Randstad’s investor relations’ main goal is to build our ‘financial brand’. Whereas clients and candidates recognize the Randstad brand for its reliability, service quality and the fact that we are a worldwide labor market authority, investors and analysts should be able to recognize our open and transparent communication style and our aim to be best in class in disclosure and in providing insight into the business. These efforts ensure accurate valuation of our shares over time.
We maintain an active dialogue with existing and potential shareholders as well as with analysts and banks. We organize road shows and accommodate meeting requests where feasible, and we adhere to all legal obligations relating to confidentiality.
We are committed to providing high-quality and timely information to all stakeholders, and ensuring that the entire market has access to such information, including price-sensitive data, at the same time. Our policy is that, in each meeting with investors, at least two Randstad representatives should be present, including a member of the Executive Board, when possible, as well as a representative from the investor relations department. From time to time, we also involve country management and facilitate field trips.
Bilateral meetings and conference calls with (potential) shareholders and analysts will not be held during ‘closed periods’, which normally run from the end of a quarter until publication date. We oppose the trend among investors to adopt no-broker policies during road shows. Excluding brokers from investor conversations does not support our open and transparent communication style. Our policy to bilateral meetings with shareholders can be found in the corporate governance section on our corporate website.
We are concerned about current developments in the equity brokerage industry. The time it takes for relevant news to be reflected in estimates is increasing. This may lead to investors receiving inaccurate information.
Each quarter, Randstad organizes analyst meetings or conference calls to discuss the latest results, supplemented by press conferences twice a year. These events are also broadcast on the web. Each year, Randstad organizes a conference for analysts and investors. This event is also attended by representatives of our banks. In November 2012, the event was hosted at our head office and topics discussed included our company strategy, our financial strategy and dividend policy, an update on our building block ‘best people’, and updates on our North American and French businesses. These conferences help investors and analysts gain a better understanding how we work, and provide them with an opportunity to meet the Executive Board and other key managers. All presentations given at these conferences are published on our corporate website.
In 2012, we further increased the geographic coverage of our road shows and investor conferences. We participated in conferences in the Netherlands, the UK, and the US. Road shows for institutional investors were organized in Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, the Nordics, Singapore, Spain, Switzerland, the Netherlands, the UK, and the US. A large number of investor meetings were conducted at our head office in the Netherlands.
On March 29, 2012, we held our Annual General Meeting of Shareholders. More information on the meeting, including key decisions and attendance, can be found in the section 'report from the supervisory board'.