FINANCIAL COMMUNICATION: FRAMEWORK AND PRACTICES - 2019 EDITION

130 n “logistical” considerations, such as the availability of service providers or meeting rooms. In the specific case of companies with listed subsidiaries, it is important to ensure that all financial communication calendars are synchronised. As each case may be unique (depending on the degree of control of the subsidiary, its market capitalisation, free float or relative contribution to consolidated earnings), it would be desirable for information to be disclosed simultaneously, or for the listed subsidiary to disclose its information after the parent company. If this is not possible, notably in the case of a non-controlling interest, it is desirable at the very least to coordinate their communications. It may also be necessary to establish a specific communication calendar in addition to this periodic calendar, particularly for financial transactions. This specific calendar would be published in order to provide information on each stage of the transaction, including legal obligations, the approval of the board of directors and information obtained from employee representative bodies, etc. It is recommended that the financial communication calendar be determined in advance and made available to the public on the company’s website, and an increasing number of issuers are announcing the full yearly calendar of periodic information months in advance. COORDINATION OF CONTENT AND MESSAGES To comply with regulatory requirements related to financial information and to further enhance the company’s reputation, financial communication personnel must ensure that the messages they convey are consistent with all institutional communication (particularly concerning media relations and internal communication), and also with other internal representatives, including those responsible for corporate social responsibility, human resources or even product marketing. Social networks have increased the speed at which all information is disseminated, which can have a notable effect on a company’s reputation, reinforcing the need to coordinate all different communication channels. Lastly, it is preferable that the financial communication tools are devised in close liaison with the legal affairs department and, where required, the corporate secretary’s office. Investor Relations officers must be informed of (or take part in, where possible) any event that could affect the group, since information disclosed during such events may impact its share price. This includes events such as roadshows, press conferences, industry conferences and trade shows, as well as the risk of a crisis affecting the company, the company’s industry or a country in which it operates, etc. In order to facilitate the sharing of information, Investor Relations officers must raise awareness among all stakeholders about their role and the relevant regulations, and this requires internal organisation through the application of established processes known to the functional and operational departments.