Influence of the growing ETF industry on active investor relations work40 Fundamentals of investor relations publication and a theme must be formulated and implemented in terms of design which is often done via a design agency A group management report a balance sheet an income statement a cash flow statement a statement of changes in equity a segment reporting and notes are man datory In addition a report of the supervisory board a remuneration report a corporate gover nance statement and an auditor s opinion must be included Allgäuer p 248 Furthermore a fore cast of expected future earnings and cash flows is also highly recommended Frankel Lumley and Hennessey 2006 p 147 Most listed com panies are also obliged to prepare their accounts in accordance with international accounting stan dards which are dictated in the IFRS International Financial Reporting Standards in Europe Compa nies following the German Corporate Governance Codex must have published the report within a 90 day period and submitted it to the electronic federal gazette The annual report is usually struc tured in such a way that an introductory letter to the shareholders is followed by the group man agement report in which the company has a cer tain amount of freedom of formulation followed by the notes Schnorrenberg 2008 pp 87 92 95 For companies in the Prime Standard the publi cation of an interim report and two quarterly statements is mandatory Schnorrenberg 2008 p 97 These have a similar structure to the annual report but are less detailed and do not have to be audited by an accountancy firm The reports must be published at the latest after 45 days for com panies following the German Governance Codex Otherwise the deadline is two months Allgäuer and Larisch 2011 p 249 To avoid insider trading directors are not allowed to buy or sell shares of the company during the closed period taking place thirty working days before publication of the figures Frankel Lum ley and Hennessey 2006 p 12 148 IR reminds affected persons of their trading ban prior to the beginning of the closed period In addition to the reports a results presentation summarizing the financial figures and forecasts is also uploaded on the IR homepage Furthermore the company presentation with the current num bers is updated Following the publication of the financial figures a press analyst conference will be held for analysts and investors and or the financial media AGM The annual general meeting AGM which takes place at least once a year is the highest deci sion making body of a public company All share holders are entitled to participate are invited in writing and vote on fundamental decisions All gäuer and Larisch 2011 p 249 For the majority of shareholders especially private investors the AGM is usually one of the few ways to enter into direct dialogue with the company s directors and can also be seen as a chance to establish contact from an IR perspective Frankel Lumley and Hennessey 2006 p 158 The AGM is subject to strict legal reg ulations which is why a notary and another legal authority must be consulted and places high orga nizational demands on IR The discharge of the management board and the supervisory board the appointment of the members of the supervi sory board the presentation of the annual finan cial statements the election of the auditor the res olution on the appropriation of the reported annual profit amendments to the articles of association and measures to raise capital are prescribed by law Schnorrenberg 2008 pp 111 158 The AGM must be convened by the management board at least 30 days before the AGM and is precisely prescribed in the stock corporation law To protect shareholders from surprises the agenda must be announced in advance Every shareholder has the right to submit a countermotion up to two weeks before the AGM which the company must publish The quality of the back office which collects ques tions from shareholders and formulates answers for the board is crucial to the process Schnorren berg 2008 pp 114 A distinction is made between the ordinary AGM which must take place within

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