Middle East investor relations awards

[sharewadi]

National Bank of Abu Dhabi (NBAD) won the first Middle East Investor Relations Society gong for the best investor relations in the UAE. I wouldn't have rated NBAD as a standout performer in the IR department, but then I would rate very few companies in the UAE as standout performers. From memory, there was only one that sent financial statements with their press release about the 2009 Q3 results for example (I can't remember which one). Still, at least NBAD do a decent enough job of information supply through press releases. I'd say more than half the listed companies don't even bother with that.

And at least it's not as embarrassing as the Shuaa investor relations award at the PR ceremony yesterday (I presume that was independent of the ME-IR event).

Press Release 24 November 2009:

First Middle East Investor Relations Society Awards presented Awards recognise individuals and companies in Middle East for IR best practices Based on Thomson Reuters Extel Survey's poll of regional and global fund managers and analysts Emphasises growing significance of IR best practices, corporate governance and transparency among regional firms Dubai: The Middle East Investor Relations Society (MEIRS) (ME-IR Society) held its inaugural awards ceremony today, recognising leading investor relations (IR) practitioners in the Middle East region. The Middle East Investor Relations Society Awards are the first of their kind held in the region, and are based on Thomson Reuters Extel Surveys of fund managers and analysts who invest in the Middle East. The award categories consisted of "best individual" and "best company" in eight markets, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the UAE, Egypt and the Levant region. From over 500 companies surveyed, the winning companies in each of these markets included Gulf Finance House (Bahrain) (GFH) Orascom Construction (Egypt) Bank Audi (Levant) KIPCO (Kuwait) (KIPCO) Bank Muscat (Oman) Qatar Telecom (Qatar) (QTEL) Almarai (Saudi Arabia) National Bank of Abu Dhabi (UAE) (NBAD) The awards were presented at a ceremony held at the Dubai International Financial Centre (DIFC) in Dubai. "It is the goal of the Society to promote strong IR practices across the region, and we are delighted to recognise those companies and individuals who are leading the way," said Arif Amiri, Chairman of the ME-IR Society. "Strong investor relations can assist in lowering the cost of capital, which is critical for many companies both here in the region and around the world. Further, it emphasises the importance of high standards of corporate governance and transparency among regional firms, which are key factors in attracting the global investor community." The awards ceremony marked the end of a productive workshop, which included discussion on a wide range of topics, including investor sentiment towards the region and strategies for communicating with debt investors. Gretchen Haynes, General Manager, ME-IR Society, said: "A growing number of regional and multinational companies in the Middle East understand, value and follow international best practices of IR. The global financial crisis has increasingly put the spotlight on corporate governance standards and we hope to see many more leading practitioners of IR across the MENA region. The Society looks forward to hosting many more initiatives to raise the profile of the IR industry in the region." Haynes highlighted that the Thomson Reuters Extel Survey underlined the need for need for more independent, professional investor relations services to bridge the gap between corporate management and investors, as well as the adoption of international financial reporting standards. The Middle East Investor Relations Society was established in 2008 and aims to ensure that regional companies have access to the necessary tools, resources and network of experts to support them in their efforts to adopt and implement best practice investor relations.

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[joeoma]

The only way to improve IR in this region is for the Middle East Investor Relations Society (MEIRS) to publicize a list of the worst companies for IR. I bet that Emaar will probably be in the top 3.

It is about time that companies in this region aknowledge the fact that they have shareholders too.