SUMMER 2024 | CONTENTS
DEPARTMENTS 2 AT THE BELL
President and CEO Matthew Brusch, CAE
Editor-in-Chief Al Rickard, CAE
arickard@associationvision.com
Art Direction THOR Design Studio
www.thor-studio.com
Letters to the Editor IR Update
TM welcomes letters to the
editor. Please send feedback to
arickard@associationvision.com.
About NIRI Founded in 1969, NIRI is the professional association of corporate officers and investor relations consultants responsible for communication among corporate management, shareholders, securities analysts, and other financial community constituents. NIRI is the largest professional investor relations association in the world with members representing over 1,500 publicly held companies and $12 trillion in stock market capitalization.
About IR Update TM 28 10 PROXIES
Wrapping Up a ‘Scattershot’ Proxy Season
AI-related shareholder proposals emerged among a record number of shareholder proposals in 2024, but the overall impact of the 2024 proxy season was muted. BY RICHARD CARPENTER
14 ANNUAL CONFERENCE
NIRI Delivers Investor Relations Education and
IR Update is published by NIRI: The Association for Investor Relations, as a service to its members.
ISSN 1098-5220
© 2024 by NIRI: The Association for Investor Relations. All rights reserved.
For change of address, contact: NIRI–IR Update
Phone: (703) 562-7700
memberservices@niri.org www.niri.org
Solutions in San Francisco The NIRI 2024 Annual Conference offered insights from leading experts in all sectors of the financial ecosystem. BY AL RICKARD, CAE
22 REGULATION
Supreme Court Rules Pure Omissions Not Actionable Under Rule 10b-5(b)
The result of the Supreme Court ruling means disclosure violations under Item 303 or other omissions on their own will not give rise to private liability under Rule 10b-5(b). BY JENNIFER L. CONN, SEAN DONAHUE AND ZACHARY S. ZWILLINGER
25 IRO SKILLS KPIs: Determining the
niri.org/ irupdate
Impact of Your IR Initiatives Identifying metrics and measuring progress is a key component of an effective IR program. BY NICOLE NOUTSIOS
IR: A Summer Update BY JOHN MOTEN, IRC
3 NIRI NOW • Attend the NIRI Legislative and Advocacy Fly-In
• NIRI Launches Two New Certificate Programs in Investor Relations
• NIRI Honors 2023-2024 NIRI Chapter Volunteers of the Year
• NIRI Honors 2024 Class of Rising Leaders Under 40
• IR Update “AI in Practice” Article Wins AZBEE Award
• In Memoriam: Peter Salkowski
8 SPOTLIGHT ON THE CEO 10 Questions with Daniel N. Leib, President and CEO of DFIN
34 CHAPTER SPOTLIGHT ON MILITARY VETERANS • From the Military to the Capital Markets Three veterans reflect on how their military experience helped prepare them for roles in investor relations. BY LAURA GUERRANT-OIYE
36 TAKING THE PULSE Quarterly Guidance Practices
28 ETHICS
Putting NIRI Ethical Principles Into Action
Sound ethical practices are essential for investor relations. This first article in a series illustrates how NIRI’s Ethical Principle #1 about following laws and regulations can be tested in real life and how an ethical conflict can be handled. BY RAJ MEHAN, P. ENG, CTP, CMA, IRC
30 CAREERS
Navigating the Spectrum of Corporate and Fund Investor Relations
The primary difference between IR roles at corporate issuers and funds lies in their focus: corporate IR professionals concentrate on maintaining investor relations and regulatory compliance, while IR professionals at funds are focused on fundraising and maintaining investor relationships. BY REBECCA CONTI KOAR
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