Study: Investors and Supervisory Board in dialogue

In German stock corporations, the Executive Board, as the legal representative of the company, is responsible for communications. In the area of capital market communications, it regularly makes use of the company's investor relations officers. Until a few years ago, the Supervisory Board played only a subordinate role - if any - in this structure. This has changed fundamentally in recent years.

This study by Kerstin Hammann makes a valuable contribution to classifying communication between investors and supervisory boards. It not only describes the status quo of the new ways of capital market communication, but also deals with the normative and regulative problem points. The study shows what role investor relations plays or should play in the dialogue between investors and the supervisory board.

The core statements can be summarised in the following.

The complete study can be found here (only in German)

Method and sample

The study is based on a quantitative survey of IR practitioners working in Germany.

The field phase lasted from May to June 2017, during this period 51 of the 1,000 potential participants contacted via the DIRK network accepted the invitation to participate in the study.

About one fifth of the survey participants came from DAX companies (19.6%). A further fifth of the participants represent companies listed in the MDAX (21.6 %). SDAX-listed companies accounted for 15.7 % and TecDAX-listed companies for 7.8 %. An additional 15.7 % are listed on another index and 19.6 % are listed on the stock exchange but do not belong to any stock index.

Communication channels with the capital market

Topics of the dialogue

Coordination between Supervisory Board and IR

Support of the dialogue

Initiation of dialogue

Assessment of future development