Influence of the growing ETF industry on active investor relations work 41Fundamentals of investor relations the first eight months after the end of the financial year and the extraordinary AGM The latter only takes place in the case of unexpected events All gäuer and Larisch 2011 p 249 Analyst conference Companies listed in the Prime Standard are obliged to hold an analysts event at least once a year The form of the event is not prescribed and often takes place in form of a conference call to explain the annual results Schnorrenberg 2008 p 103 In order for participants usually mainly sell side analysts to arrive prepared at the con ference the new financial figures are announced the evening or morning before the event Thei len 2008 p 161 Since analysts are an important target group for IR work as described above in 3 2 2 intensive preparation in advance of the con ference is indispensable As the outcome of future evaluations may also depend on the success of the conference senior leaders from the divisions accounting controlling and IR are present in addi tion to board members such as the CEO or CFO All gäuer and Larisch 2011 p 250 Financial calendar A financial calendar drawn up in German and English for the duration of at least one financial year is mandatory for public listed companies in the Prime Standard Allgäuer and Larisch 2011 p 250 It lists publication dates of the annual and interim reports the date of the AGM and the ana lyst s conference Additionally a conference cal endar which includes upcoming trade fairs and roadshows can be published Schnorrenberg 2008 p 79 Declaration of compliance The management and supervisory board is required by the Stock Corporation Act to issue an annual declaration of compliance in accordance with the German Corporate Governance Code Allgäuer and Larisch 2011 p 252 This must be made permanently available to shareholders and can usually be accessed in the Corporate Gover nance section of the IR homepage Schnorren berg 2008 p 24 Authorization obligations In the case of important news that may consid erably influence the stock exchange price of the company an ad hoc announcement as part of formal announcements must be published These events which are unknown to those outside the company are referred to as insider information and must as the name already indicates be pub lished immediately without culpable hesitation Schnorrenberg 2008 pp 29 p 153 Gebauer 2004 p 518 The aim is to minimize the amount of insider information and to avoid the risk of insider share trading by publishing ad hoc announce ments on the company s website Allgäuer and Larisch 2011 p 250 In determining whether an event is ad hoc obligatory according to the law of the trade in commercial paper the probabil ity that it will occur must be sufficient Significant structural measures unexpected changes in man agement or changes in the dividend payment are examples for an ad hoc announcement Schnor renberg 2008 pp 31 The acquisition and sale of shares by persons with outstanding management responsibilities is referred to as directors dealings and is subject to notification and publication A deadline of three working days after the transaction is concluded must be met Allgäuer and Larisch 2011 p 251 Gebauer 2004 p 521 In addition to the mem bers of the management and supervisory board persons closely related to them are also obliged to report the following The background to this is the knowledge advantage of people with manage ment responsibilities who could thus index the development of the company through their trans actions The notification obligation is intended on the one hand not to disadvantage other inves tors and on the other hand to take action against insider trading and market manipulation Schnor renberg 2008 pp 40

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