24% in 2012.
Highly educated, experienced IROs: The majority of IROs (99%) have post-secondary education, 70% of which studied business/finance. Almost half (49%) of respondents have a designation with the CFA (16%), CPIR (11%) and CPA, CA (8%) being the most common. The IR profession is retaining seasoned practitioners with three of five IROs having six or more years of IR experience.
Executive summary
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Greater financial resources: The average budget is $967,000 (excluding allocated overhead, but including compensation), up 5% from 2012 and 7% from 2010.
Smaller teams, more outsourcing: Some departments that typically had five members now have four with the overall average department size being 2.0 people, down from 2.2 in 2012. Despite this, compensation represents a bigger proportion of the department budget representing 39%, up from 36% in 2012 and 37% in 2010. There has been a significant increase in outsourcing across a number of services as IROs try to deliver their IR programs with fewer internal resources.
Gender gap closing…marginally: While the compensation gap between men and women has closed, a considerable disparity remains. On average, male IROs received total cash compensation of $226,000 while females earned $174,000 in 2013. This $52,000 pay gap, representing 23%, is a drop of $6,000 (4%) from 2011. The number of IROs with finance experience continues to grow and the gap between male (54%, up from 40% in 2012) and female (44%, up from 14% in 2012) IROs is closing. More male IROs tend to have the CFA designation, consistent with past surveys, yet more females have an accounting designation - a trend that has reversed from past surveys.
Providing strategic insights
Delivering strategic value: Recognizing that IR is viewed as a strategic role, 64% of respondents are now responsible for making presentations to their Board, up from 57% in 2012 and 50% in 2010. In addition, 82% of respondents have counseled management within the last 12 months, up from 79% in 2012.
Providing capital market insight: In order to deliver strategic value to management and the Board, more IROs are monitoring share ownership (88%, up from 83% in 2012) and analyzing stock and competitor information (85%, up from 82% in 2012).
Facilitating Board-shareholder engagement: As the key contact for institutional shareholders, IROs are the ‘go to’ person when putting forward a proposal, being contacted 70% of the time.
Measuring effectiveness through evaluations: This year, IR effectiveness is being measured by formal evaluations by the CEO/CFO (41%, up from 24% in 2012) and the Board (12%, up from 6% in 2012) rather than the quality of analyst coverage. This is not surprising given that more IROs are counseling executives on IR matters and making presentations to the Board.
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TOTAL CASH COMPENSATION
Average ($000s) 199.0
Median ($000s) 162.5
75th percenti le ($000s) 260.0
90th percenti le ($000s) 415.0
TOTAL CASH COMPENSATION, EXCL. STOCK OPTION BENEFITS
Average ($000s) 180.0
Median ($000s) 156.8
75th percenti le ($000s) 235.6
90th percenti le ($000s) 332.0
BASE SALARY
Average ($000s) 128.8
Median ($000s) 121.9
75th percenti le ($000s) 160.0
90th percenti le ($000s) 200.0
% receiving 100%
Average % of tota l compensation among those receiving 73%
BONUS
Average ($000s) 42.2
Median ($000s) 32.5
75th percenti le ($000s) 48.8
90th percenti le ($000s) 86.5
% receiving 85%
Average % of tota l compensation among those receiving 17%
EXERCISED STOCK OPTION BENEFITS
Average ($000s) 43.7
Median ($000s) 21.8
75th percenti le ($000s) 57.5
90th percenti le ($000s) 119.7
% receiving 43%
Average % of tota l compensation among those receiving 16%
OTHER LONG-TERM BENEFITS
Average ($000s) 38.4
Median ($000s) 24.7
75th percenti le ($000s) 41.6
90th percenti le ($000s) 66.7
% receiving 24%
Average % of tota l compensation among those receiving 13%
PROFIT SHARING
Average ($000s) 39.1
Median ($000s) 15.4
75th percenti le ($000s) 41.5
90th percenti le ($000s) 110.7
% receiving 8%
Average % of tota l compensation among those receiving 14%
OTHER CASH BENEFITS
Average ($000s) 19.2
Median ($000s) 11.5
75th percenti le ($000s) 15.0
90th percenti le ($000s) 46.0
% receiving 16%
Average % of tota l compensation among those receiving 7%
TOTAL CASH COMPENSATION AND KEY COMPONENTS, 2013In 2013, total cash compensation for all IROs averaged $188,500. Over one-third earned at least $225,000 (up from 24% in 2011), including 19% who earned more than $300,000 (up from 15% in 2011). On the low end, 21% were paid less than $100,000 (down from 29% in 2011). For all full-time IROs, total cash compensation averaged $199,000.
Virtually all IROs received base salaries, averaging 73% of total cash compensation (in line with 2011). The median was $121,900, above the median of $107,500 in 2011, reflecting higher participation of senior, experienced IROs.
In 2013, 85% of IROs earned a bonus (in line with 2011). The median award was $32,500 (up from $20,750) and represented 17% (in line with 2011) of total compensation (among those receiving bonuses). Again, this may reflect the more senior respondent base.
Consistent with 2011, 43% of respondents exercised stock options, collecting an average of $43,700 (down from $57,300 in 2011).
One-quarter of respondents received cash from other long-term benefits, up from 20% in 2011. The average value was $38,400, in line with 2011.
Only 8% of IROs were enrolled in profit sharing with an average value of $39,100, up from $19,500 in 2011.
Compensation: multi-faceted and complex
Compensation on the rise: IROs reported their total cash compensation for the previous year (2013), including base salary, bonus, benefits from exercised options, cash proceeds from other long-term incentives, profit sharing and other cash benefits.
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TOTAL CASH COMPENSATION – SELECTED FACTORS, 2013
MAJOR JOB TITLEAnalyst/
Coordinator ManagerAVP/
Director Vice President SVP/EVPN= 15 37 43 39 9
Average ($000s) 104.9 127.4 196.2 294.7 388.3Median ($000s) 93.4 110.0 165.0 275.0 415.0
75th percenti le ($000s) 112.5 160.0 232.5 415.0 -
IR EXPERIENCEUnder 3
years 3 to 5 years Over 5 yearsN= 23 38 100
Average ($000s) 160.7 180.0 215.1Median ($000s) 112.5 137.5 182.5
75th percenti le ($000s) 200.2 208.4 267.5
HIGHEST EDUCATION Bachelor’s Master/PhDN= 87 55
Average ($000s) 183.9 231.2Median ($000s) 137.5 187.5
75th percenti le ($000s) 237.5 293.7
MARKET CAPUnder $100
million $100-$999 million $1-$4.9 billion $5 billion+N= 22 40 45 54
Average ($000s) 137.6 164.1 220.7 231.9Median ($000s) 110.0 133.7 185 186.2
75th percenti le ($000s) 162.5 218.6 285.0 356.3
IR BUDGETUnder $1
million $1 million+N= 66 36
Average ($000s) 204.6 290.8Median ($000s) 168.0 237.5
75th percenti le ($000s) 263.8 415.0
MAJOR SECTOR Oil & Gas Mining & Minerals Tech/Life Sciences Financial OtherN= 27 55 12 12 55
Average ($000s) 199.3 197.2 147.3 194.2 213.1Median ($000s) 165.0 155.0 107.5 178.2 165.0
75th percenti le ($000s) 250.2 248.5 149.4 242.8 289.3
MAJOR SECTOR BC Prairies Ontario Eastern CanadaN= 27 48 60 23.0
Average ($000s) 181.5 193.3 198.4 228.0Median ($000s) 122.0 162.5 162.5 185.0
75th percenti le ($000s) 228.5 232.0 261.3 325.0
IR: a satisfying career
High professional satisfaction: Almost three-quarters (71%) rated their satisfaction as a ‘5’ or ‘4’ on a 5-point scale. Those with higher total cash compensation are more satisfied with 60% of IROs earning more than $225,000 being very satisfied. Very satisfied IROs also tend to be involved in more strategic and analytical IR activities such as developing the IR strategy, managing the budget, interacting with analysts and investors and counseling executives.
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Background
2001 2005 2007 2010 2012 2014
Corporate Members132 = 28% response
180 = 37% response
232 = 40% response
138 = 35% response
205 = 51% response
166 = 55% response
Non-Members N/A 56 72 12 31 23Total 132 236 304 150 236 189
CORPORATE IRO RESPONSE RATES
In 2014, the Canadian Investor Relations Institute (CIRI) sponsored the eighth edition of the Investor Relations Compensation and Responsibilities Survey. The research objectives from this survey were to:
• Provide members, non-members and industry professionals with budget informationfor benchmark analysis; and
• Track key trends in the roles, responsibilities, resourcing and compensation of IRprofessionals in Canada.
NovaShare would like to thank all the IR professionals that have contributed valuable and insightful information for this year’s survey. We would also like to extend our gratitude towards Yvette Lokker and Jane Maciel of CIRI for providing our researchers with guidance and support throughout the development, delivery and execution of this survey.
Methodology
A self-administered online survey was delivered to members and non-members from November 24, 2014 and closed January 9, 2015. To track and analyze trends, NovaShare extracted key findings from previous questionnaires (2012, 2010, 2008).
Email reminders and follow-up calls were conducted by NovaShare client care managers to non-respondents flagged by the survey administrative system. All information provided by respondents was kept in strict confidence and analyzed in aggregate only; no response was linked to any individual or organization.
Representative sample
CIRI provided contact information for all member and non-member IROs. As an incentive, CIRI offered all member respondents a complimentary copy of the full report and all non-member respondents a copy of the full report at a discounted price. By the deadline, 166 corporate members and 23 non-members participated.
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This representative sample is a cross-section of IROs from different sectors, market caps, parts of the country, years of IR experience and educational background.
Across Canada, the geographical distribution of respondents mirrors the overall CIRI corporate membership – almost evenly split by the Manitoba-Ontario border (see table). Additional respondent demographics appear in the Profile of Corporate Practitioners section of this report.
Analytical framework
Time frame: For this survey, questions on market capitalization, corporate revenue, cash compensation, benefits and IR services hired by corporate clients related to the previous year (2013), while questions on corporate IR budgets referred to the current year (2014).
Currency: All dollar amounts are in Canadian currency.
Percentages: Rounding of percentages can cause totals not to equal 100% exactly. Tables summarizing multiple questions will not add to 100%, nor will questions that allowed each respondent to give more than one answer (“multiple mentions”). To facilitate comparisons, most tables and graphs show data as percentages based on those who responded.
Sample size and significance: Not all questions were answered by all respondents. To facilitate comparisons, responses to most questions have been expressed as a percentage of total responding (noted as N=). Margin of error varies with sample size: findings based on fewer than 30 respondents are directional only. Cross-tabulation and analysis by sub-groups was constrained by sample size, as were certain historical comparisons. Wherever the base is sufficient, the statistical significance of differences has been tested (proportion of means) at the 5% risk level.
Validation: As in previous surveys, outlier analysis was performed on the compensation and budget numerical data. This non-parametric detection methodology relies on the analysis of quartile ranges and the sample median to detect improbable or overly influential values. Few outliers were actually observed. The final data set closely matched the raw data.
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SEPARATE IR DEPARTMENT
Survey Year Under $1.0 B $1.0 B+
N= 73 116
% %
Separate IR Department 64 79
Part of another department 36 21
How to read the tables: The sample table below summarizes responses to the question: Is your company’s IR function in a separate Investor Relations department or part of another department? In this case, the findings have been organized into two columns labeled in bold. Numbers in the row labeled N= refer to sample size; for example, the 116 in column b indicates that the sample included 116 IROs at companies with market caps of $1 billion or more. Reading down the column reveals that 79% of these large cap respondents said their companies had separate IR departments (the other 21% said the IR function was part of another department).
Descriptive column headings(Market cap groupings)
Sample size
Heat maps: The heat maps on pages 45, 46, 47, 59 and 71 are colour gradient representations of percentage values to visually highlight similarities and differences in activities. Across the spectrum, the highest values are associated with green, while the lowest are red/orange.
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CORPORATE ENVIRONMENT
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Market capitalizationIROs were asked: What was your company’s market capitalization [number of common shares outstanding times share price in Canadian dollars] as at December 31, 2013?
In 2013, 62% of respondents worked for companies that had a market cap of over $1 billion, up 11% from 2011. The graph illustrates the changes since 2001.
The proportion of IROs at mega-caps (market cap greater than $10 billion) continues to rise (20%, up from 18% in 2011 and 15% in 2009).
In contrast, 14% of respondents work for micro caps (market cap below $100 million), declining from previous years (down from 19% in 2011 and 16% in 2009).
Market capitalization at December 31
At December 31 2006 2009 2011 2013
304 150 231 189
% % % %
$10 bi l l ion or over 11 15 18 20
$5-$9.9 bi l l ion 8 13 10 14
$1-$4.9 bi l l ion 25 27 23 28
$500-$999 mi l l ion 8 10 9 7
$100-$499 mi l l ion 25 19 21 17
$25-$99 mi l l ion 13 12 14 10
Under $25 mi l l ion 9 4 5 4
MARKET CAPITALIZATION
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Company revenue
In the most recent fiscal year, 34% of respondents reported revenue greater than $2 billion, up 7% from 2011. In contrast, only 14% of respondents reported revenue less than $10 million, down 5% from 2011.
Revenue at December 31
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SectorIn the mining & minerals sector, the percentage of respondents dropped 6% from 2012. This may be a consequence of the consolidation in the sector as well as the market challenges facing this industry. Despite this, resources continue to dominate, representing 51% of the respondents while the other category is up to 15%, an 8% increase from the last survey.
SECTOR
Survey year 2005 2007 2010 2012 2014
N= 236 304 150 235 189
% % % % %
Mining & Minera ls 20 23 30 38 32
Oi l & Gas 14 20 13 20 18 Resources = 51%
Forest Products & Paper 1 1 2 1 1
Financia l Services 10 6 11 9 8 Financia l = 9%
Technology 14 12 9 4 5
Li fe Sciences 14 12 3 2 3
Communications & Media 5 4 4 3 5
Divers i fied Industries 5 4 5 4 1
Uti l i ties & Pipel ines 4 3 5 5 6 Other = 34%
Consumer Products & Services 4 5 4 4 4
Real Estate 3 2 1 3 3
Other 7 8 12 7 15
Technology/Li fe Sciences = 8%
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Listing venue
The majority of issuers are solely listed (51%), while 42% are dually listed and 5% trade on three or more exchanges. NYSE listed issuers are up 7% from 24% in 2012. Respondents working for issuers listed on the TSX Venture and other exchanges are down 6% and 4% respectively from 2012.
EXCHANGE LISTINGS BY REGION
Survey year 1999 2001 2005 2007 2010 2012 2014
N= 151 132 236 304 150 231 189
% % % % % % %
Canadian 98 92 92 96 97 98 98
U.S. 36 40 34 34 35 33 40
Non-North American 6 6 9 14 18 17 7
Consistent with past years, almost all respondents (98%) work for issuers that are Canadian-listed. While the overall percentage is consistent with 2012, the split is varied with 86% of respondents listed on the TSX and 12% of respondents listed on the TSX Venture in 2012.
U.S. listed issuers increased 7% from 2012 to 40% while non-North American listed issuers decreased 10% from 2012 to 7%.
Listing by exchange, 2014Multiple responses possible. Can add up to more than 100%
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IR reporting relationshipOn average, the vast majority of the IR function reports directly to the CEO/President or the CFO/Treasurer, at 32% and 27% respectively. From 2012, the percentage reporting directly to the CEO/President and the CFO/Treasurer dropped by 17% and 9% respectively.
The IR function in small cap companies (market cap under $100 million) generally report directly to the CEO/President at 85% while the IR function in large cap companies (market cap greater than $5 billion) generally report to the EVP/SVP/VP at 51%.
Whom IR function reports toBy market cap grouping, 2014
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Presence of a separate IR department
Where respondents reported working for issuers with combined IR departments, 33% of the function was part of finance/treasury (down 3% from 2012), while 31% was part of marketing/communications/PR (up 1% from 2012).
Departments where IR is locatedBase: Companies without IR
department, 2014N = 51
Presence of separate IR departmentBy market cap grouping, 2014
The IR function continues to act as an independent corporate function steadily keeping pace since 1997. In 2014, 74% of IR professionals worked for issuers with a separate IR department.
There has been a small shift towards combining the IR function with other departments across the board. Separate IR departments decreased by 7% at companies with market caps of under $1 million; 1% for companies with market caps between $100-$999 million; 4% for companies with market caps between $1-$4.9 billion; and 3% for companies with market caps over $5 billion.
SEPARATE IR DEPARTMENT
Survey Year 1997 1999 2005 2007 2010 2012 2014
N= 140 151 236 304 150 221 189
% % % % % % %
Separate IR department 21 34 60 64 72 75 74
Part of another department 79 66 40 36 28 25 26
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IR staffingOverall, IR departments generally have one or two full-time staff employed. There has been a shift to smaller IR teams as 11% of respondents reported a staff count of four full-time staff (up 7% from 2012) while 2% of respondents reported a staff count of five or more (down 8% from 2012). Only 6% reported no staff count (down 3% from 2012).
Of issuers with a market cap over $5 billion, 65% reported having three or more full-time staff,down 6% from 2012. In 2014, 7% of these issuers had five or more full-time employees down significantly from 33% in 2012 (averaging 3.8%), in line with 2012 and 2010.
Full-time IR professionalsN = 188
Full-time IR professionalsBy market cap grouping, 2014
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IR roles as career positionsThe senior IR role is viewed by a large majority of respondents as a career position (82%, down 3% from 85% in 2012 and 81% in 2010). At companies with a market cap greater than $5 billion, 26% viewed the senior IR position as a rotational assignment, up from 20% in 2012.
All IROs working for issuers with a market cap of less than $1 billion viewed the other IR positions at their company as full-time positions. In contrast, over half of the IROs working for issuers with a market cap of over $5 billion viewed the other IR positions as rotational assignments, up 10% from 2012.
Senior IR roleCompanies employing 2+ full-time IROs, 2014
Other IR rolesCompanies employing 2+ full-time IROs, 2014
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IR responsibilitiesRespondents rated the level of responsibility that the IR function assumed for various activities (on a 5-point scale where 1=little or no responsibility and 5=primary responsibility). The graph on the next page shows the percentage of IROs rating each activity either a ‘4’ or ‘5’, comparing 2010, 2012 and 2014.
As with previous surveys, managing communications with investors remains a core IR function at most companies. The IR function also assumes responsibility for IR websites, event planning (site visits and roadshows), investor presentations, shareholder identification, news releases and quarterly conference calls.
Reflective of the recognition that IR is viewed as an increasingly senior role, the number of IROs with responsibility for presentations to the Board increased 7% from 2012. IROs also have more responsibility for quarterly reports than in the last survey, up 8%.
There were a number of responsibilities that decreased since 2012 including monitoring social media (down 17%); monitoring external databases (down 12%); retail IR (down 11%); media relations (down 11%); and shareholder administration (down 10%).
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Level of responsibility assumed by IR functionPercent rating ‘4‘ or ‘5‘ on 5-point scale (“primary responsibility“)
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Use of outside service providersRespondents were asked to indicate those activities for which their companies had retained third-party IR service providers (consultants, vendors) in the previous calendar year.
More IROs (85%) engaged outside service providers, up from 39% in 2012.
Issuers that outsourced services most commonly did so for, shareholder identification (up 29%), proxy solicitation (up 19%), IR website (up 23%), annual reports (up 19%), shareholder administration (up 7%), quarterly conference calls (up 16%) and media relations (up 12%).
Outside services hired in previous calendar year
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New to the survey this year, we asked respondents whether they made the decision, influenced the decision or collected information to inform the decision on vendor selection.
For the responsibilities listed, IROs are more often making or influencing the decision on vendor selection than they are gathering the information to make the supplier selection.
Most often, IROs are selecting the vendor for event planning (81%); research (78%); shareholder identification (76%); presentations to the buy-side/sell-side (73%); IR website (71%); quarterly conference calls (70%); annual reports (68%); and news releases (67%).
IROs are influencing the supplier decisions for compliance with securities regulations (63%); shareholder administration (56%); proxy solicitation (53%); presentation/reports to the Board (53%); financial analysis (53%); and governance/disclosure policy (52%).
Outside services (level of responsibility)
Responsibility for engaging outside service providers
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Overall IR budget trendsIROs were asked: Approximately, what is your company’s total annual IR budget for 2014? (Please exclude allocated overhead, but include staff compensation.)
In 2014, the average IR budget increased 5% from $920 thousand to $967 thousand. Issuers with market caps of less then $999 million saw average budgets increase whereas issuers with market caps over $1 billion saw average budgets decrease from 2012 as seen in the corresponding IR budgets by market cap graph.
Financial services, mining & minerals, oil & gas and technology/life sciences all saw significant increases.
Comparing 2014 to 2013, 32% of respondents indicated an increase in spending, down10% from 2012, whereas 43% indicated no change. Conversely, 25% reported a decrease in their budget, up 7% from 2012.
Average annual IR budgets($000, nominal dollars)
IR budget change from prior year
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IR budgets by market capitalizationIR budgets for small cap issuers (market cap less than $100 million) have increased to an average of $510 thousand, up 52% from $335 thousand reported in 2012. The opposite trend is apparent with large issuers (market cap over $1 billion), where there was a budget decrease in 2014 to an average of $1.21 million, down 18% from $1.47 million in 2012.
As a general principle, IR budgets increase with market capitalization; however, direct comparisons are complicated since IR budget items also vary by market cap.
IR budgets by market cap(nominal dollars)
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IR budgets by sectorAverage IR budgets can vary by sector. Despite respondents indicating that budgets have decreased (25%) or budgets remain unchanged (43%) from 2013 to 2014, there has been a considerable increase in the median budgets relative to 2012. Note that some bases are extremely limited and results should be interpreted with care.
Moreover, market capitalization and number of listings can cause sizable variation within sectors. The stacked bar graph below shows the wide range of IR budgets among mining and minerals companies.
Median IR budgets by market cap for selected sectors, 2014($’000s)
Distribution of IR budgets for resource sector, 2014N=44
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IR budget allocationsThe percentage of IR budget allocation remained relatively steady from the previous survey. Staff compensation increased by 3% from 2012, despite the average team size decreasing, while external consulting on IR strategy and road shows, site visits decreased by 3% and 2% respectively.
New categories have been added this year relative to previous surveys; therefore comparison could not be done in all areas.
* In 2014, market intelligence was segmented into Shareholder identification and Perception audits.
The graph on the following page shows the percentage of issuers (by market cap) that have no allocation in the IR budget for specific activities – typically, either because another department owns the corporate budget for that activity or the issuer does not engage in that activity.
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Percent of issuers with no dollars allocated in their 2014 IR budget (for selected line items)
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For 2015, 55% of budgets will remain the same, 26% will decrease and 19% will increase.
IR budgets expected for 2015
2015 budget expectations
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IR budgets: inter-listed vs. solely listedInter-listed issuers generally have a higher expenditure on IR due to higher listing and compliance fees. Inter-listed issuers reported a 76% spend of $1 million or greater while 26% of TSX-listed only issuers had the same level of spending.
Distribution of IR budgets: solely listed vs. U.S. inter-listed 2014Limited base: TSX-listed issuers with market cap $1 billion +
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Use of social mediaAlmost two-thirds (61%) of respondents use at least one social media channel, up 14% from 2012.
The adoption of social media is expected to increase as more IROs intend on adopting LinkedIn (9%), Twitter (10%) and YouTube (8%) over the next 12 months.
Number of social media channels used for IR communications
Social media used for IR, 2010 vs. 2012 vs. 2014
Social media used (or planning to use) for IR, 2014N = 165
LinkedIn has seen the greatest traction of users, increasing 15% since 2012, which is reflective of the growing professional audience using the social media platform. Twitter has also seen a rise in use, up 10% from 2012.
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Use of shareholder communications toolsOver half (59%) of IROs used third-party administrative software to manage their shareholder communications activities. As this was a new question added to the survey, there are no past results to compare.
Shareholder communication tools used for IR, 2014N = 164
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Measuring IR effectivenessIROs were asked: What formal measures, if any, does your company use to measure effectiveness of its IR function?
This year, we added new measures, including stock performance vs. peers, stock performance vs. indices, number of analysts, quality of analyst reports and capital raised.
Almost three quarters (74%) of respondents use at least one formal measure, on average. Those using formal measures use four. This year, stock performance vs. peers, frequency of meetings with investment community, formal evaluation by CEO/CFO and the number of analysts are the most frequently indicated measures.
There has been a shift in the top measures used by IROs with the quality of analyst coverage being overtaken by formal evaluations by the CEO/CFO. Increasingly, frequency of meetings with the investment community (up 9%), formal evaluation of CEO/CFO (up 17%) and shareholder mix vs. target (up 6%) are being used. In contrast, stock price and financial media coverage as a measure of IR effectiveness has decreased 6% and 8% respectively.
Formal measures of IR effectiveness, 2014N = 179
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Shareholder engagementThis year, IROs were asked questions about their company’s shareholder engagement practices as it relates to both IRO responsibilities and Board engagement.
IROs were asked: Who in particular would a shareholder typically contact when presenting a proposal for a shareholder meeting?
As the key contact for institutional shareholders, IROs are the ‘go to’ person when putting forward a proposal, being contacted 70% of the time.
Shareholder point of contact for proposalsN = 164
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Prior corporate transaction experience To better understand the scope of the IRO’s role in corporate transactions and special situations, we asked about their experience with various special events.
Over 73% of respondents have had experience with one or more of the special situations listed. Over a third of IROs have been involved with a share repurchase (41%), friendly merger (38%) and/or plan of arrangement (35%). One-quarter of respondents have experience with proxy contests while one-fifth have experience with hostile takeovers. This level of experience could be reflective of the volume of these types of events in Canada.
IRO experience with special eventsN = 164
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Proactive Board engagement is defined as: outreach to institutional investors before proposals or requests for meetings have been put forward by the institutional investor to the company.
Over one-quarter of respondents’ Boards proactively engage with institutional investors while another quarter do so reactively. For those Boards who do not engage, this can be attributed to many factors including the lack of special situations or contentious events and the lack of demand by shareholders for Board engagement.
Board engagement with shareholdersN = 164
IR proactive follow-up with key investors immediately following these eventsN = 164
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Time dedicated to IREighty-five percent of IROs spend at least half their time on IR activities, in line with 2012.
Forty-three percent of IROs are fully dedicated to IR activities, up 6% from 2012. IROs dedicating 75% or more of their time to IR activities remains unchanged.
The minority of IROs who spend less than 75% of their time on IR tend to have dual mandates involving marketing/communications (37%) or corporate development (23%). Those having a dual mandate involving finance/accounting has decreased 8% from 2012.
Percent of IROs spending 50% or more time on IRN = 162
Approximate percent of time spent on IR
Other major activity, 2014IROs who spend less than 75% of their time on IR
N = 52
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Large companies continue to be the most likely to employ fully dedicated IR professionals. Over half (56%) of companies with a market cap of $5 billion or more focus exclusively on IR, down from 63% in 2012. Conversely, IROs working for smaller issuers are more likely to balance IR with other responsibilities.
Approximate percent of time spent on IR
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Job titlesIRO roles tend to be full-time permanent positions. AVP/Director, VP and Manager are the three most common job titles at 27%, 24% and 23% respectively.
Almost one-third (30%) of respondents have senior titles: principally Vice Presidents, although a few are Senior Vice Presidents or Executive Vice Presidents, up from 24% in 2012.
MAIN JOB TITLESSurvey Year 1997 1999 2001 2005 2007 2010 2012 2014
N= 140 151 132 236 304 142 235 162
% % % % % % % %
Corporate Secretary 3 3 4 1 2 1 1 1
IR Officer - - - - - 5 3 3
EVP/SVP 5 3 6
VP 27 21 24
Manager 30 28 33 27 29 20 26 23
AVP/Director 26 22 22 29 22 16 26 27
Analyst <1 <1 5 7 6 6 5 8
Coordinator 4 8 7 6 2 6 10 2
Other 7 5 5 11 9 3 2 6
15 21 13 14 18
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Direct reports by job titleForty-five percent of the corporate IR professionals surveyed have no direct reports (down 5% from 51% in 2012 and in line with 2010).
Job title VPAVP
Director Manager
N= 39 44 37
No direct reports 23% 41% 49%Average number of di rect reports
among those who have direct reports 2.3 2.3 1.2
DIRECT REPORTS BY JOB TITLE, 2014
Although corporate IR professionals with Vice President titles are more likely to have direct reports, almost one-quarter have no direct reports. IR tends to be a hands-on profession.
Number of direct reports, 2014N = 162
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IR activities performed in past 12 months Most IROs indicated a wide range of activities personally performed in the past 12 months.
Almost everyone writes or edits investor communications, up 5% from 2012. The vast majority monitor share ownership, a significant increase from 2012 up 5%. Other notable changes from the previous survey: act as a key contact for analysts or investors (up 6%), analyze stock information (up 3%), counsel executives on IR matters (up 3%) and preparation of reports for the Board (up 8%).
IR activities performed in the past 12 months, 2014
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IR activities performed in the past 12 months by major job title, 2014
Senior executives (EVP, SVP and VP) are much more likely than other IROs to manage the IR budget, deliver IR presentations, act as key media spokespeople and have Board involvement, as indicated on the heat map below.
Less senior roles, such as Analyst/Coordinator, focus on facilitation and support. For example, most say they prepare reports for the Board, write/edit or format IR communications, develop IR presentations, monitor share ownership and analyze stock information but few manage the IR budget, participate on the Disclosure Committee, act as a media spokesperson or present to the Board.
In the heat map above, green indicates a higher percentage while red/orange indicates a lower percentage.
Vice President AVP/Director ManagerAnalyst/
CoordinatorN= 39 44 37 17
% % % %Wrote/edited IR communications 97 100 95 94
Developed IR presentations 100 95 92 94Monitored share ownership 92 93 84 94
Analyzed stock and competitor information 85 91 81 94Managed the content on the IR website 82 82 92 88
Prepared reports for the Board 79 86 84 100Acted as key IR contact for analysts/investors 95 91 68 59
Counseled executives on IR matters 92 89 73 65Developed the company’s IR strategy 92 89 70 53
Coordinated logistics for IR events 69 77 89 82Coordinated production of IR comunications 74 82 73 71
Formatted IR communications 67 73 76 88Managed the IR budget 92 80 68 24
Researched IR trends 69 80 76 76Coordinated conference calls 62 75 81 65
Coordinated distribution of IR communications 67 75 73 65Delivered IR presentations 85 70 51 24
Updated IR databases 59 66 70 59Coordinated webcasts 44 75 68 65
Participated on the company's Disclosure Committee 77 73 41 12Acted as key IR media spokesperson 64 55 35 12
Monitored social media sites 54 43 38 59Acted as a back-up contact for analysts/investors 21 34 62 76
Presented to the Board 77 32 22 6Used social media sites for IR 26 25 27 29
Wrote/edited the company's CSR report 31 32 14 35Acted as a back-up IR media spokesperson 15 23 24 35
Developed/updated the company's financial model 31 25 22 24Retained/worked with proxy solicitors 31 30 14 18
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In the heat map above, green indicates a higher percentage while red/orange indicates a lower percentage.
IR activities performed in the past 12 months by background, 2014
While all IROs tend to write/edit IR communications, develop IR presentations and prepare reports for the Board, IROs with finance backgrounds are more likely to monitor share ownership, analyze stock and competitor information, act as the key contact for analysts/investors and counsel executives on IR matters. In contrast, IROs with communications backgrounds are more likely to develop the company’s IR strategy, research IR trends, manage the IR budget, manage the content on the website and format and coordinate the production of IR communications.
Finance CommunicationN= 111 14
% %Wrote/edited IR communications 96 93
Developed IR presentations 97 93Monitored share ownership 89 79
Analyzed stock and competitor information 88 79Managed the content on the IR website 83 93
Prepared reports for the Board 85 86Acted as key IR contact for analysts/investors 88 64
Counseled executives on IR matters 85 71Developed the company’s IR strategy 83 86
Coordinated logistics for IR events 76 71Coordinated production of IR comunications 74 79
Formatted IR communications 69 79Managed the IR budget 75 79
Researched IR trends 69 79Coordinated conference calls 69 57
Coordinated distribution of IR communications 64 71Delivered IR presentations 68 50
Updated IR databases 64 57Coordinated webcasts 59 64
Participated on the company's Disclosure Committee 59 36Acted as key IR media spokesperson 47 64
Monitored social media sites 43 71Acted as a back-up contact for analysts/investors 38 36
Presented to the Board 41 21Used social media sites for IR 22 57
Wrote/edited the company's CSR report 21 50Acted as a back-up IR media spokesperson 23 21
Developed/updated the company's financial model 31 21Retained/worked with proxy solicitors 20 21
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Under$100K $100-$149K $150-$224K $225K+
N= 34 37 33 57% % % %
Wrote/edited IR communications 94 95 100 98Developed IR presentations 91 95 94 100Monitored share ownership 82 92 97 84
Analyzed stock and competitor information 79 89 88 84Managed the content on the IR website 94 92 88 74
Prepared reports for the Board 79 78 85 91Acted as key IR contact for analysts/investors 68 81 85 95
Counseled executives on IR matters 59 78 100 89Developed the company’s IR strategy 68 70 91 93
Coordinated logistics for IR events 94 86 82 58Coordinated production of IR comunications 76 89 70 68
Formatted IR communications 79 84 64 67Managed the IR budget 47 73 76 88
Researched IR trends 71 84 70 65Coordinated conference calls 88 73 67 60
Coordinated distribution of IR communications 76 84 64 58Delivered IR presentations 47 51 70 88
Updated IR databases 71 76 73 47Coordinated webcasts 76 65 61 53
Participated on the company's Disclosure Committee 21 38 73 84Acted as key IR media spokesperson 32 32 52 65
Monitored social media sites 50 62 39 35Acted as a back-up contact for analysts/investors 59 51 52 19
Presented to the Board 15 11 33 77Used social media sites for IR 35 41 21 14
Wrote/edited the company's CSR report 12 24 30 30Acted as a back-up IR media spokesperson 29 43 18 12
Developed/updated the company's financial model 12 41 12 30Retained/worked with proxy solicitors 15 19 27 28
When analyzed from the perspective of total cash compensation, similar patterns appear. Across all compensation levels almost every IR professional writes or edits investor communications and develops IR presentations.
IROs earning less than $100,000 tend to perform more administrative duties such as coordinating event logistics, coordinating conference calls and managing the content on the IR website.
IROs earning above $150,000 tend to serve as primary contacts for media, investors or analysts, develop IR strategy and counsel executives on IR matters. The top earners ($225,000 and above) are the most likely to manage the IR budget, prepare reports and present to the Board.
IR activities performed in past 12 months by total cash compensation, 2014
In the heat map above, green indicates a higher percentage while red/orange indicates a lower percentage.
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Total cash compensationIROs were asked to report their total cash compensation for the previous year (2013). In this context, total cash compensation includes salary, bonus, profit sharing, benefits from exercised options and other long-term incentives for full-time employees.
Among IROs who spent 50% or more of their time on IR, total cash compensation averaged $188,500, up 4% from 2011.
In 2013, total cash compensation for all full-time IROs averaged $199,000 (median $162,500). The average was up from the 2011 total by $16,400 while the median saw an increase of $28,400.
Over one-third (35%) earned $225,000 or more in total cash compensation, including 19% who received at least $300,000. At the lower end, 21% were paid less than $100,000, down 8% from 2011.
* Spend 50% or more time on IR
** Primary responsibility is IR
Total cash compensation - average earned by IROs($000s)
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Consistent with 2011, 85% of IROs also received a cash bonus. Cash bonuses are discretionary payments over and above the base salary and are typically tied to meeting pre-defined performance targets.
Overall, the total percentage of non-salary cash compensation has not seen a significant change from the 2011 totals reported.
Key components of non-salary cash compensationMedian value among those receiving by sector
($000s)
Key components of non-salary cash compensationPercent of IROs receiving
The median value of other long-term compensation and stock options increased by $10,000 and $8,000 respectively. Profit sharing also saw a slight increase of $4,000 from the 2011 report.
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Total cash compensation by market capitalization of employerAt small cap companies (market cap under $100 million), 42% of IROs earned less than $100,000, compared to 13% at the large cap companies (market cap $5+ billion). Only 5% at the smallest companies reported cash compensation of $300,000+, as compared to 30% at the largest.
Market cap Under $100 million $100-$999 million $1-$4.9 billion $5 billion or over
N= 22 40 45 54
Average ($000s) 111.0 114.0 141.1 136.9
Median ($000s) 95.5 108.0 129.5 124.1
75th percenti le ($000s) 137.6 144.6 174.6 158.0
% tota l cash compensation 85% 77% 71% 67%
BASE SALARY, 2013
At small cap companies, base salaries account for over three-quarters (85%) of an IRO’s total cash compensation, compared to two-thirds (67%) at the large cap companies.
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Almost all (91%) IROs from large cap issuers (market cap $5 billion or over) received bonuses. Those payments, on average, were much more generous than small cap companies, 64% of which received bonuses.
Similarly, large cap IROs were more likely to receive other long-term incentives and payouts were substantially higher.
In 2013, the median value of other long-term compensation increased significantly for small cap issuers (market cap under $100 million), up from $6,500 in 2011.
IROs with companies with a market cap between $100 - $999 million saw a large increase in profit sharing, up from $21,500 in 2011, and other long-term compensation, up from $11,500 in 2011.
IROs with companies with a market cap between $1 and $4.9 billion saw a large increase in bonus and profit sharing, up from $23,000 and $4,500 respectively in 2011.
IROs with a market cap of $5 billion or more saw a slight increase in stock option benefits, up from $27,000 in 2011.
Key components of non-salary cash compensation, 2013Percent of IROs receiving by market cap
Key components of non-salary cash compensation, 2013Median value among those receiving by market cap
$000s
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Total cash compensation by major sectorBases for some sectors are extremely limited. Results are directional only, but suggest that IROs in oil & gas and mining & minerals fared best. That said, cash compensation for those in mining & minerals increased since 2012 (average up 24%) while cash compensation for those in oil & gas decreased since 2012 (average down 26%).
Bonuses continue to be common in all sectors while stock options were most often exercised by those in oil & gas, mining & minerals and technology/life sciences.
Key components of non-salary cash compensation, 2013Percent of IROs receiving by industry
Key components of non-salary cash compensation, 2013Median value among those receiving by industry
$000s
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Total cash compensation by major job titleAs expected, IROs with senior titles tend to earn more while compensation bands continue to be broad. The table below shows the wide spread of compensation in 2013 for the most common job titles.
Larger cap companies (market cap $1.0 billion+) tend to pay substantially more than smaller companies – a differential that is particularly wide at the Vice President level. The graph below compares median total cash compensation by major job title, comparing small cap employers (market cap below $1.0 billion) and larger cap companies (market cap $1.0 billion+). Bases are limited and this information is directional only.
Median total cash compensation, 2013Limited basis
($000s)
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The table below provides more detail on how components of total cash compensation (total level and mix) vary by job title and market capitalization. Please note that the bases are very limited: this information is directional only.
Job ManagerAVP/
DirectorVice
PresidentManager
AVP/Director
VicePresident
N= 15 13 18 22 30 21Base Salary
Average 95.2 108.8 144.7 109.3 142.8 192.4
Median 81.9 120.0 145.5 98.3 136.3 166.0
% receiving 100 100 100 100 100 100
Average % total compensationamong those receiving
87 71 73 80 73 55
BonusAverage 14.0 27.2 60.8 26.8 38.4 76.7
Median 11.0 30.0 42.8 24.5 38.4 74.7
% receiving 80 85 72 86 93 100
Average % total compensationamong those receiving
11 15 21 17 17 21
Exercised stock optionsAverage 7.0 33.8 50.4 7.8 40.9 75.9
Median 7.1 31.4 40.3 5.8 20.0 58.7
% receiving 40 62 50 23 27 76
Average % total compensationamong those receiving
7 20 21 5 15 19
Other long-term cash benefitsAverage - 29.1 23.7 13.4 55.9 38.0
Median - 29.1 23.7 6.2 37.4 41.5
% receiving - 15 6 27 23 52
Average % total compensationamong those receiving
- 10 10 10 16 12
MAIN COMPONENTS: CASH COMPENSTION BY MARKET CAP AND JOB TITLE, 2013
SMALLER CAP <$1.0B LARGER CAP $1.0B+
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Total cash compensation by highest level of formal educationOne-quarter of IROs with a Master’s/Doctorate earned $300,000 or more, in line with 2011, while 16% with a Bachelor’s degree only earned that level, up 9% from 2011.
Postgraduate education is also associated with other attributes that are linked to higher compensation, including age (above 35 years), executive title and large cap employer.
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Total cash compensation by years of IR experienceTotal cash compensation tends to increase with IR experience: 20% of IR professionals with more than five years experience earned $300,000 or more compared to only 16% with three to five years and 17% with less than three years.
There are a number of IROs that make $300,000 or more regardless of whether they come from a finance or communications background. Outside of that, IROs with a finance background tend to make between $100,000 and $174,999 while IROs with a communications background range from less than $74,999 to $$124,999.
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Total cash compensation by genderOn average, male IROs received total cash compensation of $226,000, while females earned $174,000 in 2013. This $52,000 pay gap, representing 23%, is a drop of $6,000 (4%) from 2011.
In 2013, 15% of women IROs earned $75,000 - $100,000 in total cash compensation, compared to 11% of men. Only 10% of women received $300,000 or greater vs. 26% of men.
Average total cash compensation($000s)
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The number of IROs with finance experience continues to grow and the gap between male (54%, up from 40% in 2012) and female (44%, up from 14% in 2012) IROs is closing. Male IROs are more likely to have strategy/business planning or operations experience while female IROs tend to have communications and administrative/clerical experience. More male IROs tend to have the CFA designation, but the gap is closing. While both genders tend to have an accounting designation, the trend has reversed with the number of females having an accounting designation outweighing males.
Male Female
N= 77 106
Company
Inter-l i s ted company 42 44
Over $5 bi l l ion market cap 31 31
Title and direct reports
At least 1 di rect report 41 46
VP ti tle 21 17
Co-ordinator/Analyst ti tle 5 12
Qualifications
Strategy, bus iness planning experience 16 10
Operations experience 10 7
Adminis tration, clerica l experience 4 16
Communications background 26 29
Finance background 54 44
CFA des ignation 16 8
CPA des ignation 11 12
IR (CPIR) des ignation 6 10
SELECTED DIFFERENCES BY GENDER, 2014
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The heat map below reveals differences in the IR activities performed over the past 12 months for males vs. females. Regardless of gender, IROs tend to write/edit IR communication, develop IR presentations, monitor share ownership and prepare reports to the Board. Men are more likely to deliver IR presentations, present to the Board, analyze stock and competitor information, act as a key contact for analysts/investors, counsel executives and develop the IR strategy. Women are more likely to manage communications, use social media and write/develop the CSR report.
Male Female
N= 73 90
% %Wrote/edited IR communications 99 96
Developed IR presentations 99 92
Monitored share ownership 90 88
Analyzed stock and competitor information 90 81
Managed the content on the IR website 79 91
Prepared reports for the Board 84 84
Acted as key IR contact for analysts/investors 90 76
Counseled executives on IR matters 88 77
Developed the company’s IR strategy 93 71
Coordinated logistics for IR events 79 76
Coordinated production of IR comunications 71 81
Formatted IR communications 71 74Managed the IR budget 75 71
Researched IR trends 73 71
Coordinated conference calls 71 71
Coordinated distribution of IR communications 68 71
Delivered IR presentations 82 52
Updated IR databases 67 62
Coordinated webcasts 60 62
Participated on the company's Disclosure Committee 68 49
Acted as key IR media spokesperson 53 42
Monitored social media sites 44 48
Acted as a back-up contact for analysts/investors 32 50
Presented to the Board 47 33
Used social media sites for IR 19 33Wrote/edited the company's CSR report 18 32
Acted as a back-up IR media spokesperson 25 24
Developed/updated the company's financial model 29 22
Retained/worked with proxy solicitors 15 29
IR activities performed in past 12 months by gender, 2014
In the heat map above, green indicates a higher percentage while red/orange indicates a lower percentage.
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Additional benefitsA large number of IROs received additional benefits beyond cash compensation. Professional development, health/life/disability insurance and technical electronic services were the most common albeit all three were lower than 2011. In 2013, professional development dropped by 8% from 2011 to 70% and health and disability insurance dropped by 7% from 2011 to 68%.
Market Cap Under $100 million $100-$999 million $1-$4.9 billion $5 billion or over
N= 22 40 45 54
% % % %
Profess ional development 55 68 82 69
Health/l i fe/disabi l i ty insurance 64 58 73 74
Technica l/electronic services 45 65 69 72
Supplementary health care plan 41 33 69 54
Employee share purchase plan 23 20 56 61
Private pens ion/RSP 9 33 47 57
Club membership 18 18 22 22
Counsel ing service 0 8 13 15
Automobi le 9 3 11 15
Other 0 0 9 11
Company loan 0 0 2 2
None 9 8 0 4
ADDITIONAL BENEFITS BY MARKET CAP, 2013
Large cap employers (market cap $1 billion+) are more generous with additional benefits of all types.
Additional benefits - percent of IROs receiving in most recent compensation year, 2013N = 161
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Job TitleAnalyst/
CoordinatorManager
AVP/Director
VicePresident
N= 15 34 40 37
% % % %
Profess ional development 80 73 74 64
Health/l i fe/disabi l i ty insurance 80 65 74 67
Technica l/electronic services 67 59 65 79
Supplementary health care plan 53 32 49 72
Employee share purchase plan 53 51 51 28
Private pens ion/RSP 53 32 47 46
Club membership 7 14 26 23
Counsel ing service 13 5 14 13
Automobi le 0 3 9 13
Other 0 5 12 5
Company loan 0 0 0 3
None 0 5 2 3
ADDITIONAL BENEFITS BY MAJOR JOB TITLE, 2013
Below are highlighted differences by gender.
Gender Male Female
N= 73 86
% %
Technica l/electronic s ervices 67 51
S upplementary health care plan 55 41
H ealth/life/dis ability ins urance 70 59
SELECTED DIFFERENCES BY GENDER, 2013
Job title is a less reliable predictor of additional benefits than company size, a few differences by title stand out: professional development, technical/electronic services and employee share purchase plan.
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PRACTITIONER PROFILE
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Highest level of formal educationThe majority of IROs are university graduates. Large cap companies are the most likely to employ IR professionals with advanced degrees: 43% at companies with market cap over $5 billion have a Master’s degree vs. 23% at companies with market cap below $100 million.
In 2014, two-thirds of IROs with post-secondary education have studied business, up 3% since 2012. The percentage of IR professionals with arts and sciences backgrounds has fallen steadily since 2010.
Highest level of formal educationby market cap grouping, 2014
Fields of studyRespondents with post-secondary education
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Professional designationsAlmost half (49%) of IROs hold at least one professional designation; 8% are Chartered Accountants (CA, CMA, CGA), 16% are Chartered Financial Analysts, and 11% are Certified Professionals in Investor Relations (CPIR).
Survey Year 2007 2010 2012 2014
% % % %
ABC (Accredited Bus iness Communicator) 1 <1 <1 1
APR (Accredited in Publ ic Relations) 2 2 2 1
CPA, CA (Chartered Accountant) 10 6 5 8
CFA (Chartered Financia l Analyst) 8 11 12 16
CPA, CGA (Certi fied General Accountant) 3 3 1 1
CPA, CMA (Certi fied Management Accountant) 5 7 5 6
FCIS/ACIS (Corporate Secretary) 1 <1 <1 0
Engineer/Geologis t 5 7 5 4
CPIR (Certi fied Profess ional in Investor Relations) - - - 11
Lawyer 2 3 1 -
Other 7 6 8 11
No des ignation 61 63 66 51
PROFESSIONAL DESIGNATIONS
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Similar to the 2012 survey, over one-third (34%) of respondents agreed they would seriously consider certification, including 16% who strongly agreed.
Less experienced IROs with financial backgrounds and undergraduate degrees (rather than graduate degrees) are more inclined to seriously consider certification. Respondents at varying levels of seniority demonstrated interest as did a healthy proportion of more seasoned IRO executives.
“I would seriously consider pursuing this professional IR certification”N = 61
“I would seriously consider pursuing this professional IR certification”
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Age distributionThe percentage of IROs over 50 years is holding steady at 17%. The age range that has the most IROs continues to be the 31-45 age range.
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IR experienceAn increased percentage of IROs have more than six years of experience, up 9% from 2012. This result shows the deepened level of experience within the IR profession.
Survey Year 1999 2001 2005 2007 2010 2012 2014
N= 151 132 236 304 150 219 161
% % % % % % %
Less than 1 year 14 14 6 4 7 2
1-2 years 20 15 21 9 18 12
3-5 years 44 45 32 30 29 22 24
6 or more years 23 20 39 43 57 53 62
IR EXPERIENCE
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The graph below shows a finer breakdown of IR experience for the last four surveys. From 2012, the IR profession has seen a small dip in recruiting newcomers to the profession: 14% of IROs have less than three years of IR experience (down from 25% in 2012).
Years of IR experience
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Prior work experienceCommunications and marketing again lead the categories of prior work experience with accounting and finance steadily following. Over half (60%) of the other (20%) were finance related.
Prior work experience, 2014N = 161
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Job satisfactionRespondents were asked to rate satisfaction with their IR roles (1=not at all satisfied, 5=very satisfied). Almost three quarters (71%) of respondents rated their satisfaction a 4 or a 5.
Satisfaction increases significantly with market capitalization: 40% of IROs at companies with market caps of $1 billion or more are very satisfied vs. 27% of respondents at small cap companies (market cap less than $1 billion). Larger companies tend to provide more resources to IR and the function is most likely to operate as an autonomous function with full-time staffing. Moreover, large cap IROs typically enjoy higher compensation and career options can be greater.
Satisfaction with current IR role
Satisfaction with current IR role by market cap, 2014
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Job titleAnalyst/
Coordinator ManagerAVP/
DirectorVice
President
N= 15 37 43 39
% % % %
Not at a l l satis fed (1) 0 3 2 8
2 7 3 5 3
3 53 30 12 8
4 27 35 53 31
Very satis fied (5) 13 30 28 51
Mean 3.5 3.9 4.0 4.2
JOB SATISFACTION BY TITLE, 2014
IRO satisfaction is also positively linked to job title seniority. Virtually all IR executives (82% VP and above), are satisfied (‘4’ or ‘5’ ratings), including 51% who are very satisfied (‘5’). In contrast, only 65% of managers and 40% of analysts/coordinators are satisfied with their roles.
Satisfaction with current IR role by total cash compensation, 2014
As expected, higher total cash compensation is associated with greater job satisfaction with 60% of IROs earning more than $225,000 being very satisfied, which is more than double the proportion of IROs earning less than $100,000.
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“Verysatis fied”
"Notsatis fied"
Job satisfaction rating '5' '4' Below '4'
N= 57 58 46
% % %
Wrote/edited IR communications 98 97 96
Developed IR presentations 96 93 98
Monitored share ownership 91 91 80
Analyzed s tock and competitor information 89 88 76
Managed the content on the IR webs i te 81 81 96
Prepared reports for the Board 91 83 78
Acted as key IR contact for analysts/investors 91 86 72
Counseled executives on IR matters 89 84 72
Developed the company’s IR s trategy 89 86 67
Coordinated logis tics for IR events 68 78 87
Coordinated production of IR comunications 70 74 83
Formatted IR communications 67 69 85
Managed the IR budget 82 74 61
Researched IR trends 75 69 70
Coordinated conference ca l l s 67 71 74
Coordinated dis tribution of IR communications 60 71 78
Del ivered IR presentations 81 74 41
Updated IR databases 58 66 70
Coordinated webcasts 53 64 72
Participated on the company's Disclosure Committee 67 62 41
Acted as key IR media spokesperson 49 52 41
Monitored socia l media s i tes 35 45 59
Acted as a back-up contact for analysts/investors 30 34 65
Presented to the Board 54 40 22
Used socia l media s i tes for IR 19 26 35
Wrote/edited the company's CSR report 26 22 26
Acted as a back-up IR media spokesperson 18 24 33
Developed/updated the company's financia l model 28 22 24
Retained/worked with proxy sol ici tors 26 33 7
Looking past remuneration, job content and responsibilities are also clearly important factors in quantifying job satisfaction. The heat map below groups IROs into three categories based on satisfaction with their roles in IR and compares the IR-related activities they had personally performed in the past 12 months. Overall, IROs who are very satisfied (‘5’ rating) tend to be involved in more strategic and analytical activities including managing the IR budget, developing the IR strategy, interacting with analysts/investors and counseling executives. In contrast, IROs who tend to be involved in more administrative activities including coordinating event logistics and formatting and coordinating the production of IR communications and managing website content.
IR activities performed in past 12 months by job satisfaction rating, 2014
*In the heat map above, green indicates a higher percentage while red/orange indicates a lower percentage.
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Career in five yearsIROs were asked: Looking forward five years, what do you see as your logical career path?
Overall, 48% see their future as a senior IRO: 18% expect to be involved with corporate strategy/planning executive, while another 10% see themselves in a CFO/Treasurer or other finance executive role.
Logical career path in next five yearsBase: Excludes non-respondents
N = 155
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About the Canadian Investor Relations Institute (CIRI)
The Canadian Investor Relations Institute (CIRI) is a professional, not-for-profit association of executives responsible for communication between public corporations, investors and the financial community.
CIRI contributes to the transparency and integrity of the Canadian capital market by advancing the practice of investor relations, the professional competency of its members and the stature of the profession. This is achieved by: taking a leadership role in Canadian capital markets to represent the views of CIRI members; continuing to raise the stature of investor relations across Canada to ensure that CIRI is recognized as the authority on investor relations; providing a full range of high-quality professional development programs; and attracting, retaining and involving CIRI members to ensure the ongoing vitality of the organization and of the investor relations profession.
With four Chapters and over 500 members across Canada (72% Corporate, 11% Consultants, 17% Associates), CIRI is the world’s second largest society of investor relations professionals.
Telephone: +1 (416) 364-8200Website: CIRI.org
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About NovaShare SolutionsNovaShare is a technology firm that provides public companies and corporate advisors with enterprise shareholder communications and corporate governance research tools. Founded in 2013, NovaShare delivers shareholder contact management, ownership intelligence and governance analytics through a cloud based desktop and mobile platform.
Our DataComprehensive governance database of public company and institutional investor disclosure filings. We research over 10,000 public companies, 20,000 investment funds and over 6,000 investment advisors annually. NovaShare uses 100% in-house proprietary software and processes to aggregate, normalize and distribute all data provided through our products and services.
Contact usTelephone: +1 (416) 463-6682Website: www.novashare.ca
novashare
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Thank you to our participants:Agnico Eagle Mines Limited Agrium Inc. Alacer Gold Corp. AltaGas Ltd. Altus Group Ltd. Amica Mature Lifestyles Inc. ARC Resources Ltd. AuRico Gold Bankers Petroleum Baytex Energy BCE Inc. Cameco Corporation Canadian Imperial Bank of Commerce Canadian Pacific Railway Ltd. Capital Power Corporation Capstone Infrastructure Corporation Capstone Mining Corp. Cenovus Energy Centerra Gold Inc. Chinook Energy Inc. Chorus Aviation Cineplex Inc. Cynapsus Therapeutics Inc. Detour Gold Corporation Endeavour Silver Corp. Energold Drilling Corp. EnWave Corporation Freehold Royalties Gibson Energy Inc. Golden Star Resources
* The above companies agreed to publish their names in the survey and do not represent all participants.
Gran Tierra Energy Hecla Mining Company Husky Energy Ivanhoé Cambridge Ivanhoe Mines Ltd. Laurentian Bank Methanex Corporation New Gold Inc. Parallel Energy Trust Parex Resources Inc. Penn West Exploration Photon Control Inc. Progressive Waste Solutions Pure Technologies Ltd. Rogers Communications Inc. Romarco Minerals Inc. Royal Nickel Corporation Scotiabank SMART Technologies Stans Energy Corp. Stantec Sterling Resources Stonegate Agricom Ltd. Suncor Energy Teck Resources. Telesta Therapeutics Tim Hortons Inc. TransCanada Vermilion Energy Inc. WSP Global Inc.
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Canadian Investor Relations Institute (CIRI) 601, 67 Yonge Street
Toronto, ON M5E 1J8 Email: [email protected]
Telephone: (416) 364-8200 Fax: (416) 364-2805
CIRI.org
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