Posts Tagged ‘CIRI’

Brains-over-Beers : CIRI BC : Networking Social

October 17th, 2014 by Jon Bey


Register Online


The power of networking with peers … and beers :-)

Join fellow IR and capital markets professionals for a casual networking event at one of Vancouver’s best new watering holes – CRAFT Beer Market. Share stories, ask questions, and hear how your peers handle challenges unique to the IR profession. You’ll come away with new industry contacts and be provided with an informal opportunity to learn more about the IR practices at other companies.

The primary goal of Brains-over-Beers is to help facilitate relationships between CIRI BC’s IR professionals. When you arrive, you will be asked to write down an IR topic you are particularly interested in speaking with others about. This topic will be added to your name tag, to help generate conversations amongst the tables.

Appetizers and your first beverage are on us!

Space is limited, so register early.


Thursday October 23, 2014 – 5:00 – 8:00 PM

Location: CRAFT Beer Market (Olympic Village, Salt Building)85 West 1st Avenue, Vancouver

Member Price: $0.00 +tax
Non-Member Price: $20.00 +tax

Please provide at least 48 hours notice for cancellations.


Register Online (click here)


Looking forward to seeing you all there!

Jon Bey

Chair, CIRI British Columbia

CEO Steel Rose Communications

CIRI, #CIRIBC, Investor Relations Vancouver, @jonjbey, @steelrosecomm, Canadian Institute Investor Relations

Get to KNOW YOUR IRO – Investor Relations

January 31st, 2013 by Jon Bey


The following is a modified article that I wrote for, and was featured in, Canadian Investor Magazine (V2I1). For magazine enquiries please visit :

So what do you do?

““So what do you do?” That’s usually the second question I am asked by most border guards and custom agents. My reply is often, “Investor Relations,” which always leads to a blank stare. In this profession, travel is almost always a requirement, and it can be a blessing and a curse. I love to travel, but those awkward custom agent conversations wear me down.

I don’t blame the agents; I am still trying to explain to my wife exactly what it is I do. So the issue must be with my profession or my explanation. Unfortunately, the Investor Relations profession is still not well understood. So let me try to explain what (IROs) Investor Relations Officers actually do. If you understand their role in the company, it may make it easier for you to engage with them, and dig a bit deeper into your current or next potential investment.


What do we do? 

Simply put, our job is to explain our company to the investment world. But it’s usually not that simple. Most companies are extremely complex, so the explanations tend to be that way as well. Our audience is quite diverse; so we need to craft a slightly different message for each type of investor. That means telling our company story in a way that is meaningful to each one, providing the key information they are looking for. We speak to retail investors, institutional investors, analysts, sophisticated high net worth investors, stock brokers, fund managers and various stakeholders in the company. IROs are also the gatekeepers to the senior executives. CEOs and CFOs do not have time to speak to every investor that calls the company with questions. The IRO handles all incoming calls leaving the senior executives to run the company.

Like many investors, I am a fan of Warren Buffet. He has a special way of explaining complex scenarios that both novice and sophisticated investors can understand. He likes to pretend he is speaking to his two sisters. I like that, but I twist it a bit and pretend I am speaking to my uncle the customs agent. I need to be able to explain my story to him quickly and clearly so he can understand it and then send me on my way. I also don’t want to provide any false or misleading information which might get me locked up.


How do we do it?

Although communication methods have changed in recent times with the rise of social media, the heart and soul of a great IRO is still their ability to interact and converse with investors. Great IROs have the ability to engage with their audience face to face or on the phone. But, the reality is, most public companies have hundreds or thousands of shareholders and speaking personally to each one of them is a daunting task. So how do most IROs communicate with the investment community? Most communication now happens online – at least to start anyway.

IROs invest a great deal of time in the corporate website. All material corporate information must be located there and should be easy for investors to find. It must also remain current at all times to stay in compliance with security regulations. A seasoned IRO will know their company website inside and out and will be able to speak to each section in depth and provide colour to areas that may be filled with technical and industry jargon that may be confusing to the average investor. All corporate websites will have a “contact us” page and the IRO contact details will be provided there. Send the IRO an email with your specific question, or simply give them a call.

The communications world is rapidly changing, and social media is the main driver pushing these changes. In the past three to four years, I have seen early adopters in the public-company space, experiment with new technology that is enhancing investor communication possibilities. Public companies are using Facebook, LinkedIn, Slide Share, Twitter, blogs, Google Earth interactive platforms, Flickr and various other social networks to spread their company news and engage with their audience. The security regulators are trying to keep up to ensure disclosure policies are not being violated but it is an endless battle. The rules will need to change. Watch for companies to start disclosing material information in ways other than the traditional news wires.


What skills does a seasoned IRO possess?

Like any profession, IROs come in all sizes and shapes. There are no set standards or requirements to enter this career so there can be a huge variance in the skill sets between IROs. The Canadian Investor Relations Institute (CIRI) works hard to provide educational courses and, a professional certification with the IVEY school of Business, for advanced IROs. But the reality is, it’s a real mixed bag. Seasoned IROs will possess skills in finance, marketing, communications and securities law. The majority of IROs enter the profession with some of those skills and learn the rest on the job. Your IRO should be knowledgeable about the industry their company is in. They should know how the company is valued, they should be able to compare the company to its peers and they should be able to explain the company’s business drivers and how there company will drive shareholder value.

The great IROs are said to be a hybrid of a CEO and CFO. They can speak to the big picture of the company and also break down the financials to a granular level.


How should the IRO be able to help you?

Your IRO should be able to help you understand the company and explain all the technical, financial and industry jargon in everyday language. They should be able to answer your phone calls and emails in a timely fashion and guide you through the corporate website and help you locate any information you need. Good IROs can help you navigate your way through the traditional mailing materials you may receive like the Information Circulars, MD&A and Financial documents.

But don’t ask them to provide any insider information. They shouldn’t be providing any information to you that has not already be released to the market through proper disclosure policies. And they shouldn’t be telling you to buy the company stock. If they do, it’s time to sell.


Get to know your IRO

The IRO can be a great resource for any investor and I urge you to get to know the IROs of all the companies you invest in. If the company happens to be presenting in your community or showcasing themselves at an investment conference, take the time to the visit them and meet the IRO and the other senior executives.

I guess I am hopeful that one day, in my lifetime, a customs agent will ask my profession and then give me a knowing look and send me on my way. But, until that day comes, I’ll just smile, keep my story simple and be thankful that I have my Nexus card.


Jon Bey is the President /CEO of Steel Rose Communications in Vancouver, B.C. SRC is a boutique IR firm that specializes in Investor Relations services for publically listed Jr. Resource companies. Jon is a Board member of the BC Chapter of CIRI and is Professionally Certified in Investor Relations. Information on SRC can be found on their website at


Like what you’ve read? I will be writing more articles for a few publications in the coming months, so look out for those :-)

In the meantime, we have more good stuff on our blog, take a peek here. And, come on over and say hi on Twitter : @SteelRoseComm . You should also check out Canadian Investor Magazine on Twitter : @CanInvestorMag.

Thanks for reading, hope you enjoyed it!


Jon Bey



Happy Halloween everyone! At this time of year, with the ghouls and goblins on the prowl, I thought I would point out the Top 6 Scariest Investor Relations Practices I see on a regular basis.  As an investor, when I begin to research a company, I have a process I go through when vetting all potential deals. When it comes to the Investor Relations component, I am still shocked at how many companies make horrifying mistakes. Here are the Investor Relations Practices that scare me away from a potential investment:

6. The Shadowy, Uneducated IR Professional

It still shocks me that there are individuals representing companies in an IR role that have no idea of what they are doing. Don’t get me wrong, I know everyone starts out ‘green’, and most people learn on the job, but I encounter some individuals that have been in the industry for a few years, and have yet to make the effort to educate themselves. Time to take a course, read a book, and join your local NIRI or CIRI chapter.

5. Ghastly Websites

The corporate website is the most important marketing piece a company controls, but yet I still see alarming websites every week. I shake my head, and move my attention to the next company immediately. If a company still does not understand how valuable their website can be, and the damage it can cause if it is outdated, then they don’t deserve my time or money.

4. Hair-raising, Over-Promotional IR Types

When I talk to a CEO, or an IRO, I fully expect to see their passion, and hear how great their project is. What turns me off a project is when the IRO goes beyond the investment opportunity and turns into the wicked, used car salesman. Give me the facts, save the hard sell, and don’t tell me if I don’t get in on the deal today, I will miss the stock jump coming this week.

3. Haunted Social Media Deniers

Social Media and Social Networking is growing rapidly, and I hope to see the companies I am looking at least taking steps to monitor what is being said about their company. If the senior executives are burying their heads and ignoring the potential opportunity, I question their commitment to Investor Relations. If the IROs are doing this as well, then I move on to the next deal. The IRO may be having trouble convincing the C-Suite, but they need to be trying, and there are several things they could be doing on their own with little time commitment, and for little money.

2. Vampiric Social Media Companies

On the other hand, things get really creepy when I see a Social Media Company running a campaign for a public company that has no understanding of security commission regulations, or exchange rules. If you are going to hire an outside firm to help you with your Social Media campaign, and there are a lot of good ones, make sure they understand your company, industry, and the proper rules of your stock exchange. The last thing your company needs is to get flagged by the regulators for being perilous with your tweets, and comments made in the social media space.

1. Ghostlike, No Investor Relations at All

Yes it is true; there are still public companies that don’t understand the value that an educated Investor Relations professional can bring to their company. Some tell me the IR is handled by the CFO or another executive, and others don’t believe the value add is worth the expense. Some have had a bad experience with a poor IRO, and don’t know where to find a qualified professional. I always advise them to give it another shot, and to search for a qualified IRO through their local CIRI or NIRI branch. CIRI has just graduated their first class of Professionally Certified Investor Relations Professionals through the IVEY School of Business, take a look here for a qualified professional.

I wish you a spooky Halloween wherever you may be, and please add to our list, What IR Practices Horrify You?


All the best,



I recently presented at the 2012 CIRI Essentials Conference in Vancouver (Canadian Investor Relations Institute). This is a fantastic educational event that occurs annually in Canada, and is designed for professionals new to Investor Relations. My topic was, ‘Investor Relations on a Tight Budget‘. This was an interactive presentation requiring all participants to work in groups to develop their: IR Strategies, IR plans and their IR Budgets; while finding ways to save money when creating these essential documents. The participants had only an hour, so we moved through these steps quickly, giving them insight to the process but at a superficial level. We used a typical Vancouver junior exploration company as our case study. This will be the first of two posts focusing on 1) Creating IR strategies, plans, and budgets. The second blog post will provide details on 2) ways to save money and stretch your IR budget.


 Our case study – Coal Harbour Gold

After the participants had a chance to meet each other and network, they were divided into small groups, and presented with their case study. Coal Harbour Gold are a fictional resource exploration company head quartered in Vancouver with their exploration focused in the Yukon. Here are the details the class was provided:

  1. Market Cap $50 Million
  2. Small executive team: CEO, CFO, VP exploration
  3. Consultants used for all other corporate functions
  4. Very little IR in past few years – Shareholders want this to improve
  5. CEO knows better IR is needed but IR is a bit of a mystery to him
  6. CEO has hired us and now wants us to come up with full IR plan and budget
  7. Company is running low on funds and will need to raise 3-5$ M in next 12 months
  8. Share price has been stagnant with very little trading volume
  9. Company is unknown in the investment world, very few contacts,
  10. Most shareholders are retail, no analyst coverage


StrategyCreate the IR Strategy

Our project was to create Coal Harbour Gold’s IR strategy, plan, and budget; and find ways to cut costs while doing it. Our strategy is our game plan to take us from where we are today to where we want the company to be one year from now. Our IR plan is the road map – breaking down the activities we will perform month to month. The budget adds the dollar figures to our IR plan. Here are a few suggestions our class had to help shape the IR strategy:

  • The Sr. management are unknown – we need to highlight their achievements and market them
  • Get on the road and tell the story, locally, nationally and internationally
  • Increase the frequency, and quality, of their communications with their stakeholders
  • Build out the crucial marketing pieces, starting with a solid website


What are the essentials of the IR plan?

Once the groups identified their strategies I asked them to create a list of the essentials for their IR plan. What are the 6-7 things that were musts, not wants. These essentials were crucial to the IR plan if it was going to be successful. Here are the items the groups decided on:

  • Website
  • Roadshows
  • Marketing materials: fact sheets, presentations
  • Annual Report
  • Database management
  • Conferences / tradeshows
  • Networking events
  • Social Media

Once the essentials are decided upon you can start to build out the IR plan. The IR plan once again is the road map for the year. It is a month to month schedule that lays out the yearly IR activities and follows the IR strategy.


Budgeting time

Now that the IR plan essentials were identified and the strategy was in place, it was time to start putting some figures to the activities that would be in the plan. Were we really ready for this? Perhaps we needed to clarify a few things from our CFO about our budget. Here are some questions we had for her:

  • What items would fall into the IR budget? Can any of these be moved to another budget like salaries, travel etc.
  • Was there a budget for IR last year or any previous years? Can we have a look at it?
  • What is the total dollar figure we have to work with?

The truth is more time should be spent creating a powerful IR plan. If you can create a kick-ass plan you may be able to convince the CEO to add more funds into your budget. I always find that if I can show the value with each item in the plan and the rational for why it is needed the CEO or CFO have a harder time deleting it, and if they do, I can usually convince them to make room for the item the following year.

True IR talent is making the IR plan fuse with the IR budget provided. Once you have mastered this skill it is time to ask for a raise, but ensure your salary does not fall into your IR budget.


Budget Tracking and ReportingBudget tracking and reporting

You should revisit your IR plan and budget at least every quarter. I try to take notes, and write basic reports, on the activities we attempted. Did we find them to add value, was it worth the expense; and are there ways we could do it again, but cut costs? I also watch for other activities that may have been new this year, or perhaps out of our budget. I try to get feedback from peers that attended those events, and I make a note to try and fit the successful activities into next year’s plan. If you can present these types of documents to your CEO or perhaps even the board of directors, you will have a greater chance of growing your budget next time around. Did I mention to keep your CFO close? If you can make your CFO a fan or perhaps a good friend, I guarantee your budget rules will be a bit more relaxed next season.


Finding ways to cut costs

Watch for our next blog post where we will share ways to reduce the costs of the essentials in your IR Plan and ways to stretch you IR budget.

Like the article? Let us know what you think, find us on Twitter.


The PDAC’s top 10 investor questions

March 2nd, 2012 by Jon Bey

Congratulations, you have made it to the PDAC International Convention. For those unaware of this event, it is the mining industry’s version of March Madness. 30,000 attendees walking the investor exchange aisles in search of the rare gems, the exploration companies with the next “big discovery”.

Now that you are here, I hope you ready. It is your time to shine. You will be the face of the company, fielding a myriad of questions so you’d better be prepared.

So what should you do to prepare?

Create a Frequently Asked Questions list

Following our recent article on preparing for an Investor conference , I met with Nancy Goertzen, an IR consultant in Vancouver currently completing the CIRI/IVEY professional certification in Investor Relations.  Nancy admitted she always prepares a frequently asked question list prior to working the booth at investor conferences. Here are the top 10 questions she is often asked.

1. Why should I buy shares in your company?

2. Are you going to be doing a financing soon?

3. Why isn’t your CEO here?  Doesn’t He/She care about the company?

4. How many shares do you have?  How many options do you have?

5. Is there going to be a rollback (of the stock)?

6. Are you going to be having a property tour of the mine site?  Can I come?

7. I’ve heard that gold (insert commodity of your choice here) is going down, what do you think?

8. Management should do a better job of keeping the share price up. Do you have any management here so I can talk to them?

9. Someone in your company told me to buy shares at 2 dollars and now you’re down to 1 buck. Who can I talk to about that?

10. Will you meet me for drinks tonight?


Technical Questions over your head

Besides the generic questions, you may also be asked very specific geological questions at shows. If your knowledge level is high, fantastic – answer those questions. If the questions sound like a different language and are over your head, don’t try to answer them. Instead, explain that you are not a geologist but you would be happy to have your company geologist follow up. 

Know your Team

You will also be asked about your management team, so you must know who all of your key people are.  If you are new to the company, it is quite possible that you may not have met all of your company’s Sr. Management team or your Board of Directors. You still need to know who they are, where they are, and at least the information about their bios that can be found on the website. You should also figure out who your institutional investors and your significant shareholders are. Look them up and memorize their faces and something about them so that when they do present themselves at the booth or at some social function after booth hours, you will be able to receive them in a professional way.

Develop and grow your FAQ list

Your frequently asked questions list is a fluid document that is always changing. Record the questions you were asked at the show – especially the ones that caught you off guard – and add them to your list for the next show. During the show Tweet the questions you are asked the most, chances are your followers would like to know the answers as well. If this is your first time creating a list of FAQ’s, start by asking your peers and your management; they will have great insight and may be impressed with your preparedness.


Remember: “failing to prepare is preparing to fail”


What questions have we forgotten? How would you answer these questions? Drop us a note, and let us know. As always, we would love to hear from you and add you to our peer group, so please connect with us on Twitter, Facebook, and LinkedIn.


Jon Bey