Influence of the growing ETF industry on active investor relations work42 Fundamentals of investor relations Persons who have access to sensitive internal company information and thus have an informa tion advantage due to their professional positions or other circumstances are referred to as insiders Schnorrenberg 2008 p 159 Listed companies are required by law to keep a list of insiders with personal information of the insiders This list must be provided to the BaFin Bundesanstalt für Finanzdienstleistungsaufsicht at any time upon request and aims to facilitate the identification of insider trading Allgäuer and Larisch 2011 p 251 If a shareholder of the company reaches a certain threshold of voting rights this must immediately be notified to the company and the BaFin The company as issuer is then obliged to publish this notification within three calendar days Schnor renberg 2008 p 43 The background to the obli gation is that the shareholder structure serves as an important decision making basis for the acqui sition or sale of shares from other market partici pants Allgäuer and Larisch 2011 p 251 In addition to the above listed requirements there are other special notifications that are subject to a publication obligation In addition to the remu neration report of the board members this also includes informing the public about special events These include the convening of the AGM as well as announcements about the distribution of divi dends and the issue of new shares Allgäuer and Larisch 2011 p 252 An announcement of capital increases is also a mandatory measure Streuer 2004 p 56 3 3 2 2 Voluntary measures Roadshows 1o1 The most common instrument for a direct approach of investors is the roadshow The company pres ents itself mostly internationally to the financial community Schnorrenberg 2008 p 100 The tar get group is existing and potential institutional investors such as fund managers whom the company is trying to convince of a further com mitment to the share Allgäuer and Larisch 2011 p 253 Roadshows are held usually together with at least one member of the management board not only in the important financial cities such as Frankfurt London or New York but also in other financial centers that are important for the com pany and its industry Typically roadshows are taking place in the period after the publication of financial results or other important proclamations and mostly in form of successive one on one 1o1 meetings These meetings require intensive prepa ration on the part of IR who also brief the board in advance to ensure a credible professional appear ance During those briefings IR plays the role of the counterparty to optimally prepare the board for the upcoming discussions Databases such as the information service providers Bloomberg or Refinitiv are one way of identifying shareholders Since the identification of shareholders who do not hold registered shares can be difficult another possibility is to plan the roadshow with the help of third parties such as banks and house brokers These enable contact with potential new investors Schnorrenberg 2008 p 101 Usually the top 40 shareholders are met each year usually after the fully year and often after the interim results Fran kel Lumley and Hennessey 2006 pp 117 At a dog and pony show the company presents recently issued securities to raise awareness by its investors In addition to meetings at roadshows business lunches or dinners site visits capital markets days as well as telephone or virtual con ference calls are other ways of keeping contact with potential investors Frankerl Lumley and Hennessey 2006 pp 116 Website The IR website is one of the most important instruments for IR Information is accessible to everyone from everywhere and can be transmit ted in real time Maintaining the information pro vided and present mandatory elements are part of the IR work These elements include ad hoc

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