[From: Minnesota Chapter]

Thanks for taking the time to spur this conversation. I am on the Twin Cities Board, and am the president-elect for the chapter. I've never been to the national event for a couple of reasons. Colleagues that have gone used the word "embarrassing". I've also heard that it is a vendor fest - and I, like your husband, do not want to go to Phoenix in the summer (I believe that was the location a year or two ago).

All that said, I do believe that the NIRI organization needs to step-up our game. Lou's biggest focus was getting the word consensus abolished it seemed like in the last few years - not very strategic. We need to be picking a short list of agenda items and pushing them. We represent the biggest and most powerful companies in the world - we can make a difference (with the SEC, the NYSE, ISS, etc.). That is how we should be using our time at national IMHO.

I’ve attached a GAO note that made me think of you the second I read it. It is the government looking at the ISS on conflict of interest… NIRI members could have told the world there was a problem here a decade ago! - Minnesota Chapter

[Judy]

In addition, we continued our discussion via phone. Here is an excerpt of the most relevant remarks.

[From: Minnesota Chapter]

What is the mission of NIRI? We have access to leading thinkers. There is power in being the NIRI organization. We need to tap our best minds and their experiences. With that wealth of knowledge, we should have ideation sessions. Headquarters staff doesn't necessarily come up with ideas. We should go beyond being a group that finds jobs for one another.

Why are we not being quoted in the Wall Street Journal as subject experts? We live this. NIRI needs to be a voice at the CFO roundtable. We need to step up. The NIRI Guidance Survey has value but there has to be more that we can do.

We have the collective wisdom of the group to tackle issues. NIRI should be getting out to the chapters and asking at the local level what do they need and want? Regarding E-proxy and E-delivery, with the rules change, where was NIRI's voice? I don't remember seeing our point of view. We can tap our people who are dealing with this issue. We are powerful and we should behave like that. – Minnesota Chapter

[Judy]

Form a TASK FORCE on defining IR jobs of the future, for example what will the scope of work be in the next 5 years? I am very concerned that IR practitioners are being deluged with regulatory issues and requirements so that their jobs are becoming more tactical while the need for strategic work grows. Simply keeping up and rushing from one deadline to the next becomes a limited but realistic goal for many practitioners in small departments of less than 3 professionals.

For those who are seeking careers and experiences that will allow them to contribute at the highest levels, this creates a quandary. I think it is time for NIRI National to take on the important task of looking at what the job trends/contents are becoming and make recommendations about what these jobs should look like. There are various IR job models that may evolve from this research.

The case for strategic job content: I think there is a need from a highly credible source, NIRI, to advocate for the various roles that should comprise a complete IR function. NIRI would provide an invaluable service to members through this initiative. The task force should be staffed by business executives (who supervise IR), consultants who analyze job content, senior, mid and junior level IR representatives as well as HR consultants (search or otherwise.)

Exploring these suggestions and determining a decision making process for what will/might/not be actioned is a first step. There are some ideas that can be implemented relatively easily while others will require careful study and cost analysis.

I look forward to your comments.

[From: Massachusetts Chapter]

While I am no longer serving on the Board, as a member of NIRI since 1998 here are some thoughts that you might find useful:

1. NIRI's Annual Conference was disappointing this year. Not so much in terms of the breakout sessions but the general sessions were extremely disappointing. Having CEOs from Nasdaq and NYSE speak to what is happening on their exchanges without really speaking much to the fact that both are fairly new public companies and how they are approaching their own IR efforts and corporate governance in relation to what they expect/desire for their listed companies was a very big missed opportunity. The CEO from Darden was weak and hearing a portfolio manager insult the role of IR was not exactly uplifting. Consequently, a full day (two mornings) was generally wasted.

2. NIRI's industry roundtables could be so much better ... While my company can't be easily placed into a specific industry and I feel like I am at the table of misfit public companies, there is generally a lack of structure at the roundtables. Getting together with peers within a given industry sector seems like a great chance to determine best practices and pinpoint areas to collaborate ... I liked the early morning roundtable on various topics conceptually although I was not able to attend that session.

3. NIRI should be taking a stand on what happens within the vendor community. For NIRI to go quiet on the Thomson-Reuters merger does a disservice to its members. This is a merger that could significantly constrain IROs access to valuable content (earnings & research) for which there was already a very limited set of providers. For NIRI to avoid polling its members or taking a position on this industry event for fear of alienating these two vendors sends a very negative message to members. – Massachusetts Chapter

[From: Connecticut Chapter]

Thank you for doing this! I didn't attend the conference but I was able to listen to the live webcast of one of the key note speakers through a link on the NIRI website. Maybe others who were not able to attend were not aware that this was available. – Connecticut Chapter

[From: California Chapter]

It was great speaking with you earlier today. As we discussed, the LA chapter continues to struggle to outreach to our senior members (7+ years) and any changes that can help us reach these members would be amazing. Please keep me in the loop with ideas and thoughts you have that can help us meet the needs of our members. – California Chapter

[From: Seattle Chapter]

Very thoughtful and insightful comments. The comments about e-proxy and the lack of comment by NIRI and being quoted as subject experts particularly resonated. One suggestion – you may wish to send this to the National Board. I’m not sure who exactly is doing the search for Lou/Nancy’s replacement, but the Board should be thinking about how will the next person lead NIRI so that NIRI will have a voice externally. I think Lou was a well known and respected leader. Maybe he should be involved in the search (if he isn’t). – Seattle Chapter

[Judy]

As a result of my correspondence with NIRI members, one response arrived from a very respected and senior member of our community. We engaged in an exchange. Since I do not have permission to release the member’s comments, I am including my comments and the context in which they were made.

A comment was made about the search for the executive director and the response was that all referrals should be made to the search firm Spencer Stuart. There will be news about the search posted on the web site.